Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1869-11-04
LEGISLATURE OF VERMONT.
sEEATE-FORENOON.

By Mr.. Benedict, to incorporate the
Union Trust Company, Ito be located at
the city Of Burlington.)
A message was received from His Ex-
cellency, the Governor, returning Senate
bill No. Is, incorporating the Alburg,h
Highgate and Plattsburgh Steam Ferry
Company, without his approval and with
his objections thereto in writing.
By Mr. Merrill, in addition to an act,
establishing Rutland graded school.
Senate 10, to incorporate the Alburgh,
Highgate and Pittsburgh Steam Ferry
Company was taken up, and the Cover
nor's objections thereto were read by the
Secretary, which are as follows:
To the President Of tie Senate
SIR Il return herewith to the Senate,
without my approval, Senate bill No. 10,
entitled "An Act to incorporate the AL
burg, Highgate aud Plattsburg Steam
Ferry Company"
This bill contains the usual clause limit
ing the right of the Company to contract
debts to the extent of three-fourths of the
capital stock actually paid in, and max
ing the directors personally liable for all
debts in excess of that amount; but it
does not contain any prohibition of the
withdrawal or deviation from the bust
ness of the corporation, during its exist
ence, of any part of the capital actually
paid in. The express provision, prohibit
ing such withdrawal inserted in section
forty. three of onapter eighty-six of the
General Statutes, and applicable TO all
private corporations formed by voluntary
association, indicates very clearly, that
this has become the settled policy OF the
State. The same prohibition has been in
serted in a majority of the special acts in
cooperating private corporations, enacted
since the enactment of the General Stat
utes; and its omissions in any has been
probably the result rather of inadvertence,
than Of intention. 1t is provision essen
tiAl for the proper protection Of he credit
ors of the company. Without 1t, although
the debts may not exceed three-sourihs of
the capital paid In, yet, by using the
capital to pay dividends, which is not un-
frequently done 10y corporations. when
their business fails 10 be profitable, the
amount OF the actual capital may be re-
duet d below the amount OF the debts, aud
thus q portion II the creditors be LETT
without security, or the means of obtain
j z pam II II their claims.
And t:es Ollie ton to he bill is not re-
liav.a ~ The uyovi.ion IN section ,ix
N KIM = su.i-cs - the ,ravi.iaps Of
,h,n.,r 80 # ia, general ,t,,ute. I, !.
th.r..ty ,,,3,..suli.rt n. ,.r,er1 mo.
y1J,s ~ a., cLTtar ~ Which le sr
bic 70 all.prie.f,, corporations. bat not Ia
'tcNi?h@ t"thty -i9ui 70 iotty, lht'u7iS',
which by Their terms are made applicable
only 10 savings banks ana ihoheysd cor
pofau9hS' nor 'o section 'ofly 'whieh
oy It's terms / mace "Ppileao!e only 10
oofpofAuoi.s ot-dlllh ea oy voluntary as
therefore respectfully return the bill
Tor the fHrthtr eansidera ION Oh the Senate.
fhFER l. AsHBuRN,
Governor
u;rbsr,nding ,bs nhiactians II ,ba G,ver-
nnr the yeas and NAYS warc ~ fnrlows-
,,.,s O navs %
BY Mr.. Merrill. fxing the length Of
time for boldino Teacher Igstifntrs.
.,,,t excaa5ir 6,-. A.,
y. INNS -Br Nr D..wrv If Na.bipg.
ton Mr. Beoadict Mr. Dicksrnsp NJ
Na.h, Mr. Dale Mr. uryi. Mr. Wheeler.
ana NJ T.da n,4,.r,n.ly si,,,aa shin,
y,.,1 - ,:r. - hIa;,.r T,,L.r,
-, ~ In " s
~. NJ. IA in,.o -. Al
bnr'b Hj,b.@..1sI1 PI,,tzbnre,p Sum.
l,C.,f q .-nr,.,.,.
T., Mr. 4grr,a =. .,.t,tls school dis.
tr;.ts r. sa,,l .,h.1sr. -, l;,,her schools.
, i7rsSrrt = Sen'te bill reli'ins to drains
and common sewers
E6solHt"1t BY Mr.. Dale, that the
committee on the Judiciary be instructed
To inquire into the necessity and oxpe-
di'ney II change in the Judiciary system,
or nt increase Of the nnu.ber CT judges
If the Supreme Court, and report by bill
or otherwise Adopted
Rtpotts.-From the commissioners on
river fisheries, with bill.
On motion OF Mr.. Wheeler, adjourned.
,..,.f.,>.e,,>-
p.,. ~. {,..,.i IN U-f.,.,,,t n, NJ,
!, .r..,..,f V,.h,.,,..,, - i,,.,,r,,.,.,t, ~,
&c ~. r,J;,I fn,lI - ~
-, Er;l CL,-I, :, -
di,o..., 80 X-..r,no,,t
n, M Ha.fL tn,.v F,,,r,II cq.,<
j I'm, .b4ro;,, -. !
~. N. III, -. ,4.d
j; - lss,'r.,;,..,S ~
j., ,l.,'.',,,,ty - ~
JL5,J J,.l,,i5ao ,,.gl.,.o,y Sonat. nm
10 a,nana an NJ, rel ,,ino - the Thog,nte-
,,a p,;I,o,d Cou,,ny
B,.'Id IN C,nr,,1r.,,e@ HIM. hin
r, .1,,cor,o,..t. -. R.,rr. y ,fIr,,3 C,,,-
49,,
ii ~. I,;if 3;r.,.,;,,., ~. ,,r,,,,;,,ian
= 60. "a o,,.t. penort.d adversely
IA .t;ra An,
H. Nh IL, 49, 4, liz ca,.,ty
rljr,.1
unn.a I,;IlI.,;,,t ~, ~. comfy
!, wIsl,;r,,,+o,
uons.l,,Il in .nendm,.,,. 81 act re-
i'm, 70 ,ta ;nri.dic,ron ~ c,n.+,blas
Reool, From c,n,ra, Cnmmitte
,trainst House hin changing the name Of
Julia Manlev. also. House bill changing
naIoe also. House hill on tho same sub. /
ect also House bill chanp,aa, the name
Il Joseph Watson Third r, ling refused I
From the committee ON ;.1nufaeture to
-, , i, l 80 ,ha C,;,,o-