The herald., 1895-02-27
A misunderstanding Exists at
Sacramento
WHAT THE LEGISLATORS SAY
Barrett Says He Was ignorant OF the
Measure
Full Text OF the Act as It Passed-The
Trip Of Barrett Is Said to Have Been
Made to San Francisco

The following special dispatch from
Sacramento quotes Assembly bill 449 in
full and also contains interviews with
those who were instrumental in the pass
age of the measure. By the provisions of
the bill the Agricultural Park property IL
this city reverts from the state to the pres
ent stockholders. The latter claim to
have been led to sell their stock for
small consideration, the purchasers hav-
ing withheld from them the fact that
Speaker Lynchs bill was going to be in
troduced, thereby increasing the value of
the stock they sold for Sl00 to $4,000
share.
Sacramento, Feb. 26.--There seems to
be a misunderstanding regarding Assem-
bly, bill 449, introduced by Speaker lynch
in regard to the property of Agricultural
Fair associations. The bill does not pro-
vide that the property may be sold or
divided in any way among stockholders.
1t does provide for the discontinuance of
fairs and for the breaking up of the asso-
citation. 1t is simply an amendment by
title of sections 620 621 and 622 of the
Civil Code.
Under the code," said Speaker Lynch
this morning, 'you will see that there is
no stock, no corporation and any profits
of the association must go back in the
shape of improvements on the ground.
''Stock has been issued by the Los An
geles Fair Association contrary to law,
and is now mostly in the hands of inno-
cent purchasers. My bill legalizes this
stock. 1t says section II, that such asso-
citation, organized and existing under the
laws of the state, and which has hereto
fore issued certificates alleged to be cert-
ficates of the capital stock of such asso-
ciation and which certificates last men,
toned have been accepted by the men,
bers of such association in lieu OF certif-
Gates of membership therein, may elect to
have capital stock therefor, i'll the same
manner and with like effect as corpora
tions formed under the provisions of
Chapter L. Article H. of the Civil Code
relating to the formation of corporations.
In order to effect such change a meeting
of the holders of such alleged certificates
of capital stock may be called, at which
the holders of such alleged stocck shall
be entitled to one vote for each share of
such stock appearing in their Names
respectively, upon the books of the such
association.
Upon the receipt of written applica-
ton signed by the holders of one-fourth
of the shares OF such alleged capital stock
of such association, requesting him to do
so, the secretary of such association shall
give notice of the time and place of hold
ing such meeting by publication in
some newspaper printed and published in
| such county, or city and county, in which
! the principal place of business of such
association is located at least once week,
for three successive weeks, next prior to
the holding thereof. Such notice shall
state that the object of the meeting is,
First-To determine whether such cor
poration elects to have capital stock as
provided by this act.
Second-The amount of such capital
stock; and,
Third-The number OF shares into
which the same shall be divided.
At such meeting, should the holders of
a majority of the shares of such alleged
capital stock vote in favor of having
capital stock and fix the amount thereof
and the number of shares into which it
shall be divided then such corporation
| the amount fixed at such meeting divided
| into the number of shares provided by
| said meeting to the holders of such alleged
capital stock, in the same proper
| ton as such stock appears in the
names of such holders, respectively,
upon the books of such association.
A copy of the notice calling such affi-
davit of publication thereof, the proceed
ings of such meeting, the amount of capi-
| tai stock voted, number of shares into
which the capital stock was divided, and
to whom assigned, duly certified by the
| chairman OF such meeting and the secre-
| tary of such association, under the head
! thereof, must be filed with the Sc cretary
of State and the Clerk of the county where
such association has it's principal place of
| business.
Thereafter such association shall be pos
sessed of all rights and powers, and shall
be subject to all the obligations and re-
strictions as if it had been originally cre-
ated a corporation with capital stock, in
Guiding the right to elect board
of directors authorized to exercise
such control of all the property
of such association as provided
in chapters 1, 2, 3 and 4, of the Civil
Code relating to corporations; provided,
such association shall have no authority
to sell any portion OF the real estate
owned or held by it, by whatever title
derived, which may be necessary for the
permanent use of such association, for
( the purposes aforesaid; and, provided
| further, that in the event that such as
/ sociation, after the issuance of capital
stock, as aforesaid, shall be offered aid at
any time by the state by appropriation,
for the purpose OF holding an annual dis
| triet fair, and such association, by vote
of the board OF directors, elected as here
in after provided, adopts resolution ac-
cepting such appropriation, and in
that event said annual fair
shall be held under the control
and management of the district board o
agriculture districts; but said district
board of agriculture shall have no other
authority, control or management of or
| over the property of such association, or
the authority which it may exercise over
said property shall continue only during
| the time occupied in holding the said dis
trict fair, which time shall not extend
! over more than one week annually.
When any corporation has elected to is
sue capital stock under the act the presi-
| dent thereof shall, within ten days after
! filing with the Secretary of State of the