Separation of School and State

During my last semester of law school, we read an interesting case for Corporations class, A. P. Smith Mfg. Co. vs. Barlow, 13 N.J. 145, 98 A.2d 581.  In this 1953 decision by the New Jersey supreme court, the question (basically) was whether the corporation was allowed to donate money to charity, or whether donating would be an illegal waste of the shareholders’ money.  I won’t bore you with the legal details (the court found that the corporation was allowed to make such donations), but listen to some of the testimony in the case: