The times. [volume] (Richmond, Va.) 1890-1903, 1901-11-13
EDUCATIVE COMMITTEE REPORTS
Meeting Of lhe Suffrage Committee Con
ferenecs 10 Be kResum:d Tonight.
Liquor Mattcrsto Have Hear
ing This Aiternoon-eon-
Yention News and
Gossip.

The. Committee on Corporations, which
seemed tardy in the performance Of its
1akors at first. has gotten down. to work
in dead earnest. and Will shortly be ready
to submit its report to the convention. &
The session yesterday afternoon was
devoted to that part of the proposed
ordinance which relates to the formation
and conduct of corporations,
This contains thirteen sections. There
are three other distinct heads relating
to transportation, corporations, telegraph
and express companies, corporation COM
missions, its powers and duties, the em-
{ ployersf liability, provision in regard tt
free passes, etc. These subjects will be
taken up as soon as these thirteen sec
tions are completed The committee
adopted the first five sections yesterday.
Sections and 2 were amended by Judge
Ingram, and section five by Mr.. Wysor
OF MUCH IMPORTANCE.
AS amended, the sections adopted are
= of for reaching Importance and are as
follows:
Section 1.-The creation of corporations
and the extension and amendment OF
charters (whether heretofore or hereafter
granted) shall be provided for by general
laws, uniform as to the class of corpora
tions to which they relate, and no char
ter shall be granted amended or eXten1-
ed by special act nor shall authority III
such matters be conferred upon any tr:-
bunal or officer auth orized to grant, amend
or extend charters, further than to, as
certain that the applicants have, by COM
plying with the requirements of the law.
entitled themselves to the charter. amend
ment or extension applied for. Such gen
eral laws may be. from time to time,
amended or repealed by the General As
sembly; and all charters or amendments
of charters now existing and reyocabie,
or hereafter granted or extended, shall he
repealable at any time'by special act. ut
the pleasure Of the General Assent lE.
Provision shall be made by general laws
for the voluntary surrender Of its char
ter by any corporation, and for the for
feiture of charters for non-user or mis-
user The General Assembly shall not, ny
special act. regulate the affairs of corpo-
rations, nor give them special rights or
privileges Which may. be exercised with
out a departure from their existing char
ters.
SHALL BE ACTUALLY PAID.
: Section 2-No corporation shall be au-
thorized by statute to issue any stock as
full paid up upon which it shall not have
first received actual payment to the full
par value thereof sin money. services or
property, except whenever the State Cor
poration Commission shall; be satisfied that
the assets of any corporation have ,'i-
creased in value over, and above the
amount of the stock issued. on appiica-
ton of the corporation to said commits
sion. 1t may be authorized to Issue ad6i-
,tional stock not to exceed the increased
value of the assets Of the corporation.
Nothing other than money shall be re-
ceived by corporation in payment, 'Jr
held as a basis. for stocks or hnnds; is
sued or to be issued. by it., unless an,i
until the price at:which it is to be 50 re-
ceived in payment shall havezbeen re-
ported to and approved by the State .Sor-
poration Commission. in such proceeding.
and subject to such right of appeal to The
Supreme Court of.AppealS, if any. as may
be provided ,by law. No stock or bonds
shall be issued by corporation except
in the manner and subject to the regtlt-
lions and restrictions provided by general
laws. All corporate directors officers or
agents, who shall issue. or cause or all-
sthorize tofebe issued: stock or bonds Of
any corporation in violation Of the srro-
visions of this section, shall thereby BE
guilty ofasa5 lrlisderpeannr, punishable by
fine or Imprisonment. or both, as may be
prescribed by law; and shall. in addition
thereto. be personally liable, Jointly and
severally. to the corporation. for the par
value of all such stock and bonds SO ilie-
gally issued. or caused or authorized 20 be
issued; by them in violation of the pro-
visions of this section.
LEGISLATURE TO. REGULATE.
Section. s.-The General Assembly shall
prescribe. by general laws from time TO
time. the proportion Which the aggregate
par,value of the bonds that corporal tioils
of various classes shall be authorized to
issue shall bear to the aggregate par valle
OF the shares of stock OF such CORPORA
tions outstanding at the date of the issue
-ofSthe bonds; and no corporation snail, So
sue bonds in excess OF the proportion ST
fixed by law-whicl proportion. until
.otherWises provided by law shall be siot
exceeding twice. the q aggregate par safre
of the outstanding shares of stock of the
corporation issuing the bonds. All the
bonds issued in excess of the limitation
fixed by this section shall be void as liens
upon the corporations franchises or prop
ertE. or any part thereof but shall be, N
the hands of bona f1dezholders for Nal.le, !,
valid as unsecured obligations OF the cor
pora ton. All corporate directors, officers
or agents. who shall violate, or cause or
authorize to be violated. the provisions $of
this section shat! thereby be guilty. 6f =
misdemeanor punisha BILE bEyefine or, m ~ :
5prisonment. or both. as may be prescribed
by law, and In addition thereto shat! re
personally liable sjontlyFand several lly,s II
scompensa tory DANA gesst o. my person &C.
tnally injured by suchiyiolatlon
Section Amy lien or membranes on
It's works or 9props rty created by coz
nora ton for the purpose of givingEa pref
erence to- one. or more of its creditors ever
another of It's creditors; except to secure
a. debt contracted or money borrowed at
the time of the crea ton of The lien or IN
c,lrnbrance, shall be void
Section ST he liability of any transpor.
tation. mining or manufacturing Scolpo-
ration hereaf ter doing business in THIS
rr1.i 1es Cause l11- u.