Reports of Cases Determined by the Supreme Court of the State of Missouri Volume 252

Reports of Cases Determined by the Supreme Court of the State of Missouri Volume 252

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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. 1914 edition. Excerpt: ...are permitted to do so without making payment of the incorporation fees or taxes exacted of manufacturing and business corporations. If such corporations were given the power to acquire real estate without restriction, it might lead to many abuses, and many such corporations might become holders of large tracts of land, and operate for pecuniary benefit-a thing which the Legislature doubtless foresaw and undertook to prevent. The large tract of land in controversy here consists of portions fit for hunting and fishing purposes, and other portions suitable for agricultural purposes, and it was clearly not necessary that the corporation acquire the same for assembly, library, laboratory, etc., uses in connection with any benevolent, religious, scientific or educational purpose which it might have, and it was not therefore such as the respondent was empowered to acquire and hold. But respondent insists that this point can be taken advantage of Bfgfgscifgst by the State alone in an appropriate proWho may ceeding, and that such defense cannot be c@, i, in_a"d invoked by appellants. It is true that an unwarranted exercise of corporate power ordinarily cannot be questioned in a collateral or in'direct way by an individual. A careful review of the authorities, however, discloses that this rule is applied to situations quite different from the present one. After the corporation has transgressed its powers and acquired the property, then the general rule above referred to prevails, but where, as here, the corporation has not yet acquired the property, a court of equity will not lend its aid and power to cause to be conveyed to the corporation that which by its charter law it is not permitted to hold, and such a defense is available to an...show more

Product details

  • Paperback | 304 pages
  • 189 x 246 x 16mm | 544g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236797272
  • 9781236797278