The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-03-06
IMPORTANT
Bill, IS UP
Colonel Caton'ssFine Work on
Corporations,
BILL READ In THE HOUSE
Relates to Matter Of Granting Charters
and Will Be Disposed Of Speed
ily- Goes Into Details on
the Subject.

House Bill No. 1o2, reported by the
Committee on Roads and Internal Navi-
cation, Is one OF the most important
measures yet presented to tho General
Assembly. rho bill provides an entire
" new system Of incorporation laws for
the state Of Virginia, which Is made
necessary by the changes in the Const-
tuition relating to the method of char
tering companies. Tho biA covers .lt6
pages, and Is divided into five chapters,
and provides method for the lncor-
poratlon Of all classes of corporations
III the State OF Virginia, and general
regulations governing the same
Chapter one provides that any number
Of PERSONS not less than three. may as
scciate to establish corporation Tor IN ,
transaction OF any lawful business. or
to promote and conduct any legitimate
object or purpose. except a railroad COM
pnny, telegraph company, telephone
company, canal company, q turnpike
company, or other company which shall
need to possess the right Of eminent do
main for the purpose Of taking and con-
demning lands within this State.
Chapter two provides that any NUM-
her Of persons. not less than seven. may
form corporation, under the provis-
ions Of the act. for the purpose OF pur-
chasing, leasing or constructing and OF
maintaining and operating railroad or
railroads to be operated with any kind
OF motive power. and for that purpose
may make and sign articles OF associa-
ton; and defines the conditions upon
which such companies may exercise the
right Of eminent domain.
1y5 RIGHT OFtDOhfAIN.
CHAPTER three provides that any number
Of persons, not less than FIVE. may as
ISOLATE to establish IA corporation TO
purchase, lease on construct, maintain
and operate telegraph or telephone lines
q canal,ta turnpike, or any other works
except railroad, intended to be used
for public service; and also defines now
s,lcu companies may exercise the right
of eminent domain, and the regulations
and conditions upon which gridbe, Via
duct, acqueduct, and tunnel companies
may proceed to work under the provisions
OF their charters.
Chapter four provides that any NUM-
Der OF persons, not less than three may
associate to incorporate q college. an alunl-
nj association. q literary society, a ceme-
tery company or association, a fraternal
benefit ASSOCIATE ton, a fraternal associa-
ton, society," order or lodge. society
for the prevention Of cruelty to children
or animals, charitable or benevolent as
ISOLATION, or any society, association or
organization Of like or similar nature,
to be issued, and defines the powers OF
such companies, and the methods for dis.
posing Of, encumbering, or charging its
property, real or personal, and for the
flna! winding up and disposition OF It's
assets. iR #t
81. GENERAL POWERS.
Chapter five defines the general powers
as to their government. conduct and
winding up.
The bill provides that all charters shall
BIO issued through the State Corporation
Commission, upon compliance with the
provisions of the law In respect to ar
tIcles OF Incorporation or association; fol
lowing strictly the lines marked out by
the Constitution. This is the third Of a
series of bills relating to the Corporation
Commission and corporations reported to
the House by the same COMMITTEES: the
first being the bill for the organization
OF the State Corporation Commission. and
defining its powers and the duties Of its
officers, which has passed the House and
Is now pending In the Senate; the second
being the bill amending the various sec
lions OF the Code to conform to the
change OF conditions brought about BY
the Corporation Commission, being sub
stituted to the powers and duties OF tho
railroad commissioner and the Board Of
Public Works, now pending on the House
calendar. The committee has in course
OF preparation other bills relating to the
subject of corporation, which will con-
tain the regulations that apply to spec1-
{Ac classes OF corporations, and their du-
ties to the public, and which Will be re-
ported to the House within the next two
or three weeks. The work Of the COM
mittee has been confined almost entirely
to carrying out the provisions of the new
Constitution in reference to corporations
and their work, as Is shown by the bills
already reported, is we'll advanced, and
viii soon be completed.