45 Iowa 23 | Iowa | 1876
The right is conferred upon corporations organized under the laws of this State, and is, by necessary implication, denied to foreign corporations. In The Bank of Augusta v. Earle, 13 Peters, 519, Mr. Chief Justice Taney announcing the opinion of the court said: “ It is very true that a corporation can have no legal existence out of the boundaries of the sovereignty by which it is created. It exists only in contemplation of law, and by force of the law; and where that law ceases to operate, and is no longer obligatory, the corporation can have no existence. It must dwell in the place of its creation, and cannot migrate to another sovereignty. But, though it must live and have its being in that State only, yet it does not by any means follow that its existence there will not be recognized in other places; and its residence in one State creates no insuperable objection to its power of contracting in another. * * * * * Every power, however, of the description of which we are speaking, which a corporation exercises in another State, depends for its validity upon the laws of the sovereignty in which it is exercised; and a corporation can make no valid contract without their sanction, express or implied.” Whilst, therefore, a foreign corporation might, respecting a proper subject, make a
Thus modified the judgment of the court below is
Affirmed.