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Mccormick: Understanding The Securities Act And The S.E.C., Michigan Law Review

Michigan Law Review

A Review of UNDERSTANDING THE SECURITIES ACT AND THE S.E.C. By Edward T. McCormick.

The Revenue Act Of 1948-: Federal Estate And Gift Taxation, Milton D. Solomon

Michigan Law Review

The community property system has always been a thorn in the side of the federal tax structure. The theory that husband and wife have equal, vested, undivided one-half interests in property held by them as tenants in community, when given effect for federal tax purposes, has resulted, because of our system of graduated rates, in substantial income, estate and gift tax advantages in favor of residents of community property states over their neighbors in non-community property states. Attempts to change this situation as to federal income taxation proved uniformly unsuccessful. However, success was achieved in the field of federal estate …

Labor Law-Labor-Management Relations Act-Jurisdiction Of Federal Courts To Enjoin Unfair Labor Practices, W. J. Schrenk, Jr. S.Ed.

Michigan Law Review

Following a breakdown in negotiations over contract extension, plaintiff union, the certified representative of defendant's employees, sued in a federal district court, alleging that defendant was guilty of an unfair labor practice under the Labor-Management Relations Act in refusing to bargain in good faith. An injunction was sought requiring defendant to bargain with the union. The district court overruled motions' to dismiss for lack of jurisdiction and granted the relief requested. On appeal, held, reversed. The district court lacked jurisdiction to entertain the suit. Amazon Cotton Mills Co. v. Textile Workers Union, (C.C.A. 4th, 1948) 167 F. (2d) …

Killingsworth: State Labor Relations Acts, Michigan Law Review

Michigan Law Review

A Review of STATE LABOR RELATIONS ACTS. By Charles C. Killingsworth.

Non-Trade And Non-Business Expense Deductions: Section 23(A)(2) Of The Internal Revenue Code, R. W. Nahstoll

Michigan Law Review

Among the innovations introduced into the Internal Revenue Code by the Revenue Act of 1942 was the provision allowing deduction from gross income, in the computation of net income, of nontrade and non-business expenses. Every revenue act including the Act of 1894, has provided in one form or another for the deduction of trade and business expenses.

Labor Law-Applicability Of The Lea Act To Activities Of The American Federation Of Musicians, W. J. Schrenk, Jr.

Michigan Law Review

Defendant, acting as president of a local union of the American Federation of Musicians, requested a new contract with a broadcasting station licensed by the Federal Communications Commission, including a provision that the licensee hire three extra musicians, raising to six the total number of musicians employed. When negotiations regarding this provision failed, defendant withdrew from the licensee's services the three musicians (members of the A.F. of M.) already employed by it. An action was, then brought to prosecute defendant under the amendment to the Federal Communications Act, popularly known as the Lea Act, which prohibits the use of threats …

Evidence- Statutes - Contradiction Of Legislative Journal Entry To Show Date Of Receipt Of Bill By Governor, Emerson T. Chandler

Michigan Law Review

Plaintiff, a tax assessor, sought to recover salary claims against a county, contending that compensation was payable under an act passed by the General Assembly but vetoed by the governor. An entry in the House journal reported delivery of the bill to the governor on March 5. The Assembly adjourned March 13, and the governor vetoed the bill March 28. An official receipt dated March 10 had been given for the bill by the governor's office. The Arkansas Constitution gives the governor five days within which to approve or disapprove the bill. If he fails to act, the bill becomes …

Vested Rights And The Portal-To-Portal Act, Ray A. Brown

Michigan Law Review

The Portal-to-Portal Act of 1947 attempts, by new and retroactive definitions of what constitutes working time of an employee under the Fair Labor Standards Act of 1938, to deprive employees of claims under that earlier act, to which the Supreme Court of the United States has held they were entitled. This article will discuss whether this can be done under the due process clause of the Fifth Amendment.

