other need be mentioned, to which the term
quasi has been applied. These resemble corporations in some ways, and
this is the reason for calling them quasi corporations. A county or
school district is such a corporation. The supervisors of a county, or
the trustees of a school district, can make contracts, own and manage
real estate for their respective bodies, sue and be sued like the
officers of other corporations.

By the general comity existing between the states corporations created
in one state are permitted to carry on any lawful business in another,
and to acquire, hold and transfer property there like individuals.

FORMATION OF CORPORATIONS.

Formerly charters were granted to corporations for a long term of
years, or forever. The policy of the law has changed in this regard,
and the duration of their existence is limited to a comparatively
short period. The life of a national bank is only for twenty years; at
the end of that period the charter is renewed, and the charters of the
older national banks have been renewed several times. Perpetual
charters are infrequently granted, and some of the older ones have
been limited by legislative or judicial action. A private corporation
had perpetual authority to build and maintain a bridge across the
Susquehanna River at Harrisburg, nor could any other company build one
within the distance of ten miles above or below. Notwithstanding this
clear and exclusive grant, another company was formed which attempted
to build a bridge within a mile of the other. The old company tried to
prevent by law the new company from building the bridge. The court
said that "perpetual" did not mean literally perpetual, but a long
time, that the old company had enjoyed its exclusive grant a long
time, long enough, and that the new company was justified in its
undertaking.

A corporation has no heirs like an individual; it continues through
succession, one sells his interest or stock to another, and thus it
lives to the end of its charter unless it fails or, through some other
event, comes to an end. Suppose a stockholder buys all the stock of
the other members, does the corporation still exist? It does for a
limited time. How long? No court has answered this question. It
depends on the particular case. The courts also say, that he can sell
his stock to other individuals and thus practically revive a dying
corporation. A stockholder who had bought all the stock of a
corporation claimed t