Finance

First Global wins consultancy bid for Abu Dhabi Commercial Bank

dismaljob — Sat, 07 Jun 2008 15:59:18 +0000

First Global, a leading Sri Lanka-based Islamic investments and financial solutions provider has won a bid to drive Abu Dhabi Commercial Bank’s (ADCB) venture into Islamic banking. The Bank plans to launch its Islamic Banking Services ‘MEETHAQ’ in the beginning of the 4th quarter of 2008 and First Global has been assigned to train their 600 strong workforce in the United Arabs Emirates.Founder and President of the First Global Group, Muhammad Ikram Thowfeek said that ADCB’s selection of his Institution is a fitting tribute to First Global’s commitment to become the leading international training, consultancy and solutions provider to the Islamic banking and finance industry, from a practitioner’s perspective and approach. The industry has seen a phenomenal growth worldwide not only in Middle East and Muslim countries, but also in countries where the Muslim populations are in a minority such as the UK, Germany, Singapore and Sri Lanka.It is quite evident that the momentum for Islamic banking and finance is building up in Sri Lanka with a number of institutions getting on the bandwagon recently. From a global perspective, the Islamic Banking and Finance industry is fast exceeding the growth of conventional banking and according to some experts the growth rate is around 20% per annum.

While business planning, product development, system implementation, marketing and other relevant activities are happening as per schedule, ADCB believes that the “best product can only be sold, if its people are well trained”. With this in mind, the bank was seeking a trainer who possesses good knowledge on Islamic Banking concepts, has practical experience and most importantly had worked on setting up of an Islamic Banking unit within a Conventional banking umbrella.

The assignment is an extensive one and would be carried out at different locations in the UAE where ADCB branches are located. Dubai, Abu Dhabi, Sharjah, and other key cities would be covered. The employees are quite accustomed to the present system of banking and to bring about a change in the mindset and approach would be quite challenging, however, given the expertise and the experience of the trainer and his team, the assignment would be successfully implemented.

“We came to know about Ikram Thowfeek, Founder and MD of First Global, through one of our project team members and invited him for initial discussions”. After reviewing Ikram’s credentials and meeting him, we felt that he is the right person who can help us in training the bank’s workforce said a Senior Official of the Bank. ADCB has signed a training consultancy agreement with FGI and feels comfortable that our expectation of training 600 employees with a practical perspective will be met.

ADCB is the third largest banking group in the UAE and enjoys one of the largest deposit bases with total assets at over 106.2 billion. The Bank is a full-fledged entity offering a wide range of products and services such as Retail Banking, Wealth Management, Private Banking, Corporate Banking, Commercial Banking, Cash Management, Investment Banking, Corporate Finance including infrastructure project finance (debt/equity), offshore project finance (debt/equity) and strategic investments.

First Global Investments is the newest player in the Islamic Banking & Finance industry in Sri Lanka. First Global Investments is a boutique investment banking institution, providing Islamic financial services with a vision to bring global opportunitiesand best practices to the local market. The Company provides a wide range of services to a substantial and diversified client base by capitalizing on its capacity and resources to develop ‘tailor made’ investment / financing products to suit different risk / return profiles of its clients.

We also provide Financial Advisory Services to our clients ranging from setting up of independent Islamic financial unit, investment management, structuring of complex transactions to comply with Islamic Shariah, restructuring of organizations, etc said Mr. Sabri Abdul Cader, the Senior Vice President of First Global Investments.

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source: http://www.dailymirror.lk/DM_BLOG/Sections/frmNewsDetailView.aspx?ARTID=16938

Business Credit Card

dismaljob — Sat, 07 Jun 2008 08:22:02 +0000

Among the so many varieties of credit cards, one of the most underestimated is the value of a business credit card. Many people do not choose to apply for a business credit card because aside from having a definite target market— the business owners or business executives—it seems to be complicated to use. Although a business credit card has more requirements and has higher interests compared to other types of credit cards there is, contrary to the common conception, t can be very helpful if used properly.

Basically, business credit card is for the business people’s consumption. Compared to the regular credit card, a business credit card has a high limit plus low interest rates. Depending on the manner of choosing, a business credit card may also bring a lot of automatic benefits.

Since it is targeted towards businessmen or those people who are heading towards building a business, a business credit card can definitely benefit these small businesses. A business credit card helps the budding business by extending payments while improving the cash flow. Aside from bearing the image of a dependable credit card, business credit card boasts of having detailed reports and giving quality customer service as its major trademarks.

Aside from having limits and low interest rates, a business credit card provides many alternatives and numerous credit options for small businesses. A business credit card also caters to large corporations that are crafted to aid those people who are starting with their own business to grow while closely monitoring the baseline of credit.

Simplifying business credit cards
It really pays to go to the bank when one applies for a credit card to get the chance to answer all immediate inquiries. But since business credit card is for business people who are always on the go, many business credit card issuers offers online applications for business credit cards. When one applies for a business credit card, there is no need to visit the bank. There is also no need to wait in the queue just to talk to a bank representative.

When you apply business credit card online, all you have to do is to select the business credit card option that would perfectly suit your small business or corporate credit requirements right from the comforts of your home or office. Aside from offering safe, secured, and simple processes that are designed help you take care of your starting business, most business credit cards online offer accessible features for the convenience of the business credit card holder like the online payment and reporting. Customized company logos and access to instant cash are also available on line. Other business credit card online offers detailed reporting features for easy monitoring and access.

Most business credit card applications offer free fee for the first year and no pre-set spending limit or finance charges. Other business credit card offers viable membership rewards program that enables the member to earn points towards travel, merchandise and other rewards for his or her business. Some of these business credit cards offer small businesses a line of credit up to $120,000 at a competitive APR as low as prime + 2.01% for both cash and check purchases. 100% of the line is available as cash and no collateral is required. The business credit card holder or customer might receive fee-free checks as well as a card to access the account. Everyday savings or exclusive savings, express approvals, no annual fee, up to 4 percent rebates on all qualified purchases, and 0% introductory annual percentage rate (APR) on purchases during first half of the year of card membership are some of the great offers of most business credit cards.

