municipal corporation de facto

A corporation recognized to exist, although it has not fully complied with statutory requirements, when there is (1) a valid law authorizing its incorporation, (2) a colorable and bona fide attempt to organize under that law, and (3) an assumption of powers conferred under that law. [Cases: Municipal Corporations 17. C.J.S. Municipal Corporations § 29.]

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词条贡献者

译者Jeffrey，毕业于国内一流的高级翻译学院，擅长翻译各种与首次公开发行/其他股权或债务发行相关的法律文件。