4 ms·
Right, but municipal bodies in some places are still organised as corporations.
by Mvandenbergh 14y ago
Right, but municipal bodies in some places are still organised as corporations.
- will_brown 14y agoTrue, but they are still out to make a profit, it goes without saying that if they do not at least generate enough revenue for expenses they can not continue to exist at that rate in perpetuity - but the reality is profit is required to create Trusts to pay pre-existing liabilities such as bonds and pensions, not just cover overhead - in fact we are seeing major cities file bankruptcy setting new precedent in bankruptcy law. See, http://articles.chicagotribune.com/2013-03-31/news/sns-rt-us-stockton-bankruptcybre92u09q-20130331_1_bankruptcy-eligibility-bankruptcy-protection-assured-guaranty-municipal-corp http://articles.chicagotribune.com/2013-03-31/news/sns-rt-us... I can not help but like your spelling of organised with an "s", I think I am dropping the "z" and using "s" from now on. Wish I could give a 2nd +1 just for that.