The Montgomery advertiser., 1903-09-17
HOUSE PASSED STOCK LAW;
 NO EXHIBIT AT ST. LOUIS

plained that a number of the members of the House had reached an agreement on a stock law. If the motion to re- consider prevailed he said they would offer a bill which, he said. would meet all possible objections.
 The bill agreed upon Mir. Thompson said, had as it's basis the bill which had been under consideration and which had been indefinitely postponed. The agreement. he said, embodied the amendments offered by Messrs. Arnold of Calhoun and Callahan of Morgan. It left the matter with the County Commis- sioners and 1t became operative only af- ter the counties had voted upon 1t. Mir Thomas of Chambers was opposed to reconsideration and to the bill He did not favor any bill which would wipe out all local stock laws.
 Mir. Kelly of Choctaw said the biil wasn't exactly what he wanted, but he knew he couldn't get all he wanted in the Legislature. He was willing, he said. to go back to his people with the stock law.
 MT. Callahan of Morgan said that he had voted for the defeat of the bill. but he would support the motion to re- consider. The Legislature ought to pass l a stock law. The matter was one of too much importance for the Legislature to go home and leave the matter neglected | for four years. He did not approve of all the features of the bill. but it would | be better to pass the bill than not to do anything at all. The bill was in line | with local self-government, but he doubted the wisdom of the provision re- lating to the building of the fences by | the county. Stiu that matter was left with the county commissioners. and they xyo1ild | the people.
 The previous question was ordered up- on the motion of Mr Searcy of Henry. The substitute agreed upon was intro duced by MT. Shafer of Dallas. The substitute was adopted. ayes 88; | nays '. The bill was finally passed. | ayes 62, nays 2
 On motion of MT. Lusk of Marshall the bill was sent to the Senate without engrossment.
 Regulation of Corporations. The bill providing for the organiza- | ton and regulation of business corpor- | ations came up as the special order. MT. Foster of Tuscaloosa, assumed the floor management of the bill. He ex-
 plaiped the changes made in existing
 corporation laws by the bill
 The bill changes the charter fee for
 corporations having more than $100.000 |
 the probate judge shall issue to a cor poration a certificate of incorporation which shall be filed with the Secretary | of State. For the issuance of this cer- | tificate the probate judge shall charge
 50 cents. The bill makes no change in
 the provisions declaring what corpora | tions may consolidate. Section of the bill gives public wa | ter works companies the right of con-
 demnation proceedings for the Source of | water supply and the necessary land. | Section 15 of the bill which Is entirely
 new Is as follows:
 Section %. 15-Alining, manufacturing | and Quarrying corporations may con | struct and operate to and from their mines, furnaces, mills, factories. quar- ries or other works, railways, tramways, canals, tunnels underground passages or roads, and may acquire by purchase or otherwise rights of way for the same. and may acquire by purchase or other wise, railways, tramways, canals. tun- nels. underground passages or roads,
 whereby connections may be made to with their principal places of business. | their mines, furnaces. factories, mills, quarries, or other works, and any pub | lie highway, turnpike, macadamized,
 plank or other graded road, or railroad or navigable waters. or to or with their | mines, ore beds, coking or coaling | grounds, or timber lands: or canals or | aqueducts to or from their mills or fac l tories, furnaces or quarries or other
 works, or any waters or water courses. and may transport as common carriers | freight and passengers on any railroad l or other roads or any canals or aque-
 ducts, constructed or purchased by
 them taking reasonable compensation therefor
 The bill gives banking corporations the power to become trusts.
 Section fl defines the rights of stock holders in case of merger or dissolution of corporations.
 As to Insolvent Concerns.
 Sections 50 and M are entirely new
 They are in full as follows:
 "Sec. 5O Whenever any incorporation shall become insolvent, or shall suspend its ordinary business for the lack of
 funds to carry on the same, any creditor | or stockholder. or any number of creditors or stockholders. may by bill or petition | apply to the chancery court of the divis-
 ion in which the corporation has Its l principal place of business, or to any
 court in such place possessing chancery
 Jurisdiction, for writ of injunction and
 appointment of a receiver, and the disso-
 lution of the corporation, and may file
 ad1davits in support of such bill or peti- l
 andavits submitted, or other proof, of
 the suh1ciency of the application and the
 truth Of the allegations in the bill or peti- | tion contained, and after such notice to | the corporation. If any as the court may prescribe. may proceed to hear the proof
 which may be offered by the parties. and
 if upon such hearing. 1t appears to the court that he corporation has become in- solvent, and Is not about to resume its business In short time thereafter with
 safety to the public and advantage to the stockholders. 1t may issue an injunction
 to restrain the corporation, it's officers and
 agents from exercising any of it's privi-
 leges or franchises and from collecting
 and receiving any debts or having ont lassigning or transferring any of its
 monies, funds. estate, lands. tenements.
 or effects. except to a receiver appointed
 by the court, until the court shall other
 wise order. The court at the time of
 ordering the injunction, or any time thereafter. may apolnt a receiver of all
 the property and assets of the cornora-
 tion, who shall qualify. and. under inc
 direction of the court, must exercise the
 same powers and perform the same duties
 as are required of receivers in the next
 preceding section. and otherwise manage
 the affairs of the corporation pending the
 final settlement thereof as the court shall
 direct Upon the final settlement of the
 affairs of the corporation the court must
 dissolve the corporation hy decree, unless
 prior thereto, the debts having been paid
 or provided for, and sufficient funds pro-