Although majority of the business credit card issuers offer great value deals, it is very important to research first what does your business needs. Whether your business credit card is meant for investing in inventory or just for payroll, it is significant to look for a flexible business credit card that can handle almost anything. Whether you opt to go directly to the bank or apply for a business credit card online, a number of premier business credit card suppliers are there to help you find the right credit card product as easy and convenient as possible.

source : www.cardprocredit.com

warren buffett

dismaljob — Sat, 07 Jun 2008 07:50:55 +0000

Warren Edward Buffett (born August 30, 1930, in Omaha, Nebraska) is an American investor, businessman and philanthropist. He is regarded as one of the world’s greatest stock market investors, and is the largest shareholder and CEO of Berkshire Hathaway.^[3] With an estimated net worth of around US$62 billion,^[4] he was ranked by Forbes as the richest person in the world as of February 11, 2008.^[5]

Often called the “Oracle of Omaha,”^[6] Buffett is noted for his adherence to the value investing philosophy and for his personal frugality despite his immense wealth.^[7] His 2006 annual salary was about $100,000, which is small compared to senior executive remuneration in other comparable companies,^[8] and when he spent $9.7 million of Berkshire’s funds on a business jet in 1989, he jokingly named it “The Indefensible” because of his past criticisms of such purchases by other CEOs.^[9] He lives in the same house in the central Dundee neighborhood of Omaha that he bought in 1958 for $31,500, today valued at around $700,000.^[10]

Buffett is also a noted philanthropist. In 2006, he announced a plan to give away his fortune to charity, with 83% of it going to the Bill & Melinda Gates Foundation.^[11] In 2007, he was listed among Time‘s 100 Most Influential People in The World.^[12] He also serves as a member of the board of trustees at Grinnell College.^[13]

source : wikipedia

From McCulloch v. Maryland

dismaljob — Thu, 05 Jun 2008 23:39:07 +0000

From McCulloch v. Maryland

Marshall, Chief Justice, delivered the opinion of the Court.

In the case now to be determined, the defendant, a sovereign State, denies the obligation of a law enacted by the legislature of the Union, and the plaintiff, on his part, contests the validity of an act which has been passed by the legislature of that State. The Constitution of our country, in its most interesting and vital parts, is to be considered, the conflicting powers of the Government of the Union and of its members, as marked in that Constitution, are to be discussed, and an opinion given which may essentially influence the great operations of the Government. No tribunal can approach such a question without a deep sense of its importance, and of the awful responsibility involved in its decision. But it must be decided peacefully, or remain a source of hostile legislation, perhaps, of hostility of a still more serious nature; and if it is to be so decided, by this tribunal alone can the decision be made. On the Supreme Court of the United States has the Constitution of our country devolved this important duty.

The first question made in the cause is—has Congress power to incorporate a bank? It has been truly said that this can scarcely be considered as an open question entirely unprejudiced by the former proceedings of the Nation respecting it. The principle now contested was introduced at a very early period of our history, has been recognised by many successive legislatures, and has been acted upon by the Judicial Department, in cases of peculiar delicacy, as a law of undoubted obligation.

It will not be denied that a bold and daring usurpation might be resisted after an acquiescence still longer and more complete than this. But it is conceived that a doubtful question, one on which human reason may pause and the human judgment be suspended, in the decision of which the great principles of liberty are not concerned, but the respective powers of those who are equally the representatives of the people, are to be adjusted, if not put at rest by the practice of the Government, ought to receive a considerable impression from that practice. An exposition of the Constitution, deliberately established by legislative acts, on the faith of which an immense property has been advanced, ought not to be lightly disregarded.

The power now contested was exercised by the first Congress elected under the present Constitution. The bill for incorporating the Bank of the United States did not steal upon an unsuspecting legislature and pass unobserved. Its principle was completely understood, and was opposed with equal zeal and ability. After being resisted first in the fair and open field of debate, and afterwards in the executive cabinet, with as much persevering talent as any measure has ever experienced, and being supported by arguments which convinced minds as pure and as intelligent as this country can boast, it became a law. The original act was permitted to expire, but a short experience of the embarrassments to which the refusal to revive it exposed the Government convinced those who were most prejudiced against the measure of its necessity, and induced the passage of the present law. It would require no ordinary share of intrepidity to assert that a measure adopted under these circumstances was a bold and plain usurpation to which the Constitution gave no countenance. These observations belong to the cause; but they are not made under the impression that, were the question entirely new, the law would be found irreconcilable with the Constitution.

In discussing this question, the counsel for the State of Maryland have deemed it of some importance, in the construction of the Constitution, to consider that instrument not as emanating from the people, but as the act of sovereign and independent States. The powers of the General Government, it has been said, are delegated by the States, who alone are truly sovereign, and must be exercised in subordination to the States, who alone possess supreme dominion.

It would be difficult to sustain this proposition. The convention which framed the Constitution was indeed elected by the State legislatures. But the instrument, when it came from their hands, was a mere proposal, without obligation or pretensions to it. It was reported to the then existing Congress of the United States with a request that it might “be submitted to a convention of delegates, chosen in each State by the people thereof, under the recommendation of its legislature, for their assent and ratification.”

This mode of proceeding was adopted, and by the convention, by Congress, and by the State legislatures, the instrument was submitted to the people. They acted upon it in the only manner in which they can act safely, effectively and wisely, on such a subject—by assembling in convention. It is true, they assembled in their several States—and where else should they have assembled? No political dreamer was ever wild enough to think of breaking down the lines which separate the States, and of compounding the American people into one common mass. Of consequence, when they act, they act in their States. But the measures they adopt do not, on that account, cease to be the measures of the people themselves, or become the measures of the State governments.

From these conventions the Constitution derives its whole authority. The government proceeds directly from the people; is ‘ordained and established’ in the name of the people, and is declared to be ordained, “in order to form a more perfect union, establish justice, insure domestic tranquillity, and secure the blessings of liberty to themselves and to their posterity.”

