corporation by prescription

A corporation that, though lacking a charter, has acquired its corporate status through a long period of operating as a corporation.

• Such an entity may engage in any enterprises that are not manifestly inconsistent with the purposes for which it is assumed to have been created.

— Also termed common-law corporation. [Cases: Corporations 27.]

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词条贡献者

译者Gary，毕业于国内一流的翻译学院，擅长翻译各种与合规与风控相关的法律文件。