The pioneer in this move was the state of Pennsylvania, which chartered a company in 1792 to construct a turnpike, a road for the use of which a toll, or payment, is collected, from Philadelphia to Lancaster.
A charter is the grant of authority or rights, stating that the granter formally recognizes the prerogative of the recipient to exercise the rights specified. It is implicit that the granter retains superiority (or sovereignty), and that the recipient admits a limited (or inferior) statu