Page:Henry Osborn Taylor, A Treatise on the Law of Private Corporations (5th ed, 1905).djvu/483

 CHAP. VIII.] CORPORATION AND STATE. [§ 474. sense of the word : it is enough that some private right be materially impaired. 1 In determining the value of property taken for public purposes, the same considerations are to be regarded as in the sale of property between private persons. The inquiry should be, what is the property worth in the market, not merely with reference to the uses to which it is at the time applied, but with reference to those to which it is plainly adapted. 2 In the absence of any specific provision in the constitution of a state, a state legislature may regulate in its discretion the mode of exercising the right of eminent domain. 3 The power to exercise this right may be delegated to private citizens or to corporate bodies, public or private ; 4 but, in the absence of special provision, the right of eminent domain may not be delegated by the person or body receiving it from the state. 5 § 474. As by virtue of its power of eminent domain a state may take the property of corporations, so may a state modify corporate constitutions, and regulate p°^°® corporate property, by virtue of its police power ; which is the power necessarily inherent in the state as a self- governing community to pass laws for the public welfare. 6 in the constitutions of the several states, for just compensation for the property taken, is merely a limita- tion on the use of the power. It is no part of the power itself, but a condition upon which the power may be exercised." United States v. Jones, 109 U. S. 513, 518, opinion of court per Field, J. 1 The backing of water so as to overflow the lands of individuals is such a taking. Pumpelly v. Green Bay Co., 13 Wall. 166. See §§ 171- 176 for a fuller discussion of what constitutes such a taking of private property or impairment of private rights (by a corporation) as to re- quire compensation. 2 Boom Co. v. Patterson, 98 U. S. 403. See for cases on the rule of damages for property taken by a rail- road or other corporation, § 178. 3 Secombe v. Railroad Co., 23 Wall. 108. 4 Brayton v. Fall River, 124 Mass. 95, 97. Compare United States v. Joues, 109 U. S. 513. But this power can never be presumed to exist either in municipal or private corporations. Phillips v. Dunkirk, Warren, etc., R. R. Co., 78 Pa. St. 177; Allen v. Jones, 47 Ind. 438. Com- pare Pennsylvania R. R. Co.'s Appeal, 93 Pa. St. 150. See § 163. 5 See §166, ante. 6 See Chicago Life Ins. Co. v. Needles, 113 U. S. 574. Compare Lake View v. Rose Hill C. Co., 70111. 191. A state can compel an insur- ance company to make detailed re- turns. Eagle Ins. Co. v. Ohio, 153 U. S. 446. 463