In the Superior Court of Cook County, Illinois, in Chancery
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The authorities quoted all maintain the further doc- trine that no corporation can migrate into a state and exercise there any powers which are contrary to its public policy.
We submit we have demonstrated that there is a high public policy involved in the non-permission of stock- holding by one corporation in another, and that a fail- ure to grant the power is to prohibit it. Where the implied prohibition of not granting such a power to a corporation is strengthened by an express prohibi- tion... against permitting a railroad company owning stock in any other company, it may be affirmed that the public policy against such prohibited stockholding is too clear to be disregarded, and that no rule of comity will work against such manifest public policy.
On this point we submit that the case of Coler v.
Tacoma Ry. & Poicer Company is conclusive.
In 1901 the Supreme Court of Washington decided 114 the case of Parsons v. Tacoma Smelting & Refining Co., 25 Wash., 492, holding that one domestic corporation could not hold stock in another domestic corporation, that the stockholding company which had inserted such a power in its articles of incorporation, could not exer- cise such power, because the statute under which it was organized did not specifically grant to corpora- tions organized under it the power to own stock in other corporations, and that a prohibition against the exer- cise of the power was implied from the failure to grant it.
What to read after In the Superior Court of Cook County, Illinois, in Chancery?
You can find similar books in the "Read Also" column, or choose other free books by Edmunds, George F. (George Franklin), 1828-1919 to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
The authorities quoted all maintain the further doc- trine that no corporation can migrate into a state and exercise there any powers which are contrary to its public policy.
We submit we have demonstrated that there is a high public policy involved in the non-permission of stock- holding by one corporation in another, and that a fail- ure to grant the power is to prohibit it. Where the implied prohibition of not granting such a power to a corporation is strengthened by an express prohibi- tion... against permitting a railroad company owning stock in any other company, it may be affirmed that the public policy against such prohibited stockholding is too clear to be disregarded, and that no rule of comity will work against such manifest public policy.
On this point we submit that the case of Coler v.
Tacoma Ry. & Poicer Company is conclusive.
In 1901 the Supreme Court of Washington decided 114 the case of Parsons v. Tacoma Smelting & Refining Co., 25 Wash., 492, holding that one domestic corporation could not hold stock in another domestic corporation, that the stockholding company which had inserted such a power in its articles of incorporation, could not exer- cise such power, because the statute under which it was organized did not specifically grant to corpora- tions organized under it the power to own stock in other corporations, and that a prohibition against the exer- cise of the power was implied from the failure to grant it.
What to read after In the Superior Court of Cook County, Illinois, in Chancery?
You can find similar books in the "Read Also" column, or choose other free books by Edmunds, George F. (George Franklin), 1828-1919 to read onlineMoreLess
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