The Taft-Hartley Act And State Jurisdiction Over Labor Relations, Russell A. Smith

Michigan Law Review

Of the many problems arising out of the Taft-Hartley Act, not the least perplexing is the determination of its impact upon state jurisdiction over labor relations. The importance of the question is obvious, and is illustrated by Judge Shepard's reaction. Administrators of state labor relations acts and state courts, like the California court, must determine what position to take with respect to their jurisdiction. Employers and unions must make a like determination, and must also come to some conclusion as to the applicability of state law as reflected in other statutes and in judicial decisions. Those charged with the administration …

Price Discriminations And Their Justifications Under The Robinson-Patman Act Of 1936, John T. Haslett

Michigan Law Review

The Robinson-Patman Act was approved by the President on June 19, 1936. The purpose of the act was to amend section 2 of the Clayton Act, which prohibited price discriminations in interstate commerce. Congress, by amending section 2 of the Clayton Act, broadened the scope of the section by extending its purposes and prohibitions to price discriminations not formerly covered and by prohibiting other forms of discrimination which give favored purchasers undue cost advantages over their non-favored competitors. It also reduced the extent of requisite competitive injury.

Sales Rationale Of Durable Product Distribution, Kenneth K. Luce

Michigan Law Review

This paper has been prepared to add the writer's bit to the long term struggle for uniformity in the commercial law, and particularly to point to some of the statutory changes in the law affecting distribution of durable goods which have added confusion where once the common law appears to have been on its way to a system more uniform and in accord with business practice and understanding.

Corporations-Class Actions Under Section 16(B) Of The Securities Exchange Act Of 1934-Federal Rule 23, Richard. J. Archer

Michigan Law Review

Pursuant to section 16 (b) of the Securities Exchange Act of 1934 an action was commenced by a shareholder to recover for the corporation profits realized by another shareholder through "short swing" transactions in securities of the corporation, the estimated profits being $50,770. Plaintiff's attorney filed an affidavit stating the reasons why recovery of the full amount was doubtful and made application for , leave to settle and compromise for $5,000. The corporation's attorney agreed to this proposal. Held, the merits of the compromise cannot be considered until in conformance with Rule 23 ( c), actual notice of the …

A Review Of The New Trade-Mark Manual, Lenore B. Stoughton

Michigan Law Review

The United States Trade-Mark Act of July 5, 1946, is a statute designed to be of far-reaching effect. The appraisal of the statute must be made in the light of that fact rather than in the light of the confusion and disputation which have arisen as to the proper interpretation of many of its provisions.

One might have supposed that an act which had been subjected to intensive study and extensive revision over so many years before its final enactment would emerge in complete clarity. Such has not proved to be the case; and it should not have been expected. …

Significant Developments In The Law Of Federal Taxation, 1941-1947: I, Paul G. Kauper

Michigan Law Review

A preliminary word on the scope of this review is in order. Since this was originally prepared as one of a series designed to acquaint returning veterans with legal developments during the war period, the year 1941 has been chosen as the starting point, and the review carried forward from that point through to date. The review covering this period is limited to significant developments in the area of federal taxation, with emphasis upon the estate, gift, and income taxes.

Sunday Laws-Illegality Of Sunday Contracts, Robert O. Hancox S.Ed.

Michigan Law Review

The concept of the Sabbath, the setting apart of one day in seven as a day of rest, was derived from the Mosaic code, the Fourth Commandment directs abstention from labor on the seventh day of the week, and although there is nothing in the New Testament relating to Sunday, the Christian world adopted the first day of the week as a day of rest. Constantine, by an edict in 321 A.D., ordered the suspension on Sunday of all business in the courts of law, except the manumission of slaves, and all other- business except agricultural labor.

Labor Law-Injunction-United States V. United Mine Workers Of America, R. L. Cardon, R. O. Hancox S.Ed., P. F. Westbrook, Jr. S.Ed.

