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?

CHAPTER XXXV.

COMMERCIAL PAPER.

Kinds and Uses.--If a man wishes to buy some commodity from another but
has not the money to pay for it, he may secure what he wants by giving his
written promise to pay at some future time. This written promise, or
_note_, the seller prefers to an oral promise for several reasons, only
two of which need be mentioned here: first, because it is _prima facie_
evidence of the debt; and, second, because it may be more easily
transferred or handed over to some one else.

If J.M. Johnson, of Saint Paul, owes C.M. Jones, of Chicago, a hundred
dollars, and Nelson Blake, of Chicago, owes J.M. Johnson a hundred
dollars, it is plain that the risk, expense, time and trouble of sending
the money to and from Chicago may be avoided, and the indebtedness wiped
out by J.M. Johnson ordering Nelson Blake to pay the hundred dollars to
C.M. Jones. The written order to this effect, called a _draft_, would be
sent to C.M. Jones, who would present it for payment to Nelson Blake, and
upon receiving his money would t