The news & observer., 1901-02-23

.4rlnLlnS N the hands OF the council of
State. This bill was introduced and
passed the Senate yesterday 1t is printed
elsewhere.
Upon recommendation of Senators AR
rington and London the resolution chang
ing the Senate rules so that any Senator
can call the previous question was
adopted.
JUDGMENTS AND HOMESTEADs.
Senate bill (the Vann substitute which
Thursday supplanted tho Henderson bill)
regarding judgments against the owner
OF homestead came up on it's third read
ing. Mucn interest was 1eiI IN the Oil
| and the Hobbies were filled with business
men as interested spectators.
Immediately after the bill was read
by the clerk. Senator Henderson was re-
cognized and said:
1.-The substitute which has been adopt
ed confiscates every judgment docketed
before March H. 1850, tuu now a4lso
| against the homestead interest. This is
certain. And believe it requires sep
arate allotments of the homestead, under
which every Judgment protected by the
| bill Witl9n tw ?. from the ratifica-
lion of the proposed law.
| is pressed for consideration. / feel sure
| no such bill can pass this General As
| sembly at this session, and if this be
true. WHY not let the law as it exists
| be made plain? Every member OF the ju
| dietary committee has admitted that the
| bill which the Vann substitute has dis
placed. IS clear and true statement of
| the existing law
/ Sppator Csudpnr tnnIr cop,n VII of
the question as Senator Henderson and
opposed the Dill considered in its present
shape. If the homestead is assigned the
statute OF limitations ceases to run, hence
this bill would require the man having
the judgment to put more money in the
hands OF the sheriff. to put down good
money in the hope OF same day collecting
| what is now bad debt. This means pay
ing judgments by the statute of limita-
| tions. He argued that the passage Of
| this bill would create the greatest con-
fusion, expep-e and suspence throughout
the state
| Senator Ward replied to Senator Gudger
with legal argument in favor of the
measure, contending that it would protect
both parties.
| Senator Vann interrupted and said to
|
following amendment: "The statute Of
limitation shall be suspended only as to
| the judgment under which the homestead
| is allotted, but as to all other Judgments"
| Senator Morrison said that the substi-
tute would do no harm and he favored it.
The amendment by Mr. vanh was adopt
ed and the bill then passed it's third
reading and was sent 10 the House for
| action.
| CORPORATION LAW--SPECIAL ORDER.
| The bill To be Entitled an Act to Re-
wise the Corporation Law of North Caro-
lima ccme uD as a special order. SEN
! ator Foushee. chairman of the sub-com-
| mlttee, which has spent the past month
preparing the bill. had it in charge. He
| presented briefly to the Senate the ne
| cessity for a general corporation law in
| the State instead of the present situation,
| the State now having no general coditied
law on corporations, the statutes being
! meagre and scattered Senator Foushee
| said that this bill would accomplish es
| pecially three purposes.
| i. 1t provides an enlightened and intel
| ligent law for governing corporations
/ which the state has not now. 1t covers
nearly all possible cases that NAV arise.
:. The bill will raise revenue for the
State by imposing a graduated tax on
| interpretations. which. had such scale
| existed for the past two years, would
have Yielded a revenue of about $40 900
| 10 the tSate.
3. 1t will preclude the necessity OF
| future Legislatures spending their time in
| passing bill Incorporating companies. Such
will find it more advantageous to be in
lcorporated under the general law.
THE GENERAL CAPTIONS
The bill is necessarily lengthy en-
bracing 119 sections. Sections / TO re-
| fer to Powers" to SO to Formation
/ Attenuation and Dissolution 3S TO 81
| "Elections-Stockholde Meetings., SO
to s. to Dividend-Payment Of Capital
| Stock" IS to G6 TO Winding Up &c to
| 73 TO Execution Against Corporation, .
| 73 to 90 to Insolvency. 80 to SO For
| eign Corporations" "a TO SO Merger of
| Corporations" SO to 101 Lost Certif-
Gates of Stock" 101 to 104 Taxes and
Fees" 104 to 1O9 Reorganization of Cor
porations." 109 to 119 Miscellaneous. =
| Senator Foushee made some slight al
/ terations - the text of the bill and had
J this corrected copy accepted as sub
! stitute for the bill, after explaining each
change.
| MERGER" SECTIONS ELIMINATED