The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1908-01-21
E P OF CORPORATIONS.

"a Department of Corporation
should he established, with q single
commissioner mt it's head. All the
duties now cast upon the Secretary OF
State, in this respect, should devoivc
upon this commissioner, and he should
be given enlarged powers. No GER
tifcate OF incorporation should be
filed until it has his approval as TO
form and as to its compliance with the
laws Of our State, and no stock should De
allowed to be issued by any company OF
ganized under our laws, except upon his
certificate that 1t was issued In compliance
with the aw. He should have absolute
control over the authority to issue stock
for property purchased and cash stock
should not be issued until he gives a
certificate, founded upon proofs, OF the
payment of the requisite amount or cash
into the treasury of the company.
sh "As to pr 0nps E. pu scnpsea t sseca ac;tio on
Of the directors in authorizing such stock,
and only SO much of that class 81 stoSA
should be allowed to be issued as bne G I'LL
missioner. upon the proofs before nim'
should permit. .,d.
should be allowed to be placed nPHIn his
certificate of consent thereto snai pc ~ %
obtained, and the amount OF the ponus 20
be issued stated In such certliea'e octnal
pOllQo nCNCL OAAOAAo In
value of the property MORTGAGES. ne 70
should be given visatorial powers as TO
any, corporation, organlzed nne nt vi times
to inspect the books, papers OF minutes u
any company, and to take copies 1nereoi.
HE should be allowed, WIN uns the
nroval of the attorney-general ana tue
Governor, to take legal proceedings. IN u
name of the State, for the protection OF
the rights of a corporation or IT'S stocA'
noa .The tim. IN. come for the strict
supervisiOn of these great corPcrsr
tfons, and the limitation OF their ssocn
public. oficiaI. 1t will make for con-
servatism, and strengthen the compaittSas
doing a legitimate business, ana eiiniila,s,
let us hope, those which are merely speou,
iefive in character, and organized simply
to catch the unsuspectins or creouiouS -
weston. - h,,.i-
ness world TO remain for all time. Cor
norate methods are the most satisfactory
for business purposes, 1T Hiany T."
Every business or enterprise honesty Az
corporated should be protected, ana tIle
public made t. feel confidence In us COT
porate organization. Capital lnVesteu II
corporatiors must be as free from Wrous-
full attack as that invested by inolHiuuais
and the State should do everything 70
foster and protect invested corporate eapl-
tai, and encourage the public IN glVIuS
to it support and cSnrdea tSa. 6Neosiirabfe re.
suit ms proper supervision and reasonaple
control over stock and bond issues, SO
that overcapitaiization will be preventeu
a share Of stock or a bond Of the issue Of
"a New Jersey corporation that the name
of the State upon it stands as a guarantee
able safety in It's purchase. The act must
make 1t clear that the intent OF me
supervision by the commissioner Is NOT
for the purpose of striking at corporate
organizations or invested corporate capt.
tai, but rather to recognize and protect
existing conditions and insure greater
safeguards for the future. -
New Jersey has been called the nome
OF corporate enterprise, n we should not
object TO this, but rather be proud OF IT.
CAPITAL does not go into a State where
reprisals are taken or vested interests are
Injured; 1t comes only where wise. con,
sentative, safe treatment is assured, and
1t should be our policy to encourage n
secure corporate rights n the best inter.
ests of stock and bondholders committed
to our legal care.