The charter which the State issues to the corporation creates the corporation. The charter brings the corporation into existence, and before that time the corporation is not authorized to transact any business.

"That a corporation should have a full and complete organization and existence as an entirety before it can enter into any kind of contract or transact any business would seem to be self-evident. ... A corporation, until organized, has no being, franchises, or faculties. Nor do those engaged in bringing it into being have any power to bind it by contract, unless so authorized by the charter. Until organized as authorized by the charter, there is not a corporation, nor does it possess franchises or faculties for it or others to exercise, until it acquires a complete existence." 7

6 See Statutes of several States.