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102-557: The Grand Bahama Port Authority ( GBPA or "Port Authority") is a privately held corporation that also acts as the municipal authority for Freeport , Grand Bahama Island , The Bahamas . The GBPA was created by the Hawksbill Creek Agreement . The GBPA is horizontally integrated with property development, municipal services, airport (world's largest privately owned airport) harbour operations, and shipyard concerns. The GBPA partners with Hutchison Whampoa on
204-492: A separate legal person was mainly administrative, as a unified entity under which the rights and duties of all investors and managers could be channeled. However, there was still no limited liability and company members could still be held responsible for unlimited losses by the company. The next, crucial development, then, was the Limited Liability Act 1855 , passed at the behest of the then Vice President of
306-400: A charter granted by the government. As explained above, such charters were often enacted as private bills . Today, a corporation is formed, or incorporated , by registering with the state, province, or national government and regulated by the laws enacted by that government. Registration is the main prerequisite to the corporation's assumption of limited liability. The law sometimes requires
408-489: A corporation are typically controlled by individuals appointed by the members. In some cases, this will be a single individual but more commonly corporations are controlled by a committee or by committees. Broadly speaking, there are two kinds of committee structure. In countries with co-determination (such as in Germany ), workers elect a fixed fraction of the corporation's board. Historically, corporations were created by
510-436: A corporation as: a collection of many individuals united into one body, under a special denomination, having perpetual succession under an artificial form, and vested, by the policy of the law, with the capacity of acting, in several respects, as an individual, particularly of taking and granting property, of contracting obligations, and of suing and being sued, of enjoying privileges and immunities in common, and of exercising
612-439: A corporation; shareholders instead elect or appoint a board of directors to control the corporation in a fiduciary capacity. In most circumstances, a shareholder may also serve as a director or officer of a corporation. Countries with co-determination employ the practice of workers of an enterprise having the right to vote for representatives on the board of directors in a company. The word "corporation" derives from corpus ,
714-424: A distinct name. Historically, some corporations were named after the members of their boards of directors: for example, the " President and Fellows of Harvard College " is the name of one of the two governing boards of Harvard University , but it is also the exact name under which Harvard was legally incorporated. Nowadays, corporations in most jurisdictions have a distinct name that does not need to make reference to
816-526: A faster pace. It is characterised by greater use of prepositions, and word order that is closer to modern Romance languages, for example, while grammatically retaining more or less the same formal rules as Classical Latin. Ultimately, Latin diverged into a distinct written form, where the commonly spoken form was perceived as a separate language, for instance early French or Italian dialects, that could be transcribed differently. It took some time for these to be viewed as wholly different from Latin however. After
918-743: A few in German , Dutch , Norwegian , Danish and Swedish . Latin is still spoken in Vatican City, a city-state situated in Rome that is the seat of the Catholic Church . The works of several hundred ancient authors who wrote in Latin have survived in whole or in part, in substantial works or in fragments to be analyzed in philology . They are in part the subject matter of the field of classics . Their works were published in manuscript form before
1020-404: A few. Famous and well regarded writers included Petrarch, Erasmus, Salutati , Celtis , George Buchanan and Thomas More . Non fiction works were long produced in many subjects, including the sciences, law, philosophy, historiography and theology. Famous examples include Isaac Newton 's Principia . Latin was also used as a convenient medium for translations of important works first written in
1122-560: A native language, Medieval Latin was used across Western and Catholic Europe during the Middle Ages as a working and literary language from the 9th century to the Renaissance , which then developed a classicizing form, called Renaissance Latin . This was the basis for Neo-Latin which evolved during the early modern period . In these periods Latin was used productively and generally taught to be written and spoken, at least until
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#17327879849461224-537: A partnership arose. Early guilds and livery companies were also often involved in the regulation of competition between traders. Dutch and English chartered companies, such as the Dutch East India Company (also known by its Dutch initials: VOC) and the Hudson's Bay Company , were created to lead the colonial ventures of European nations in the 17th century. Acting under a charter sanctioned by
1326-553: A partnership or some other form of collective ownership (in the United States it can be used by a sole proprietorship but this is not generally the case elsewhere). Despite not being human beings, corporations have been ruled legal persons in a few countries, and have many of the same rights as natural persons do. For example, a corporation can own property, and can sue or be sued for as long as it exists. Corporations can exercise human rights against real individuals and
