New-York tribune., 1901-03-02
FOR NEW CORPORATION ACT
DIRECTOR OF SEVERAL. COMPANIES
SUGGESTS A SUBSTITUTE FOR
THE BRACKETT BILLS

Although the Senate Republican caucus accord
ing TO advices Albany, has practically agreed
10 the so-called Bracket bills amendatory of the
General Corporation act, it is understood that the
legislators in charge of these measures are far
from feeling assured that the bills will be enacted
into law. On the one hand II is learned, senator
Bracket and his associates have aroused much
hostility among the people up the State. who de-
clare that New-York is out-Jerseying New-Jersey
and that their Senators and Assemblymen are bid
ding for trusts while on the other hand the cor
poration interests little better sashed WIN the
bills which they say are so loosely drawn tha'
irresponsible and fraudulent companies can De or
sanized under their provisions as readily as can
legitimate and stable corporations.
A director of several large corporations VINO mas
devoted not little attention to the recent meas
for amending the corporation laws Oh thiS
State gave it his opinion yesterday that an en-
trey bill should be drawn up and substituted
for the Bracket amendatOry measure lie con-
tinued:
The present corporate bills an bv sR
a combination of the West Virginia. Delaware ana
aimed in fbe old act The NewYork bill ought
be one thing or the other. 1t must either attract
porate %ia e capital by the safeguards shall offer
To attract capital the law must De @ Gear, man man
prehensive and complete, so that business .in M.
may readily comprehend it, There was, was a a. 'lthe th
matter of projected incorporation. He told , the
client in what State to incorporate ana ms aoEtue @
the business man himself has come TO have voice
in the matter. He has heard 81 'ne nines some
Pis aver m and tells him what kind corpora
,Ir ,t,S he uanfs and where il shall be organized
Therefore those States which have consPlcuoISryt t
their laws in pamphlet form the busiEess S SoIi
munity all over the world 1t is sln anser s.r' to re-
quests from bu siness men nearly hfteeh d ~
would that NewYork, too. would benefb b,cS ny
the enactmen. or a new eorPTI,d PId he complete in
Itself ,,o Manu-
featuring act OF 1s4s. passed for ana nInlte9
manufacturing companies Bet~ee tween e 1It hut but
G II dniy TSS what Is known to the lawyers as side
act" because II is dependent for IT'S prih%Gpa % pd nd
therefore far from complete in itself IN scores oT
OF places the present ACCOMPLISHMENTS Fn b subject
to Chapter blank Of the Laws of blank
More b thah on one emtrev new biz should be
with the desirable features OF the cprpoIarUrl 49,
Ires omitted These men assert that the RoGse-
veltJenks proposition Of last ye@f %f c should not
be touched but that another and separate a.e co
business men of forming corporal atoms under ether ether
and that after trial OF year, az H. acts
was attracting the argeSt amount 9 he rpPpaaed
the State: the unsuceesstul Jaw shoulG ioD az In New
Jersey OF 1875 which did not repeal the then eN-
i !a"S min tbe revision of 1850 II the latter
year the corporate act OF lS'5 having pt4neu I d
unfairly gone under that act. the Trenton legs -
Iatrre repealed the old existing PRIOR 10 NO
In other words the State Of New-Jersey gave ltS
revision a trial from 1915 TO 1895 aInendlnE II M, ',,
corractine II each wear and when the popular vote
had nroyed in 1896 that the revision was s,,L'S
factory all the old were abolished. ana SIi1C
r., tiin,e me state has adhered 10 the revision
OF 1895 without material charges. Lei" ~, ar
in 1Sg9 passed a complete revision OF lt7 ~ -
il NAV be noted but did not attempt 10 aIitIu U
correct the old laws. and AS result ol met 80 ~"
wears test OF the relative merits OF tlt ~ 80
there has now been introduced In the -eEslss' L
of Delaware a bill providing for the repetl p ol oe
oId act he substitution for II or the ne" al