Page:Henry Osborn Taylor, A Treatise on the Law of Private Corporations (5th ed, 1905).djvu/53

 CHAP. IV.] RESEMBLANCES TO OTHER INSTITUTIONS. [§ 53. CHAPTER IV. RESEMBLANCES BETWEEN CORPORATIONS AND TAIN OTHER LEGAL INSTITUTIONS. CER- Object of the chapter, §52. What law applicable to corpora- tions, § 53. New York "full liability corpora- tions," §54. New York joint-stock associations, §55. Comparison, §§56, 57. Limited partnerships, §58. Partnerships: dissimilar from cor- porations at common law, § 59. Points of difference remaining, §§60,61. The element common to these various legal institutions, § 62. Material questions, § 63. Law applicable to corporations, how determinable, §§64, 65. Changes in corporation law, § 66. The use of analogy, §§ 67-69. The application of general princi- ples, §§70, 71. § 52. The object of this chapter is to point out some of the elements which corporations have in common with certain other legal institutions, and to determine some- the chapter. what more specifically than was attempted in the preceding chapter the rules of law which manifest themselves in the legal institutions called corporations. The danger of reasoning unguardedly as to questions of corporation law from the analogy of other legal institutions will be referred to in- cidently. § 53. The common law notion of a partnership was sharply differentiated from the common law notion of a cor- poration. Nowadays it would not be easy to find a a^pHcabie business corporation corresponding to the common t° n ° rporar law notion of a corporation. On the other hand, we find everywhere a great multitude of legal institutions, in great part the manifestations of statutory law, which resemble part- nerships in some respects, while in other respects they resemble common law corporations. The law of these legal institutions, however, is not the law of partnership, nor is it altogether the common law of corporations. It is rather the statutory law under which they are organized, together with the later phases of the common law of corporations, construed and interpreted 3 33 *