Trust Estates as Business CompaniesCounselors Publishing Company, 1912 - 387 pages |
Contents
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Common terms and phrases
action acts and contracts agent agreement and declaration apply appoint assets authority Bank beneficiaries benefit Bubble Act capital carrying certificate holders cestuis que trust cited claim common shares corporation court of equity creating a trust creating the trust creditors debts decision declaration of trust deed of trust deemed defendant directors dividends embarked in trade equitable interest execution executor expressly held hereunder hold income instrument creating investment issued joint stock association joint stock company legal title lien Mass Massachusetts ment merely notes owner paid parties partners partnership payment personal liability plaintiff power of alienation principle Promisors purchase purpose reason referred rule rule against perpetuities securities settlor shareholders statute stipulate stockholders subscribers sued supra Supreme Court suspension thereof third persons tion transferable shares trus trust embarked trust estate trust fund trust instrument trust property trustee's unincorporated vested
Popular passages
Page 191 - It is very true that a corporation can have no legal existence out of the boundaries of the sovereignty by which it is created. It exists only in contemplation of law, and by force of the law ; and where that law ceases to operate, and is no longer obligatory, the corporation can have no existence. It must dwell in the place of its creation, and cannot migrate to another sovereignty.
Page 31 - A trustee may be defined generally as a person in whom some estate, interest, or power in or affecting property is vested for the benefit of another. When an agent contracts in the name of his principal, the principal contracts and is bound, but the agent is not. When a trustee contracts as such, unless he is bound no one is bound, for he has no principal. The trust estate cannot promise; the contract is therefore the personal undertaking of the trustee.
Page 116 - No interest is good unless it must vest, if at all, not later than twenty-one years after some life in being at the creation of the interest.
Page 116 - Upon the authority of these cases, and of others which are to be found in the books, as well as upon general principles, this court is of opinion that, in a case of fraud, of trust, or of contract, the jurisdiction of a court of chancery is sustainable wherever the person be found, although lands not within the jurisdiction of that court may be affected by the decree.
Page 307 - ... shall be entitled to receive, and the corporation shall be bound to pay thereon, a fixed yearly dividend, to be expressed in the certificate, not exceeding eight per centum, payable quarterly, half yearly or yearly, before any dividend shall be set apart or paid on the common stock...
Page 162 - All personal property held in trust by any executor, administrator, or trustee, the income of which is to be paid to any other person, shall be assessed against the executor, administrator, or trustee...
Page 341 - Not less than seven directors shall constitute a board for the transaction of business, of whom the president shall always be one, except in case of sickness or necessary absence ; in which case his place may be supplied by any other director whom he, by writing, under his hand, shall depute for that purpose. And the director so deputed may do and transact all the necessary business, belonging to the office of the president of the said corporation, during the continuance of the sickness or necessary...
Page 192 - ... there, arises where the corporation is in the employ of the Federal Government, or where its business is strictly commerce, interstate or foreign. The control of such commerce, being in the Federal Government, is not to be restricted by State authority.
Page 349 - The bond provided that the payment of principal and interest "will be made ... in gold coin of the United States of America of or equal to the standard of weight and fineness existing on February 1, 1930.
Page 317 - Corporation, or any of them, shall be open to the inspection of the stockholders, and no stockholder shall have any right to inspect any account or book or document of the Corporation, except as conferred by statute or authorized by the Board of Directors, or by a resolution of the stockholders.