CHAPTER 23. NON STOCK CORPORATIONS. Non profit corporations defined. Forfeiture and expulsion of members. APPENDIX A. UNIFORM STOCK TRANSFER ACT. APPENDIX B. BLUE SKY LEGISLATION. APPENDIX C. FORMS. APPENDIX D. QUESTIONS AND PROBLEMS. THE LAW OF CORPORATIONS' PART I. CREATION AND ORGANIZATION OF PRIVATE BUSINESS CORPORATIONS. CHAPTER 1. DEFINITION AND NATURE OF CORPORATIONS. Sec. 1. DEFINITION. A corporation is a creature existing by virtue of sovereign franchise, having a legal existence as an entity which is distinct from that of its members.2 What is a corporation? What is the legal difference between a business that is incorporated and one that is unincorporated? Corporations may be formed for the purpose of financial profit, or for other purposes; and may be either public or private, but for the purpose of getting at the nature of 1. This book concerns itself chiefly with the law of private corporations. A chapter is devoted to Public Service Corporations, another chapter to corporations not for profit, and one to "Massachusetts Trusts." See Table of Contents. 2. "An artificial being, intangible, invisible and existing only in contemplation of law"-Chief Justice Marshall in Dartmouth College v. Woodward, 4 Wheat. (U. S.) 518, at p. 536. |