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 Pangborn v. Westlake, 36 lowa, 546; Rahter v. Bank, 92 Pa. St. 393. It has been held under statutes, prohibitory in form, but without penalty, and silent as to consequences, such as ours heretofore quoted, that all contracts entered into without compliance with the terms of the statute were absolutely void. These cases are based largely upon the thought that, inasmuch as there is no penalty or forfeiture provided in the statute for a disregard of its terms, there remains no method of its enforcement, other than to declare all contracts made in disregard of the statutory provisions unenforceable. Bank v. Page, 6 Or. 431; Hacheny v. Leary, 12 Or. 40, 7 Pac. Rep. 329; in re Comstock, 3 Sawy. 218; Hoffman v. Banks, 41 Ind. 1; Jnsurance Co. v. Harrah, 47 Ind. 236; Insurance Co. v. Thomas, 46 Ind. 44; Assurance Co. v. Rosenthal, 55 Ill. 85. Other cases arising, like those last noticed, under statutes prohibitory in form, but without penalty or expressed consequences, have held that contracts entered into without compliance with the terms of the statute were valid, enforceable contracts as between the parties, and that one who had received and retained the benefits of such a contract could not raise the question of noncompliance. Bank v. Matthews, 98 U. S. 621, arose under that provision in the national banking law permitting national banks to purchase, hold, and convey real estate for certain specified purposes, and no other. The bank had received real estate security contrary to the terms of the act, and it was sought to declare such security void in the hands of the bank. The court said the prohibition was clearly implied, and as effectual as if it were expressed; but, on full consideration and a review of the authorities, it was held that the purpose of the statute was not to render such contracts void and unenforceable. The court used this language: “The intent, not the letter, of the statute constitutes the law. A court of equity is always reluctant in the last degree to make a decree that will effect a forfeiture. The bank parted with its money in good faith. Its garments are unspotted. Under these circumstances, the defense of altra vires, if it can be

N. D. R.—10.