Supreme Court of North Carolina October 24, 1928 (State Ex Rel. Board of Commissioners v. Bank of Southport)

CoNNOE, J.

The principle that a corporation may lawfully exercise only those powers, which are expressly conferred upon it by its charter, or by the laws in force in the jurisdiction where it was organized, or which are incidental to the exercise of such express powers, has been uniformly and consistently applied by the Supreme Court of the United States to corporations or associations organized