118 Iowa 533 | Iowa | 1902
Neither in 1892 nor in 1896 was there any law in this state requiring foreign building and loan associations to procure any other or different permit for doing business in this state than was required of corporations generally; and on the 16th day of June, 1891, a permit was issued to the Phoenix Loan Association by the then auditor of state, under section 1, chapter 76, Laws 21st General Assembly, authorizing it to transact its business in this state. The act just referred to was an indirect invitation to foreign
Should section 1898, as amended by the 27th General Assembly, as above stated, be applied to foreign buil ling and loan associations? Let us look at the language of this section. It says: “All building and loan or savings and loan associations upon receiving the certificate from .'the auditor shall have power,” etc. Section 19 of the same act (section 1908, Code 1897) points out what foreign building and loan associations shall do to entitle them to transact business in this state, and then provides that, upon compliance with the statute, the auditor shall issue a like certificate, as in the case of domestic associations. The legislature, in enacting this law, clearly sought to put foreign associations on an equality with domestic ones, upon condition only that they comply with the requirements peculiar to them. It is manifest, then, that section 1898, Code 1897, was intended to apply to foreign as well as domestic associations; for it ivas a matter known to every member of the legislature that foreign associations had been doing business in this state for years. It was known that the trouble arising over the question of usury in contracts of this kind was not alone confined to domestic corporations, and the law in question ivas to remedy this very trouble, and, if it had been the legislative intent to apply it only to domestic associations, it would have been so declared. This statute is as broad as it could well have been, there is no limitation except as to certificates, and we think the intent clear to apply it to foreign, as well as domestic, associations.
The case is reversed and remanded, for a judgment in harmony herewith. — Reversed.