A Brief Inquiry Into the Origin and Nature of Corporate Privileges, and Individual Responsibilities of the Members of Trading Corporation at Common Law (Classic Reprint) - Softcover

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Excerpt from A Brief Inquiry Into the Origin and Nature of Corporate Privileges, and Individual Responsibilities of the Members of Trading Corporation at Common Law

Jails, 8m. It is manifest that such property should not pass from parent to child; but an interest in it should pass from one to another, as they might lqe or acquire an inter rest in the particular government. The property is held as incident to government; that is, it is a means necessa ry to accomplish the ends of government. An interest in the means should be acquired or lost by acquiring or losing an interest in the ends to be accomplished. The interest in government is acquired or lost not by deed, but by being subject to its laws. Therefore, the interest in such property, which 18 the incident, or means, is hot acquired by deed, but by acquiring an interest in the government, which 18 the end. When such property was in litigation, the common law did not require each individual interested to appear under their several names, as it would be dith cult to prosecute a suit in this manner, when all the inhab itants of a country were interested. Some common name would describe the person in interest as well, or better than it could be done by endeavoring to set forth the name of each individual. In describing them by a com mon or general name, many difi'icultie would be avoided; such as misnomer, non-joinder, 8m. Nor should such property be conveyed by deeds executed and authentica ted by the signature and seal of each individual in inter est; as that would be both unnecessary and impracticable. Nor should such property be held in the several names or all the inhabitants as that would produce confusion and uncertainty. For such, and the like reasons, the common law has ever, contrary to its general rules, permitted such interests to be held, conveyed, and defended m a com mon name. When a company of persons held, conveyed, and appeared ln court, concerning a' common property, under a common name, the judges had no official means of knowing each particular individual appearing under that name, but they knew them only as a class, or com pany of persons, maintaining a common right, under a special name. Hence such classes or bodies of persons were called corporations; or, in the more exact and pre cise language of common law pleadings, corpus corpo mtum, (a body of bodies, or persons.) For the samereason any particular changes which might take place, with reference to the persons using the, special name, would not be noticed by the courts. Hence such bodies, in contemplation of law, have neither predecessors, or successors; though the particular members may have both. Upon the same principal lands held and managed in a common name, are said never to descend; though individuals may acquire an interest in such property, by becoming a member of the company having the right to use the name; which 1n legal phrase is called taking by succession.

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