PEEFACE TO THE FIFTH EDITION. The preface to the third. edition refers to certain features of corporation law which are still of present interest. Besides these, the matter of ' trusts and monopolies ' has been for some years of great importance. Its latest phase is the ' Securities Company,' which is briefly discussed in § 309d of this edition. The decisions of the higher courts regarding the legality of this plan are awaited with interest. It may be remarked in passing that the term ' trust-fund,' as applied to the capital of a corporation, is falling into disfavor. Mr. J. Alfred Kay, the sole surviving member of the publish- ing firm of Kay & Brother, died in January. I take this op- portunity to record my esteem for that high-minded gentleman. Mr. Kay published the previous four editions of this book. It has now been transferred to The Banks Law Publishing Company, who have spared neither pains nor money in the preparation of this edition. On my part the work has been done with care. Some eight hundred selected cases of the last four years upon corporation law have been inserted. The book has been thoroughly examined, and has been revised wherever recent adjudications have suggested some modification of state- ment. My sincere thanks are due to Professor Robert D. Petty, of the New York Law School, for many valuable suggestions, which I have utilized in this edition ; and to my brother Howard Taylor for writing an appendix on the present methods of forming corporations. H. O. Taylor. New York, September, 1902. iii