1428-481: A private act to allow an individual to represent the whole in legal proceedings, this was a narrow and necessarily costly expedient, allowed only to established companies. Then, in 1843, William Gladstone became the chairman of a Parliamentary Committee on Joint Stock Companies, which led to the Joint Stock Companies Act 1844 , regarded as the first modern piece of company law. The Act created
1530-466: A proliferation of laws allowing for the creation of corporations by registration across the world, which helped to drive economic booms in many countries before and after World War I. Another major post World War I shift was toward the development of conglomerates , in which large corporations purchased smaller corporations to expand their industrial base. Starting in the 1980s, many countries with large state-owned corporations moved toward privatization ,
1632-567: A result, the list has variants, as well as alternative names. In addition to the historical phases, Ecclesiastical Latin refers to the styles used by the writers of the Roman Catholic Church from late antiquity onward, as well as by Protestant scholars. The earliest known form of Latin is Old Latin, also called Archaic or Early Latin, which was spoken from the Roman Kingdom , traditionally founded in 753 BC, through
1734-407: A separate language, existing more or less in parallel with the literary or educated Latin, but this is now widely dismissed. The term 'Vulgar Latin' remains difficult to define, referring both to informal speech at any time within the history of Latin, and the kind of informal Latin that had begun to move away from the written language significantly in the post-Imperial period, that led ultimately to
1836-496: A single entity (a legal entity recognized by private and public law as "born out of statute"; a legal person in a legal context) and recognized as such in law for certain purposes. Early incorporated entities were established by charter (i.e., by an ad hoc act granted by a monarch or passed by a parliament or legislature). Most jurisdictions now allow the creation of new corporations through registration . Corporations come in many different types but are usually divided by
1938-709: A small number of Latin services held in the Anglican church. These include an annual service in Oxford, delivered with a Latin sermon; a relic from the period when Latin was the normal spoken language of the university. In the Western world, many organizations, governments and schools use Latin for their mottos due to its association with formality, tradition, and the roots of Western culture . Canada's motto A mari usque ad mare ("from sea to sea") and most provincial mottos are also in Latin. The Canadian Victoria Cross
2040-429: A sort of informal language academy dedicated to maintaining and perpetuating educated speech. Philological analysis of Archaic Latin works, such as those of Plautus , which contain fragments of everyday speech, gives evidence of an informal register of the language, Vulgar Latin (termed sermo vulgi , "the speech of the masses", by Cicero ). Some linguists, particularly in the nineteenth century, believed this to be
2142-572: A spoken and written language by the scholarship by the Renaissance humanists . Petrarch and others began to change their usage of Latin as they explored the texts of the Classical Latin world. Skills of textual criticism evolved to create much more accurate versions of extant texts through the fifteenth and sixteenth centuries, and some important texts were rediscovered. Comprehensive versions of authors' works were published by Isaac Casaubon , Joseph Scaliger and others. Nevertheless, despite
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#17327879849462244-432: A strictly left-to-right script. During the late republic and into the first years of the empire, from about 75 BC to AD 200, a new Classical Latin arose, a conscious creation of the orators, poets, historians and other literate men, who wrote the great works of classical literature , which were taught in grammar and rhetoric schools. Today's instructional grammars trace their roots to such schools , which served as
2346-958: A variety of political rights, more or less extensive, according to the design of its institution, or the powers conferred upon it, either at the time of its creation or at any subsequent period of its existence. Due to the late 18th century abandonment of mercantilist economic theory and the rise of classical liberalism and laissez-faire economic theory due to a revolution in economics led by Adam Smith and other economists, corporations transitioned from being government or guild affiliated entities to being public and private economic entities free of governmental directions. Smith wrote in his 1776 work The Wealth of Nations that mass corporate activity could not match private entrepreneurship, because people in charge of others' money would not exercise as much care as they would with their own. The British Bubble Act 1720s prohibition on establishing companies remained in force until its repeal in 1825. By this point,
2448-693: A vernacular, such as those of Descartes . Latin education underwent a process of reform to classicise written and spoken Latin. Schooling remained largely Latin medium until approximately 1700. Until the end of the 17th century, the majority of books and almost all diplomatic documents were written in Latin. Afterwards, most diplomatic documents were written in French (a Romance language ) and later native or other languages. Education methods gradually shifted towards written Latin, and eventually concentrating solely on reading skills. The decline of Latin education took several centuries and proceeded much more slowly than
