The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-02-21
BILL TO REORGANIZE
RAILROAD COM MISSION
MAIN FROW ;l0NS OF THE BILL TO BE IN
TRODUCEO THIS MORNING.
Powers Enlarged to Cover Banking, insurance
Loan Trust and Other Companies,
Name Cha, ged to Corpora.
ton Commission.

and Senator Jerome have prepared the
bill to reorganize the Railroad Commits
sion and extend and enlarge it's powers.
The bill will be introduced either in tine
Senate or House this morning. 1t is
very vouminous, but its main provisions
are as follows:
~ bill to be entitled an
Act to Abolish the Board of Railroad
Commissioners and to Establish the
North Carolina Corporation Commits
sion
The General Assembly of North Caro-
lima do enact:
Section |. That there shall be elected
by this General Assembly three Commits
sionerS who shall have general super
vision of railroads. steamboat navigation
and canal companies, express and tcle-
graph and telephone companies. insur-
ance companies. building and loan assoc
Citations banks, surety and guaranty
companies and sleeping car companies.
THAT the said Commissioners elect
ed by this General Assembly. and their
successors in office, shall be and they
are hereby created and constituted Il
court of record. and shall be known us
the North Carolina Corporation Com
mission, and as such shall have ell the
powers and jurisdiction of court Of
general jurisdiction as to all subjects of
court of general jurisdiction as to all
subjects embraced in this act, and shall
have a common seal
The term of office of said Commission
ers shall begin Immediately after their
election by this General Assembly and
their qualification, and shall continue
until the first day of January. nineteen
hundred and one, and their successors
are elected and quilted.
At the election for state officers il
nineteen hundred, there shall be elected
three Commissioners by the qualified
electors of this State at the time and
places of voting for the members of the
Legislature, one of whom shall be elect
ell for the term of two years. and one
for the term of four years. and one fol
the term of six years. After the first
election such Commissioners shall be
elected by the qualified electors of this
State. at the time and places of voting
for members of the Legislature for Il
term of six years. and shall be members
Corporation Commission.
The power or filling vacancies is vest
ed in the Board of Internal Improve
ments, the appointee holding till his
successor qualities, the successor being
elected at the next regular election. The
commissioners are required to take an
oath before judge OF the Supreme
court, to support the Constitution OF
State and nation. and that they are
not the owners of any steamboat or If
any stock or bond of any railroad, nari-
CATION or canal company, express, 'el2-
graph or telephone company. or of any
building and loan association, or The
agent or attorney or employee OF Any
such company, or association; that tbe7
have no interest in any way i'll any
such company or association.
The said commissioners shall not
jointly or seyerally, or in any way, be
the holder of any stock or bond, or be
the agent or attorney or employees Of
any such company.
They shall have general control and
supervision of all railroad, steamboat.
canal. express and sleeping car compa-
MES or corporations and of all other com
CARRYING of freight or passengers: Of
all telegraph and telephone companies,
of all public and private banks and all
loan and trust companies, Or corpora
tons: of insurance. surety and guaranty
companies or corporations. and of all
building and loan associations or com
panies, necessary TO carry into effect thu
provisions of the act.
They shall investigate books and papers
of all such companies, individuals, firms
or corporations. and they shall visit in
person from time to time the place OF
business of such companies, individuals.
firms or corporations, to ascertain if all
orders, rules and regulations of the COM
mission have been complied with, TO OK.
anime persons connected with the differ
ent corporations to compel production
of papers.
The act requires that th,re shall be
established at each station separate
waiting rooms for the white and colored.
The commission is to exercise all the
powers as to banks and banking inn
posed or conferred upon the State Treas
urer by chapter 1J5 of the Public Laws
of 1891, as amended by chapter AIS,
Public Laws of 1893. and all reports re
nuired by those acts to be made to the
State Treasurer to be made to the COM
mission.
1t takes the appointment of all persons
who have been appointed by the State
Treasurer to make examinations and re-
ports required 10y Laws 1891, chapter
100. rs amended by chapter HIS, Laws
of 1893, out of the hands of that Off
Ger and puts them into hands of com,
mission.
The commission is to collect all fees.
salaries. charges, commission and other
compensations heretofore collected by or
paid to the State Treasurer for the per-
Torrance of duties with reference to
banking and insurance. They are to per-
form all the duties heretofore conferred
on the Secretary of Stat as TO insur-
ance companies, surety, guaranty, trust
and loan companies.
They have power to appoint persons to
carry out the purposes Of the act as to
insurance, banking, etc, the same as the
Secretary of State has heretofore had.
To collect all fees, salaries. commissions
and charges heretofore collected by the
Secretary of State with reference to
banking and insurance. To perform all
the duties heretofore imposed upon the
Auditor of State with reference TO