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General Books publication date: 2009 Original publication date: 1911 Original Publisher: s.n. Subjects: Corporations History / General Law / Corporate Notes: This is a black and white OCR reprint of the original. It has no illustrations and there may be typos or missing text. When you buy the General Books edition of this book you get free trial access to Million-Books.com where you can select from more than a million books for free. Excerpt: CHAPTER II. CREATION OF CORPORATIONS. § 23. In general. A corporation is created through the joint act of the state and individuals, usually designated incorporators or promoters; these apply to the state for the privilege of becoming incorporated themselves, or of creating a corporation out of other individuals, or a group or association of other individuals or corporations. After permission is given, these promoters organize or provide for the organization of the corporation; their functions then cease; the members or subscribers contribute the capital, elect directors and officers, and take general control of corporate affairs; the directors and officers then start and keep in operation the ordinary powers of the corporation (1). Section 1. The State's Functions. § 24. State's power to create. The power to create a corporation is an incident of sovereignty, and so does not have to be conferred by constitutional provision (2). So, too, the sovereign's consent is essential -- no other power can rightfully create a corporation. None but the sovereign can create, and none but the sovereign that creates can take away the franchise to be a corporation. (1) 1 Cook, Stock and Stockholders (3d ed.), § 2. , (2) McCulloch v. Maryland, 4 Wheat. 316. § 25. Evidences of the sovereign's consent. These are mainly four: (1) By king's charter; (2) by common law; (3) by prescription; and (4) by legislative act. Lord Coke long ago said the essentials of incorporation are: 1. Persons to be incorporated. 2. A name by which they ar
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