Republican (constitutionalist) Governor Daniel D. Tompkins, of New York, signs the Union’s first incorporation statute, allowing any State sovereign Citizen the privilege of forming a corporation. Previously corporate charters were only granted to the well connected and influential. This has the beneficial effect of substantially improving the economic promise of the free-market as barriers to capital formation and business competition are removed.
[added 1/7/2022]
Subsequent Events:
Authority:
New York Constitution of 1777, Article I
avalon.law.yale.edu/18th_century/ny01.asp
References:
Act Relative to Incorporations for Manufacturing Purposes of 1811 – Wikipedia
en.wikipedia.org/wiki/Act_Relative_to_Incorporations_for_Manufacturing_Purposes_of_1811