Personal franchise

A franchise of corporate existence, or one which authorizes the formation and existence of a corporali on, is sometimes calied a "personal" franchise, as distinguished from a "property" franchise, which authorizes a corporation so formed to apply its property to some particular enterprise or exercise some special privilege in its employment, as, for example, to construct and operate a railroad. See Sandham v. Nye, 9 Misc. Rep. 541, 30 N. Y. Supp. 552,

Defined under Franchise in Black's Law Dictionary.