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The Massachusetts Trust-Called Partnership, Joint-Stock Company, Corporation By The Courts
The Massachusetts Trust-Called Partnership, Joint-Stock Company, Corporation By The Courts
Michigan Law Review
The so-called Massachusetts Trust, as a form of business organization, had its beginning in England some two hundred years ago, and as trading associations they came to be preferred to corporations, in the early days of their history, for their members lacked the immunity from debts of the concern that corporate shareholders possessed. The business trust, in a rudimentary form, made its initial appearance in Massachusetts in 1827, and due to the current of more or less dissatisfaction with the corporate form of business organization there appears to be a present tendency toward the trust form, though Mr. Cook believes …
Corporations-Right Of Majority To Amend Charter Under Reserved Right Of State
Corporations-Right Of Majority To Amend Charter Under Reserved Right Of State
Michigan Law Review
As everyone knows, the famous Dartmouth College case established, rightly or wrongly, that a corporate charter is a contract between the state and the corporation and the members of the corporation. Ever since that case the states have sought to avoid the resulting restrictions placed on the power to amend or repeal by the federal Constitution by expressly reserving the power at the time of incorporation.