2550-411: Is Veritas ("truth"). Veritas was the goddess of truth, a daughter of Saturn, and the mother of Virtue. Switzerland has adopted the country's Latin short name Helvetia on coins and stamps, since there is no room to use all of the nation's four official languages . For a similar reason, it adopted the international vehicle and internet code CH , which stands for Confoederatio Helvetica ,
2652-897: Is a classical language belonging to the Italic branch of the Indo-European languages . Latin was originally spoken by the Latins in Latium (now known as Lazio ), the lower Tiber area around Rome , Italy. Through the expansion of the Roman Republic it became the dominant language in the Italian Peninsula and subsequently throughout the Roman Empire . By the late Roman Republic , Old Latin had evolved into standardized Classical Latin . Vulgar Latin refers to
2754-640: Is a reversal of the original phrase Non terrae plus ultra ("No land further beyond", "No further!"). According to legend , this phrase was inscribed as a warning on the Pillars of Hercules , the rocks on both sides of the Strait of Gibraltar and the western end of the known, Mediterranean world. Charles adopted the motto following the discovery of the New World by Columbus, and it also has metaphorical suggestions of taking risks and striving for excellence. In
2856-473: Is authorized to issue, and the names and addresses of directors. Once the articles are approved, the corporation's directors meet to create bylaws that govern the internal functions of the corporation, such as meeting procedures and officer positions. In theory, a corporation cannot own its own stock. An exception is treasury stock , where the company essentially buys back stock from its shareholders, which reduces its outstanding shares. This essentially becomes
2958-552: Is found in any widespread language, the languages of Spain, France, Portugal, and Italy have retained a remarkable unity in phonological forms and developments, bolstered by the stabilising influence of their common Christian (Roman Catholic) culture. It was not until the Muslim conquest of Spain in 711, cutting off communications between the major Romance regions, that the languages began to diverge seriously. The spoken Latin that would later become Romanian diverged somewhat more from
3060-444: Is generally limited to their investment. One of the attractive early advantages business corporations offered to their investors , compared to earlier business entities like sole proprietorships and joint partnerships , was limited liability. Limited liability separates control of a company from ownership and means that a passive shareholder in a corporation will not be personally liable either for contractually agreed obligations of
3162-447: Is limited: one can only collect from whatever assets the entity still controls when one obtains a judgment against it. Corporate names are supposed to be unique to the jurisdiction in which the corporation is registered. Governments will not allow another corporation or any other kind of legal entity to register a name that is too similar to the name of an existing corporation. However, since "different states may register entities with
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3264-689: Is modelled after the British Victoria Cross which has the inscription "For Valour". Because Canada is officially bilingual, the Canadian medal has replaced the English inscription with the Latin Pro Valore . Spain's motto Plus ultra , meaning "even further", or figuratively "Further!", is also Latin in origin. It is taken from the personal motto of Charles V , Holy Roman Emperor and King of Spain (as Charles I), and
3366-1011: Is taught at many high schools, especially in Europe and the Americas. It is most common in British public schools and grammar schools, the Italian liceo classico and liceo scientifico , the German Humanistisches Gymnasium and the Dutch gymnasium . Occasionally, some media outlets, targeting enthusiasts, broadcast in Latin. Notable examples include Radio Bremen in Germany, YLE radio in Finland (the Nuntii Latini broadcast from 1989 until it
3468-407: Is usually required to register with other governments as a foreign corporation and must formally appoint a registered agent to accept service of process within such other jurisdictions. A foreign corporation is almost always subject to the laws of its host state pertaining to external affairs such as employment , crimes , contracts , civil actions , and the like. Corporations generally have
3570-543: The Corpus Inscriptionum Latinarum (CIL). Authors and publishers vary, but the format is about the same: volumes detailing inscriptions with a critical apparatus stating the provenance and relevant information. The reading and interpretation of these inscriptions is the subject matter of the field of epigraphy . About 270,000 inscriptions are known. The Latin influence in English has been significant at all stages of its insular development. In
3672-583: The Holy See , the primary language of its public journal , the Acta Apostolicae Sedis , and the working language of the Roman Rota . Vatican City is also home to the world's only automatic teller machine that gives instructions in Latin. In the pontifical universities postgraduate courses of Canon law are taught in Latin, and papers are written in the same language. There are
3774-715: The Industrial Revolution had gathered pace, pressing for legal change to facilitate business activity. The repeal was the beginning of a gradual lifting on restrictions, though business ventures (such as those chronicled by Charles Dickens in Martin Chuzzlewit ) under primitive companies legislation were often scams. Without cohesive regulation, proverbial operations like the "Anglo-Bengalee Disinterested Loan and Life Assurance Company" were undercapitalized ventures promising no hope of success except for richly paid promoters. The process of incorporation
