The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-03-11
The matter was laid over by consent.
Veto Of the Auburn and Sennett Plank Road
Bill.


STATE OF NEW YORK, EXECUTIVE DEPARTMENT,
ALBANY, March Z, 1859
return without my approval the bill entitled San ac.
to authorize the Board Of Directors OF the Sennett
auburn Plank Road Company the stockholders
said company for the payment Of the debts thereof and
TO make the same into u gravel road
The bill provides III substance that, procuring the
written consent Of holding majority in
the capital stock Of the company the author
lied to call upon the stockholders contribute pro rata
such shall be sufficient pay both the present
ndebtedpessof company and the cost of converting
the road Of the company INTO gravel road and putting
1t into good repair as such: PROVIDED however, that the
amount Of such assessment shall exceed fifteen Der
cent the Of stock held by any stakeholder
In case Of refusal or neglect to the within
limited PERIOD the directors authorized forfeit the
stock TO the company but they cannot enforce
pay ment by action.
II this bill merely proposed to give the power lay an
assessment for the purpose Of paying the existing debts
OF the company there would be very strong objection
TO 1t, exc. p that 1t would be super uous The stockold
already individually liable for the debts of the
company and exstiDg general laws, and particularly
chapter three hundred and ninety Of the laws Of 1856
provide pparcnty fair and equitable mode of meeting
this liability. IT, the other hand the object of the bill
merely to enable the company transform their
road into gravel road there would be objection,
cept that would be unnecessary for that power is al
ready expressly given by chapter five hundred and forty
six Of the laws of 1855 But besides giving these two
peruous and unnecessary powers, the bill seeks to give
another and more Objectionable power. 1t enables
the holders OF majority of tho stock TO
compel tho other stockholders, unders the penalty
G but to bs o sss
ing the road TO gravel road and then putting in pro-
per repair. In other WORDS the stockholders be
compelled 10 increase their Subscriptions Having sub
scrbed and paid for their stock ut certain par value,
they TO be compelled TO pay certain per centage
additional am not informed whether there would be
this Particular any objection the part of any of the
stockholders, but presume that there would be- for If
the Of all be obtained the Intervention of the Legs
ature would not be needed sought II there should be
any such objection, even on the part Of single stock
holder, the Legislature certainly ought noteven il it has
the power--tO seek TO compel such further payment
It will readily be perceived that there may be in
stances in which holders OF stock would fail to pay
the assessment, merely from inability This would
be the especially with those in moderate circum-
stances and those who hold sock in trust Yet this
bill become law, they may be at deprived Of their
stock, without any fault their part and after they have
paid all that they bound themselves to pay.
This objection obviously involves important princi
pie reaching far beyond the interests affected by this
tcuar bill such provision Is right in the Of the
Stnnet and Auburn Plank Road Company, II is equally
right in the not only Of every other plank road
papy, but in that of every corporation in the State
Believing that the provision referred TO is opposed to
every principle Of justice and good faith, feel confident
that when the attention Of the members OF the Legislature
is distinctly called to it, they will the proprey Of
considering their action. Z. d. MORGAN.