Excerpt from The Law of Promoters
Practically all large business enterprises are, at the present day, organized in corporate form. The transactions involved in the formation of these corporations are often intricate and of great magnitude. Yet their organization is in the main the work of promoters - persons who have no official connection with the future corporation and who occupy toward it a very indefinite, and in some respects an anomalous, relation. The questions of law which arise from the acts and omissions of these promoters are difficult and complicated, and call for more intensive consideration than can well be accorded them in any general work on corporations. No work on promoters" law has been published since 1898, and in the eighteen years that have elapsed many interesting cases have been decided. That there is need for a reconsideration of the subject there can be no doubt.
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