New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-03-17
GENERAL LAWS IN THE ASSEMBLY.


GENERAL LAWS IN THE ASSEMBLY.
Mr.. PRINCES CORPORATION ACT CONSIDERED AT
LENGTH-TuE BILLS CONCERNING TOWN AUDIT
oRs AND SAFE DEPOSIT COMPANIES OPPOSED IN
COMMITTEE OF TIE wHoLE-THE SAVINGS BANKS
BILL IN THE SENATE.
fFRou A REGULAR CORRESPONDENT OF THE TRIBUNE.
ALBANY, March 16.-The Assembly went into
Committee OF the Whole on assembling this morning.
and nsidered the remaining sections Of MI Princes
general corporation BILL which had not been concluded
on Monday evening. Extended debate WAS caused ny
an amendment suggested by exLeutGov. AlVord,
and the scope Of the discussion was wideheu
and the merits OF the bill itself were discussed.
The amendment proposed to strike out the words In Sec
ton 81 Of the bill which establish the individual liability
OF all stockholders IN limited liability companies to an
amount equal TO tho Of stock held by such stock
holders until tho whole capital stock Is pai IN ana
certificate thereof has been recorded. Mr.. 'Alvord
claimed that bis amendment would lay obstacles In tho
way OF monopoes and would go far to- prevent great
aggregstions of capital Mr.. Alvords views were sup
ported by Mr.. Lncon OF Ontario. Mr. Warner Miller OF
HerkiIner argued that the adoption OF the amendment
would hinder the union OF men with small capital
in corporations, and would drive capital from
the State Mr. Miller and Mr.. Prince claimed that
general coIpor alton act authorizing the formation OF
limited liability companies had been earnestly desired
iu this State and the of such act had driven
great amount OF capital ont OF New-fork FOR
investment. In explaining the object OF the
bill, Mr. Prince said that 10 is an extraordinary
thing that New-York has been so long without
general corporation act The act Is INTENDED 10 oDVl
ate the necessity OF extended special legislation and 10
keen capital in the State. Mr.. Vedder discussed the
features Of the bill at length and claimed that as IL
stood there could he no companies with full liability
formed under it. MI AlyoId's amendment was finally
lost.
Messrs wachner and Seward OF New-York, Miller OF
Uerkimer Alvord OF OnOndaga, Speaker Mcclure, Mr..
Prince and Others took part In tho debate that ioi
lowed upon the suggestion OF several minor amend
ments which were proposed TO various sections OF
the bill The bill was finally approved IN
Committee Of the Whole. without any material changes
IN its provisions. IT Will be remembered that ns act
authorizes the formation OF limited liability corpora
tions on the English plan, which are required to use
the word "limted" in the corporate name, and In all
papers OF the Company.
Mr.. T. C. Campbell's general law authorizing the
formation Of safedeposit companies, and providing for
their regulation and government afterward cOnsd
cred in Committee OF the Whole and approved bill
introduced by Mr.. Christopher, authorizing the
election Of town auditors, and prescribing
their powers and duties was afteswari
considered. The second section amended so as to
provide that the bills and claims against towns must DO
presented the first day Of the session. and after some
minor amendments had been made in other sections
the act was approved The Committee OF the Whole
then rose and soon aierward the Assembly took re
cess until 1880 o'clock.
the the greater part OF the session was taken
mp with consideration, in Committee of the Whole OF
the general law relation to savings banks There was
debate few sections of the act aud
the Committee did not make much progress
Two bills were introduced by Senator Fox affecting
the common school system OF NewYUrk CITY, The first
~, .uese winch was referred TO the Committee judi
cary provides that days after the passage of the act
the terms OF Office Of Commissioners OF Education
IN NewYork city shall end. In their place arc TO be
appointed by the Mayor within five days after the pas
sage Of the act, 10 Commissioners OF Public
Instruction who are TO hold Office for five
years any vacancy to DO filed by the Mayor.
The second bill Of Senator Fox divides the city into
eight school districts in each OF which there Shall be
elected at the general electlOnbut on separate ballot
three Commissioners OF Common Schools, the longh
Of whose terms shall be decided by lot, Of them to
60 cut on jan. l, 1871 second to out on Jan. l.
1878, and tho third on Jan /, 1879. These
Commissioners are TO succeed to all the
powers OF tho present Board Of Iucatlon,
and are to have full control OF the public schools subject
only 10 the general statutes OF h state TIC Mayor Is
10 appoint Annually school inspector from each As
semby District, and, with the consent OF the Board o.
dermen the May to appoint trustee OF common
schools in each district These trustees TO hold Office
for five years. to manage the schools in their
respective districts under the limitations prescribed by
the Board Of Public Education. and are TO furnish sup
plies and make repairs The of Off OF the pres
ent Commissioners Of Common Schools to end
Dec 81 1885, and ne present trustees and inspectors
to 60 out Of Office days after the passage of this act
In the 9th section of the bill the appointment OF teach
ers only upon written recommendation by trustees
is authorized The 18th section repeats the law
tablshing nautical school. Tnis bill ordered to
printed.
Al the evening OF the Assembly the general
act make uniform. in powers, rights, and liabilities
the charters OF savings banks and to provide for the
organization and supervision Of these institutions,
up for consideration before the Committee OF the Whole
The act was reported last month by the Committee
Banks and had been made special order for this even
ing. On motion OF DIR. Avord, and after some debate
the first section OF tho act amended provide
that 10 regular saaried officer OF savings bank shall
be trustee OF the institution. There o long debate
on the question OF the constitutional right OF
the Legislature to give tbs Superintendent OF
the Banking Department the power to issue
certificates authorizing the opening Of savings bank
Tue advisability OF the step also discussed. Mr.
Alvord, t. C. Campbell Mr.. Prince, iMr. Schuyler Of
Temp land Mr. Waehner taking part In the debate
The ndment proposed by Mr.. AvOrd in regard to
the subject of giving authority TO the Banking Superln
tendent lost aud after considering other sections
Of the BILL the Committee Of the Whole rose. Tue bill
was made the special order for Thursday evening,
less sooner reached, aud the Assembly adjourned.
ALBANY NOTES.
ALBANY. Tuesday, March 10, 1875