The Model Corporate Charter Revocation Act
What is corporate charter revocation?
Corporations are created by state law when the state government issues a corporate charter. A corporate charter provides special benefits that are not available to citizens, such as limited liability and perpetual life. In general, grant of these privileges through a corporate charter serves the public interest because corporations promote economic growth.
But in virtually every state, corporate charters are conditioned on good behavior. Some corporations abuse their privileges by repeated violations of the law.
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