New-York tribune., 1901-04-17
POWERS OF THE COHPANY.
FINANCIAL INSTITUTIONS HERE INTER
EsTED IN THE PROPOSED CONCERN.

FINANCIAL INSTITUTIONS HERE INTER
EsTED IN THE PROPOSED CONCERN.
The act TO incorporate the New-York Incorpora
ton Company, reference to which was made YES
terday in The Tribune's Albany advices is receiv-
ng much attention at the hands of the banking in
stitutions in this city and elsewhere Many tele-
grams have been sent to the Superintendent OF
Banking and to various members OF the Senate
protesting against this bill creating an insttu-
lion which. without cash capital. will have banking
snd trust company powers of the widest sort. and
will be under restriction except to pay the
State taxes and report TO the Superintendent Of
Banking. which official. however will have no
power to require the corporation be governed by
the ordinary rules applying TO banks and trust
companies. 1t is known that prominent politicians
ere back Of the measure.
An examination of the bill compels admiration for
the skill Of the hand which originated It. AS to
capital IL is unlimited. 1t shall not be less than
f065 but II is evident that the company may issue
stock without limit. the rights, powers and
privileges herein granted TO said corporation shall
not be controlled, limited restricted by any
existing statute OF this State. but so far as such
statute statutes of law might otherwise
be inconsistent with the provision of this act
any Of them they are and shall be deemed to be
altered and amended far they might
be applicable TO said corporation to conform
to the provision Of this act, which provision shall
be in lien OF all provisions in said statutes relating
TO the subject matter
This is the provision of Section Z Of the bill
Therefore the only provision relating to the capital
stock. the issue of stock for value. the in
crease decrease Of stock any of the other
safeguards commonly thrown about the issue Of
stock Of financial institution is that the capital
shall be hxed by resolution Of the board of directors
and shall be divided into shares OF 800 each.
UNLIMITED BANKING POWERS.
As TO banking powers, the provision is that. in
addition to all the general powers and privileges
tn toni o,do
in the stock corporation law. which include bank
ing, commercial and all other privileges. the COM
pany shall have express power Ito take any and
all steps or proceedings pertaining to or for the
accomplishing Of the reorganization OF nsolvent or
other corporations, the purchase and sale or the
franchises, properties and privileges OF corpora
tions Of ali kinds, and for whatever purpose or
ganzed; buy. sell and deal in real estate, bonds.
stocks mortgages and other securities. and to loan
its capital and surplus notes. bonds. mortgages.
stocks merchandise, and to borrow money for
any the foregoing purposes to aid and assist in
divdusls In the formation Of corporations, and TO
aid and assist and afford facilities for corporations
domestic foreign in Incorporating unGer the
laws Of the State Of New-York or in reorganizine
such corporations; to certify stocks. bonds. de-
bentures or other securities obligations of any
corporation. domestic or foreign; to act as the
fiscal transfer agent OF any corporation. do
estic foreign, ana in such capacity as agent to
and disburse moneys ard transfer. register
and countersign certificates Of stocks. bonds or
other evidences Of indebtedness: to act as trustee
under any mortgage, bond or deed or trust made oy
any body polite corporation; to accept and hoid
bonds Of or stock in any corporation. domestic or
foreign, for such time and upon such terms as may
he agreed and make and issue all instruments or
certificates necessary 10 evidence such deposit in
trust; 70 purchase acquire. hold and dispose OF tho
stock bonds and other evidences OF Indebtedness OF
any corporation. domestic or foreign. and issue IN
exchange it's stocks. bonds or other obiga-
tions"
The CORPORATION, therefore. has power TO do any
thing pIeases in the way OF financing corporations
or recognizing corporations including underWrit-
ing and promotions It has the broadest powers to
buy and sell real estate, bonds, stocks. mortgages
and other securities. having not only authority to
loan its capital and surplus notes. bonds. nort-
cages, stocks merchandise, but also the danger
yos S power 10 borrow money ec fo any tbe M Hight to
receive money deposit in the name OF loans j., J..
the pass book. which would change the legal char;
acter Of the deposit into loan but when wou,o 10
result practically in the institution being aoie 70
lake deposits Of any sort or klno
CORPORATION CAN DO ANYTHING AN IND1-
VIDUAL CAN DO.
The trus, comnanv powers are further continued
In the right TO act as fiscal agent OF any cor
poraton. TO act the transfer agent registrar
for stocks and bonds: IN fact the corporation mas
every power do banking. financial, trust COM
psny promotion or pawnbroking business, large
or small; and under the clause the said company
Shall mot controlled. limited or restricted py
any existing statute law of this state. having
sscertained the powers of the corporation, IL Is
found that there is nothing left 10 be optaiieo'
tnat the corporation do anything when an IN
oiFdual with money with the power 10 por'o"
money could do II is simply compelled TO report
Its condition during the month OF july 10 'he
Superintendent Of Banking, and the Supreme court
may authorize any person TO examine IL Inc
company Is also required to pay organization ana
annual taxes. which requirement under the new
nl amounts TO nothing but the superintendent. W oi
RANKING has no control the organization
n.her than receive its reports. because the COZ
pofeton, by express language, shall not pc cor
uoiec, limited restricted by any existing stalue
N law of this State The power 10 act as sseit
p corporations in New-York, to receive and optain
designations the statutory agent OF corporauos,
ls not important. The power TO priht poon1
Ahd Circulate them is merely 'bnd 10 the !. "a
purpose corporation which has an unilniitsu,
Unrestricted and practically an unlicensed pahkihs
aho trust company power
PROVIDING AGAINST FUTURE RESThic-
TTONS
Recognizing the fact that In time, this company
might be discovered in fits true scope ano that re
srictive laws might be passed. the trainers OF 'is
a'h have wisely provided against future res'fie-
nons by saying that the corporation snail pe
'n1ecf 10 and entitled the Dement'S OF All
~ o. this State relating TO corporAtions oue Ut - ~