The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-04-14
GRANTING:
CHAR
Suggestions Made by the Cor
poratlon G Commission.
WILL OFFER a SUBSTITUTE
sectionto Take tbs Place II House Bill
iO2 Of That Bearing Upon the
Method Of Creating
Corporations.

4 THE Joint Committees OF the Senate on
I, Courts OF Justice and Roads and Internal
!, Navigation held a further sitting on We'd
hcsday afternoon. April Sth, which the
Z members Of tho Corporation Commission $40
attended, ahd, at the request OF the com
o{1nittec. continued their suggestions as TO
the provisions iof House bill No. 1o2. con-
corning the creation and powers OF corpo-
4 rations.j l 5
4 rho chairman OF the commission con-
tinued to act as It's spokesman. and ad-
dressed the committee at length. Accord "a
lirg to information obtained by q Times
Dispatch reporter. the commission point
cd out that under subsection (c), IN the
first chapter, It might be possible that
on q single charter the purposes Of In
corporation might be 80 stated as to en-
able tho corporation to engage IN sev-
#cral kinds OF business, having properly
no relation to ench other and to ayoio
this It was suggested that tho purposes
or incorporation should be confined to one
single general business and purposes ana
objects incidental thereto. ,ssf
455,5 f 81 ENLARGE THE LAW. ~
The members OF tho commission were
: H.rongly8 of tho opinion that tho proposed
4 Inv making corporations subject only 70
such restrictions MS were contained IN
that pa rticlllar act, should be change and
enlarged so as to mako corpora tons Gre
&a;cd hereunder subject to all regulations
and restrictions OF law contained IN that
act. and also those which might pc there
ftcr enacted. in so far as they should 20
applicable to the various corporations ana
q the respective character OF business TO be
conducted BY them. 1t was urged 81 upon
the committee that this was more espe-
q cially necessary at this time. as Com
In!ttee on Revision had been appointed,
which would doubtless consider ana pro-
pose new legislation under the Consttu-
tlom- Including laws relating to transpor-
fatjon companies, banks. insurance COM
pa MES and other business corpora tons.
House bill No. 102 contains. among the
pcwers OF amendment. q provision that
by amendment an ordinary business cor
yoratIon may change tho nature OF Its
business. It seems that this extent OF
amendment Is contained In the laws Of
many OF the States, banks and Insurance
q ccmpanies, however, being generally OK
cepted The commission suggested that II
such O broad power Of amendment was
TO be made law In Virginia. banks insur-
ance companies and others OF like char
ecter should DO excepted from Its opera
tion "a. si B . ~
Ia. Tho first provides for the creation OF
ordinary business corporations; the sec,
ond FOR railroad companies; the third
chapter for telephone, telegraph and other
similar companies; the fourth for corpo-
rations OF all character which have no
ca pital stock and the nth chapter rel ates
10 general powers OF nil corporations
METHOD OF OBTAINING CHARTERS.
! Il The nethod OF obtaining charter, IN
outline, is substantially the same In the
first four chapters and neccssltates the
presentation OF certificate to the Judge
& OF the Circuit Court, to the CORPORA ton
Commission. to the clerk Of the court
where the principal Office is to be located
FOR recordation there. and finally to the
Becretary OF the Commonwealth for res
cordation In his office. The members Of
tho commission agreed that this was
rather n cumbersome proceeding and
some question might be raised as to its
conformity with section 1b6 (n) OF the
Constitution Tho chairman Of the com
mission stated that he had examined the
corporate laws OF some OF the other States
and had rewritten several sections Of
CHAPTER one in such manner as to make
the method OF applying for and obtaining