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More on "Discounts" Under New York's Banking Law: Antiquarian Research Inspired by Contemporary Legislation, 68 YALE L.J. 269 (1958)


PRACTITIONERS and professors observe, with varying degrees of irritation, resignation and, sometimes, amusement, that the corporation laws of a number of states resemble patchwork quilts of antique scraps-here a swatch of Uncle Eben's red flannels, there a snippet of great-grandmother's bridal gown, yonder a section of Cousin Prudence's Perhaps an old house (usually dating from about 1840) makes a better simile, an edifice to which improvements, extensions and excrescences have been periodically added, without any attempt at basic structural change. Occasionally, one of the modem improvements blows the wiring or brings down part of the roof. The inmates promptly bawl for the legislative carpenters and repairmen, and, after a spell of furious and frequently unskilled tinkering, business life goes on more or less normally, until the next catastrophe.

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