Page:The American Cyclopædia (1879) Volume IX.djvu/692

 672 JOIGNY JOINVILLE the Mohawk river, 40 m. N. W. of Albany ; pop. in 1870, 3,282 ; of the town, 12,273. It is connected with Fonda on the New York Central railroad, 6 m. distant, by the Fonda, Johnstown, and Gloversville line, and contains large skin and leather dressing establishments, a large number of glove and mitten factories, three hotels, a gas-light company, three week- ly newspapers, and ten churches. The town also contains the village of Gloversville. (See GLOVERSVILLE.) II. A borough of Cambria co., Pennsylvania, at the junction of Stony creek and Conemaugh river, on the Pennsylvania canal and railroad, 78 m. E. of Pittsburgh; pop. in 1850, 1,269; in 1860, 4,185; in 1870, 6,028. It has an active trade, and contains extensive Iron works, a national and a savings bank, two state banks, a daily and four weekly newspapers, and a monthly periodical. JOIGNY (anc. Joviniacum), a town of Cham- pagne, France, in the department and on the river Yonne, 15 m. N. W. of Auxerre ; pop. in 1872, 6,400. It is surrounded by an old wall with six gates, and has two suburbs, exceeding- ly steep streets, a fine quay, several Gothic churches besides the fine cathedral, and good cavalry barracks. Coarse cloth and other arti- cles are manufactured, and the trade in wine is brisk. The territory of Joigny was a county in the middle ages, and about 1600 belonged to the cardinal de Gondy, a brother of Marshal de Retz, who built a handsome castle here. JOINT-STOCK COMPANY. This name usually designates a partnership in which the capital is distributed by shares among a large num- ber of partners. They assume in certain re- spects a corporate form, hut possess legally none of the peculiar attributes or powers of corporations, except as conferred by statute. Like these, however, they adopt a corporate name; divide a fixed capital into shares, which they make transferable by assignment and delivery ; and commit the conduct of their business to a board of directors. It is also sometimes stipulated in the fundamental arti- cles of the association, that no member shall be liable for the company's debts beyond the amount of his shares. So far as the partners alone are concerned, they may adopt what rules they will for the internal administration of the partnership ; hut their imitation or as- sumption of corporate powers or responsibili- ties cannot avail them in law, except so far as recent legislation favors them, or prejudices the rights of third parties. They remain part- nerships, and are generally subject to the rules of law which govern partnerships. Thus, such a company cannot sue its shareholders at law for breach of their engagements to it ; for as copartners of the plaintiffs, they cannot be made liable, according to the rules of pleading, in such a suit ; they must therefore resort to the intervention of trustees in order to avail themselves of contracts made or to be made with their members, or they must sue in equity. And they are bound by that familiar rule of partnership law, which no mere mutual agree- ment can evade, that each member of the asso- ciation is liable as a partner in solido, or to an- swer with his whol'j private property for all the debts of the partnership. It is doubtful whether this rule would be changed even though the creditor dealing with the company have notice of a stipulation in the articles of association limiting the responsibility of the members to the mere joint funds, or to a quali- fied extent. In recognition of the advantages secured to the community by the combination of capital in the prosecution of important en- terprises, and in view of the embarrassments to which they are subjected by the operation of the rules of law, joint-stock companies have received both in England and in the United States some assistance from legislation, which gives them a qualified corporate character, and a separate legal existence apart from that of their individual members. There is no such uniformity in these statutes as will admit of a comprehensive statement of their purport. In general it may be said that the statutory joint- stock companies occupy an intermediate posi- tion between corporations and partnerships, and partake of the nature of both. JOINT TENANTS, persons to whom a single estate is granted jointly by the same deed or will, and without any exclusive restrictions or explanatory words. The grant can take effect in such a case only by considering that all the grantees have equal interests, and that each has the entire possession of the whole estate. For between the grantees there is a unity: 1, of title, the estate being derived from one and the same conveyance ; 2, of time, for it was cre- ated and vested in them at the same period ; 3, in respect to interest, for it is a single estate which was conveyed ; 4, in respect to posses- sion, for the estate is to be enjoyed in common during the same time. It was the distinguish- ing incident of joint tenancies that, upon the death of his co-grantees, the estate passed un- diminished to the last survivor. This is the so- called jus accrescendi, or right of survivorship. It originated in the feudal law, the policy of which was averse to the division of tenures. and to the distribution of the feudal services among tenants who might be strangers to the lord. The rules of law in relation to joint ten- ancies were strictly upheld for a long time by the courts of common law, but were regarded with less favor in proportion as the law of ten- ancies was modified. Joint tenancies, with all their incidents, have been but little recognized in the United States ; and the incident of sur- vivorship is very generally abolished, except in the case of conveyances to husband and wife, or to trustees as such, or by way of mortgage. JOINVILLE, Francois Ferdinand Philippe Lonis Marie d'Orleans, prince de, the third son of Louis Philippe, king of the French, born at the pal- ace of Neuilly, near Paris, Oct. 14, 1818. Like his elder brothers, he completed his classical studies in the college of Henry IV., and then