The True Doctrine of Ultra Vires in the Law of Corporations Being a Concise Pre
The True Doctrine of Ultra Vires in the Law of Corporations Being a Concise Pre
Reuben Asbury Reese
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) 88. 7 Mayor v. Elliott, 3 Rawle (Pa. ). 170. SShotwell V. Mott, 2 Sand. Ch. (N. Y. ) 46. a Coggeshell v. Pelton, 7 John. Cli. (N. Y. ) 292. 143 INCIDENTAL POWERS OF CORPORATIONS. [§ 96, § 96. Poirer to borrow money. — At the present time it seems to be generally conceded that private corporations organized for the purpose of pecuniary profit have, un- less specially restricted in this particular, the implied power to borrow mone3\^ This power would seem nec- 1 Memphis, etc. Ry. Co. V. Dow, 12...0 U. S. 287; Mahoney Min. Co. V, Anglo-Cal. Bank, 104 U. S. 192; Gorrell v. Life Ins. Co. , 63 Fed. Rep. 371; Chicago, etc. R. Co. V. Howard, 7 Wall. (U. S. ) 392 i Canal Co. V. Valletta, 21 How. 414; Partridge v. Badger, 25 Barb. (N. Y. ) 140; Barry v. Merchants' Exchange, 1 Sandf. Ch. (N. Y. ) 280; Farnum v. Blackstone Canal, 1 Sunin. (U. S. ) 46; Lucas v. Pitney, 27 N. J. L. 221; Munn v. The Commission, 15 John. (N. Y. ) 44; Mott v. Hicks, 1 Cow. (N. Y. ) 513; Kelly v. Mayor, etc.. 4 Hill (N.
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