The assent of the States in their sovereign capacity is implied in calling a convention, and thus submitting that instrument to the people. But the people were at perfect liberty to accept or reject it, and their act was final. It required not the affirmance, and could not be negatived, by the State Governments. The Constitution, when thus adopted, was of complete obligation, and bound the State sovereignties.

It has been said that the people had already surrendered all their powers to the State sovereignties, and had nothing more to give. But surely the question whether they may resume and modify the powers granted to Government does not remain to be settled in this country. Much more might the legitimacy of the General Government be doubted had it been created by the States. The powers delegated to the State sovereignties were to be exercised by themselves, not by a distinct and independent sovereignty created by themselves. To the formation of a league such as was the Confederation, the State sovereignties were certainly competent. But when, ‘in order to form a more perfect union,’ it was deemed necessary to change this alliance into an effective Government, possessing great and sovereign powers and acting directly on the people, the necessity of referring it to the people, and of deriving its powers directly from them, was felt and acknowledged by all. The Government of the Union then (whatever may be the influence of this fact on the case) is, emphatically and truly, a Government of the people. In form and in substance, it emanates from them. Its powers are granted by them, and are to be exercised directly on them, and for their benefit.

This Government is acknowledged by all to be one of enumerated powers. The principle that it can exercise only the powers granted to it would seem too apparent to have required to be enforced by all those arguments which its enlightened friends, while it was depending before the people, found it necessary to urge; that principle is now universally admitted. But the question respecting the extent of the powers actually granted is perpetually arising, and will probably continue to arise so long as our system shall exist. In discussing these questions, the conflicting powers of the General and State Governments must be brought into view, and the supremacy of their respective laws, when they are in opposition, must be settled.

If any one proposition could command the universal assent of mankind, we might expect it would be this—that the Government of the Union, though limited in its powers, is supreme within its sphere of action. This would seem to result necessarily from its nature. It is the Government of all; its powers are delegated by all; it represents all, and acts for all. Though any one State may be willing to control its operations, no State is willing to allow others to control them. The nation, on those subjects on which it can act, must necessarily bind its component parts. But this question is not left to mere reason; the people have, in express terms, decided it by saying, ‘this Constitution, and the laws of the United States, which shall be made in pursuance thereof,’ ‘shall be the supreme law of the land,’ and by requiring that the members of the State legislatures and the officers of the executive and judicial departments of the States shall take the oath of fidelity to it. The Government of the United States, then, though limited in its powers, is supreme, and its laws, when made in pursuance of the Constitution, form the supreme law of the land, ‘anything in the Constitution or laws of any State to the contrary notwithstanding.’

Among the enumerated powers, we do not find that of establishing a bank or creating a corporation. But there is no phrase in the instrument which, like the Articles of Confederation, excludes incidental or implied powers and which requires that everything granted shall be expressly and minutely described. Even the 10th Amendment, which was framed for the purpose of quieting the excessive jealousies which had been excited, omits the word ‘expressly,’ and declares only that the powers ‘not delegated to the United States, nor prohibited to the States, are reserved to the States or to the people,’ thus leaving the question whether the particular power which may become the subject of contest has been delegated to the one Government, or prohibited to the other, to depend on a fair construction of the whole instrument. The men who drew and adopted this amendment had experienced the embarrassments resulting from the insertion of this word in the Articles of Confederation, and probably omitted it to avoid those embarrassments. A Constitution, to contain an accurate detail of all the subdivisions of which its great powers will admit, and of all the means by which they may be carried into execution, would partake of the prolixity of a legal code, and could scarcely be embraced by the human mind. It would probably never be understood by the public. Its nature, therefore, requires that only its great outlines should be marked, its important objects designated, and the minor ingredients which compose those objects be deduced from the nature of the objects themselves. That this idea was entertained by the framers of the American Constitution is not only to be inferred from the nature of the instrument, but from the language. Why else were some of the limitations found in the 9th section of the 1st article introduced? It is also in some degree warranted by their having omitted to use any restrictive term which might prevent its receiving a fair and just interpretation. In considering this question, then, we must never forget that it is a Constitution we are expounding.

Although, among the enumerated powers of Government, we do not find the word ‘bank’ or ‘incorporation,’ we find the great powers, to lay and collect taxes; to borrow money; to regulate commerce; to declare and conduct a war; and to raise and support armies and navies. The sword and the purse, all the external relations, and no inconsiderable portion of the industry of the nation are intrusted to its Government. It can never be pretended that these vast powers draw after them others of inferior importance merely because they are inferior. Such an idea can never be advanced. But it may with great reason be contended that a Government intrusted with such ample powers, on the due execution of which the happiness and prosperity of the Nation so vitally depends, must also be intrusted with ample means for their execution. The power being given, it is the interest of the Nation to facilitate its execution. It can never be their interest, and cannot be presumed to have been their intention, to clog and embarrass its execution by withholding the most appropriate means. Throughout this vast republic, from the St. Croix to the Gulf of Mexico, from the Atlantic to the Pacific, revenue is to be collected and expended, armies are to be marched and supported. The exigencies of the Nation may require that the treasure raised in the north should be transported to the south that raised in the east, conveyed to the west, or that this order should be reversed. Is that construction of the Constitution to be preferred which would render these operations difficult, hazardous and expensive? Can we adopt that construction (unless the words imperiously require it) which would impute to the framers of that instrument, when granting these powers for the public good, the intention of impeding their exercise, by withholding a choice of means? If, indeed, such be the mandate of the Constitution, we have only to obey; but that instrument does not profess to enumerate the means by which the powers it confers may be executed; nor does it prohibit the creation of a corporation, if the existence of such a being be essential, to the beneficial exercise of those powers. It is, then, the subject of fair inquiry how far such means may be employed.

