Final answer:
Lack of mutual agency for stockholders in a corporation means shareholders cannot act on behalf of the corporation, and the company does not gain financially from stock sales between shareholders.
Step-by-step explanation:
For a corporation to lack mutual agency for stockholders means that the stockholders cannot act on behalf of the corporation or bind it in any contractual agreements simply by virtue of owning shares. When an individual purchases corporate stock, they are buying a stake in the company's ownership from the previous shareholder, and the transaction does not directly involve the company nor does it provide the company with any financial return. This is similar to buying a house from the current owner rather than the original builder.
A shareholder's liability is limited to the total amount of their investment, and although they share in the profits and losses, they do not inherently have the authority to make decisions for the company. For corporate operations or expansion, corporations typically raise funds through selling stock or issuing bonds without direct transactions influencing these financial activities.