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Has this ever happened? I know governments have taken over/privatized businesses, but when was the last time one was just shut down because it presented a thre
by bmm6o 12y ago
Has this ever happened? I know governments have taken over/privatized businesses, but when was the last time one was just shut down because it presented a threat? I'd think you'd be well into "too big to fail/jail" territory.
- dragonwriter 12y ago> Has this ever happened? Yes, corporate charters have been revoked for failure to comply with legal requirements. AFAIK, the most recent period of time during which this (sometimes referred to as the "corporate death sentence") was an actively-pursued remedy for violations of the law in the US (though it is one on the books still in, I believe, all states) is the late 19th and early 20th century [1]. [1] Some New York cases discussed starting on p. 250 (of the source document, not the PDF) under "Revocations Based on Misuse of the Corporate Charter for Violations of State Law": http://digitalcommons.pace.edu/cgi/viewcontent.cgi?article=1398&context=pelr http://digitalcommons.pace.edu/cgi/viewcontent.cgi?article=1...
- bmm6o 12y agoI don't question that the state can revoke a charter, I meant if it had done so as a result of a perceived threat (rather than as a result of criminal behavior). I'm aware that since the state also defines criminal behavior the line can be blurry, but I think we can agree that the North River Sugar Refining Company did not pose an existential threat to the state of New York.