It is not denied that the powers given to the Government imply the ordinary means of execution. That, for example, of raising revenue and applying it to national purposes is admitted to imply the power of conveying money from place to place as the exigencies of the Nation may require, and of employing the usual means of conveyance. But it is denied that the Government has its choice of means, or that it may employ the most convenient means if, to employ them, it be necessary to erect a corporation. On what foundation does this argument rest? On this alone: the power of creating a corporation is one appertaining to sovereignty, and is not expressly conferred on Congress. This is true. But all legislative powers appertain to sovereignty. The original power of giving the law on any subject whatever is a sovereign power, and if the Government of the Union is restrained from creating a corporation as a means for performing its functions, on the single reason that the creation of a corporation is an act of sovereignty, if the sufficiency of this reason be acknowledged, there would be some difficulty in sustaining the authority of Congress to pass other laws for the accomplishment of the same objects. The Government which has a right to do an act and has imposed on it the duty of performing that act must, according to the dictates of reason, be allowed to select the means, and those who contend that it may not select any appropriate means that one particular mode of effecting the object is excepted take upon themselves the burden of establishing that exception.

The creation of a corporation, it is said, appertains to sovereignty. This is admitted. But to what portion of sovereignty does it appertain? Does it belong to one more than to another? In America, the powers of sovereignty are divided between the Government of the Union and those of the States. They are each sovereign with respect to the objects committed to it, and neither sovereign with respect to the objects committed to the other. We cannot comprehend that train of reasoning, which would maintain that the extent of power granted by the people is to be ascertained not by the nature and terms of the grant, but by its date. Some State Constitutions were formed before, some since, that of the United States. We cannot believe that their relation to each other is in any degree dependent upon this circumstance. Their respective powers must, we think, be precisely the same as if they had been formed at the same time. Had they been formed at the same time, and had the people conferred on the General Government the power contained in the Constitution, and on the States the whole residuum of power, would it have been asserted that the Government of the Union was not sovereign, with respect to those objects which were intrusted to it, in relation to which its laws were declared to be supreme? If this could not have been asserted, we cannot well comprehend the process of reasoning which maintains that a power appertaining to sovereignty cannot be connected with that vast portion of it which is granted to the General Government, so far as it is calculated to subserve the legitimate objects of that Government. The power of creating a corporation, though appertaining to sovereignty, is not, like the power of making war or levying taxes or of regulating commerce, a great substantive and independent power which cannot be implied as incidental to other powers or used as a means of executing them. It is never the end for which other powers are exercised, but a means by which other objects are accomplished. No contributions are made to charity for the sake of an incorporation, but a corporation is created to administer the charity; no seminary of learning is instituted in order to be incorporated, but the corporate character is conferred to subserve the purposes of education. No city was ever built with the sole object of being incorporated, but is incorporated as affording the best means of being well governed. The power of creating a corporation is never used for its own sake, but for the purpose of effecting something else. No sufficient reason is therefore perceived why it may not pass as incidental to those powers which are expressly given if it be a direct mode of executing them.

But the Constitution of the United States has not left the right of Congress to employ the necessary means for the execution of the powers conferred on the Government to general reasoning. To its enumeration of powers is added that of making “all laws which shall be necessary and proper for carrying into execution the foregoing powers, and all other powers vested by this Constitution in the Government of the United States or in any department thereof.” The counsel for the State of Maryland have urged various arguments to prove that this clause, though in terms a grant of power, is not so in effect, but is really restrictive of the general right which might otherwise be implied of selecting means for executing the enumerated powers. In support of this proposition, they have found it necessary to contend that this clause was inserted for the purpose of conferring on Congress the power of making laws. That, without it, doubts might be entertained whether Congress could exercise its powers in the form of legislation.…

But the argument on which most reliance is placed is drawn from that peculiar language of this clause. Congress is not empowered by it to make all laws which may have relation to the powers conferred on the Government, but such only as may be ‘necessary and proper’ for carrying them into execution. The word ‘necessary’ is considered as controlling the whole sentence, and as limiting the right to pass laws for the execution of the granted powers to such as are indispensable, and without which the power would be nugatory. That it excludes the choice of means, and leaves to Congress in each case that only which is most direct and simple.

Is it true that this is the sense in which the word ‘necessary’ is always used? Does it always import an absolute physical necessity so strong that one thing to which another may be termed necessary cannot exist without that other? We think it does not. If reference be had to its use in the common affairs of the world or in approved authors, we find that it frequently imports no more than that one thing is convenient, or useful, or essential to another. To employ the means necessary to an end is generally understood as employing any means calculated to produce the end, and not as being confined to those single means without which the end would be entirely unattainable. Such is the character of human language that no word conveys to the mind in all situations one single definite idea, and nothing is more common than to use words in a figurative sense. Almost all compositions contain words which, taken in a their rigorous sense, would convey a meaning different from that which is obviously intended. It is essential to just construction that many words which import something excessive should be understood in a more mitigated sense—in that sense which common usage justifies. The word ‘necessary’ is of this description. It has not a fixed character peculiar to itself. It admits of all degrees of comparison, and is often connected with other words which increase or diminish the impression the mind receives of the urgency it imports. A thing may be necessary, very necessary, absolutely or indispensably necessary. To no mind would the same idea be conveyed by these several phrases. The comment on the word is well illustrated by the passage cited at the bar from the 10th section of the 1st article of the Constitution. It is, we think, impossible to compare the sentence which prohibits a State from laying ‘imposts, or duties on imports or exports, except what may be absolutely necessary for executing its inspection laws,’ with that which authorizes Congress ‘to make all laws which shall be necessary and proper for carrying into execution’ the powers of the General Government without feeling a conviction that the convention understood itself to change materially the meaning of the word ‘necessary,’ by prefixing the word ‘absolutely.’ This word, then, like others, is used in various senses, and, in its construction, the subject, the context, the intention of the person using them are all to be taken into view.

Let this be done in the case under consideration. The subject is the execution of those great powers on which the welfare of a Nation essentially depends. It must have been the intention of those who gave these powers to insure, so far as human prudence could insure, their beneficial execution. This could not be done by confiding the choice of means to such narrow limits as not to leave it in the power of Congress to adopt any which might be appropriate, and which were conducive to the end. This provision is made in a Constitution intended to endure for ages to come, and consequently to be adapted to the various crises of human affairs. To have prescribed the means by which Government should, in all future time, execute its powers would have been to change entirely the character of the instrument and give it the properties of a legal code. It would have been an unwise attempt to provide by immutable rules for exigencies which, if foreseen at all, must have been seen dimly, and which can be best provided for as they occur. To have declared that the best means shall not be used, but those alone without which the power given would be nugatory, would have been to deprive the legislature of the capacity to avail itself of experience, to exercise its reason, and to accommodate its legislation to circumstances.

