In states permitting joint-stock companies to be formed for banking purposes the statute must be strictly followed.1 If this be not done the joint-stock company is a general partnership.2 The rule as to de facto corporations cannot be invoked to make a de facto joint-stock company.3 If the liability is limited, such joint-stock companies would be generally considered corporations.4 If they are to be so considered, the fact would have an important bearing upon the conflict of laws as to private banking, which will be noticed later.5

2 See George on Partnership, 424 et seq., for full references to statutes.

3 Expressly permitted in Maryland; by implication in Illinois by not being forbidden.

4 Bates on Lim. Part. 49.

5 McGehee v. Powell. 8 Ala. 827.

6 George on Partnership, 428.

7 Jacquin v. Brisson, 11 How. Pr. 885.

8 See Sec. 29, post.

1 Maloney v. Bruce, 94 Pa. 249; Elliot v. Himrod, 108 Pa. 569.

2 Same cases as in last note.

3 Eliot v. Himrod, supra.

4 Liverpool Ins. Co. v. Massachusetts, 10 Wall. 566. Contra, Curtis v. Leavitt, 17 Barb. 309. See also Bates on Lim. Part., sec. 208 et seq.; Robbins Electric Co. v. Weber, 172 Pa. 635.