Michigan Law Review

This comment was originally prepared as a discussion of the decision of the District Court for the District of Columbia. Since it seemed probable that the Supreme Court's decision would be rendered before or shortly after the comment could be published in normal course, the editors decided to delay the printing of this issue of the Review so that a discussion of the Supreme Court opinions could be included. References to the opinions of the Supreme Court Justices appear in brackets.Ed.] Following a breakdown in the collective bargaining process in the spring of 1946 between the majority of …

Labor Law-Kickback Act-Application To Union Officials, James R. Bliss

Michigan Law Review

Defendants were officials of Local 39 of International Hod Carriers Building and Common Labor Union of America, which procured a closed shop agreement with certain contractors on a federal building project. Defendants were indicted for violation of the federal Kickback Act, the indictment charging that defendants had (1) collected five dollars weekly from nonunion employees on the project by threatening them with dismissal, (2) given receipts for payments collected and accepted employees as union members on presentation of receipts totalling the union initiation fee, (3) but had not kept a record of collection nor accounted to Local 39, as required …

Naturalization-Statutory Construction, George Brody S.Ed.

Michigan Law Review

Appellee, a native of Canada, filed his petition for naturalization. In his application he stated that he understood the principles of the government of the United States and was willing to take the prescribed oath of allegiance to this country. To the question in the application "If necessary are you willing to take up arms in defense of this country?" he replied, "No, (non-combatant) Seventh Day Adventist." He explained this answer before the examiner by saying, "It is a purely religious matter with me, I have no political or personal reasons. other than that." The district court admitted him to …

Administrative Law-Developments: 1940-1945 (A Service For Returning Veterans), E. Blythe Stason

Michigan Law Review

No period in American history has ushered in more sweeping changes in the legal structure than has the last decade and a half. No area of the law has witnessed more rapid development than has administrative law. A sketch of the progress of administrative law during the five-year period 1940 to 1945 reveals an important refining of the "quasi judicial" procedures--procedures which, because of their swift and topsy-turvy growth, can well use a little refining.

The purpose of the following survey is two-fold; first, to outline the more significant developments of the last half decade, relating the new materials to …

Constitutional Law--Impairment Of Obligation Of Contract--Mortgage Moratorium--Determination Of The Existence Of An Emergency, George Brody

Michigan Law Review

In 1943 the New York State Legislature extended its moratorium legislation for another year, thereby continuing the suspension of mortgage foreclosure proceedings on real property due to default in payments on principal. The legislature declared that an emergency still existed and therefore the continuance of legislative action, first taken in 1933, was justified. The law made payment of interest, taxes, insurance and amortization charges a prerequisite to suspension of foreclosure. Appellant brought an action to foreclose a mortgage on appellee's property for the non-payment of principal, contending that the suspension of foreclosure proceedings resulted in an impairment of the obligation …

New Legislation Affecting Non-Notification Financing Of Accounts Receivable, Maximilian Koessler

Michigan Law Review

Not less than sixteen new statutes affecting the assignment of accounts receivable have been enacted in this country since the writer's completion of an essay in which he attempted to draw an all-round picture of the legal situation in this recently so much debated field. It is one of the purposes of the present follow-up study to discuss those new legislative developments. This will be done in part II of this article, where the analysis is subdivided into a contemplation of the new validation statutes on the one hand, and the new recording acts, on the other.

Problems In Probate Law: Including A Model Probate Code, Lewis M. Simes, Paul E. Basye

Michigan Legal Studies Series

The publication of the Model Probate Code, together with related monographs and appendix notes, serves a dual purpose. It is the report of a committee of the Probate Division of the American Bar Association. It is also the product of a research project carried on by the University of Michigan Law School. Mr. R. G. Patton, in his "Presentation of the Report of the Committee on Model Probate Code," printed elsewhere in this volume, has provided an appropriate preface for this publication in its first aspect.

