The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-04-14

charters much simpler and rpore exactly
In conformity with the Cohsthutl lion
4 Tho suggested statute, proyldinS for tho
creation Of ordinaty bustess corporations,
left With then, ~ tho commission
& Section three Of the first chapter. as 1
rewritten by tho cotntnssio on. provides n /
brief that the applicants snail presseent
their certificates to the State Corpo1fatio11nl
.Cun,tr1l ssion and slf, upon examinait,ionls ~
Is found to comply With the lnw,, thG ne. az.
.rlicnnts must pay the charter foe within
thirty days, and upon such payment an
order Is ISSUED BY. the commission grant
INK the charter copy the order y. y
then delivered Il tho applicants. which
they are required N To- have reco d ~
the c1oris's ONCE ottle Circuit Co .L1,I o. OF
the city OF corporation where .neu pIinoi
made 4 corporation from the time OF s,ch
recordntion;f the clerk Of the court is then
IN return the copy Of the oh after, 80 re-
Corded by him. to the state Corporation
'f.cfnn,lssion, where II ts to be pr eserve ct
as d record Of the charter. ,gs it
5@ 40 M ORE SIMPLE PLAN.
.rho chairman OF tho commission stated
ithnt the proper sections In chapters Ivy,
three and four could be easily changeu, 70
40 as 10 conform to what they thought g
,1,,rn simple, appropriate and inexpensive
method OF obtaining charters. M
Attention was called to the comprehen
s,ve language in chapter two, by when
railroad companies might obtain aIleno,
trcnts To- their charters. 1t WIS SUGGESTED
that the words amendments or aitGra.
stions'' could be 80 construed as to ailow
Il railroad company 10 apply for and pro-
cure an amendment to Its orig nal cnar
ter allowing It to conduct business not
IN any manner related to or REASONABLY
within tho line OF railroad business. ~
was suggested that this be changed SO Us
10 confine any amendment that 3fnlent "
r.n,,ted to powers and purposes con =
w,ti, md incidental to the CONSTRUCTION,
maintaining ana operation OF "a ra. ~ 8
n ,rhc a chn,rmgs OF ~ the commission
f,,rther stated tnat the method Z nroVla ~
~ - ia proposed act for comforting the
m uar of eminent domain upon railroaa
companies chartered under the ACT was.
in the opinion OF the connmlsslon'i -. ~
questionable constitutionallty: tnat inc
Constitution provided that the L 1,s..',a,
t,,ro should not confer upon any tribunal
the right to exercise discretion IN grant
ing charters, and, therefore. II the right
~ on, ne1,t domain was one Of the powers
md purposes and objects OF railrpad
com m Il v. 1,Yi,ccssarily involved IN It's cred.
lion II should be provided for by general
law It was further stated that lbs
was cssentia1lys,n legal question when
the 5ioint committee would have TO con-
slider and settle.
UNLIMITED POWER OF MERGlER:
Attention was also called to the unlim-
tied power OF merger lowed 70 cor pota-
Itions OF all character and y was insistea
that II corporations were to be granteo
such power, as to railroad companies.
n limitation should be placed In the law
SO a 8 to prevent merger Of two railrof 5 VA.
parallel or competing lies. The comt5s t.ss;
sion a further stated that the poSgslS
az allowing corporations to merge str
consolidate was altgethcr q. new
enc In Virginia, and should ne
given very careful consihern lion
and that, as 1t was essentially
question OF public policy, It was one
which the Legislature, as the direct rep
rcsentatH:e OF the people, should pass
upon.
- Many other suggestions were made
and The commission and Its chairman cor
cluded by asking the Joint committee 70
con- Ss99fr.s whether 1t was not practical
and ssss TO endeavor to frame at this
time Ssi hort law providing briefly yer
the creation only OF corporations. and
making them subject to all restrictive
laws now in force, or that might be Ell
acted, and not endcavor to nut into ef-
feet the important and varied provisions
and powers embodied In chapter t 70 ana N
in chapter Ave until after the Commit
tee OF Revision had considered from the
stand point of existing legislation ard
public policy. these powers and prov!-
sions. together with all other laws which
might be referred to them.
The powers allowed corporations IN the
bill and the broad powers granted 70
railroad companies present questions of
areat public policy. which should be
carefully and patiently considered. and
it was thought that this could best be
done by the Committee on Revision.
which should have >-nple time and better
opportunity to perform the work ic-
5quired to- bring such legislation Into
proper shape. sG
he SUBSTITUTE TO BE OFFERED.
In lieu of the section prescribing the
method OF chartering corporations =
House bill No. lo2 1t Is understood tina
the following substitute will be offered
with the approval OF the Corporation
Commiss ion:
Such certificates shall be signed by at