Sjoberg v. Security Savings & Loan Association

• Court: Minnesota Supreme Court
• Writing for the Court: Per Curiam.
• Citation: Sjoberg v. Security Savings & Loan Association, 73 Minn. 203, 75 N. W. 1116 (Minn. 1898)
• Decision Date: 07 July 1898
• Docket Number: 11,047 - (126)
• Parties: JOHN A. SJOBERG and Others v. SECURITY SAVINGS & LOAN ASSOCIATION

75 N.W. 1116

73 Minn. 203

JOHN A. SJOBERG and Others v. SECURITY SAVINGS & LOAN ASSOCIATION

Nos. 11,047 - (126)

Supreme Court of Minnesota

July 7, 1898

Original Opinion Filed July 2, 1898 [Copyrighted Material Omitted] [Copyrighted Material Omitted]

SYLLABUS

Enacting Clause of Laws -- Constitution.

Article 4, § 13, of the constitution of the state, which provides that the style of all laws of this state shall be, "Be it enacted by the legislature of the state of Minnesota," is mandatory, and a statute without any enacting clause is void.

Enacting Clause of Laws -- Approval by Governor -- Extrinsic Evidence.

It is not competent, for the purpose of sustaining the validity of a statute which had no enacting clause when it was sent to and was approved by the governor, to show that it contained an enacting clause when it passed the legislature.

Building and Loan Association without Debts is not Insolvent under G.S. 1894, c. 76.

Where a building and loan association has no creditors or liabilities except its liability to its stockholders on account of their stock, and there is a deficiency in its assets, so that it cannot mature its stock, or pay back to its stockholders the actual money paid on their stock, it is not "insolvent," in the sense in which the word is used in G.S. 1894, c. 76, providing for the appointment of a receiver for corporations when they are insolvent.

Building and Loan Association without Debts is not Insolvent under G.S. 1894, c. 76 -- Appointment of Receiver -- Equitable Jurisdiction.

A court of equity has jurisdiction to wind up the affairs of a building and loan association, and for that purpose to appoint a receiver on the application of a minority of its stockholders, whenever the purposes for which it was organized have failed, and it is shown that such action is reasonably necessary for the protection of the interests of such stockholders.

Findings of Court -- Omission of Necessary Facts -- Reversal on Appeal.

Where the trial court makes findings of fact as the basis of its order (although it is unnecessary so to do), and omits to find all facts legally necessary to sustain the order, it will be reversed unless the record conclusively shows that the order is right.

Findings of Court -- Order not Sustained by Findings.

Held, that the findings of fact of the trial court are not sufficient to justify its order appointing a receiver herein.

OPINION

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