391. —Corporate franchise. The right to exist and do business as a corporation ; the right or privilege granted by the state or government to the persons forming an aggregate private corporation, and their successors, to exist and do business as a corporation and to exercise the rights and powers incidental to that form of o gaara or necessarily implied = Bag crane. ank of California v. San Fran- 276, 75 Pac. 832, 64 L. R. A.