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Updated: June 26, 2025
This court, then, does not admit the doctrine, that a legislature can repeal statutes creating private corporations. If it cannot repeal them altogether, of course it cannot repeal any part of them, or impair them, or essentially alter them, without the consent of the corporators.
There is another difference: The latter are what are called stock companies; and although they may be continued after the death of the first corporators, those who afterward come into the association, do so by becoming owners of the capital stock of those who preceded them.
With their expectations, it is not to be wondered at that they were still further annoyed by the quarreling amongst the colonists themselves, and wished to begin over again. A new charter, dated May 23, 1609, with enlarged powers, was got from King James. Hundreds of corporators were named, and even thousands were included in the various London trades and guilds that were joined in the enterprise.
The corporators appointed John W. Allen president, S. H. Mather secretary, and J. F. Taintor treasurer, and commenced business in August, 1849, at the rear of the Merchants Bank, on Bank street. Mr. Taintor was at the time teller in the Merchants Bank, and it was supposed that he could attend to all the business of the Savings Society outside of banking hours.
A town or city incorporated a hundred years ago, is the same town or city still, although none of its first inhabitants are living. So a railroad or banking corporation may exist after the death of many, or even all of the original corporators. But there are certain particulars in which all corporations are not the same. A state has been defined to be a body politic, or corporation.
A further verification of the feasibility of this route was made by Captain George Weymouth, who was sent out in 1605 by the Earl of Southampton. The letters-patent of King James, dated April 10, 1606, licensed the planting of two colonies in the territories of America commonly called Virginia. The corporators named in the first colony were Sir Thos.
In the canton of Ticino, the peasants have very frequently voted to sell the town-woods and divide the proceeds among the corporators. Fortunately for the immense economical and sanitary interests involved in this branch of rural and industrial husbandry, public opinion in many parts of the United States is thoroughly roused to the importance of the subject.
The corporators named in the second colony were Thomas Hankam, Raleigh Gilbert, William Parker, and George Popham, representing Bristol, Exeter, and Plymouth, and the west counties, who were authorized to make a settlement anywhere between the 38th and 48th degrees of latitude.
But that the legislature can repeal statutes creating private corporations, or confirming to them property already acquired under the faith of previous laws, and by such repeal can vest the property of such corporations exclusively in the State, or dispose of the same to such purposes as they please, without the consent or default of the corporators, we are not prepared to admit; and we think ourselves standing upon the principles of natural justice, upon the fundamental laws of every free government, upon the spirit and letter of the Constitution of the United States, and upon the decisions of most respectable judicial tribunals, in resisting such a doctrine."
I answer, by the people, the corporators of the body politic and corporate, or by one of the departments of its government, as established by its constitution. The power to appoint cannot be renounced or divested. It must ever remain in the State, a living power, to be called into action at each recurring election.
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