{"id":9566,"date":"2017-11-26T03:04:57","date_gmt":"2017-11-26T03:04:57","guid":{"rendered":"https:\/\/reunitethestates.org\/?page_id=9566"},"modified":"2017-12-08T18:12:18","modified_gmt":"2017-12-08T18:12:18","slug":"public-corporation-created-by-the-state-as-an-agency-in-the-administration-of-civil-government-and-managed-by-a-publicly-appointed-board","status":"publish","type":"page","link":"https:\/\/reunitethestates.org\/?page_id=9566","title":{"rendered":"Public Corporation – created by the state as an agency in the administration of civil government, and managed by a publicly appointed board"},"content":{"rendered":"

\u00a0 \u00a0 This page is continued from Law<\/a> >>>>\u00a0Litigation Terms for Types of Persons<\/em><\/a> >>>>\u00a0Types of Parties<\/em><\/a> >>>>\u00a0Artificial Persons<\/a> >>>> Corporation<\/a>\u00a0>>>><\/span><\/strong><\/p>\n

public corporation<\/span>:<\/span><\/strong>
\n(17C)<\/span><\/p>\n

1. A corporation whose shares are traded to and among the general <\/span><\/strong>public.<\/strong> \u2014 aka publicly held corporation<\/strong><\/em><\/span>. <\/span><\/p>\n

2. A corporation that is created by the state as an agency in the administration of civil government.<\/strong> \u2014 aka political corporation<\/strong><\/em><\/span>. <\/span><\/p>\n

3. A government owned corporation that engages in activities that benefit the general public, usually while remaining financially independent.\u00a0 *\u00a0 Such a corporation is managed by a publicly appointed board.<\/strong> \u2014 aka (in sense 3) government corporation<\/strong><\/em><\/span>; public\u00a0<\/span><\/strong><\/em><\/span>benefit corporation<\/span><\/strong><\/em>. [1]<\/span><\/p>\n

1. A municipal<\/a> or political corporation.\u00a0 A corporation with political powers.\u00a0 Phillips v Baltimore<\/em>, 110 Md 431, 72 A 902<\/span>.<\/span><\/strong><\/p>\n

A corporation created for public purposes only, connected with the administration of the government, with interest and franchises of which are the exclusive property and domain of the government itself.\u00a0 Dartmouth College v Woodward<\/em> (US) 4 Wheat 518, 4 L Ed 629<\/span>.<\/span><\/strong><\/p>\n

A corporation may have a double aspect according to the nature of the powers granted and exercised.\u00a0 If they were granted and exercised for public purposes exclusively, they belong to the corporate body in its public, political, or municipal character.\u00a0 If the grant was for purposes of private advantage and emolument, though the public may derive a common benefit therefrom, the corporation, quoad hoc, is to be regarded as\u00a0 a private company.\u00a0 18 Am J2d Corp \u00a7 8<\/span>. <\/span><\/strong>[2]<\/span><\/p>\n

1. A government corporation.<\/span><\/strong><\/p>\n

2. A municipal corporation<\/a>. <\/span><\/strong><\/p>\n

3. A corporation whose stock is traded on a stock exchange, as opposed to a closely held corporation.<\/strong> [3]<\/span><\/p>\n

\u00a0 \u00a0 \u00a0Excerpt from\u00a0Henry H. lngersoll’s\u00a0Handbook of the law of Public Corporations<\/em><\/a>\u00a0(1904):<\/strong><\/span><\/p>\n

\u00a0 \u00a0 \u00a0\u201cA public corporation is a corporation created by the state for public purposes only, as an instrumentality to increase the efficiency of government, supply the public wants, and promote the public welfare. This class of corporations includes not only the municipal corporation, but also agencies of government, called \u2018quasi corporations,\u2019 whose objects are not the making of private profit nor supplying the wants of the members.<\/span>\u201d<\/strong> [4]<\/span><\/p>\n

Types of Public Corporations:<\/strong><\/span><\/p>\n

Municipal Corporation<\/span><\/a> – a public corporation created for political purposes and endowed with political powers to be exercised for the public good in the administration of local civil government.\u00a0<\/span><\/strong>\u2014 aka\u00a0<\/span>municipality<\/span><\/strong>.<\/em><\/span><\/p>\n

References:<\/span><\/strong><\/span><\/p>\n

Disclaimer:<\/span><\/span><\/strong> All material throughout this website is pertinent to people everywhere, and is being utilized in accordance with Fair Use<\/a>.<\/span><\/strong><\/p>\n

[1]\u00a0Black’s Law Dictionary Deluxe Tenth Edition by Henry Campbell Black & Editor in Chief Bryan A. Garner<\/a>. ISBN: 978-0-314-62130-6<\/span><\/strong><\/p>\n

[2]:\u00a0Ballantine\u2019s Law Dictionary\u00a0with Pronunciations
\n<\/em>Third Edition<\/a>\u00a0by James A. Ballantine\u00a0(James Arthur 1871-1949).\u00a0\u00a0<\/em>Edited by William S. Anderson.\u00a0\u00a0\u00a9 1969 by THE LAWYER\u2019S CO-OPERATIVE PUBLISHING COMPANY.\u00a0 Library of Congress Catalog Card No. 68-30931<\/span><\/strong><\/p>\n

[3]:\u00a0Ballantine’s Law Dictionary <\/a>Legal Assistant Edition<\/a>\u00a0<\/em>by Jack Ballantine\u00a0(James Arthur 1871-1949).\u00a0\u00a0<\/em>Doctored<\/a>\u00a0<\/em>by\u00a0Jack G. Handler,\u00a0J.D.<\/a>\u00a0\u00a9 1994 Delmar by Thomson Learning.\u00a0 ISBN 0-8273-4874-6.<\/span><\/strong><\/p>\n

[4]:\u00a0Henry H. lngersoll, Handbook of the Law of Public Corporations<\/em><\/a>\u00a011 (1904).<\/span><\/strong><\/p>\n

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