Word: laws
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Dates: during 1920-1929
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...court condemned as unconstitutional article XIV of the new Mexican Petroleum Law, which turns all oil leases acquired before 1917 into fifty-year concessions, and article XV, which forfeits all titles where no confirmatory concessions were applied for before...
This means that, in the opinion of the court, the government was not within its rights in canceling the Mexican Petroleum Co.'s title because that company ignored the law, preferring instead to seek legal redress against a law which is regarded as confiscatory. Moreover, according to the court, the government is not within its constitutional rights in substituting 50-year leases for outright oil titles...
This decision is based on the principle of retroactivity, the new law having been passed in January, 1926, and made effective as from 1917. It was this procedure that the Supreme Court judges held contradicted the spirit of the constitution. Moreover, the President, Senor Lombardo held that the penalties were tantamount to confiscation (forfeiture without payment) and were therefore unconstitutional...
...decision was little more than theoretical, however, and of no immediate value to the suing oil company; for in Mexico five decisions of unconstitutionally are required before a law can be declared unconstitutional...
...McFadden act, whose principal paragraph is the permission granted to national banks to maintain branches. Last week Comptroller of the Currency J. W. Mclntosh announced that national bank resources equalled $27,213,824,000-the largest amount reported on record. This was due, said Mr. Mclntosh, to the McFadden law...