FIBOBE_ — The class name and definition of GeneralStockCorporation is jurisdiction-specific and not sufficiently broad for banking requirements

Various US states and other jurisdictions define corporations that are incorporated through the issuance of shares in a number of ways. The term GeneralStockCorporation appears to be specific to the State of California. Other states call this "Domestic Stock Corporation", "Domestic Business Corporation", "Domestic Corporation", and so forth. What is actually needed are two classes as subclasses of Corporation: (1) a concept that represents a corporation incorporated through the issuance of shares, which is disjoint with a body incorporated through agreement and a body incorporated with guarantee, and (2) a parallel concept that represents a for-profit corporation that is disjoint with a nonprofit corporation. Jurisdiction-specific corporations that are both for-profit and stock corporations can specialize these classes as appropriate.

The class name and definition of GeneralStockCorporation is jurisdiction-specific and not sufficiently broad for banking requirements

Various US states and other jurisdictions define corporations that are incorporated through the issuance of shares in a number of ways. The term GeneralStockCorporation appears to be specific to the State of California. Other states call this "Domestic Stock Corporation", "Domestic Business Corporation", "Domestic Corporation", and so forth. What is actually needed are two classes as subclasses of Corporation: (1) a concept that represents a corporation incorporated through the issuance of shares, which is disjoint with a body incorporated through agreement and a body incorporated with guarantee, and (2) a parallel concept that represents a for-profit corporation that is disjoint with a not for profit corporation. Jurisdiction-specific corporations that are both for-profit and stock corporations can specialize these classes as appropriate.

This issue affects sections 9.2.3 Corporate Bodies, 9.3.1 Corporations, 9.4.1, Partnerships, 9.6.3 Corporate Ownership, and 9.6.4 Corporate Control. It involves (1) changing the name of GeneralStockCorporation to StockCorporation, and adding a second class, ForProfitCorporation, (2) teasing out the two aspects of the definition of the current GeneralStockCorporation to separate the incorporation type from the profit motivation, and (3) revising the places in BE where the name change is required (and/or where use of ForProfitCorporation, or the union of the two classes makes sense).

To date, the current GeneralStockCorporation class has only been used in BE, and thus the name change has no impact on the FIBO FBC and FIBO IND specifications, nor does it impact work in progress on other FIBO specifications.

Note that resolution of this issue depends on the resolution to FIBOBE-_11.