3876-557: The Latin word for body, or a "body of people". By the time of Justinian (reigned 527–565), Roman law recognized a range of corporate entities under the names Universitas , corpus or collegium . Following the passage of the Lex Julia during the reign of Julius Caesar as Consul and Dictator of the Roman Republic (49–44 BC), and their reaffirmation during the reign of Caesar Augustus as Princeps senatus and Imperator of
3978-574: The Middle Ages , borrowing from Latin occurred from ecclesiastical usage established by Saint Augustine of Canterbury in the 6th century or indirectly after the Norman Conquest , through the Anglo-Norman language . From the 16th to the 18th centuries, English writers cobbled together huge numbers of new words from Latin and Greek words, dubbed " inkhorn terms ", as if they had spilled from a pot of ink. Many of these words were used once by
4080-457: The Registrar of Joint Stock Companies , empowered to register companies by a two-stage process. The first, provisional, stage cost £5 and did not confer corporate status, which arose after completing the second stage for another £5. For the first time in history, it was possible for ordinary people through a simple registration procedure to incorporate. The advantage of establishing a company as
4182-853: The Roman Army (27 BC–14 AD), collegia required the approval of the Roman Senate or the Emperor in order to be authorized as legal bodies . These included the state itself (the Populus Romanus ), municipalities, and such private associations as sponsors of a religious cult , burial clubs , political groups, and guilds of craftsmen or traders. Such bodies commonly had the right to own property and make contracts, to receive gifts and legacies, to sue and be sued, and, in general, to perform legal acts through representatives. Private associations were granted designated privileges and liberties by
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4284-576: The Roman Rite of the Catholic Church at the Vatican City . The church continues to adapt concepts from modern languages to Ecclesiastical Latin of the Latin language. Contemporary Latin is more often studied to be read rather than spoken or actively used. Latin has greatly influenced the English language , along with a large number of others, and historically contributed many words to
4386-569: The Romance languages . During the Classical period, informal language was rarely written, so philologists have been left with only individual words and phrases cited by classical authors, inscriptions such as Curse tablets and those found as graffiti . In the Late Latin period, language changes reflecting spoken (non-classical) norms tend to be found in greater quantities in texts. As it
4488-729: The War of the Spanish Succession , which gave Great Britain an asiento to trade in the region for thirty years. In fact, the Spanish remained hostile and let only one ship a year enter. Unaware of the problems, investors in Britain, enticed by extravagant promises of profit from company promoters bought thousands of shares. By 1717, the South Sea Company was so wealthy (still having done no real business) that it assumed
4590-636: The Western Roman Empire fell in 476 and Germanic kingdoms took its place, the Germanic people adopted Latin as a language more suitable for legal and other, more formal uses. While the written form of Latin was increasingly standardized into a fixed form, the spoken forms began to diverge more greatly. Currently, the five most widely spoken Romance languages by number of native speakers are Spanish , Portuguese , French , Italian , and Romanian . Despite dialectal variation, which
4692-507: The public debt of the British government. This accelerated the inflation of the share price further, as did the Bubble Act 1720 , which (possibly with the motive of protecting the South Sea Company from competition) prohibited the establishment of any companies without a royal charter. The share price rose so rapidly that people began buying shares merely in order to sell them at a higher price, which in turn led to higher share prices. This
4794-658: The Board of Trade, Robert Lowe . This allowed investors to limit their liability in the event of business failure to the amount they invested in the company – shareholders were still liable directly to creditors , but just for the unpaid portion of their shares . (The principle that shareholders are liable to the corporation had been introduced in the Joint Stock Companies Act 1844). The 1855 Act allowed limited liability to companies of more than 25 members (shareholders). Insurance companies were excluded from
4896-574: The British Crown. The motto is featured on all presently minted coinage and has been featured in most coinage throughout the nation's history. Several states of the United States have Latin mottos , such as: Many military organizations today have Latin mottos, such as: Some law governing bodies in the Philippines have Latin mottos, such as: Some colleges and universities have adopted Latin mottos, for example Harvard University 's motto
4998-661: The Dutch government, the Dutch East India Company defeated Portuguese forces and established itself in the Moluccan Islands in order to profit from the European demand for spices . Investors in the VOC were issued paper certificates as proof of share ownership, and were able to trade their shares on the original Amsterdam Stock Exchange . Shareholders were also explicitly granted limited liability in
