A.P. Smith Mfg. Co. v. Barlow case brief

A.P. Smith Mfg. Co. v. Barlow (N.J. 1953)

Discussion of giving a donation to Princeton.

POLICY/DISCUSSION
Policy justification for corporate giving is in part transfer of wealth to corporate
hands and heavy burdens of individual taxation
Note that New Jersey passed a law explicitly allowing charitable donations, so one
question is whether this new law affects the articles of incorporation for existing
companies. Court rules that legislature may alter corporate charter provisions in
the public interest even if they affect the contractual rights between corporation and
stockholders or stockholders inter se.