Provisioning

“ If D have judgment against C, may he not lay an attachment in the hands of A, who holds a credit or chose in action against B for the benefit of C, especially if B. be out of the State?
2. The modern law recognizes the assignability of choses in action, operating an actual transfer proprio vigore of the title of the chose in action, or credit, from the assignor to the assignee, vesting the latter with all the rights of the former, the possession of the evidences, and the right to enforce the claim, as effectually as a bargain and a sale of lands. ”

“ The Court of Directors to apply to the Privy Council (Board of Trade) for permission to purchase, or rent, land or buildings, as may seem to be needed; or to let, or lease, buildings, offices, &c., as they may think fit; or to make mortgages, conveyances, &c., for the purposes of the company. A reserve fund (by clause 67) to be established, by setting apart one per cent of the profits in any year; the accumulation to be employed for the benefit of the company, as may seem to them desirable. ”

“ This statute, which extends equally to all denominations of Christians, constitutes societies or associations formed under it, corporations or quasi corporations; and enacts, 'That they shall have power to hold to themselves and successors, all such estates and interests, as they may hereafter acquire, by purchase or otherwise, and the same to sell and transfer, for the benefit of such association.' A society so formed, has the precise power given by the act and no other. The power is limited to future acquisitions; the power to sell is co-extensive with the power of acquisition. ”

“ All persons acting as the agents of absentees, for the purpose of acquiring, managing, or registering grants of land, will be required to produce their credentials, and to follow the same course of proceedings as if the grant were for themselves, with the exception of that part which relates to registration, which must be effected in the name of the real owner. ”

“ That the power of a collecting agent by the general law is limited to receiving for the debt of his principal that which the law declares to be a legal tender, or which is by common consent considered and treated as money, and passes as such at par, is established by all the authorities. ”

“ The property may be appropriated by an act of the legislature, or the power of appropriating it may be delegated to private corporations, to be exercised by them in the execution of works in which the public is interested. ”

“ To receive and hold lands under grants with general or special covenants, so far as may be necessary for the transaction of their business, or where the same may be taken in payment of their debts, or purchased upon sales made under any law of the State, so far as the same may be necessary to protect the rights of said company, and the same again to sell, convey, and dispose of. ”

“ All the other methods therefore whereby corporations exist, by common law, by prescription, and by act of parliament, are for the most part reducible to this of the king's letters patent, or charter of incorporation. ”

“ When the charter is silent as to the contracts which a corporation may make, it has, as incidental to its existence, the power of making all such contracts as are necessary and usual in the course of the business it transacts, as a means to attain the object for which it was created. ”

“ Corporate franchises granted to private corporations, if duly accepted by the corporators, partake of the nature of legal estates, as the grant under such circumstances becomes a contract within the protection of that clause of the Constitution which ordains that no State shall pass any law impairing the obligation of contracts. ”

“ Among the powers which such corporations may exercise are 'to make contracts, acquire and transfer property, possessing the same powers in such respects as private individuals now enjoy,' and 'to establish bylaws, and make all rules and regulations deemed expedient for the management of their affairs in accordance with law, and not incompatible with an honest purpose.' Section 1151. ”

“ And we do for us, our heirs and successors, grant unto the said corporation, that they and their successors or the major part of such of them as shall be present at any meeting of the said corporation, convened and assembled for that purpose by a convenient notice thereof, shall have power from time to time, and at all times hereafter, to authorize and appoint such persons as they shall think fit to take subscriptions, and to gather and collect such moneys as shall be by any person or persons contributed for the purposes aforesaid ”

“ 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. ”

“ It is quite essential that we know in what State a corporation was incorporated, as its rights and privileges are determined by the statutes of the State which created it and by the charter which has been granted to it. ”

“ It is well settled that a corporation, without special authority, may dispose of land, goods, and chattels, or of any interest in the same, as it deems expedient, and in the course of their legitimate business may make a bond, mortgage, note, or draft ”

“ On the other hand, certain assurances and instruments are expressly exempt by statute from the definition: marriage settlements, assignments of ships, assignments for the benefit of creditors, bills of lading and dock warrants, and by the act of 1882, debentures and debenture stock of a company. ”

“ Franchises are of various grades, from that of a mere right of succession to an estate in land, to the grant of a County Palatine, which is the highest franchise known to the law; the nature and character whereof is the same, whether the grant is to one or many. Corporations are also of all grades, and made for varied objects; all governments are corporations, created by usage and common consent, or grants and charters which create a body politic for prescribed purposes ”

“ In each of the others he reserved power to alter, change, or modify, to be exercised in four by joint action of himself and a single beneficiary and in the remaining one by himself and a majority of the beneficiaries acting jointly. ”

“ When accepted, it was, therefore, a contract by which the State authorized the company to establish works and carry on a business which, without the authority, would be a nuisance to a few persons, in order to relieve a very large community from a greater nuisance. ”

“ The delivery of a bond is only complete when it has been accepted by the obligee, or a third person, 'for, and in his behalf, and to his use.'
The terms I have quoted from the Touchstone, imply a cession of the title to the paper in the act of delivery.
The third person, who thus represents the obligee, is not subject to the mandate of the obligor, nor amenable to his control. ”