If we apply this principle of construction to any of the powers of the Government, we shall find it so pernicious in its operation that we shall be compelled to discard it. The powers vested in Congress may certainly be carried into execution, without prescribing an oath of office. The power to exact this security for the faithful performance of duty is not given, nor is it indispensably necessary. The different departments may be established; taxes may be imposed and collected; armies and navies may be raised and maintained; and money may be borrowed, without requiring an oath of office. It might be argued with as much plausibility as other incidental powers have been assailed that the convention was not unmindful of this subject. The oath which might be exacted—that of fidelity to the Constitution—is prescribed, and no other can be required. Yet he would be charged with insanity who should contend that the legislature might not superadd to the oath directed by the Constitution such other oath of office as its wisdom might suggest.…

The result of the most careful and attentive consideration bestowed upon this clause is that, if it does not enlarge, it cannot be construed to restrain, the powers of Congress, or to impair the right of the legislature to exercise its best judgment in the selection of measures to carry into execution the Constitutional powers of the Government.…

We admit, as all must admit, that the powers of the Government are limited, and that its limits are not to be transcended. But we think the sound construction of the Constitution must allow to the national legislature that discretion with respect to the means by which the powers it confers are to be carried into execution which will enable that body to perform the high duties assigned to it in the manner most beneficial to the people. Let the end be legitimate, let it be within the scope of the Constitution, and all means which are appropriate, which are plainly adapted to that end, which are not prohibited, but consist with the letter and spirit of the Constitution, are Constitutional.

That a corporation must be considered as a means not less usual, not of higher dignity, not more requiring a particular specification than other means has been sufficiently proved. If we look to the origin of corporations, to the manner in which they have been framed in that Government from which we have derived most of our legal principles and ideas, or to the uses to which they have been applied, we find no reason to suppose that a Constitution, omitting, and wisely omitting, to enumerate all the means for carrying into execution the great powers vested in Government, ought to have specified this. Had it been intended to grant this power as one which should be distinct and independent, to be exercised in any case whatever, it would have found a place among the enumerated powers of the Government. But being considered merely as a means, to be employed only for the purpose of carrying into execution the given powers, there could be no motive for particularly mentioning it.…

If a corporation may be employed, indiscriminately with other means, to carry into execution the powers of the Government, no particular reason can be assigned for excluding the use of a bank, if required for its fiscal operations. To use one must be within the discretion of Congress if it be an appropriate mode of executing the powers of Government. That it is a convenient, a useful, and essential instrument in the prosecution of its fiscal operations is not now a subject of controversy. All those who have been concerned in the administration of our finances have concurred in representing its importance and necessity, and so strongly have they been felt that Statesmen of the first class, whose previous opinions against it had been confirmed by every circumstance which can fix the human judgment, have yielded those opinions to the exigencies of the nation. Under the Confederation, Congress, justifying the measure by its necessity, transcended, perhaps, its powers to obtain the advantage of a bank; and our own legislation attests the universal conviction of the utility of this measure. The time has passed away when it can be necessary to enter into any discussion in order to prove the importance of this instrument as a means to effect the legitimate objects of the Government.

But were its necessity less apparent, none can deny its being an appropriate measure; and if it is, the decree of its necessity, as has been very justly observed, is to be discussed in another place. Should Congress, in the execution of its powers, adopt measures which are prohibited by the Constitution, or should Congress, under the pretext of executing its powers, pass laws for the accomplishment of objects not intrusted to the Government, it would become the painful duty of this tribunal, should a case requiring such a decision come before it, to say that such an act was not the law of the land. But where the law is not prohibited, and is really calculated to effect any of the objects intrusted to the Government, to undertake here to inquire into the decree of its necessity would be to pass the line which circumscribes the judicial department and to tread on legislative ground. This Court disclaims all pretensions to such a power.

After this declaration, it can scarcely be necessary to say that the existence of State banks can have no possible influence on the question. No trace is to be found in the Constitution of an intention to create a dependence of the Government of the Union on those of the States, for the execution of the great powers assigned to it. Its means are adequate to its ends, and on those means alone was it expected to rely for the accomplishment of its ends. To impose on it the necessity of resorting to means which it cannot control, which another Government may furnish or withhold, would render its course precarious, the result of its measures uncertain, and create a dependence on other Governments which might disappoint its most important designs, and is incompatible with the language of the Constitution. But were it otherwise, the choice of means implies a right to choose a national bank in preference to State banks, and Congress alone can make the election.

After the most deliberate consideration, it is the unanimous and decided opinion of this Court that the act to incorporate the Bank of the United States is a law made in pursuance of the Constitution, and is a part of the supreme law of the land.…

It being the opinion of the Court that the act incorporating the bank is constitutional, and that the power of establishing a branch in the State of Maryland might be properly exercised by the bank itself, we proceed to inquire.…

Whether the State of Maryland may, without violating the Constitution, tax that branch?

That the power of taxation is one of vital importance; that it is retained by the States; that it is not abridged by the grant of a similar power to the Government of the Union; that it is to be concurrently exercised by the two Governments—are truths which have never been denied. But such is the paramount character of the Constitution that its capacity to withdraw any subject from the action of even this power is admitted. The States are expressly forbidden to lay any duties on imports or exports except what may be absolutely necessary for executing their inspection laws. If the obligation of this prohibition must be conceded—if it may restrain a State from the exercise of its taxing power on imports and exports—the same paramount character would seem to restrain, as it certainly may restrain, a State from such other exercise of this power as is in its nature incompatible with, and repugnant to, the constitutional laws of the Union. A law absolutely repugnant to another as entirely repeals that other as if express terms of repeal were used.

On this ground, the counsel for the bank place its claim to be exempted from the power of a State to tax its operations. There is no express provision for the case, but the claim has been sustained on a principle which so entirely pervades the Constitution, is so intermixed with the materials which compose it, so interwoven with its web, so blended with its texture, as to be incapable of being separated from it without rending it into shreds.

