We did not have that in the early 20th. Santa Clara Rail Road was the late 19th Century. The vast majority of the law around persona ficta predates that by centuries, and quite a bit took place in the US during the 18th, 19th, and 20th Centuries.
The PEOPLE have the same seats at the table they always have had, or the same lack thereof.
Just out of curiosity: which corporations get eliminated and how?
Look up the Tillman Act of 1907.