5100-613: The English lexicon , particularly after the Christianization of the Anglo-Saxons and the Norman Conquest . Latin and Ancient Greek roots are heavily used in English vocabulary in theology , the sciences , medicine , and law . A number of phases of the language have been recognized, each distinguished by subtle differences in vocabulary, usage, spelling, and syntax. There are no hard and fast rules of classification; different scholars emphasize different features. As
5202-699: The English East India Company would come to symbolize the dazzlingly rich potential of the corporation, as well as new methods of business that could be both brutal and exploitative. On 31 December 1600, Queen Elizabeth I granted the company a 15-year monopoly on trade to and from the East Indies and Africa . By 1711, shareholders in the East India Company were earning a return on their investment of almost 150 per cent. Subsequent stock offerings demonstrated just how lucrative
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#17327879849465304-599: The Grinch Stole Christmas! , The Cat in the Hat , and a book of fairy tales, " fabulae mirabiles ", are intended to garner popular interest in the language. Additional resources include phrasebooks and resources for rendering everyday phrases and concepts into Latin, such as Meissner's Latin Phrasebook . Some inscriptions have been published in an internationally agreed, monumental, multivolume series,
5406-472: The UK, such as fraud and corporate manslaughter . However, corporations are not considered living entities in the way that humans are. Legal scholars and others, such as Joel Bakan , have observed that a business corporation created as a "legal person" has a psychopathic personality because it is required to elevate its own interests above those of others even when this inflicts major risks and grave harms on
5508-467: The United States the unofficial national motto until 1956 was E pluribus unum meaning "Out of many, one". The motto continues to be featured on the Great Seal . It also appears on the flags and seals of both houses of congress and the flags of the states of Michigan, North Dakota, New York, and Wisconsin. The motto's 13 letters symbolically represent the original Thirteen Colonies which revolted from
5610-563: The University of Kentucky, the University of Oxford and also Princeton University. There are many websites and forums maintained in Latin by enthusiasts. The Latin Misplaced Pages has more than 130,000 articles. Italian , French , Portuguese , Spanish , Romanian , Catalan , Romansh , Sardinian and other Romance languages are direct descendants of Latin. There are also many Latin borrowings in English and Albanian , as well as
5712-484: The act, though it was standard practice for insurance contracts to exclude action against individual members. Limited liability for insurance companies was allowed by the Companies Act 1862 . This prompted the English periodical The Economist to write in 1855 that "never, perhaps, was a change so vehemently and generally demanded, of which the importance was so much overrated." The major error of this judgment
5814-425: The benefit of those who do not understand Latin. There are also songs written with Latin lyrics . The libretto for the opera-oratorio Oedipus rex by Igor Stravinsky is in Latin. Parts of Carl Orff 's Carmina Burana are written in Latin. Enya has recorded several tracks with Latin lyrics. The continued instruction of Latin is seen by some as a highly valuable component of a liberal arts education. Latin
5916-409: The careful work of Petrarch, Politian and others, first the demand for manuscripts, and then the rush to bring works into print, led to the circulation of inaccurate copies for several centuries following. Neo-Latin literature was extensive and prolific, but less well known or understood today. Works covered poetry, prose stories and early novels, occasional pieces and collections of letters, to name
6018-415: The classicised Latin that followed through to the present are often grouped together as Neo-Latin , or New Latin, which have in recent decades become a focus of renewed study , given their importance for the development of European culture, religion and science. The vast majority of written Latin belongs to this period, but its full extent is unknown. The Renaissance reinforced the position of Latin as
6120-613: The company had become. Its first stock offering in 1713–1716 raised £418,000, its second in 1717–1722 raised £1.6 million. A similar chartered company , the South Sea Company , was established in 1711 to trade in the Spanish South American colonies, but met with less success. The South Sea Company's monopoly rights were supposedly backed by the Treaty of Utrecht , signed in 1713 as a settlement following
6222-556: The company's royal charter. In England, the government created corporations under a royal charter or an Act of Parliament with the grant of a monopoly over a specified territory. The best-known example, established in 1600, was the East India Company of London . Queen Elizabeth I granted it the exclusive right to trade with all countries to the east of the Cape of Good Hope . Some corporations at this time would act on
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#17327879849466324-404: The container port (through Hutchison Port Holdings ) and resort area at Lucaya . The Grand Bahama Port Authority is jointly owned by the Hayward and St. George families. Ian Rolle currently serves as President and Co - Chair of The Grand Bahama Port Authority. Corporation A corporation is an organization —usually a group of people or a company —authorized by the state to act as
6426-402: The corporate model for this reason (as a trust ). State governments began to adopt more permissive corporate laws from the early 19th century, although these were all restrictive in design, often with the intention of preventing corporations from gaining too much wealth and power. New Jersey was the first state to adopt an "enabling" corporate law, with the goal of attracting more business to