This great principle is that the Constitution and the laws made in pursuance thereof are supreme; that they control the Constitution and laws of the respective States, and cannot be controlled by them. From this, which may be almost termed an axiom, other propositions are deduced as corollaries, on the truth or error of which, and on their application to this case, the cause has been supposed to depend. These are, 1st. That a power to create implies a power to preserve; 2d. That a power to destroy, if wielded by a different hand, is hostile to, and incompatible with these powers to create and to preserve; 3d. That, where this repugnancy exists, that authority which is supreme must control, not yield to that over which it is supreme.

These propositions, as abstract truths, would perhaps never be controverted. Their application to this case, however, has been denied, and both in maintaining the affirmative and the negative, a splendor of eloquence, and strength of argument seldom if ever surpassed have been displayed.

The power of Congress to create and, of course, to continue the bank was the subject of the preceding part of this opinion, and is no longer to be considered as questionable.

That the power of taxing it by the States may be exercised so as to destroy it is too obvious to be denied. But taxation is said to be an absolute power which acknowledges no other limits than those expressly prescribed in the Constitution, and, like sovereign power of every other description, is intrusted to the discretion of those who use it. But the very terms of this argument admit that the sovereignty of the State, in the article of taxation itself, is subordinate to, and may be controlled by, the Constitution of the United States.…

The argument on the part of the State of Maryland is not that the States may directly resist a law of Congress, but that they may exercise their acknowledged powers upon it, and that the Constitution leaves them this right, in the confidence that they will not abuse it. Before we proceed to examine this argument and to subject it to test of the Constitution, we must be permitted to bestow a few considerations on the nature and extent of this original right of taxation, which is acknowledged to remain with the States. It is admitted that the power of taxing the people and their property is essential to the very existence of Government, and may be legitimately exercised on the objects to which it is applicable, to the utmost extent to which the Government may choose to carry it. The only security against the abuse of this power is found in the structure of the Government itself. In imposing a tax, the legislature acts upon its constituents. This is, in general, a sufficient security against erroneous and oppressive taxation.…

That the power to tax involves the power to destroy; that the power to destroy may defeat and render useless the power to create; that there is a plain repugnance in conferring on one Government a power to control the constitutional measures of another, which other, with respect to those very measures, is declared to be supreme over that which exerts the control, are propositions not to be denied. But all inconsistencies are to be reconciled by the magic of the word confidence. Taxation, it is said, does not necessarily and unavoidably destroy. To carry it to the excess of destruction would be an abuse, to presume which would banish that confidence which is essential to all Government.

But is this a case of confidence? Would the people of any one State trust those of another with a power to control the most insignificant operations of their State Government? We know they would not. Why, then, should we suppose that the people of any one State should be willing to trust those of another with a power to control the operations of a Government to which they have confided their most important and most valuable interests? In the Legislature of the Union alone are all represented. The Legislature of the Union alone, therefore, can be trusted by the people with the power of controlling measures which concern all, in the confidence that it will not be abused. This, then, is not a case of confidence, and we must consider it is as it really is.

If we apply the principle for which the State of Maryland contends, to the Constitution generally, we shall find it capable of changing totally the character of that instrument. We shall find it capable of arresting all the measures of the Government, and of prostrating it at the foot of the States. The American people have declared their Constitution and the laws made in pursuance thereof to be supreme, but this principle would transfer the supremacy, in fact, to the States.

If the States may tax one instrument, employed by the Government in the execution of its powers, they may tax any and every other instrument. They may tax the mail; they may tax the mint; they may tax patent rights; they may tax the papers of the custom house; they may tax judicial process; they may tax all the means employed by the Government to an excess which would defeat all the ends of Government. This was not intended by the American people. They did not design to make their Government dependent on the States.

Gentlemen say they do not claim the right to extend State taxation to these objects. They limit their pretensions to property. But on what principle is this distinction made? Those who make it have furnished no reason for it, and the principle for which they contend denies it. They contend that the power of taxation has no other limit than is found in the 10th section of the 1st article of the Constitution; that, with respect to everything else, the power of the States is supreme, and admits of no control. If this be true, the distinction between property and other subjects to which the power of taxation is applicable is merely arbitrary, and can never be sustained.…

It has also been insisted that, as the power of taxation in the General and State Governments is acknowledged to be concurrent, every argument which would sustain the right of the General Government to tax banks chartered by the States, will equally sustain the right of the States to tax banks chartered by the General Government.

But the two cases are not on the same reason. The people of all the States have created the General Government, and have conferred upon it the general power of taxation. The people of all the States, and the States themselves, are represented in Congress, and, by their representatives, exercise this power. When they tax the chartered institutions of the States, they tax their constituents, and these taxes must be uniform. But when a State taxes the operations of the Government of the United States, it acts upon institutions created not by their own constituents, but by people over whom they claim no control. It acts upon the measures of a Government created by others as well as themselves, for the benefit of others in common with themselves. The difference is that which always exists, and always must exist, between the action of the whole on a part, and the action of a part on the whole—between the laws of a Government declared to be supreme, and those of a Government which, when in opposition to those laws, is not supreme.

But if the full application of this argument could be admitted, it might bring into question the right of Congress to tax the State banks, and could not prove the rights of the States to tax the Bank of the United States.

The Court has bestowed on this subject its most deliberate consideration. The result is a conviction that the States have no power, by taxation or otherwise, to retard, impede, burden, or in any manner control the operations of the constitutional laws enacted by Congress to carry into execution the powers vested in the General Government. This is, we think, the unavoidable consequence of that supremacy which the Constitution has declared.

We are unanimously of opinion that the law passed by the Legislature of Maryland, imposing a tax on the Bank of the United States is unconstitutional and void.

This opinion does not deprive the States of any resources which they originally possessed. It does not extend to a tax paid by the real property of the bank, in common with the other real property within the State, nor to a tax imposed on the interest which the citizens of Maryland may hold in this institution, in common with other property of the same description throughout the State. But this is a tax on the operations of the bank, and is, consequently, a tax on the operation of an instrument employed by the Government the Union to carry its powers into execution. Such a tax must be unconstitutional.

