Page:Black's Law Dictionary (Second Edition).djvu/283

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CORPORATION

Other compound and descriptive terms. —A business corporation is one formed for (be purpose of transacting business in the ifiilt-st sense of that term, including not only mule and commerce, but ).n.inufactnring, mining, banking, insurance, transportation, and practicnlly every form of commercial or l.oiiiistrlai activity where the purpose of the organization is pecuniary profit; contrasted with religious, charitable, educational, and other like organizations, which are sometimes gi-oup'ed in the statutory law of a state ilnder the general designation of "corporations not for profit.” Winter v. Railroad Co., 30 Fed. Gas 329: In re indepenilent ins. Co.,

3 red. Gas. 13; McLeod v. College, 69 Neb. .770. 96 N. W. 265.

Corporation do fscto. One existing under color of law and in pursuance of an effort made in good faith to organize a corporation under the statute; an association or men claiming to be a legally incorporated company, and exercising the powers and functions of a corporation, but without ac- inni lawful authority to do so. Foster v. Flare, 20 Tex. Civ. App. 177. 62 S. W. 541: Attorney General v. Stevens, 1 N. J. Eu. 373, 22 Am. Dee. 5213; Manufacturing Co. v. Scho- fieid. 28 Ind. App. 95, 62 N. F]. 106; Cedar ii.-ipids Waier Co. 7. Cedar Rapids, 118 Iowa, 23-l. 91 N. W. 1081; Johnson v. Okerstroni, 70 Minn. 303, 73 N. \’V. 147; Tnlnre lrrig. Dist v. Shepard. 1S5 U. S. 1, 22 Sup. Ct. 531, do‘ L. Ed. 773; In re Gibbs‘ Estate, 157 Pa. 59, 27 All. SS3, 22 L. R. A. 276: Pape V. Bninli, 20 Kan. 440, 27 Am. Rep. 183.

Joint-stock corporation. This dilIers from a joint-stock crmzpuny in being regular- ly incorporated, instead of being a mere part- nership, but resembles it in having a capital divided into shares of stock. Most business

corpointions (as distinguished from eiee-

mosynary corporations) are of this character.

Moneyad corporations are, properly S[N_'ilhil|g, those deailng in money or in the husiness'0f receiving deposits, ioaning money, and exchange; but in a wider sense the term is applied to all business corporations having a money capital and employ ing it in the conduct of their business. Mutual Ins. Co. v. Erie County. 4 N. Y. 444; Gillet v. lioody. 3 N. Y. 487; Vermont Stat. 1894. 5 367-}; Hill v. Reed, 16 Barb. (N. Y.) 237: in r Califoinla Pac. R. Co., 4 Fed. Cas. 1.060; llolihs v. i\'ationnl Bank. 101 Fed. T5, 41 O. C. A. 205.

Municipal corporations. See that title.

Public-service corporations. Those irhnse i-pemtions serve the neeils of the general public or cnndiiee ro the comfort and i-onvenlence of an entire community, such as r-iiiroiids, gas, water, and electric light compcinies. The business of such companies is said to be "affected with a public interest." and for that reason they are sulueet to leg-

275

CORPORATION

islative regulation and control to a greater QYCEIJIS than C0i‘[l(Ji‘.itiOL\B not of this churnr-rel‘.

Quasi corporations. Organizations resembling corporations; municipal societies or similar bodies which, though not true corporations in all respects, are yet recognized, by statutes or imnieniorizil usage, as persons or aggregate corporations, with precise duties which may be enforced, and privileges which may be maintained, by suits at law. They may be considered quasi corporatioiis, with limited powers, coextensive with the duties imposed upon them -by statute or usage, but restinined from a general use of the authority uhlch belongs to those meta- physical psrsons -by the common law. Sciites v. King, 110 I11. 456; Adams v. Wise-asset Bank, 1 Me. 361, 1 Am. Dec. 88: Lowi-ence County v. Railroad Co.. 81 Ky. 227; Barnes v. District of Columbia, 91 U S. 552. 23 L. Ed. 440.

This term is lacking In definiteness and precision. It appears to be applied indiscriminate- iy (ii) to all kinds of municipal corporations, the word “quasi" being i.nti-oiluced because it is said that these are not voluntary organizations liie private corporations, biit created hy the legislature for its own purposes and without reference to the wishes of the people of the territory alfectcd; (h) to all niunicipa corporations except cities and incorporated towns, the latter being considered the only true municipal corporations because they exist and not under charters or statutes of inmrporitinn uhile counties. schooi districts, and the like are mere- ly created or set ofi under general laws: (c) to municipai corporations possessing only a iow order of corporate existence or the most limited range of co crate powers. such as hundreds in Engliind, ani counties, villages, and scbool districts in America.

Quasi public corporation. This term is sometimes applied to coi porntions which are not strictly public. in the sense of being organized for governmental purposes, but whose operations coiitiibute to we commit, con- venience, or welfare of the general public, such as telegraph and telephone companies, gas, water, and electric light companies, and irrirvration companies. More cuniinnnly and mom correctii styled “public-service corporations." See Wienier v. Louisi lile Water Co. (C. C.) 130 Fed. 251; Cuiiilierl ind Tcl. Co. v. Evansville (O. C.) 127 Fed. 187; l\Ici(in:i V. Odom. 3 Bland (.\{d.) 419; C:1nipbeJ.l v. Wat- son. 62 N. J. Eq. 39%. 50 Ati. 120.

spiritual corporations. Corporations, the members of which are entirely spiritual persons, and incorporated as such, for the furtherance of religion and perpetuating the rights of the church.

Trading corporations. A trading corporation is a commercial corporation engaged in buying and selling. The word “trading much narrower in scope than "iansiue applied to corporations, and though a trading corpnration is a business corporation, there are many business corporstions which are

not trading companies. Dartmouth College v. M