“ The interests of all persons shall be regarded as having been effectively dealt with by any order, direction, decision or instruction dealing with property in which they may be interested, whether or not such interests are specifically mentioned in the order, direction, decision or instruction. No question shall be raised as to the regularity of a transfer of any property, rights or interests dealt with in pursuance of any such order, direction, decision or instruction. ”

“ Yet each state, so long as it does not impair the obligation of any contract, has the power by general laws to regulate the conveyance and disposition of all property, personal or real, within its limits and jurisdiction. ”

“ Where a corporation takes its rise from the king's charter, the king by granting, and the corporation by accepting another charter, may alter it, because it is done with the consent of all the parties who are competent to consent to the alteration. ”

“ All persons entitled to the use of lands were declared to be to all intents and purposes the lawful possessors, as much as if the lands had been made over to them by formal grant or conveyance. They became actual owners, with all the rights and all the liabilities of their special tenures. ”

“ The formalities to be observed resemble in many respects those imposed in the case of the granting of a special settlement. The loan or company has to be of sufficient magnitude and importance. Such documents as the prospectus, which must have been publicly advertised, the articles of association, which are the rules of the company, the allotment book, showing the extent to which the securities have been publicly issued, the banker's pass-book, certified copies of contracts and concessions, have all to be deposited. ”

“ An instrument executed and delivered by the obligor, signed and sealed by him, not legally assignable in any but the one way provided by the act of 1715, that is, under the hand and seal of the obligee, before two credible witnesses, and when assigned, subject to all the equities then existing between the original parties:-such is a bond in law, in equity, and in the popular sense of the word. ”

“ That the signers of the before-mentioned articles of association, when the articles were filed in the office of the secretary of state, became a corporation by the name specified in those articles, with all the powers and privileges granted by the general law of the State upon that subject. [5] (2.) That the powers and privileges thus conferred were granted by the State, and that the grant, as an act of incorporation, became and was an executed contract. (3.) That the powers and privileges of the charter are prescribed and defined in the general railroad law of the State. ”

“ In many states they are formed under general laws by a very simple proceeding,-by an instrument signed by the proposed members agreeing to thus unite themselves, stating their number, the object of their incorporation, the proposed capital, the number of shares, the period of duration, and the officers under whose direction their business is to be conducted. ”

“ And be it Enacted, by the authority aforesaid, that all written deeds, bargains, sales or conveyances, or contracts without writing, whatsoever, for conveying or transferring any property in any person, or to the service and labor of any person whatsoever, of more than twenty-one years of age, to a third person, except by order of some court of record for some crime, that has been, or hereafter shall be made, or by their own voluntary contract for a term not exceeding seven years, shall be and hereby are declared null and void. ”

“ That the claimant or those under whom he holds must have been out of possession for twenty years or more. 2. That the land must be claimed by a complete grant or concession or order of survey or other mode of investitute of title in the original claimant by separation of the tract from the mass of the public domain, either by actual survey or defined, fixed natural boundaries or initial points and courses and distances by the competent authority, prior to the treaty of cession. ”

“ Whenever a division shall be made of lands, the settlement of which has been, or may be, concluded with, or on behalf of, the proprietor, or proprietors, and that are, or may become, the joint property of two, or more, persons, the assessment upon each share shall be fixed at an amount which shall bear the same proportion to its actual produce, as the fixed jumma, assessed upon the whole of the estate divided, may bear to the whole of its actual produce. ”

“ Contracts at common law, to which this simple power of assignment is extended by statute, differ essentially from those which arise out of and are governed by the law merchant, or from such as are placed on the footing of the law merchant by express legislative enactment. ”

“ The forfeiture of any concession having been decreed the nation shall acquire the ownership of the part of the way constructed free from all encumbrance and at a valuation fixed by experts named by the Executive and by the company. ”

“ There is the question whether the new company is validly organized; whether proxies are executed in pursuance of the provisions of the state code; whether the charter of a corporation can contain certain kinds of provisions, authorize certain types of securities, etc., etc. ”

“ Where the grantees of a franchise, as well as the grantors, are public bodies and the franchise is created solely for municipal objects, the grant is at all times within the control of the legislature, and consequently the charter is subject to amendment or repeal at the will of the granting power. ”

“ The court speak of the act of incorporation as a grant, and observe, 'that a man may refuse a grant, whether from the government or an individual, seems to be a principle too clear to require the support of authorities.' But Mr. ”

“ The assortment of tools and utensils which have been provided for the use of the convicts and other persons who are to compose the intended settlement are to be distributed according to your discretion, and according to the employment assigned to the several persons. In the distribution, however, you will use every proper degree of economy, and be careful that the Commissary so transmit an account of the issues from time to time to the Commissioners of our Treasury to enable them to judge of the propriety or expediency of granting further supplies. ”

“ The obligation of another contract, that of location, is of a more complicated kind. Lands or houses, labour or talents, may be hired for a definite term; at the expiration of the time, the thing itself must be restored to the owner, with an additional reward for the beneficial occupation and employment. In these lucrative contracts, to which may be added those of partnership and commissions, the civilians sometimes imagine the delivery of the object, and sometimes presume the consent of the parties. ”