Judgment. This cause came on to be heard, on the transcript of the record of the Court of Appeals of the State of Maryland, and was argued by counsel; on consideration whereof, it is the opinion of this Court that the act of the Legislature of Maryland is contrary to the Constitution of the United States, and void, and therefore that the said Court of Appeals of the State of Maryland erred, in affirming the judgment of the Baltimore County Court, in which judgment was rendered against James W. McCulloch; but that the said Court of Appeals of Maryland ought to have reversed the said judgment of the said Baltimore County Court, and ought to have given judgment for the said appellant, McCulloch. It is, therefore, adjudged and ordered that the said judgment of the said Court of Appeals of the State of Maryland in this case be, and the same hereby is, reversed and annulled. And this Court, proceeding to render such judgment as the said Court of Appeals should have rendered, it is further adjudged and ordered that the judgment of the said Baltimore County Court be reversed and annulled, and that judgment be entered in the said Baltimore County Court for the said James W. McCulloch.

Accept your Online Payments

dismaljob — Thu, 05 Jun 2008 15:10:24 +0000

No internet business today can hope to survive if it is unable to accept credit cards online, today, most young people could not live in a world without this service.No Internet business will be successful if it restricts how products or services can be paid for, lost business and long term custom will be the result. Not accepting online payments is not a way to retain customers, visitors will become irate and leave your site, possibly never returning.

If you don’t find a way to have the order paid for immediately, customers will just leave your site in droves. You will find that every successful website on the Internet accepts credit cards online, companies have realized just how important this is. Competing with the big boys means you can sell products as easily as they can, but you will need to have the facility of accepting online payments as soon as the website is up and running.

It is possible and quite normal to use more than one method to accept credit cards online, this decision is often based on how much a company is willing to spend to run it. Although there are a variety of ways to accept credit cards online, not all of them will be a viable proposition due to the cost involved.

Using Paypal

A simple system is just to accept cards in the same way as a regular shopping outlet would, one of the systems becoming very popular with internet users these days is Paypal. Paypal is not as common as the first method, but it is gaining in popularity. Though there are some that are wary of using it, I honestly think if you are going to use a credit card this is the way to go.

A person can use their credit card in their Paypal account as it makes check out a simple process, more importantly, this facility makes users feel very secure. The only way to keep customers is by supplying a safe online payment service for them to purchase your products or service, you need to ensure they trust you when they arrive at your site so they do not leave it, worried about purchasing from you.

For a site accepting credit cards online, it must ensure that every transaction is encrypted so personal details of the card user cannot be used at another time for dishonest purposes. Any website that accepts credit cards online will be a secure site with the first letters of the website address being https://, This provides peace of mind to the user, so if you do not have this facility your customers will go elsewhere. You will be on the right lines if you provide the customer with a website where the ordering is easy and they feel safe making a purchase. Building trust with the customer is what the internet is all about, especially when you are running a business.

source : cardprocredit

Get cheap Insurance Now!!

dismaljob — Thu, 05 Jun 2008 06:19:44 +0000

Cheap health insurance—everyone wants it, but not many people know how to find it. Paying an affordable insurance premium and getting the kind of insurance coverage you need would be great, wouldn’t it? Of course it would—but how do you find cheap insurance?

When looking for health insurance, don’t forget the old saying “you get what you pay for.” As always, make sure you understand your coverage limitations when you sign up for any kind of health insurance or discount plan.

Hospitalization or catastrophic health insurance plans also can provide cheap health insurance. These types of plans focus on coverage that will protect you in case of some sort of major, life-changing event, such as a bad accident or major illness. These types of plans usually do not cover any type of preventative care, such as doctor visits. Some individuals who seldom visit the doctor can create a suitable health plan by combining a hospitalization or catastrophic plan along with a medical discount card.

As mentioned, medical discount cards can be useful in conjunction with other coverage. A medical discount card, however, is not a health insurance plan. It is actually nothing like health insurance. What it will do is save you a fixed amount, or a percentage of the cost, of a particular procedure or a visit with a participating physician. In the case of a catastrophic illness or injury, a medical discount card may save you a percentage of your medical bill but most likely, your out-of-pocket expenses will be enormous. Beware of medical discount salespeople who misrepresent medical discount cards as an alternative to a good health insurance policy.

Cheap health insurance is best found by investing time, educating yourself and comparing a few policies. InsureMe is designed to be an invaluable resource for insurance shoppers like you in this process. Fill out our easy form, and we’ll match you with insurance agents, carriers and discount plan providers who may be able help you make the best decision regarding your insurance.

Once again, shop around, get multiple quotes, and learn all you can about a policy before you buy health insurance, be it cheap, expensive or somewhere in between.

source : here

Find Cheap Health Insurance

dismaljob — Thu, 05 Jun 2008 06:16:07 +0000

Cheap Health Insurance

Health insurance costs are rising all the time. Many people feel they cannot afford health insurance. Others feel that they don’t need it because they are healthy and have never had any major medical problems. This is definitely faulty thinking on their part. As a matter of fact, you do need health insurance, and there are a lot of ways to get affordable health insurance for yourself or your family. Health insurance is protection against the possible health problems that could happen in the future, and you have absolutely no way of knowing what those might be.

For people who are low income, every state has a Medicaid program that they could possible qualify for. The requirements vary form state to state, but all it takes is a trip to your local Division of Family Services office to get an application. You might be surprised at the number of people who would actually qualify for this service that don’t think that they would. You will need to fill out the application and provide some documentation about your finances. This program can cover the health insurance needs of the entire family, including dental work, eye care, doctor visits, emergency care, prescriptions and more. For people with children who don’t get insurance through their work, this is a very good option to check out. It is free and a fairly painless process, and if you qualify, it could make you like a lot easier.

