4. Debts. All partners liable for all Stockholders not
debts. usually liable.
5. Transfer of Dissolves partnership. New stockholder interest by sale succeeds to shares of or death. the old.
Pertinent Questions.
Who constitute the managing body in a school district? In a town? In a village? In a city? In a county? In the state? In the United States? [Footnote: The United States: "Its charter, the constitution…. Its flag the symbol of its power; its seal, of its authority."—Dole.] In a railroad? In a mining company? In a bank? In a church? In a college?
Write a list of all the corporations that you know or have ever heard of, grouping them under the heads public and private.
How could a pastor collect his salary if the church should refuse to pay it?
Could a bank buy a piece of ground "on speculation?" To build its banking-house on? Could a county lend money if it had a surplus? State the general powers of a corporation. Some of the special powers of a bank. Of a city.
A portion of a man's farm is taken for a highway, and he is paid damages; to whom does said land belong? The road intersects the farm, and crossing the road is a brook containing trout, which have been put there and cared for by the farmer; may a boy sit on the public bridge and catch trout from that brook? If the road should be abandoned or lifted, to whom would the use of the land go?