Report of the Special Committee On State Prison Submitted March 29 1855
Report of the Special Committee On State Prison Submitted March 29 1855
California Legislature Senate Special Committee
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Among these is a corporate name in which it must act — sue and be sued. It must have the attribute of succession, whereby its moneys and effects pass from its members to their successors without conveyance or assignment. All the corporators may change, but still there exists the same corporation, the same artificial person, possessed of the identical properties conferred by the Act of its creation. The purposes and incidents of corporations are perhaps nowhere set forth more happily than by Chi...ef Justice Marshall, in the Dartmouth College vs Woodward. " A corporation" says he, " is an artificial being invisible, intangi- ble and existing only in contemplation of law. Being the mere creature of law, it possesses only those properties which the charter of its creation confers upon it either expressly or as incidental to its very existence. " These properties con- tinues he, " enable a corporation to manage its own affairs, and to hold property without the perplexing intricacies, the hazardous and endless necessity of per- petual conveyances for the purpose of transmitting it from hand to hand.
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