A brief inquiry into the origin and nature of corporate privileges, and individual responsibilities of the members of trading corporations at common law

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Page 18 - States : and also to make, have, and use, a common seal, and the same to break, alter, and renew, at their pleasure: and also to ordain, establish, and put in execution, such by-laws...
Page 9 - a collection of many individuals united into one body, under a special denomination, having perpetual succession under an artificial form, and vested, by the policy of the law, with the capacity of acting, in several respects, as an individual...
Page 17 - States," and shall so continue until the third day of March, in the year one thousand eight hundred and thirty-six, and by that name shall be, and are hereby, made able and capable, in law, to have, purchase, receive, possess, enjoy, and retain, to them and their successors, lands, rents, tenements, hereditaments, goods, chattels and effects, of...
Page 9 - ... a collection of many individuals united into one body, under a special denomination, having perpetual succession under an artificial form, and vested, by the policy of the . law, with the capacity of acting, in several respects, as an individual, particularly of taking and granting property, of contracting obligations, and 'of suing and being sued, of enjoying privileges and immunities in common, and of exercising a variety of political rights, more or less extensive, according to the design...
Page 18 - States; and generally to do and execute all and singular the acts, matters, and things, which, to them shall or may appertain to do; subject, nevertheless, to the rules, regulations, restrictions, limitations, and provisions, hereinafter prescribed and declared.
Page 18 - ... and also to make, have and use a common seal, and the same to break, alter and renew at their pleasure ; and also to ordain, establish and put in execution, such by-laws, ordinances and regulations as shall seem necessary and convenient for the government of the said corporation, not being contrary to the constitution and laws of the United States...
Page 9 - ... immortality, and if the expression may be allowed, individuality — properties, by which a perpetual succession of many persons are considered as the same and may act as a single individual. They enable a corporation to manage its own affairs, and to hold property without the perplexing intricacies, the hazardous and endless necessity, of perpetual conveyances for the purpose of transmitting it from hand to hand.
Page 30 - The legislature have thought fit, and we think wisely, to subject the property of all members of these [manufacturing] corporations to a liability for the debts of the company. By this, in fact, they only continue the principle of co-partnership in operation; and, considering the multitude of corporations, which the increasing spirit of manufacturing gives rise to, regard to the interest of the com
Page 17 - Delaware, their successors and assigns, shall be and hereby are created a body corporate and politic, by the name of...
Page 15 - The fifth method therefore of gaining a property in chattels, either personal or real, is by succession: which is, in strictness of law, only applicable to corporations aggregate of many, as dean and chapter, mayor and commonalty, master and fellows, and the like; in which one set of men may, by succeeding another set, acquire a property in all the goods, moveables, and other chattels of the corporation.

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