Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1837-01-07
Vsiceyasscr ;eR, Va Saturday. Ban. q.
CHA 3rERS.

,rrsand Co, npa c*-Th hey show US, what the pro-
visions adc2ed INTO the codes of Nt'o YORK and 'lus"e
". uuGsrs.a nd similar reservations are engraed into
her charters by the of Massachusetts, IS
,hr objection; Such power would never re exercised
bat of the last resort where the abuses OF the
trust were drmonsat e, where the pubic interests
jmpc-ousY required he exercise of the power we
have no, under$' 'o heher it has yet ever been cxer
ciscd in apv OF these er States We Will undertake
10 say that it never IS been wanony and nnnecessa-
ry exercised Last v1iaer, during the session OF the
Legislature of Alassae ,usels, rigid enquiry was nS
,nd into the ccluc OF certain banks ana though inc
banks had excited nn ch resentment ny teil
tho resolution to ;cnd their charters failed IN one
Hu<e i,hadp ss,d the o,herA gainst the effects of
grossly mprovidrn and :,ischievouS Legislation; against
hch are hcrrcssly granted by one Legislature
t L,lf century, rsrho.s and with enormous and per
nc;ous mowers ere ;cre no sort of relief no sort OF
provision tor the Juhitc SaGH, lhe Po''.g WS"
he essentially cr;Gccd br single ignorant, ia"llous
and corrupt leg Satnre-Sone persons uouo'
such proec,i' power does exist, without specification
WHY not then settle the question by general reservations
Express thatr servaon the ana
manner if ye pIease-specy that il is only to DC car
rcd into ete' when fraud, corruption gross ABUSE, or
the imperiou dictates Of the public interest demand 1t
STIMULATING; the same time that adequate compensation
is 10 be era ,,ed but let the conservative aocune
BE- recognI led OH The face of tue charter
"cE t lSTi RS N TnE sTATE or NEW YORK..
"Our Correspondent STRICT CoSsTRucrloS, has
fu:nse the following Information requested by the
Editor rthe Richmond Enquirer upon the matters OF
commu nication of the former
:he 70 VS. took place in 1880 in New York. discussion
yheA arisen upon the subject of the power OF inc
tod modify and repeal acts OF lhcoTpora''oi OUT u
va nevertheless common TO pass them without Tue ie
ei,!a,ure reBerving such authority in The grant: 10
avoid all question OH this head, the following clauses
we're introduced into the Revised Statutes In i!'e So
of Artc. 3d. Of the 18th Chapter of the LIST Part, lst
Val D. 50g) which treats 'o the general powers: pr-
yileres and liabilities OF Corporations
IS T. If any corporation hereafter created by the
Legislature shall not organize and commence the trans.
nnnfs business within year from the Gale OF
its incorporation, It's corporate power shall cease.
IS 5. The chare. of every corporation, that shall
hereafter BE- granted by The Legislature shall be subject
aeaton suspension and repeal: in the discretion of
the Legis!aure
In addition 10 the precautions of general act on this
subject, the charters themselves contained clauses in
these words:
Is BANK CHARTERS.
:" The said corporation shall possess the genera!
powers of corporation defined in The 18th chapter of
the lst part of the Revised Statutes and shall be subject
the operation Of the provisions contained in that chap
ter except so far as the modified by the act re.
cited the following section:
IS The said corporation shall also be subject to the
provisions contained in the entitled IAN act to
ate fund for the benefit of s creditors of certain mo;
neyed corporations and for oier purposes, passed April
ID, ls29 known as the Safety Fund Act. See Act
SD scclion Chap a. ICY Safety Fund and subsequent
amendments"
4 raiiroud Charter on an important route contained
IS II. The Legislature shall have power at any time
hereafter TO repeal alter or modify this act or any Of lis
provisions.
IS Is This act shall be deemed patbiic act.
y G. The said corporation shall continue during the
period Of 80 years from the time the railroad shall be
completed, and shall possess the general powers and be
subject to the general restrictions and liabilities prescrb
ed in the Sd title Of the 18th chapter Of the Sd part Of
the Revised Statutes CT this Slate.
IS Is. Provides that " The grant contained in this act
shall be deemed be taken the condition. that if the
Legislature certain terms specified in the section shall
mike provision BY law for the repayment of the
pended BY the company, &c. the act shall be void and
rand Hr shall ,ha nla nf thn into
The acts Incorporating Ferry, Turnpike and Bridge
Companies had this clause,
'lhis act is hereby declared 10 be public act and
the Legislature may at any sne alter modify repeal
the same
The aets Incorporating rMagcs contain like clause
the tast and this IN addtii0n:
"Sad corporation shall enjoy the privileges, and be
subject to the restrictions contained in the sd title OF
chap Is Of the st partcf the Revised Statutes so far
as the may be applicable
BY examining the Laws of the Stale since 1880, bank
charters and acts Of incorporation containing the Sec
tons copied may be found dotted every few leaves
of our Democratic (9) Legislature.
These the only clauses contained in the respective
charters referred to, which authorize the Legislature as
part Of the original contract between the people and
the coTporaors, to modify, alter and repeal them Judge
Story IN 1919 in his opinion, q Wheaton 7i2 in refer
The right of the Legislature 10 take away any
powers vested by its charter in pricatc Cdrporaton
says. IL the Legislature mean to claim such autho
lily, ii must be reserved in The grant.
Judge Marshall, in his opinion in the case,
terng 10 the charter 10 Dartmouth College, says, If
the act Of incorporation be grant Of political pOaoer, if
II create civil institution 10 he employed in the admin
sra!on of the government, if the funds Of the COL
rse be public property, if the Stale Of New Hamp.
shire as government, be alone interested in lis trans
acons the subec in which the Legislature OF the
State may act according 10 its own judgment, unrestran-
cd by any limitation Gifts power imposed by the Constl
tutlon Of the United States
These dic,u of the Judges undoubtedly gave rise to
the provisions copied from the charters referred to, but
no adludications have been had upon them in our own
Courts The various statute laws referred to, (Which
are long may be found at the public offices at Richmond
transmitted in pursuance Of the customary civlity
The part Of the executive Of each Of the respective States,
III n;erchangng their statute laws If not, they will be
furnished if desired"
(From the .4ugustn Maine .3ge Dec. 23.)
"CnARTERs Is AfAiSE.-The Editor of the Richmond
Inquirer requests information The conditions upon
which charters granted in the several States. In
this State at the session of The Legislature 1884, in
which year most Of the charters that had been previously
granted, EXPIRED the following public act passed
and is still in force
'6e enacted, &c That all acts Of incorporation which
snail be passed after the passage OF this act shall at all
tunes hereafter be liable to be amended, altered
icaed at the pleasure Of the Legislature in the same
manner as if an express provision 10 that effect
therein contained unless there shall have been inserted
III such of incorporation express Limitation, pro.
vision to The contrary
This act operates upon all bank charters, and
nearly all other charters of whatever description in the
State. The only exceptions, believe, certain
charters for Bridges and Literary institutions, obtained
from the Legislature of Massachusetts, before the sepa-
ration.
The DspoSite Baaks-and The Currencv
i ne Proceedings in both Houses of Congress have
cs"1d The public attention to these subiecsSln the H.
~ representatives, Mr.. Garland's resolution and the
' .nehls have brought up the Deposile Banks and
s s.n. VINO Is supposed 10 be employed by them
and IN the Senate, Mcssrs Ewings and Rivess resou
ttnpt;on a..