← Back to "E" terms

E. 924; Marsden Co

Categories: Property

Definition (1910 Edition)

v. State Board of Assessors, 61 N. J. Law, 461, 39 Atl. 638; People v. Knight, 174 N. Y¥. 475, 67 N. E. 65, 63 L. R. A. 87.—Personal franchise. A franchise of corporate existence, or one which authorizes the formation and existence of a corporation, is sometimes called a “personal” franchise, as distinguished from a “property” franchise, which authorizes a corporation so formed to apply its property to some particular enterprise or exercise some special privilege in its employment, as, for example, to construct and operate a railroad. See Sandham v. Nye, 9 Misc. Rep. 541, 30 N. Y. Supp. 552.—Secondary franchises. The franchise of corporate existence being sometimes called the “primary” franchise of a corporation, its “secondary” franchises are the special and peculiar rights, privileges, or grants which it may receive under its charter or from a municipal corporation, such as the right to use the public streets, exact tolls, collect fares, etc. See State v. Topeka Water Co., 61 Kan. 547, 60 Pac. 337; Virginia Canon Toll Road
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.