Continuing governmental supervision. Inherent power is that power which is necessary for corporate existence, the power to make contracts. Express powers are set out in the charter and by-laws at the time the corporation was organize. Implied powers are those which are necessary to carry out the express powers and purpose of the corporation. Punishment generally consists of fines or forfeiture, although recently directors have been faced with prison sentences for crimes of the corporations.
Examples are in the area of toxic waste dumping, unsafe working conditions, worker safety etc.
In these instances the fact that the officers of the company were knowledgeable about the deficiencies of the conditions resulted in their indictment. Corporations are liable for the damages resulting from torts committed by their officers, directors, agents, or employees within the course and scope of their corporate duties. The corporation is liable for ALL authorized acts. If the act is not authorized, if the act is of the type customarily delegated to such an officer, the corporation is liable. Corporations are generally liable on contracts made by their agents within the course and scope of corporate authority.