Summary

John McLean Vincennes University v. Indiana…

Chief Justice Marshall says: 'If the act of incorporation be a grant of political power, if it create a civil institution to be employed in the administration of the government, or if the funds of the college be public property, or if the State of New Hampshire, as a government, be alone interested in its transactions, the subject is one in which the legislature of the State may act, according to its own judgment, unrestrained by any limitation of its power, imposed by the Constitution of the United States.' Again, he says, (634,) 'So far as respects its funds, it is a private corporation.
Source: Wikisource

John McLean Vincennes University v. Indiana…

Lex, 17 Serg. & Rawle, 88.
'When a corporation is to be brought into existence by some future acts of the corporators, the franchises remain in abeyance, until such acts are done; and when the corporation is brought into life, the franchises instantaneously attach to it. There is no difference between the case of a grant of land or franchises to an existing corporation, and a grant to a corporation brought into life for the very purpose of receiving the grant.
Source: Wikisource

John McLean Vincennes University v. Indiana…

The seminary township in question, was not a donation from the State, but from the United States. It was reserved and designated out of the public lands, before they were offered for sale, and consequently so munificent an endowment for a literary institution must have increased the value of the public lands, in that part of the State, and made them more desirable. And this consideration, no doubt, induced Congress to have designated, for seminary purposes, a township of land in each land district. Every purchaser of the public lands, in each district, acquired an interest in the reservation.
Source: Wikisource

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