New Jersey Equity Reports Volume 22

New Jersey Equity Reports Volume 22

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1872 edition. Excerpt: ...He then proceeded: The precise and only constitutional question then is, whether it was competent for the legislature to authorize the defendants to lease their works and privileges. I regard that question as not open to discussion. That power has been so long and so often exercised, and such vast interests are founded upon it, that it should be regarded as beyond dispute. Every case upon the subject of leases of the property and franchises of a quasi public corporation, has asserted or admitted the power of the legislature in this respect. The only reasons for requiring a legislative authorization, or validation, are of a political or public nature. So far as leasing involves the right of property, and the transfer of it, the power of alienation is complete. It is inherent in every Black v. Delaware and Raritan Canal Co. corporation. Leasing without legislative authority can not, of itself and alone, injure the stockholders. It is only when the leasing without authority injures some private right of the stockholder that he can be relieved. I think no case can be found where a court, at the suit of a stockholder, on his rights as such, has set aside a lease, or enjoined the execution of one, on the single, sole ground that there was not legislative authority to make it. There are cases where the court has refused to enforce or carry out such a lease--that is, to give relief founded upon it. That is as far as they have gone. The practical importance of that is this, ' that the want of legislative authority does not, of itself and alone, entitle the stockholder to be relieved against the lease. To have relief, he must show that the lease will impair some of his rights as a stockholder, i. e., injure his property. If he shows that, and shows...
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Product details

  • Paperback | 216 pages
  • 189 x 246 x 12mm | 395g
  • United States
  • English
  • black & white illustrations
  • 1236795113
  • 9781236795113