Southern Realty Co. v. Tchula Cooperative Stores

Citations

• 114 Miss. 309
• 75 So. 121

Syllabus

<p>1. Corporations. Power to own lands. Questioning collaterally.</p> <p>The rule that the power of a corporation to own land at all cr in excess of the land prescribed by its charter, cannot be questioned collaterally, but only in a direct proceeding instituted by the state for that purpose, has no application where the corporation is seeking the'aid of a court of justice to enable it to acquire lands which it has no power to acquire and hold, in such ease the principle is that a court of justice will not aid a corporation to do that which is impliedly forbidden by its charter or by law.</p> <p>2. Constitutional Law. Obligation of contracts. Corporate charter. Statute.</p> <p>The grant by the state to a corporation of power to acquire and enjoy real estate, without limit as to value and quality, is a contract within the meaning of section 16 of our state Constitution and article 1, section 10, of the Constitution of the United States, prohibiting laws impairing the obligation of contracts, and could' no be withdrawn by Laws 1912, chapter 162,¡prohibiting corporations from acquiring agricultural lands in Mississippi. '</p> <p>3. Constitutional Law. Police power.</p> <p>A corporation empowered by its charter to acquire and enjoy realty without limit as to value and quantity cannot be affected by Laws 1912, chapter 162, on the ground that the state, under its police power and to prevent the monopolization of agricultural' land, can withdraw from a corporation power previously granted it to acquire such land, since to allow this would be violative of Constitution 1890, section 16, and Constitution, United States, article 1, section 10, prohibiting laws impairing the obligation of contracts.</p>