In addition to the powers expressly granted to a corporation it also possesses those powers which are derived from the express powers by necessary implication. In order to derive a power by implication it must appear that such power is necessary to the enjoyment of the specially granted right without which the latter would fail.5

"There are two views which may be taken of the power to purchase and hold the capital stock of other gas companies, as designated in said second clause.

4 Chicago, R. I. & P. Ry. Co. vs.

Union Pac. Ry. Co., 47 Fed.,

22. 5 Elliott on Private Corporation.

Sec. 64 citing Downing vs.

Mt. Washington R. Co., 40 N. H., 230; Charles River Bridge vs. Warren Ave. Bridge, 11 Pet., 420.

Must it be regarded as an original, independent power, intended to exist exclusively and in addition to the power named in the first clause, or may it be considered as merely ancillary to the other power of maintaining and operating works for the manufacture and sale of gas? If the latter view be correct, the main object for which the gas trust company was formed would be that it might itself maintain and operate works for the manufacture and sale of gas, while the purchase of shares of stock in other companies would be merely a subordinate object, incidental only to the main purpose of the corporate formation. An illustration of this idea may be found in the general law of this State in regard to life insurance companies, which makes it lawful for a life insurance company, organized in the State, to 'invest its funds or accumulations in the stocks of the United States, ... or in such other stocks or securities as may be approved by the auditor.' The main object of forming such a company is to engage in the business of life insurance, but the power to invest surplus funds in certain stocks is given as an incident to such business.

"Can the power to purchase and hold the stock of other gas companies be lawfully exercised by the appellee, as incidental to the main purpose of maintaining and operating works for the manufacture and sale of gas? Corporations can only exercise such powers as may be conferred by the legislative body creating them, either in express terms or by necessary implication; and the implied powers are presumed to exist to enable such bodies to carry out the express powers granted, and to accomplish the purpose of their creation. Railroad Co. vs. Marseilles, 84 III., 643; Coke Co. vs. Coke Co., 121 III., 530, 13 N. E. Rep., 169. An incidental power is one that is directly and immediately appropriate to the execution of the specific power granted, and not one that has a slight or remote relation to it. Hood vs. Railroad Co., 22 Conn., 1; Franklin Co. vs. Institution, 68 Me., 48. Where a charter, in express terms, confers upon a corporation the power to maintain and operate works for the manufacture and sale of gas, it is not a necessary implication therefrom that the power to purchase stock in other gas companies should also exist. There is no necessary connection between manufacturing gas and buying stocks. If the purpose for which a gas company has been created is to make and sell gas, and operate gas works, the purchase of stock in other gas companies is not necessary to accomplish such purpose. 'The right of a corporation to invest in shares of another company cannot be implied, because both companies are engaged in a similar kind of business.' 1 MLr. Priv. Corp., Sec. 431." 6

By far the greater portion of the powers of a corporation are implied powers, only a few powers being expressly conferred in most charters. Many illustrations of implied powers derived from express powers could be given. Thus the power to borrow money has been held to be implied from the powers, expressly granted, to receive money on deposit and to loan money.7 Banking and manufacturing corporations have the implied power to make negotiable paper. The power to sell will always be implied from the power, either to acquire or to manufacture, etc.