{"id":9569,"date":"2017-11-26T03:40:17","date_gmt":"2017-11-26T03:40:17","guid":{"rendered":"https:\/\/reunitethestates.org\/?page_id=9569"},"modified":"2017-11-26T03:40:17","modified_gmt":"2017-11-26T03:40:17","slug":"private-corporation-founded-by-and-composed-of-private-individuals-principally-for-a-nonpublic-purpose-i-e-manufacturing-banking-railroad-corporations-including-charitable-and-religious-corpora","status":"publish","type":"page","link":"https:\/\/reunitethestates.org\/?page_id=9569","title":{"rendered":"Private Corporation – founded by and composed of private individuals principally for a nonpublic purpose (i.e. manufacturing, banking, railroad corporations (including charitable and religious corporations), whose stock is not traded on the stock market"},"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

private corporation<\/span>:<\/span><\/strong>
\n(17c)<\/span><\/p>\n

1. A corporation founded by and composed of private individuals principally for a nonpublic purpose, such as manufacturing, banking, and railroad corporations (including charitable and religious corporations).<\/strong> \u2014 aka quasi-individual<\/strong><\/em><\/span>. [1]<\/span><\/p>\n

1. A corporation created for private as distinguished from purely public purposes.\u00a0 Miller v Davis<\/em>, 136 Tex 299, 130 SW2d 973, 136 ALR 177<\/span>.<\/span><\/strong><\/p>\n

The character of a corporation as public or private is determined by the terms of its charter and the general law under which it was organized, not upon the character of its stockholders or the number of persons engaged in the enterprise.\u00a0\u00a0Macon County Tel. Co. v Bethany Mut. Tel. Asso<\/em>. 270 I11 183, 110 NE 334<\/span>.<\/strong> [2]<\/span><\/p>\n

\n

1. An entity made up of individuals to which the government has granted a charter, so that it may have a legal existence separate from those individuals for the purpose of carrying on a private purpose (EXAMPLE: operating a business; operating a charity) under its own name.\u00a0<\/strong> <\/span>
\n\u00a0 \u00a0 \u00a0Compare public corporation<\/a><\/strong>.<\/em>\u00a0 See corporation<\/em>.\u00a0 See also business corporation<\/em>; nonprofit corporation<\/em>. <\/span><\/p>\n

2. A close corporation or other privately held corporation, as distinguished from a corporation whose stock is traded on a stock exchange.<\/strong> [3]<\/span><\/p>\n<\/div>\n

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

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[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

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