Page:Henry Osborn Taylor, A Treatise on the Law of Private Corporations (5th ed, 1905).djvu/120

 § 130.] THE LAW OF PRIVATE CORPORATIONS. [CHAP. VII. period of years : i. e., for purposes of alienation it takes the fee, while for the purposes of enjoyment of the land, in the nature of things its estate must be limited in time to the term of its own existence. 1 § 129. The power of a corporation to acquire per- sonal property is unlimited, unless there are special restrictions in its constitution. 2 § 130. In the course of its business, and for the furtherance of the ends of its incorporation, a cor- poration may alienate, 3 or lease, 4 a portion or even the whole of its property ; and may assign its property in trust for the benefit of its creditors. 5 But the proposition, that to accomplish the ends of its incorporation a corporation may deal with its property just as an individual, is too broad. 6 And Power to acquire personal property. Power to alienate. with reference to their powers to take and hold real estate may be classified as follows: — " First, those whose charter or law of creation forbids that they should acquire or hold real estate. In which case a corporation cannot take or hold real estate ; and a deed or devise to it passes no title. " Secondly, those whose charter or law of creation is silent on the sub- ject. In such case, as a general rule, there is no power to acquire and hold such property. But if the objects for which the corporation was formed cannot be accomplished without ac- quiring and holding the title to real estate, the power to do so is implied. "Thirdly, those corporations whose charter, etc., authorizes them in some cases, or for some purposes, to take and hold the title to real estate. In these cases, as the corporation may for some purposes acquire and hold title, it cannot be questioned by any party, except the state, whether the real estate has been acquired for the authorized purposes or not. "Fourthly, those whose charter, etc., confer a general power to acquire and hold real estate. Such corpora- 100 tions may take and hold real estate as freely and as fully as natural per- sons." Hay ward v. Davidson, 41 Ind. 212. For the effect of a conveyance to a corporation of property which it is unauthorized t'o take, see § 303. 1 Nicoll v. New York and Erie R. R., 12 N. Y. 121; People v. O'Brien, 111 N. Y. 1; Rives v. Dudley, 3 Jones Eq. (N. C.) 126. 2 1 Kyd, 104; Barry v. Merchants' Exchange Co., 1 Sandf. Ch. 280. Statutes of mortmain do not apply to personal property. 1 Kyd, 104. 3 Wilson v. Miers, 10 C. B. N. S. 348; Hancock v. Holbrook, 9 Fed. Rep. 353. Porcelain Clay Co., L. R. 1 Eq. 318. Plant v. Macon O. & 1. Co., 103 Ga. 666; Coal Creek Co. v. Tennessee, etc., Coal Co., 106 Tenn. 661. 5 State v. Bank of Maryland, 6 Gill & J. (Md.) 205; Union Bank v. Elli- cott, ib. 363; Ardesco Oil Co. v. North Am. Oil Co., 66 Pa. St. 375; Fouche v. Brower, 74 Ga. 251; Boynton v. Roe, 114 Mich. 401. u For instance, it is held that a cor- poration cannot form a partnership
 * See Featherstonhaugh v. Lee Moor