6528-427: The corporate status of the entity (for example, "Incorporated" or "Inc." in the United States) or the limited liability of its members (for example, "Limited", "Ltd.", or "LLC"). These terms vary by jurisdiction and language. In some jurisdictions, they are mandatory, and in others, such as California, they are not. Their use puts everybody on constructive notice that they are dealing with an entity whose liability
6630-408: The corporation is determined by the portion of shares in the company that they own. Thus, a person who owns a quarter of the shares of a joint-stock company owns a quarter of the company, is entitled to a quarter of the profit (or at least a quarter of the profit given to shareholders as dividends) and has a quarter of the votes capable of being cast at general meetings. In another kind of corporation,
6732-408: The corporation to designate its principal address, as well as a registered agent (a person or company designated to receive legal service of process). It may also be required to designate an agent or other legal representatives of the corporation. Generally, a corporation files articles of incorporation with the government, laying out the general nature of the corporation, the amount of stock it
6834-556: The corporation, or for torts (involuntary harms) committed by the corporation against a third party (acts done by the controllers of the corporation). Where local law distinguishes corporations by their ability to issue stock , corporations allowed to do so are referred to as stock corporations ; one type of investment in the corporation is through stock, and owners of stock are referred to as stockholders or shareholders . Corporations not allowed to issue stock are referred to as non-stock corporations ; i.e. those who are considered
6936-412: The country's full Latin name. Some film and television in ancient settings, such as Sebastiane , The Passion of the Christ and Barbarians (2020 TV series) , have been made with dialogue in Latin. Occasionally, Latin dialogue is used because of its association with religion or philosophy, in such film/television series as The Exorcist and Lost (" Jughead "). Subtitles are usually shown for
7038-429: The decline in written Latin output. Despite having no native speakers, Latin is still used for a variety of purposes in the contemporary world. The largest organisation that retains Latin in official and quasi-official contexts is the Catholic Church . The Catholic Church required that Mass be carried out in Latin until the Second Vatican Council of 1962–1965 , which permitted the use of the vernacular . Latin remains
7140-405: The educated and official world, Latin continued without its natural spoken base. Moreover, this Latin spread into lands that had never spoken Latin, such as the Germanic and Slavic nations. It became useful for international communication between the member states of the Holy Roman Empire and its allies. Without the institutions of the Roman Empire that had supported its uniformity, Medieval Latin
7242-406: The emperor. The concept of the corporation was revived in the Middle Ages with the recovery and annotation of Justinian's Corpus Juris Civilis by the glossators and their successors the commentators in the 11th–14th centuries. Particularly important in this respect were the Italian jurists Bartolus de Saxoferrato and Baldus de Ubaldis , the latter of whom connected the corporation to
7344-422: The equivalent of unissued capital, where it is not classified as an asset on the balance sheet (passive capital). Under the internal affairs doctrine , the law of the jurisdiction in which a corporation is incorporated will govern its internal activities—that is, conflicts between shareholders and managers such as the board of directors and corporate officers. If a corporation operates outside its home state, it
7446-460: The government's behalf, bringing in revenue from its exploits abroad. Subsequently, the company became increasingly integrated with English and later British military and colonial policy, just as most corporations were essentially dependent on the Royal Navy 's ability to control trade routes. Labeled by both contemporaries and historians as "the grandest society of merchants in the universe",
7548-661: The history of companies was the 1897 decision of the House of Lords in Salomon v. Salomon & Co. where the House of Lords confirmed the separate legal personality of the company, and that the liabilities of the company were separate and distinct from those of its owners. In the United States , forming a corporation usually required an act of legislation until the late 19th century. Many private firms, such as Carnegie 's steel company and Rockefeller 's Standard Oil , avoided
7650-530: The idea of the corporation as legal persons can help to clarify the role of citizens as political stakeholders , and to break down the sharp conceptual dichotomy between the state and the people or the individual, a distinction that, on his account, is "increasingly unable to meet the demands placed on the state in the modern world". Other Latin Latin ( lingua Latina , pronounced [ˈlɪŋɡʷa ɫaˈtiːna] , or Latinum [ɫaˈtiːnʊ̃] )
7752-703: The invention of printing and are now published in carefully annotated printed editions, such as the Loeb Classical Library , published by Harvard University Press , or the Oxford Classical Texts , published by Oxford University Press . Latin translations of modern literature such as: The Hobbit , Treasure Island , Robinson Crusoe , Paddington Bear , Winnie the Pooh , The Adventures of Tintin , Asterix , Harry Potter , Le Petit Prince , Max and Moritz , How
