New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-01-28
TO SIMPLIFY THE CODE.
REPORT OF THE COMMISSION TO REVISE
THE CORPORATION LAWS.
MANY OF THE SUPPLEMENTS ARE IMPROPERLY
CLASSIFIED AND OTHERS ARE OBSOLETE
OR OBJECTIoNABLE-DEsI CHANGES
MANY OF THE
EMBRACED IN A NEW BILL.

CLASSIFIED AND OTHERS ARE OBSOLETE
OR OBJECTIONABLE CHANGES
EMBRACED IN NEW BILL
Trenton, Jan. q (SpeciaD.-The Commissioners APP
pointed last year BY the Legislature to revise the
laws relating to corpora reported to the Senate
and House tonight. Their report covers pamph-
let OF hfty-eight pages. The Commissioners are
William II. Corbin. James T.. Howell and henry
VI. Snyder. jr Mr.. Cor5!n was elected CHAIRMAN
and ex-Assemblynan Charles b. Storr was CHOSEN
secretary.
The Commissioners say that the general act con-
corning corporations passed on April 7, 1919.
Since that time numerous supplements nave been
enacted. cot the supplements they declare.
several not properly supplemental 10 the cor
poration For example. Chapter llS OF the laws
OF 1884, relative to franchise taxes is, IN erect
supplement to the general corporation tax act or
1884 We have therefore provided for its repeal on
supplement to the corporation act and presented
separate BILL giving 1t a proper title under when
II can be re-enacted. We have dealt In the same
manner with several such supplements By bills pre-
sented herewith.
"Of the other supplements. some seem to us OBJ
so.ete. some special and some Objectionable. and
these have omitted and repealed. AS to all the
supplements which It desired to retain, we
have incorporated them in the body Of the act thus
greatly shortening the law and reducing the number
OF sections.
1.-THE supplements were drawn by so many Ill
ferent hands and with such obviously divergent
ends In view. that they were In state OF some
confusion. This have endeavored to clear up.
AZ to the acts amendatory In effect. though not IN
form. have reported bill to repeal them, put
have taken the substance Of all those when we
deemed it desirable retain and inserted 1t in the
body OF the revised act. A few Of them which
seemed executed. which clearly enacted Tor
special cases and which will have 10 future a2-
plicat!on to corporations In general, we allowed to
stand untouched We have endeavored 10 sirpIiy
the language of the act and avoid repeiitlons
"A few substantial changes have been made, but
they are generally only the insertion in the statute
OF the wel-settled decisions OF the court; ior IN
stance in section 70 told 81 have provided that,
in paving for property purchased by the issue Of
stock the Judgment OF the directors as to the value
the property shall. In the absence or actual auu,
be conclusive THIS IS already the law, as decided
by the Court OF Errors and Appeals In the case OF
The order OF these sections has to conslIer-
able extent been changed, our effort being to nrins
together all the sections relating to the same prach
Of the subject. Many sections have been consoH-
dated. notably those respecting amendmeg's, ny
etc We hay. combined Al. these into TWO sections
vi ard 81 ami have made the procedure Uniform IN
Few II any. radical changes have BEEN mall main IN
the act and. so far az consistent win tne p b pos
retained Persons familiar with ne ora act M ~, ~
mrs, De mp 5isn %'' in the new b but Trey viii
find them retained often by a few words appropii-
atcy Inserted in another section ii Is beh'Vrd tla'
nothing OF value has been eliminated from the ac'.
We suggest as a convenient ", IN N art 0o,,-
corning corporation revision OF 1896 We nave APP
pended our revised draft hereto ana DESIGNATED II as
I'm A. Il should be understood that the revision
prfn,osed requires the passage OF all the D'!- re-
Iporiel FOR that purpose. The omission OF any OF
them would dsarrange the plan. W - na'x pr
vlicI that all these acts take erect irline ildteS
AZ they make no radical change ia the law we
have thought that no nconvenience VII tesu'' anu
that on the whole II VIII Dee better 20 nave thein
take effect without delay after their passage
..For convenience Of reference We nave npp'iltrl
schedule explaining the objec; % the s,Vrra blls'
ana showing whore the substanc" 81 Strla!n re-
,c,, ~ ',',s vlll be retained IN the bill also
schedule showing whcre eacn section OK IN" cor
poraion pamphlet as published by me secretary %
STATE vii be found IN the revised actH