Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1906-10-11

leges which one Legislature readily grants
another will refuse and conditions re-
garded by one Legislature as of import
ance are entirely disregarded by the next.
! Corporations as a means of doing bust
ness have existed for centuries. They
are necessities. The right to form them
under proper restrictions should he equal
" subject to uniform provisions. The
most useful corporations have no desire
for special privileges not common to all
corporations of their class .at,1 do not
object to being subjected to all reasonable
limitations provided other like corpora
tons are subjected to the same. The
greatest danger arises from special leg
alton, for it is ordinarily in this way
that special privileges are obtained and
exemption from proper restriction ac-
qured.
I recommend such revision of our
general corporation laws as will bring
them up-to-date Their terms and condi-
tons should be liberal but just and rea-
sonlble. 1t is right and proper that the
State should receive as 1t does, a rea-
sopabe fee for charters, but no laXity
in the corporation laws should be per-
mitted, as Is done in some States for
the sake solely of revenue. When our
corporation laws have been thus amend
ed applicants for charters, except in eX-
traordnary cases, should he left to the
use of its provisions and the time now
occupied by Legislatures in the consid-
Grafton of private corporation measures
can and should be given to public busl-
ness.
SAVINGS BANK AND TRUST COM
PANY CHARTERS.
There are forty-fve savings banks and
trust companies il active operation in
the State and every one has a special
charter varying in some respect from the
charters Of every other. If it is desired
to organize savings bank or trust COM
pany special charter must be sought,
because there is no general law for their
organization Chapter 173 of the Vermont
Statutes provides for the voluntary or
ganization of State banks of circulation,
discount and deposit, but that chapter is
obsolete because such banks are not de-
sired nor desirable while We have the
present excellent national banking sys-
tenn. The whole chapter might Just as
we'll be repealed. There should be a gem
eral law for the organization Of savings
banks and trust companies permitting
their voluntary organization in proper
cases upon compliance with the provi-
sions Of the law and the payment Of the
/ necessary capital. So far as possible the
charters OF existing savings banks and
trust companies should be brought into
conformity to such general law SO that
the rights and privileges of all saw
ings banks and trust companies in the
State would be uniform. Although it is
better to allow too much competition
rather than too little. the presence of
too many banks in vicinity of re-
stricted population and business activi-
ties might really be harmful to the gen.
eral interests. There should be some
general restriction, therefore, or some
discretion in the inspector of finance with
respect to the granting of new charters,
but such Limitation can always be best
accomplished under a general rule or in
the discretion of some selected officer
rather than by the action of the Lesis-
lature upon each case.
VILLAGE CHARTERS.
There are forty-eight incorporated vii
lagos in the State. There is a general
provision (Chap. 1872 for the voluntary
corporation of villages but Its provisions
are so incomplete that all. or substan-
TALLY all. of them have in fact been
incorporated by special charters. 1t may
be said of them, as of the savings bank
and trust company charters, that no ore
Is in all respects like any other. In the
case Of municipal corporations this diver
sity is even more inconveniesnt than In
the case of private corporations. The
powers and privileges of villages should
be uniform. If they were thus uniform
there would become through the decisions
OF the courts and otherwise some general
understanding OF what those powers and
privileges are. The law of villages be-
ing now largely special for each village
Is practically private law 1t should be
public and uniform. l recommend that
Chapter 142 be so amended, enlarged and
improved that it will answer the pur-
poses for the voluntary incorporation