Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1889-08-09


ment last evening.
Griffits moved to strike out the
entire section, which upon vote being
taken. was lost, and the section after
being discussed, was adopted.
Section ), defining the term corpo
rations, which shall be construed tc
include all associations and Joint stock
companies having any OF the privileges
and powers OF corporations not pos
sessed by individuals or partnerships
and shall have the right to sue and
be subject to be sued, was, without
discussion, adopted.
Section 6, "lorbids corporations
from issuing stock, except to bona tide
subscribers therssor, or their assigns
nor shall any corporation issue any
bond or other obligation, for fhe pay
mcnt of money, except for money or
property received or labor done. All
fictitious increase of stock or idebted-
ness shall be void"
Stiles moved to strike out the entire
section.
Sharpstein spoke in favor of the
section, as it will prevent corporations
from issuing bonds and stocks for no
value and which are therefor fictitious
Turner was also in favor of the sec
ton and cited the O. r. & n. Company
taxing the people on over one hundred
million OF dollars of stock who had not
one quarter of that sum enters into
the value of the property of that COM
pany.
Sullivan and Dunbar also favored it,
as it will prevent fraud.
After considerable debate the sec
ton was adopted.
When section seven was taken up,
Turner moved to strike it out at it is
purely legislative. Carried.
On motion of Stevenson, the Com
mittee rose and the President resumed
the chair, wherupon the Convention
took a recess ugtil P NJ
FRIDAY, Aug. 3, 2 Pm.
The Convention met with the Presi.
dent in the chair.
Mr.. Crowley moved to extend the
privileges of the floor to Hon. ]. B.
Reavis. Carried.
Schooley offered resolution that
the Convention, commencing August
9Th, hold sessions from 80 to 8 P NJ,
which was objected to, and laid over
under the rules.
Sohns presented a memorial from
the Board of Trade of the City oi
Vancouver, approving the memorial Of
Olympia Board of Trade, and also con.
demning sections 8 and 81 of the arti
Gle on corporations.
Section provides that no corpora
ton outside the limits of this State
shall be allowed to transact business
within the State on more favorable
conditions than are prescribed by law
to similar corporations orgranized un
der the laws of this State, and upon q
vote being taken it was adopted.
Section ., which requires every cor
poLation other than religious, educa.
tional or benevolent, organized or do
ing business in this State, to maintain
an office, keep books for inspection
etc, was, without discussion, stricken
out of the article, and section 10, il
relation to where u corporation may
be sued, was also stricken out.
Section ii which provides that nc
corporation shall lease or ALLEVIATE any
franchise, so as to relieve the franchise
or property held, from the liabilities o.
the leaser or granter, lessee or grantee
contracted or incurred in the opera
ton, use or enjoyment of such fran
chise, or any of its privileges, was
adopted.
Section II, viz: "Thc State shall
not in any manner loan its credit, MOI
shall it subscribe to or be interested in
the stock of any company, association
or corporation" was adopted.
Section 13, in regard to abridgins
the exercise of the right of eminent
domain, ETC., was regarded as unneces
sary, and might be held up as bug
bear to prevent the investment ol
capital in building railroads, and it was
stricken out.
Section II was amended, on motion
OF Mr.. Weisenberger, so as to read
d" No corporation, association or indi
vidual shall issue or put in circulation
as money, anything but the lawful
money of the United States. Each
stakeholder of any such corporations
or joint stock associations, shall be
individually liable, equally and ratably
and not one for another, for all con
tracts, debts and engagements Of such
while they remain such stockholders
to the extent OF the amount of the
stock therein, at the par value thereof
in addition to the amount invested in
such shares" and after several other
attempts to amend, which failed, il
was adopted.
Section Is. was amended to read
=" Any president, director, manager
cashier, or other officer of any banking
institution, who shall receive or assent
to the reception of deposits after he
shall have knowledge of the fact tina;
such banking institution is insolvent
or in failing circumstances, shall be
individually responsible for such de
posits SO received" was adopted.
Section 16, provides that call
railroad, canal and other transportation
companies are declared to be common
carriers, and subject to Legislative con-
troll; all railroads organized under
the laws of this State shall have the
right to connect at the State line with
railroads of other States; all railroad
companies shall receive and transport
the others passengers, tonnage and
cars without delay or discrimination,
was adopted.
Section IL provides that "no rail
road company, or other common car
rier, shall combine or make any con
tract with the owners of any vessel
that leaves port or makes port in this
State, or with any common carrier, by
which combination or contract the
earnings of one doing the carrying are
to be shared by the other not doing
the carrying"
Comegys moved to strike out the
section, which was lost, % to IS, and
motion to ADOPT was also lost, so the
section will be reported by the Com
mittee OF the Whole to the Convention
without recommendation, in regard tC
its passage.
Section Is, which provides that nc
discrimination in charges or facilitie: