The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-07-29
DIRECTORS FOR
PRUDENTIAL
ARE NAMED
oo~ontlnucd from First Page,

-
thereof. When the application was made
the president of the company was present
with counsel. At that time / suggested
that there We're three questions which
might be worthy of consideration upon
such an application.
One-Whether the power of appointment
implicitly conferred by said act was COM
mitted to the chancellor as a judicial func,
tion, or to the person who happened to hold
the position OF chancellor as an administra-
tive or executive function.
Two-Whether the power of the Lesls-
lature to alter ard amend Il charter eX-
tends to diminishing the interest of stock
holders by providing for the appointment,
as directors. of persons Who are not elect
ed by the stockholders, although other
wise interested as policy-holders, 1t be-
ing obvious that the exercise OF sucn
power might result In depriving stock
holders of any control Of the company.
Three-Whether the implied power con-
ferring Upon the Legislature by Article
VIII. Section 2. Paragraph 8, of the
Constitution which. in the case of Ross
40 VIZ. POI, was held SUFFICIENT to support
the appointment of park commissioners as
officers. extends to the appointment OF dl-
rectors. who. If officers, are not ~ofncers
of the State. nor of any municipal gov
crnment in the State. but only of a private
corporation.
Notwithstanding the expressed consent
of the Prudential Insurance Company TO
the appointment of the directors applied
for, l have thought 1t my duty to consider
these questions, because there may be APP
plieations for such appointments In other
companies which will not consent.
With respect to the first question, l have
reached the conclusion that h power in
tended to be conferred by the act in ques-
ton, is conferred, not upon the Chancellor
In the exercise of any judicial function, but
upon the incumbent of the office of Chan
cellor, exercising, under legislative direc-
ton, an administrative or executive func-
ton.
Having reached this conclusion, l think
it clear that l ought not to pronounce any
opinion upon the other two questions.
If my action could be speedily review
ed l might think it wise to decline to ap-
point, but If l I'm correct in my conclusion
upon the first question, an appeal would
not lie. Any company which may be UNI
willing to submit to the provisions OF this
law until some competent tribunal pro-
nouuces upon them, may probably gain as
speedy a decision by a contest after ap-
pointment.
1 have, therefore, determined to make
the appointment asked for, and am in
fuenced by two considerations.
One-The plain intent of the Legislature
in passing this act was that the
of the office OF Chancellor should make
the appointment, and In Difference to that
intention | ought to make 1t.
Two-Upon the application being pre-
scented the head of the insurance COM
pany, representing, as | am entitled to
assume, the governing body of that COM
pany, and the counse who appeared for
him, both agreed to the appointments and
desired them to be made.
In the performance of this duty l must
ask the aid of the applicants and of the
insurance company and of their counsel.
/ think l should be informed as to the
relative amounts of the different forms of
policy issued by the company, so that I
be able, If possible, to give each class
consideration. 1t would be impossible for
me to go over the list of policy holders
eligible to appointment, who, 1 am in
formed, number about 100000 0
| must ask assistance In gaining in
formation as to eligible policy holders. I
would like also to be furnished with the
views of counsel in respect to the mode
in which the appointment is to be evil
denced.