The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-07-17

acts in another State or country which
are not In conflict with the law OF its
own being or those OF such other state.
Provision Is made in our new Constitu.
ton comforting upon the State Corpora
ton Commission the power OF licensing
foreign corporations to do business within
the State on such terms as may be stip-
ulated by general law. Without such
license. all foreign corporations are ex.
Guided from the State of Virginia.
The dissolution of a corporation Is eff
fected in several ways. It Is customary
with the State. in granting charter Of
Incorporation. to reserve the right to re-
peal or amend at pleasure. This reser-
vation is made absolutely In all cases
by provision In our new Constitutions
Where the right is not reserved 1t has
been held by the Supreme Court OF the
United States that such charter Is a
contract, whose obligation can no more be
Impaired by a State than that of any
other contract the United States Con-
sttution containing clause forbidding
any State to pass law impairing the
obligation OF a contract. OF course. this
does not affect the States right OF emf
nent domain. under which 1t may con-
denim for public purposes paying just
compensation. private property of every
kind. including franchise which the
right to be corporation Is But II
would have to be for public purposes,
which tern, has a definite meaning.
Dissolution may also be brought about
BY surrender on the part of the corpora
tion OF It's franchise. or by forfeiture at
the instance OF the State for not using
or misusing. or by the expiration of the
period limited for It's duration by the
charter or general law.
When a corporation goes out OF exist
ence its directors or the court wind up
It's affairs, and II anything Is left 1t is
distributed among the shareholders pro
rata
And now, In conclusion, what of
"trusts?" Those great combinations Of
corpora lions. which tend to monopoly. 1t
is taken for granted that no we'll In
formed person objects to corporations as
such. 1t must be admitted they are USE
full and necessary. The people cannot
but desire them to be successful and prof.
table, since they furnish the stockholders.
officers. agents and employees. besides
reaping whatever Of benefit results to
the public from the accomplishment OF
many Of their undertakings. such as the
building and operating Of railroads. turn
pixies. supplying OF gas. light. water etc.
Men simply do not want to be oppressed
by exorbitant charges and onerous con-
ditons and exclusion from individual en-
terprise. which monopoly uncontrolled
has the power and incentive to impose
TIC prevent this they may wish consoli-
dation made illegal beyond certain
point. They may even wish corporations
excluded from particular lines OF bust
ness which are desirable to be UNDER
taken by individuals, such as trade. man.
ufacture. agriculture. It is certain how
ever. that they do not wish the corpora
ton as an institution abolished The pro-
blem is so to control corporate activity as
to prevent oppression. while retaining to
the public the many great benefits to be
derived from Its encoura cement. The
new national Department of Commerce
Is an effort in this direction. as is also
our State Corporation Commission. the
latter being given great power over trans
portation and transmission companies. In
addition to being made bureau Of pub
lie record for much desirable information
in regard to the conduct of corporations.
Let US hope these experiments may prove
steps to a happy solution.
]. S. PATTERSON.