New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-05-07
THE READING LIKELY TO BE LET IN.
AN IMPORTANT AMENDMENT TO THE STOCK COR
PORATION LAW IN THE GOVERNORS HANDS.

AN IMPORTANT AMENDMENT TO THE STOCK COR.
PoRATloN LAW IN TIE GOVERNORS HANDS.
Albany, May (SpccaD.-Governor Flower ha.
apparently decided TO change the States recent ati
tde OF hostility 10 corporations to of friendlne>s.
The first indication OF this new policy Of the state
Government was the signing by Mr. Flower. few
Gays ago. Of the act lncorporatinc the General
Electric Company, the corporation into which have
been merged the Edison and Thomson-Houston Flee
trio Light companies
The next act Of Governor Flower in welcoming
corporations to the State, 1t IS said will be his
signing an act authorizing the Reading Railway Com
pany TO lease railway lines and hold other property
In this. state. II will be remembered that the
Reading has leased the Lehigh Valley road, which
has ine IN TINS state running from Waverly, Tioga
County, northwest TO Geneva, thence westward TO
Buffalo. An amendment has been made to Chapter
.. section 80 OF the stock Corporation law Of 1892
and Is now IN Governor Flowers hands which amend
ment. II Is said. Will permit the Reading 20 operate
the Lehigh Valley In this state. The amendatory
act was drawn up by Professor Charles A. Collin. Of
the Cornell University lawschool; Daniel Maeone
and John }. Linson. members Of the statutory Re
vision Commission. The Reading amendment reads
follows
ANY stock corporation domestic foreign. existing
or herafter organized. except moneyed corporations NAV
purchase acquire hold and dispose the stocks bond
and other evidences Of sdebtd dncs Of any corporation
domestic foreign, II authorized do 5y provision in
the certificate Of incorporation OF such stock copano o
IN any certificate amcndaory thereof supplemenIiH
thereto. fled IN pursuance law ~ the cooperation
whose stock purchased acquired held disposed OF
is engaged in business similar that Of such stock cor
poraton engaged In the use sale Of
The property in the construction operation OF works
necessary usual In the business Of such STOCK cor
J.oraton which. connection with which. the
manufactured articles product property OF 'uch s'"'k
corporation may be used or j. corpod.ion "it
which such stock corporation Is NAV be authorized u
con nsolidase. When such ccrporso shall De stock
holder IN any other corporation, Ecrfn pr1Nit"d H>
president or o-her officers shall be eligible to n"
Office Of director Of such corporation. the same -
they were individually stockholders th'cin ana te
incopoators holding such stock shall possess ana exercise
In respect thereof oil the rights. p1wcs and privilege
OF individual holders Of such stok Any stock
corporation in pursuance Of unanimous vote "i lts
stockholders voting special meeting called for that
purpose. by notice In writing, signed BY a majority OF
the directors Of such corporation stating the time place
and object Of the meeting and served upon each stock
holder appearing such upon the books o the corpora
ton personally bv mail at his last known post""'c
address sixty DAYS prior Ia such meeting guar
antee other domestic corporation engaged
general line Of business
This amendment will undoubtedly adm't the he'''
ing to the state. Professor Collin, the Governor s
law adviser gave the following explanation OF IT to
day The policy OF the state toward corporations
IL is 10 be suspected for several has been too
hostile. We have driven large number OF them
into New.Jersey All OF them, II they had remained
An this state could hive been taxed 10 relieve us Of
our tax burdens. The statutory Revision Commis-
SION OF which am member. acknowledge are
pary responsible for this severe attitude toward cor
por1,tions This amendm1t 10 the stock COrpor-
iion law will probably let IN the Reading hut In my
Judgment iiat railway would ct Into this state any
how through private individuals