“ No devise to a corporation, whether for its own use or in trust, was allowed to be good; land so devised went to the heir, either absolutely or charged with the trusts imposed upon it in the abortive devise. A modification, however, was gradually wrought by the judicial interpretations of the Charitable Trusts Act 1601, and it was held that a devise to a corporation for a charitable purpose might be a good devise, and would stand unless voided by the Mortmain Acts; so that no corporation could take land, without a licence, for any purpose or in any way ”

“ In corporations which have a head (as colleges) , although the head cannot veto the resolution of the majority, he is still considered an integral part of the society, and his death suspends its existence, so that a head cannot devise or bequeath to the corporation, nor can a grant be made to a corporation during vacancy of the headship. ”

“ The more important classes of corporations, however, are now governed by special statutes which exclude or modify the operation of the common law principles. The most considerable class of societies still unaffected by such special legislation are the Livery Companies (q.v.) . Under Company will be found an account of the important enactments regulating joint-stock companies.
The question to what extent the common law incidents of a corporation have been interfered with by special legislation has become one of much importance, especially under the acts relating to joint-stock companies. ”

“ Either can undoubtedly manage, invest, transform and expend the corporate property in almost any way it pleases, but if they proposed to exhaust the same on the private pleasures of existing members, or to abandon the promotion, the one of education, the other of their art and mystery, it is very probable, if not absolutely certain, that the court of chancery would restrain the same, as being ultra vires. ”