CORPORATION
Categories: Property
Definition (1910 Edition)
vy. Turley, 142 Mo. 403, 44 S. W. 267; Barber y. International Co., 73 Conn. 587, 48 Atl. 758; Sovereign Camp v. Fraley, 94 Tex. 200, 59 S. W. 905, 51 L. R. A. 898; Sellers v.
to corporations of which the government owned the entire stock, as in the case of a state bank. But bea alent to “political,” it will be apparent that this is a misnomer. Again the fact that the business or operations of a corporation may directly and very extensively affect the genera! public (as in the case of a railroad company or a bank or an insurance company) is no reason for calling it a public corporation. If organized by private persons for their own advantage,—or even if organized for the benefit of the public generally, as in the case of a free public hospital or other charitable institution,—it is none the less a private corporation, if it does not possess governmental powers or functions. The uses may in a sense be called “public,” but the cororation is “private.” as much so as if the ranchises were vested in a single person. Dartmouth College v. Woodward, 4 Wheat. 562, 4
Eleemosynary and civil. Lay corporations are classified as “eleemosynary” and “civil;” the former being such as are created for the distribution of alms or for the administration of charities or for purposes
Other compound and descriptive terms. —A business corporation is one formed for the purpose of transacting business in the widest sense of that term, including not only trade and commerce, but manufacturing, mining, banking, insurance, transportation, and practically every form of commercial or industrial activity where the purpose of the organization is pecuniary profit; contrasted with religious, charitable, educational, and other like organizations, which are sometimes grouped in the statutory law of a state under the general designation of “corporations not for profit.” Winter v. Raflroad Co., 30 Fed. Cas. 829; In re Independent Ins. Co., 13 Fed. Cas. 18; McLeod v. College, 69 Neb. 550, 96 N. W. 265.
islative regulation apd control to a.greater extent than corporations not of this character.
to corporations of which the government owned the entire stock, as in the case of a state bank. But bea alent to “political,” it will be apparent that this is a misnomer. Again the fact that the business or operations of a corporation may directly and very extensively affect the genera! public (as in the case of a railroad company or a bank or an insurance company) is no reason for calling it a public corporation. If organized by private persons for their own advantage,—or even if organized for the benefit of the public generally, as in the case of a free public hospital or other charitable institution,—it is none the less a private corporation, if it does not possess governmental powers or functions. The uses may in a sense be called “public,” but the cororation is “private.” as much so as if the ranchises were vested in a single person. Dartmouth College v. Woodward, 4 Wheat. 562, 4
Eleemosynary and civil. Lay corporations are classified as “eleemosynary” and “civil;” the former being such as are created for the distribution of alms or for the administration of charities or for purposes
Other compound and descriptive terms. —A business corporation is one formed for the purpose of transacting business in the widest sense of that term, including not only trade and commerce, but manufacturing, mining, banking, insurance, transportation, and practically every form of commercial or industrial activity where the purpose of the organization is pecuniary profit; contrasted with religious, charitable, educational, and other like organizations, which are sometimes grouped in the statutory law of a state under the general designation of “corporations not for profit.” Winter v. Raflroad Co., 30 Fed. Cas. 829; In re Independent Ins. Co., 13 Fed. Cas. 18; McLeod v. College, 69 Neb. 550, 96 N. W. 265.
islative regulation apd control to a.greater extent than corporations not of this character.
Source: Black's Law Dictionary, 2nd Edition (1910) — Public Domain.
UK commentary and modern updates are original additions. This entry is for educational
reference only and does not constitute legal advice.