Business & Finance: Corporate Cardinal

A corporation is not a man but a man may be a corporation. One corporate-man is George Cardinal Mundelein, Archbishop of Chicago. In order to carry on the temporal affairs of his busy diocese this Prince of the Roman Catholic Church is "incorporated by law in order to give him legal capacities and advantages not possessed by natural persons." He is technically known as a "corporation sole," which means that he is the entire corporation with title to diocesan properties.

Last week Halsey, Stuart & Co., Chicago and New York underwriters, issued $5,250,000 Catholic Bishop of Chicago Serial Notes,...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!