corporations aggregate

1 definition found

corporations aggregate - Collaborative International Dictionary of English v.0.48 :

  Corporation \Cor`po*ra"tion\ (k[^o]r`p[-o]*r[=a]"sh[u^]n), n.
     [L. corporatio incarnation: cf. F. corporation corporation.]
     A body politic or corporate, formed and authorized by law to
     act as a single person, and endowed by law with the capacity
     of succession; a society having the capacity of transacting
     business as an individual.
     [1913 Webster]
  
     Note: Corporations are aggregate or sole. Corporations aggregate
            consist of two or more persons united in a
           society, which is preserved by a succession of members,
           either forever or till the corporation is dissolved by
           the power that formed it, by the death of all its
           members, by surrender of its charter or franchises, or
           by forfeiture. Such corporations are the mayor and
           aldermen of cities, the head and fellows of a college,
           the dean and chapter of a cathedral church, the
           stockholders of a bank or insurance company, etc. A
           corporation sole consists of a single person, who is
           made a body corporate and politic, in order to give him
           some legal capacities, and especially that of
           succession, which as a natural person he can not have.
           Kings, bishops, deans, parsons, and vicars, are in
           England sole corporations. A fee will not pass to a
           corporation sole without the word "successors" in the
           grant. There are instances in the United States of a
           minister of a parish seized of parsonage lands in the
           right of his parish, being a corporation sole, as in
           Massachusetts. Corporations are sometimes classified as
           public and private; public being convertible with
           municipal, and private corporations being all
           corporations not municipal.
           [1913 Webster]
  
     Close corporation. See under Close.
        [1913 Webster]