, the power to create corporations is a part of the
royal prerogative.[3] By the Revolution, this power may be considered as
having devolved on the legislature of the State, and it has accordingly
been exercised by the legislature. But the king cannot abolish a
corporation, or new-model it, or alter its powers, without its assent.
This is the acknowledged and well-known doctrine of the common law.
"Whatever might have been the notion in former times," says Lord
Mansfield, "it is most certain now that the corporations of the
universities are lay corporations; and that the crown cannot take away
from them any rights that have been formerly subsisting in them under
old charters or prescriptive usage."[4] After forfeiture duly found, the
king may re-grant the franchises; but a grant of franchises already
granted, and of which no forfeiture has been found, is void.

Corporate franchises can only be forfeited by trial and judgment.[5] In
case of a new charter or grant to an existing corporation, it may accept
or reject it as it pleases.[6] It may accept such part of the grant as
it chooses, and reject the rest.[7] In the very nature of things, a
charter cannot be forced upon any body. No one can be compelled to
accept a grant; and without acceptance the grant is necessarily void.[8]
It cannot be pretended that the legislature, as successor to the king in
this part of his prerogative, has any power to revoke, vacate, or alter
this charter. If, therefore, the legislature has not this power by any
specific grant contained in the Constitution; nor as included in its
ordinary legislative powers; nor by reason of its succession to the
prerogatives of the crown in this particular, on what ground would the
authority to pass these acts rest, even if there were no prohibitory
clauses in the Constitution and the Bill of Rights?

But there _are_ prohibitions in the Constitution and Bill of Rights of
New Hampshire, introduced for the purpose of limiting the legislative
power and protecting the rights and property of the citizens. One
prohibition is, "that no person shall be deprived of his property,
immunities, or privileges, put out of the protection of the law, or
deprived of his life, liberty, or estate, but by judgment of his peers
or the law of the land."

In the opinion, however, which was given in the court below, it is
denied that the trustees under the charter had any property, immunity,
liberty, or privilege in this corporatio