A Treatise on the Law of Private Corporations; Also of Joint Stock Companies and Other Unincorporated Associations Volume 3

A Treatise on the Law of Private Corporations; Also of Joint Stock Companies and Other Unincorporated Associations Volume 3

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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. 1905 edition. Excerpt: ...after such an abrogation, the corporation must be made a party." 1309. Repeal. Legislative power to annul the charter.--In England, the power of parliament over corporations being unrestricted by any written constitution, is absolute. In the United Slates, the power of the State legislature is limited:2' (First) by the Federal Constitution, prohibiting the passage of any State law to impair the obligation of any contract, (as the contract of incorporation) and;" (Second) by the constitution of the State. In the absence of any reserved power of the legislature, it may not annul, or revoke the corporate charter, without the consent of the corporators. But the States generally, in their constitutions, have provided that the legislature shall create no corporation, without reserving the right to control it by repeal or amendment of its charter. The corporate franchises can not be revoked, or annulled, except by the State which granted them.'-' The federal government can not annul a franchise, conferred by a State, within its jurisdiction, unless to accomplish some federal purpose." The franchise, or legal rights, which a State has conferred on a corporation, can not be annulled by the act of another State, or by a decree of its courts." The effect of dissolution, by repeal or otherwise, is not to impair the obligation of contracts between the corporation and third persons. "The dissolution of the corporation under the acts... cannot, in any just sense, be considered, within the clause of the constitution of the United States on this subject, and impairing of the obligation of the contracts of the company by those States, any more than the death of a private person can be said to impair the...show more

Product details

  • Paperback | 360 pages
  • 189 x 246 x 19mm | 644g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236803108
  • 9781236803108