It may be conceded that a corporate charter is a contract having a threefold aspect as to the combinations of parties thereto, and that this contract, as between the corporation and the state, may be changed by the state without conflict with the Federal Constitution, providing the state has reserved a power to change. It still is an ever present problem, however, as to how far the state may affect the contracts of stockholders, either inter se or with the corporation. This problem is particularly a live one in Delaware, both because of the recent Keller case and the large number of corporations which are organized under the laws of that state.
Michigan Law Review,
CORPORATIONS - CHARTER AMENDMENTS - DELAWARE DILEMMA,
Mich. L. Rev.
Available at: https://repository.law.umich.edu/mlr/vol35/iss4/6