Excerpt from Cases on Restraint of Trade, Vol. 4: In Part a Selection From Cases on Private Corporations There is one obvious and important distinction between such a soci ety as this charter creates and that of a partnership. An act of the corporation, done either by direct vote Or by agents authorized for the purpose, is the manifestation Of the collected will Of the society. N 0 member of the corporation, as such, can bind the society. In a part nership each member binds the society as a principal. If then this ...
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Excerpt from Cases on Restraint of Trade, Vol. 4: In Part a Selection From Cases on Private Corporations There is one obvious and important distinction between such a soci ety as this charter creates and that of a partnership. An act of the corporation, done either by direct vote Or by agents authorized for the purpose, is the manifestation Of the collected will Of the society. N 0 member of the corporation, as such, can bind the society. In a part nership each member binds the society as a principal. If then this corporation may enter into partnership with an individual, there would be two principals, the legal person and the natural person, each hav ing, within the scope of the society's business, full authority to manage its concerns, including even the disposition of its property. The second section of c. 38 of the Rev. Sts. Provides that the busi ness of every such manufacturing corporation shall be managed and conducted by the president and directors thereof, and such other Offl cers, agents, and factors as the company shall think proper to author ize for that purpose. It is plain that the provisions of this section cannot be carried into effect where a partnership exists. The partner may manage and conduct the business of the corporation, and bind it by his acts. In so doing he does not act as an officer or agent of the corporation by authority received from it, but as a principal in a soci ety in which all are equals, and each capable Of binding the society by the act of its individual will. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at ... This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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