Definition of corporation. 1a : a group of merchants or traders united in a trade guild (see guild 1)b : the municipal authorities of a town or city. 2 : a body formed and authorized by law to act as a single person although constituted by one or more persons and legally endowed with various rights and duties including the capacity of succession.
In his June 16, 1933 Statement on the National Industrial Recovery Act, President Roosevelt described the spirit of the NRA: On this idea, the first part of the NIRA proposes to our industry a great spontaneous cooperation to put millions of men back in their regular jobs this summer..
Formerly codified as 15 U.S.C section 703, the National Industrial Recovery Act (NIRA) was enacted in June of 1933 as part of President Franklin D. Rooseveltâs New Deal program. The Act was formally implemented by the Public Works Administration and the National Recovery Administration (NRA).ackground of the National Industrial Recovery Act of 1933: The United States, through a series of poor banking practices and inept consumer investment strategies, fell victim to the Great Depression during October of 1929.