People v. President & Trustees of College of California

Citations

• 38 Cal. 166
• 1869 Cal. LEXIS 133

Syllabus

<p>Poto® of Oobpobations oveb Cobpobate Pbopeetv.—All corporations capable of taking and holding property have the jus disponendi as fully as natural persons, except so far as they are restrained by statute.</p> <p>Idem.—Under this general power, a corporation may dispose of the whole of its property for any lawful purpose. The case of Miners’ Ditch Oo. v. Zellerhach, (37 Cal. 543), cited and approved.</p> <p>Disinoobbobation.—There is no statutory provision for the dissolution of corporations for literary purposes having no stockholders.</p> <p>Idem.—In the absence of any statutory provision defining the mode, a corpora^ tion aggregate may dissolve itself by the surrender of its franchise, by proper proceedings for that purpose.</p> <p>Pbopebty of Coepobation on its Dissolution__On the dissolution of a corporation for literary purposes, by a surrender of its franchise, owing no debts, all its personal estate, and all its real property, acquired by purchase for value, vests, by operation of law, in the State.</p> <p>Poweb of the Pbesident and Trustees of the College of Califobnia.— It was for the President and Trustees of the College of California to decide whether the public interest would he subserved by dissolving the corporation and devoting its property, after the payment of its debts, to the. support of the State University.</p>