charter as contract
Defined in 1 dictionary — Case Law
Definitions from Case Law
From 80 U.S. 373 - Salt Company v. East Saginaw · 1871Most cited · 53 citing opinions
Charters granted to private corporations are held to be contracts. Powers and privileges are conferred by the State, and corresponding duties and obligations are assumed by the corporation. And if no right to alter or repeal is reserved, stipulations as to taxation, or as to any other matter within the power of the legislature, are binding on both parties.