West v. Madison County Agricultural Board

Citations

• 82 Ill. 205

Syllabus

<p>1. Corporations—when estopped to deny their own power. Corporations will not be permitted, to exercise powers that might be hurtful to the public interests, beyond those expressly conferred by their charters; but when a corporation has exercised powers germane and incidental to those conferred, and in furtherance of the general objects of the corporation, although the subject of the contract may not be within an)r definite power given, it will be estopped from denying it had authority to make such contract.</p> <p>2. Same—power to mortgage incident to power to purchase and hold real estate. Where the law under which a corporation is organized authorizes it to contract and he contracted with, and to purchase, hold and sell property, tlie power to mortgage its real estate, to secure money for the purposes of its organization, will he regarded as a necessary incident to the power to acquire and hold it.</p> <p>3. Mistake—in deed of corporation, will he corrected, in equity. Where the officers of a corporation, duly authorized to execute a deed of trust upon its property, undertake to do so, hut execute it in their name for the corporation, instead of in the name of the corporation, equity has power to and will reform, the deed, and make it conform to the agreement of the parties.</p>