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PROMOTERS Definition & Legal Meaning

Definition & Citations:

In the law relating to corporations, those persons are called the “promoters” of a company who first associate themselves together for the purpose of organizing the company, issuing its prospectus, procuring subscriptions to the stock, securing a charter, etc. See Dickermau v. Northern Trust Co., 170 U. S. 181, 20 Sup. Ct. 311, 44 L. Ed. 423; Bosher v. Richmond & H. Land Co., 89 Va. 455, 16 S. E. 360, 37 Am. St. Rep. 879; Yale Gas Stove Co. v. Wilcox, 04 Conn. 101, 29 Atl. 303, 25 L. R. A. 90, 42 Am. St. Rep. 159; Densmore Oil Co. v. Densmore, 64 Pa. 49. In English practice. Those persons who. in popular and penal actions, prosecute of- fenders in their own names and that of the king, and are thereby entitled to part of the fines and penalties for their pains, are called “promoters.” Brown. The term Is also applied to a party who puts in motion an ecclesiastical tribunal, for the purpose of correcting the manners ot any person who has violated the laws eccle- siastical ; and one who takes such a course is said to “promote the office of the judge.” See Mozley & Whitley.


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