7854-650: The landmark 1856 Joint Stock Companies Act . This was subsequently consolidated with a number of other statutes in the Companies Act 1862, which remained in force for the rest of the century, up to and including the time of the decision in Salomon v A Salomon & Co Ltd . The legislation shortly gave way to a railway boom, and from then, the numbers of companies formed soared. In the later nineteenth century, depression took hold, and just as company numbers had boomed, many began to implode and fall into insolvency. Much strong academic, legislative and judicial opinion
7956-704: The language of the Roman Rite . The Tridentine Mass (also known as the Extraordinary Form or Traditional Latin Mass) is celebrated in Latin. Although the Mass of Paul VI (also known as the Ordinary Form or the Novus Ordo) is usually celebrated in the local vernacular language, it can be and often is said in Latin, in part or in whole, especially at multilingual gatherings. It is the official language of
8058-440: The large areas where it had come to be natively spoken. However, even after the fall of Western Rome , Latin remained the common language of international communication , science, scholarship and academia in Europe until well into the early 19th century, by which time modern languages had supplanted it in common academic and political usage. Late Latin is the literary language from the 3rd century AD onward. No longer spoken as
8160-467: The late seventeenth century, when spoken skills began to erode. It then became increasingly taught only to be read. Latin grammar is highly fusional , with classes of inflections for case , number , person , gender , tense , mood , voice , and aspect . The Latin alphabet is directly derived from the Etruscan and Greek alphabets . Latin remains the official language of the Holy See and
8262-431: The later part of the Roman Republic , up to 75 BC, i.e. before the age of Classical Latin . It is attested both in inscriptions and in some of the earliest extant Latin literary works, such as the comedies of Plautus and Terence . The Latin alphabet was devised from the Etruscan alphabet . The writing later changed from what was initially either a right-to-left or a boustrophedon script to what ultimately became
8364-521: The law of the jurisdiction where they are chartered based on two aspects: whether they can issue stock , or whether they are formed to make a profit . Depending on the number of owners, a corporation can be classified as aggregate (the subject of this article) or sole (a legal entity consisting of a single incorporated office occupied by a single natural person ). Registered corporations have legal personality recognized by local authorities and their shares are owned by shareholders whose liability
8466-425: The legal document which established the corporation or which contains its current rules will determine the requirements for membership in the corporation. What these requirements are depends on the kind of corporation involved. In a worker cooperative , the members are people who work for the cooperative. In a credit union , the members are people who have accounts with the credit union. The day-to-day activities of
8568-421: The less prestigious colloquial registers , attested in inscriptions and some literary works such as those of the comic playwrights Plautus and Terence and the author Petronius . While often called a "dead language", Latin did not undergo language death . By the 6th to 9th centuries, natural language change eventually resulted in Latin as a vernacular language evolving into distinct Romance languages in
8670-532: The lives of any particular member, existing in perpetuity. The alleged oldest commercial corporation in the world, the Stora Kopparberg mining community in Falun , Sweden , obtained a charter from King Magnus Eriksson in 1347. In medieval times , traders would do business through common law constructs, such as partnerships . Whenever people acted together with a view to profit, the law deemed that
8772-417: The members of their boards. In Canada, this possibility is taken to its logical extreme: many smaller Canadian corporations have no names at all, merely numbers based on a registration number (for example, "12345678 Ontario Limited"), which is assigned by the provincial or territorial government where the corporation incorporates. In most countries, corporate names include a term or an abbreviation that denotes
8874-538: The metaphor of the body politic to describe the state . Early entities which carried on business and were the subjects of legal rights included the collegium of ancient Rome and the sreni of the Maurya Empire in ancient India. In medieval Europe, churches became incorporated, as did local governments, such as the City of London Corporation . The point was that the incorporation would survive longer than
8976-466: The other varieties, as it was largely separated from the unifying influences in the western part of the Empire. Spoken Latin began to diverge into distinct languages by the 9th century at the latest, when the earliest extant Romance writings begin to appear. They were, throughout the period, confined to everyday speech, as Medieval Latin was used for writing. For many Italians using Latin, though, there
9078-408: The owners of a non-stock corporation are persons (or other entities) who have obtained membership in the corporation and are referred to as a member of the corporation. Corporations chartered in regions where they are distinguished by whether they are allowed to be for-profit are referred to as for-profit and not-for-profit corporations, respectively. Shareholders do not typically actively manage