Another option for cheap health insurance is to look on the Internet. There are a ton of companies that offer all types of health insurance plans, and it is very possible that you could find one that is perfect for your family and fits your pocketbook. The costs vary, so do plenty of research before choosing one or another. It is a smart idea to find out how long the company has been in business, and what kind of reputation they have. Ask for a quote from several sources, and see what kind of a deal they can get for you. Make sure they are also licensed in your state, because it does no good to get insurance if they can’t operate in your state.

Still other options include your local insurance agencies. Ask around to find out about the different agents and their policies. Many agents will work very hard to get you an affordable health insurance plan for your family at a cost you can live with. Even if you can’t get every type of coverage you want, some is better than none.

Follow up with advertisements for prescription card plans and alternative health care plans. While some of them won’t be suited to your needs, there may be one that is perfect for you. An affordable health care insurance plan can be found, but you might have to do some searching.

Bob Hett offers great tips and advice regarding all aspects concerning Health Insurance. Get the information you are seeking now by visiting http://www.healthinsurancejournal.info

Article Source: http://EzineArticles.com/?expert=Bob_Hett

Tenure

dismaljob — Thu, 05 Jun 2008 03:32:42 +0000

Tenure, in the law of real property of feudal England, the manner in which a person held or owned real property. Under feudalism, the king owned all the land, and his vassals, as tenants, were entitled to hold only those portions of the land allotted by him and only under conditions imposed by him. The vassals, or tenants, in turn divided their lands among others, who became their vassals.

Various forms of tenure were developed for the specific services required of the person holding the land. Feudal tenures were classified either as being free, by which the tenants held land as freeholders, or as being base or nonfree, by which the tenants held land as villeins. The earliest form of the free tenure was that by knight’s service, involving allegiance and military service to the overlord and through him to the king. Later, in lieu of rendering military service, freehold tenants were permitted to make money payments known as scutage to the overlord. Such payments were levied at irregular intervals. Scutage payments were abolished by statute in the reign of Charles II, king of England, and were succeeded by annual payments of a fixed sum, or a certain amount of produce, as rent. Tenants making such payments were then said to hold their land by free and common socage tenure; such tenants took the oath of loyalty to the overlord but were relieved of any military obligations. Tenants holding lands by socage tenure in towns were called burgage tenants.

During the Norman era in England the class of tenants known as villeins were virtually serfs and were required to perform menial services for the lord of the manor in return for their holdings. The villein was considered attached to the manor, could be punished at will by the lord, and could not leave the manor. Such tenure was known as the tenure of villeinage. Subsequently the payment of rent in some form was substituted for menial services, and the rights of the tenant in the land were evidenced by a record made on the rolls of the court of the manor. Such tenants were then called copyhold tenants or copyholders. Copyhold tenure eventually took on the characteristics of freehold estates. The feudal control, by the overlord, of transfers of property by tenants was ended in 1290 by the Statute of Quia Emptores.

In modern times, the concept of tenure primarily applies to the right of educators to be protected from arbitrary dismissal, especially for reasons of political or religious beliefs or affiliations

Estate

dismaljob — Thu, 05 Jun 2008 03:26:50 +0000

Estates are classified into two types: freehold and nonfreehold. The freehold estates found in modern property law are the fee simple and the life fee. The fee simple estate is essentially absolute ownership of land, including the power to devise by will or to sell. The life fee estate is the right to control property during one’s lifetime only; the grantor of a life estate designates the party who is to come into possession on the death of the life tenant. A freehold estate in fee tail, or entail, is a grant to a person and his or her descendants forever in a direct line. The objective of entailing, which still exists in the United Kingdom, is to preserve family estates from division.

Nonfreehold estates for the most part are those established by leases of real property. Two common types are the estate for years and the periodic estate. In the former the right to occupy the realty terminates at a fixed time; in the latter the lease period is for a definite term that is renewed automatically if neither party signifies an intention to terminate the tenancy.

Today the term estate generally refers to property of every sort that is owned by an individual and that may be passed on to another at the owner’s discretion. A deceased person’s estate is disposed of according to law and to instructions given prior to death. An executor or administrator is responsible for carrying out the disposition of the estate.

Real Estate

dismaljob — Thu, 05 Jun 2008 03:26:22 +0000

Real Estate, in broad definition, land and everything made permanently a part thereof, and the nature and extent of one’s interest therein. In law, the word real, as it relates to property, means land as distinguished from personal property; and estate is defined as the interest one has in property. Real estate may be acquired, owned, and conveyed (or transferred) by individuals; business corporations; charitable, religious, educational, fraternal, and various other nonprofit corporations; fiduciaries, such as trustees and executors; partnerships; and generally by any legal entity as determined and defined by the laws of the various states of the U.S. Limitations are established in connection with sales of real estate by minors, incompetents, and certain types of corporations, and generally in cases involving some form of legal disability or lack of capacity. In such instances, it is necessary in some jurisdictions to make application to the courts for permission to sell; in other jurisdictions such transfers are governed by statute. Real property is generally acquired by purchase, by descent and devise, or by gift. When acquired by purchase, a deed is given by the seller, or grantor, to the purchaser, or grantee. The deed contains a legal description of the property conveyed; it must be drawn, executed, and acknowledged in proper form to be entitled to record. It is customary for the seller and the purchaser to enter into a contract, at which time the purchaser makes a deposit on account of the purchase price. The purchaser engages an attorney or a title company to search the title to the property. The title company ensures that the seller can convey clear title. The transaction is then closed; that is, the property title is transferred and the balance of the purchase price is paid. See also Torrens System. When an owner of real property has died intestate, or without leaving a will, title to the property is said to pass by descent to the heirs; when he has died testate, or leaving a will that has been probated, the property passes by devise to the person or persons so designated in the will. Transfer of real property by gift, as, for instance, to churches, educational institutions, or fraternal orders, is easily accomplished merely by the execution and delivery of a deed. The greatest and most extensive interest that may be acquired in realty is described in law as a fee interest, a term that implies a proprietary ownership, free and clear of conditions. Fee interest is the most common form of ownership; with certain exceptions, private homes, apartment buildings, factories, office buildings, and similar properties are owned in fee. Microsoft ® Encarta ® 2008. © 1993-2007 Microsoft Corporation. All rights reserved.