Corporation is a fascinating concept: the bringing forth out of thin air an incorporeal person that acts only through its agents. Corporations enjoy the same legal personality as natural persons. In most modern jurisdictions, incorporation is granted by statute, but it used to be granted by Royal Charter. The oldest corporation in the world is, of course, The Bay, which was formed in 1670 by these words:

Now know yee that Wee being desirous to promote all Endeavours tending to the publique good of our people and to encourage the said undertaking have of our especiall grace certaine knowledge and meere mocion Given granted ratifyed and confirmed And by these Presentes for us our heires and Successors Doe give grant ratifie and confirme unto our said Cousin Prince Rupert Christopher Duke of Albemarle William Earle of Craven Henry Lord Arlington Anthony Lord Ashley Sir John Robinson Sir Robert Vyner Sir Peter Colleton Sir Edward Hungerford Sir Paul Neile Sir John Griffith and Sir Phillipp Carterett James Hayes John Kirke Francis Millington William Prettyman John Fenn and John Portman That they and such others as shall bee admitted into the said Society as is hereafter expressed shall bee one Body Corporate and Politique in deed and in name by the name of the Governor and Company of Adventurers of England tradeing into Hudsons Bay and them by the name of the Governor and Company of Adventurers of England tradeing into Hudsons Bay one Body Corporate and Politique in deede and in name really and fully for ever for us our heirs and successors doe make ordeyne constitute establish confirme and declare by these Presentes and that by the same name of Governor & Company of Adventurers of England Tradeing into Hudsons Bay they shall have perpetuall succession etc. etc. (it actually goes on for twelve pages).

In return, all King Charles the Second asked for was the

Yeilding and paying yearley to us our heirs and Successors for the same two Elkes and two Black beavers whensoever and as often as Wee our heirs and successors shall happen to enter into the said Countryes Territoryes and Regions hereby granted

Not a bad deal. I think it’s sad that the Bay changed its name on the federal corporate registry from The Governor and Company of Adventurers of England Trading into Hudson’s Bay AKA Hudson’s Bay in French Compagnie de la Baie d’Hudson to Hudson’s Bay Company in December 2004.

Of course, none of this is on my Corporations exam, but if it were wouldn’t that make it a much more interesting course?