9180-411: The public or on other third-parties. Such critics note that the legal mandate of the corporation to focus exclusively on corporate profits and self-interest often victimizes employees, customers, the public at large, and/or the natural resources . The political theorist David Runciman notes that corporate personhood forms a fundamental part of the modern history of the idea of the state , and believes
9282-407: The same names, a corporate name is a unique identifier only when combined with the name of the state of incorporation". This explains why lawyers in legal papers often expressly refer to a corporation's state of incorporation after the first mention of its name. Some jurisdictions do not allow the use of the word " company " alone to denote corporate status, since the word " company " may refer to
9384-431: The selling of publicly owned (or 'nationalised') services and enterprises to corporations. Deregulation (reducing the regulation of corporate activity) often accompanied privatization as part of a laissez-faire policy. A corporation is, at least in theory, owned and controlled by its members. In a joint-stock company the members are known as shareholders, and each of their shares in the ownership, control, and profits of
9486-500: The state, and they can themselves be responsible for human rights violations. Corporations can be "dissolved" either by statutory operation, the order of the court, or voluntary action on the part of shareholders. Insolvency may result in a form of corporate failure, when creditors force the liquidation and dissolution of the corporation under court order, but it most often results in a restructuring of corporate holdings. Corporations can even be convicted of special criminal offenses in
9588-581: The state, in 1896. In 1899, Delaware followed New Jersey's lead with the enactment of an enabling corporate statute, but Delaware only became the leading corporate state after the enabling provisions of the 1896 New Jersey corporate law were repealed in 1913. The end of the 19th century saw the emergence of holding companies and corporate mergers creating larger corporations with dispersed shareholders. Countries began enacting antitrust laws to prevent anti-competitive practices and corporations were granted more legal rights and protections. The 20th century saw
9690-413: Was free to develop on its own, there is no reason to suppose that the speech was uniform either diachronically or geographically. On the contrary, Romanised European populations developed their own dialects of the language, which eventually led to the differentiation of Romance languages . Late Latin is a kind of written Latin used in the 3rd to 6th centuries. This began to diverge from Classical forms at
9792-496: Was much more liberal in its linguistic cohesion: for example, in classical Latin sum and eram are used as auxiliary verbs in the perfect and pluperfect passive, which are compound tenses. Medieval Latin might use fui and fueram instead. Furthermore, the meanings of many words were changed and new words were introduced, often under influence from the vernacular. Identifiable individual styles of classically incorrect Latin prevail. Renaissance Latin, 1300 to 1500, and
9894-441: Was no complete separation between Italian and Latin, even into the beginning of the Renaissance . Petrarch for example saw Latin as a literary version of the spoken language. Medieval Latin is the written Latin in use during that portion of the post-classical period when no corresponding Latin vernacular existed, that is from around 700 to 1500 AD. The spoken language had developed into the various Romance languages; however, in
9996-484: Was opposed to the notion that businessmen could escape accountability for their role in the failing businesses. In 1892, Germany introduced the Gesellschaft mit beschränkter Haftung with a separate legal personality and limited liability even if all the shares of the company were held by only one person. This inspired other countries to introduce corporations of this kind. The last significant development in
10098-454: Was possible only through a royal charter or a private act and was limited, owing to Parliament's jealous protection of the privileges and advantages thereby granted. As a result, many businesses came to be operated as unincorporated associations with possibly thousands of members. Any consequent litigation had to be carried out in the joint names of all the members and was almost impossibly cumbersome. Though Parliament would sometimes grant
10200-534: Was recognised by the same magazine more than 70 years later, when it claimed that, "[t]he economic historian of the future... may be inclined to assign to the nameless inventor of the principle of limited liability, as applied to trade corporations, a place of honour with Watt and Stephenson , and other pioneers of the Industrial Revolution. " These two features – a simple registration procedure and limited liability – were subsequently codified into
10302-482: Was shut down in June 2019), and Vatican Radio & Television, all of which broadcast news segments and other material in Latin. A variety of organisations, as well as informal Latin 'circuli' ('circles'), have been founded in more recent times to support the use of spoken Latin. Moreover, a number of university classics departments have begun incorporating communicative pedagogies in their Latin courses. These include
10404-417: Was the first speculative bubble the country had seen, but by the end of 1720, the bubble had "burst", and the share price sank from £1,000 to under £100. As bankruptcies and recriminations ricocheted through government and high society, the mood against corporations and errant directors was bitter. In the late 18th century, Stewart Kyd , the author of the first treatise on corporate law in English, defined
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