The times. [volume] (Richmond, Va.) 1890-1903, 1890-10-30

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section 25Ol, Code 1887. amended by chap
ter %, page "A, Acts 1sS'''9O.
I This section pTescribes how and by whom
| certificates Of acknowledgment snail be
taken for the purpose Of admitting deeds
&c, 10 record.
TAKING ACKNOWLEDGEMENTS.
This amendment provides that in addi
| ton 10 the officials who are allow
ed TO take acknowledgements under the
Code, the duly qualified deputy Of the
clerk Of any County or Corporation Cour
| in Virginia may take the acknowledgment
to any paper for recOrdati0n.
said section 2jOl, Code 1887, was alsC
amended by the Acts Of 'Sl-'SS so as TO al
| low the clerks Of the Circuit Courts in Nir
ginia TO take acknowledgements 10 deeds
etc. for recOrdatiOn. But as this lasl
amendment, Acts $3.50, neither refers L
! the Act of 'S,-SS nor authorizes county
court clerks TO take Acknowledgement, II
, is a matter Of great doubt whether a cir
cuit-cOurt clerk can now take an acknOwl
edgement to a deed, etc. in this state.
would, therefore, suggest, that all deeds &c
| knowledged before the clerk OF a Circuit
Court. subsequent 10 the 10th day Of Febru
airy, 1890. the date Of the last amendment
| be acknowledged before some other Off
cial, and rerecOrded.
section 1924. 1887, amended by chapter 81
PAGE A., Acts SIS.
This section provides that the stock Of q
Joint stock company shall not be sold "a
less than par"
The amendment provides that a join
stock company shall not sell its stock "a'
less than par unless specially authorized st
to do"
Section 1870 Code of 1887. amended by
chapter 90, page 80 Acts of 1SS9-9O. 1hi,
section provides that one company shall moi
IN any way acquire the stock Of another
company "unless it be specially allowed by
laws" /. G., presume by act Of the Legis-
lature.
The amendment provides that one com.
pany may acquire the stock Of another
company when especially authorized by
act Of Legislature, or by terms Of decree OF
court or order of the judge incorporating
the company or amending charter thereof
Section ll4s, Code of 1887, amended by
| chapter %, page 50, Acts OF 1890. This
| section fixes the minimum carital of char
tered companies, prices of shares Of stock.
manner of paying subscriptions, &c. II
seems from this section, when considered in
connection with section llOS, that the law
OF Virginia did not contemplate the pay
ment of stock subscriptions in anything but
money.
SUBSCRIPTIONS TO STOCK.
The amendment provides that "subscrip-
tons TO the stock may be paid in money.
land or other property-real, personal or
miXed-leases, options, mines, minerals
and mineral rights, rights of way or other
rights of easement, labor and service. and
there shall be no individual liability beyond
the unpaid subscriptions 10 stock"
,.fr 4
TO sections 1924, 1910 and ll4S, Code 1887, is
to give TO corporations chartered under the
laws Of Virginia privileges which should
never be granted TO joint stock companies.
Under the amendment TO section 1924, a
corporation with paid up capital OF a
million dollars. may not actually possess as
many cents. Under the amendment 10 Sec
ton 1910, the sole capital Of one company
may be the worthless stock of one or more
other companies. Aud under the amend
ment TO section HAS, the entire capital of
a company may consist Of options, rights OF
way. easements. Nc., which have no actual
value. Now, when the capital stock of a
corporation is fully paid-up, the amount OF
its capital is the measure OF its credit with
the world. Yet, under the above amend
ments, Virginia corporation which has no
assets except on paper, may hold itself out
to the world as the owner of a "paid-up
capitap Of any amount il may choose TO
name; and it may thus obtain credit in
proportion to its alleged ''paid-up capital"
aud then wind up its business. leaving It's
creditors without dollar, and its stock
holders without liability for its debts.
VIRGINIA COMPANIES.
But the power Of a Virginia corporation
TO deiraud the public, should it wish TO do
SO, will not probably be the most damaging
effect of these amendments. For as soon as
IL ia generally known that "paId-up CAPT
tai" under the laws OF Virginia, means
nothing, then the credit Of all Virginia
will be shaken. and the business
Of the honest companies as well as the dis
honest. will be damaged.
As these amendments can certainly do
the State Of Virginia no good, and may be
very damaging 10 her material prosperity, |
and 10 the morals OF her citizens, they should |
not have been enacted, and should, there. |
Iore, be repealed AT the next session Of the |
legislature.
Sections 1910 and 29ai, Code OF 1887.
amended by chapter "a, page 81, Acts OF |
SSl-'g0: This section has been so amended |
IS TO allow the sheriff, as well as consta