general franchises

The primary corporate franchise which grants special privileges to incorporators, enabling them to act for certain designated purposes as a single individual and usually exempts them from individual liability; and the secondary corporate franchise consisting in the powers granted to a corporation and specified in its charter. 18 Am J2d Corp § 66. The right to be a corporation, or the corporate right of life, is inseparable from the corporation itself. It is a part of it, and cannot be sold or assigned. That franchise is general and dies with the corporation, for it cannot survive dissolution or repeal. Lord v Equitable Life Assur. Soc. 194 NY 212, 87 NE 443.