Page:Henry Osborn Taylor, A Treatise on the Law of Private Corporations (5th ed, 1905).djvu/441

 CHAP. VIII.] CORPORATION AND STATE. [§ 438. Relations between the state and the corporation other than legal rela- tions occasioned by contract, §§ 469-4696. Eminent domain. Restrictions, § 470. " Due process of law, 1 ' §§ 471, 472. Just compensation, § 473. Police power, § 474. Police power. Commerce clause, §§ 474a-474d. Police power. Its limits. Property in which the public have interest, §§ 475, 476. Elevator cases. Railroad charges, §§ 476a, 4766. The taxing power, § 477. Double taxation, § 477 a. Power of Congress, § 478. Power of states. Restrictions, §§ 479, 480. Restrictions on the power of the states to tax arising from the exi- gencies of the Federal government, §481. Federal agencies, § 482. State taxation of national banks, §§ 483, 484. Restrictions on state taxation arising from the power of Congress to regulate commerce, § 485. Telegraph companies, § 486. Chartered exemptions from taxation, §§ 487, 488. Never arise by implication, § 489. Immunity from taxation not trans- ferable, § 490. Effect of consolidation, § 491. Taxation, due process of law, §§ 492, 492a. Jurisdiction of equity to restrain the collection of a tax, § 4926. Distinction between "rights'' and " remedies," §§ 493-495. The power reserved to alter and repeal, § 496. No vested right in a rule of law, §497. Effect of the reservation of the right to alter and repeal on the contract between the corporators, § 498. Limits of the reserved power, § 499. Illustration. Relations between shareholders and creditors, §§ 500, 501. Further limits on the reserve power, § 502. Whena judicial proceeding prerequi- site to the repeal, § 503. Effect of a repeal, § 504. Relations between the state and the individuals interested in the corpo- rate enterprise, §§ 505-507. § 438. The constitution of a corporation is of a dual nature: it is law in that it consists of rules for conduct, , , ... , . ,..,... . Dual nature set by a political superior to political inferiors, and of the con- it embodies a contract the obligation of which is a corpora? the self-same constitution regarded as law. The tlon- contract embodied in the constitution always subsists among the corporators as parties thereto, and it may subsist between the corporation and the state, for the state is sometimes a party to it. 1 On account of the dual nature of the constitu- 1 " A charter is a law, but it is also something more than law, in that it contains stipulations which are terms of compact between the state as the one party, and the corporators as the other, which neither party is at liberty to disregard or repudiate, and which are as mucb removed from the 421