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Terms Used In Idaho Code 50-2307

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Property: includes both real and personal property. See Idaho Code 73-114
Any city organized under the provision[s] of section[s] 50-2301 through 50-2308 shall for all purposes be deemed and taken to be, in law, the identical corporation theretofore incorporated and existing under the special charter or general incorporating act; and such reorganization shall in no wise affect or impair the title to any property owned or held by such corporation or in trust therefor, or any debts, demands, liabilities, or obligations existing in favor of or against such corporation, or any proceeding then pending, nor shall the same operate to repeal or affect in any manner any ordinance theretofore passed or adopted and remaining unrepealed, or to discharge any persons from any liability, civil, criminal then existing, for any violations of any such ordinance, but such ordinances, so far as the same are not in conflict with the general laws, shall be and remain in force until repealed or amended by the said city council; provided, that proceedings theretofore commenced shall, after such reorganization, be conducted in the same manner as though the change herein provided had not taken place.