Political Committee Expenditures And The Hatch Act, John W. Lederle

Michigan Law Review

Democratic governments are rightly concerned about how money is used to influence elections. The oft-quoted proverb, "He who pays the piper calls the tune," contains a large grain of truth. In many countries comprehensive statutory regulation of campaign expenditures may be found; but it is unlikely that any other country can match the variety of experiments which have been indulged in by-the national Congress and the forty-eight state legislatures in the United States.

Compensation For Terminated Fixed-Price Supply War Contracts, Edward S. Feldman

Michigan Law Review

The enormous volume of government contract cancellations requires a fuller understanding by contractors of the principles of securing fair compensation promptly for their charges if they are to have funds to reconvert their plants and operate them successfully. As the Director of Contract Settlement stated in a recent report to Congress, "The contracting agencies alone cannot do the contract settlement job. Contractors, too, must be willing and able to do their part. To be adequately prepared, contractors must be able (1) to make out claims and (2) to process claims of their subcontractors and suppliers."

Promissory Notes In The Legislations Of The Americas, Juan Octavio Díaz Lewis

Michigan Law Review

It has rightly been said that the promissory note is the Cinderella of negotiable paper. It is indeed strange that this instrument, widely used in most countries, is accorded only a few words in the legal textbooks and a few sections in the respective statutes. The purpose of the present study is not to rescue promissory notes from their present position of obscurity, but rather to present a unified classification of the specific provisions relating thereto, which are in force at the present time in the legislations of the American continent.

Coverage Of The Fair Labor Standards Act, Malcolm M. Davisson

Michigan Law Review

The writer published an article dealing with the coverage of the Fair Labor Standards Act in the June, 1943 issue of the Michigan Law Review. It is the purpose of this paper to consider the most important decisions since the preparation of that article (March, 1943) and to examine the applicability of the act to certain activities not there discussed.

A Further Legal Inquiry Into Renegotiation: Ii, Charles W. Steadman

Michigan Law Review

Several issues concerning constitutionality of the Renegotiation Act were discussed in a previous article. That prior inquiry was, of course, not complete, nor is it possible here to exhaust all of these problems. The changes which the Revenue Act of 1943 made in renegotiation together with the manifest importance of this subject and the national interest which has been created by the challenges made concerning its constitutionality warrant further inquiry into this phase of the act. The issues of delegation of legislative authority, impairment of contracts, due process and judicial review, as well as the nature of renegotiation as a …

Termination Of War Contracts: The Contract Settlement Act Of 1944, David A. Goldman

Michigan Law Review

Enacted with a background of knowledge gained from the termination of more than 25,000 army and navy contracts having an uncompleted value of approximately $17,000,000,000, the Contract Settlement Act of 1944 was the first of the legislative enactments by which Congress seeks to control the possibility of a rising tide of economic difficulties which might otherwise drown the body politic in a flood of cancellation notices. The passage of the act was preceded by extensive public hearings and debates, during which responsible Government officials and leaders of labor and industry expressed their considered opinions. Congress likewise had the benefit of …

The Authority Of The National War Labor Board Over Labor Disputes, Leonard B. Boudin

Michigan Law Review

The National War Labor Board has reached the respectable age of two years. Supported originally only by the President's war powers, it has secured compliance with its orders, has weathered a minor congressional investigation, and has built up a body of decisions whose effect will continue after the war. These facts, as well as certain signs of the conservatism which appears to strike all government agencies at one time or another, entitle the board to a short survey of certain aspects of its jurisdiction and authority.

Administrative Law-Price Control Act-Recent Amendments, Robert A. Sprecher

Michigan Law Review

On July 1, 1944, the "Stabilization Extension Act of 1944" became effective, thereby introducing several important changes in the field of price control law. Many of these changes have the effect of granting relief to persons subject to price control, while others are designed to aid the price administrator in his enforcement of the Price Control Act.