The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1909-05-24
MEANING Of NEW
WILDCAT LAWS
Acknowledgement of Nevada Ex-
plains Meaning of Recent
Wildcat Act.
REPORTS NOT DUE
UNTIL NEXT YEAR
Stock Certificates Must BE
Stamped According to Their
Real Character.

certain parts of the new state mining,
or anti.wildcat, law be explained
for the benefit of the general public
The letter and explanation sent by AZ
torney- General Stoddard follows, IN full;
Chas n Sprague ESQ. Goldlicld. New.
Dear SIr-Replymg to yours OF the Srd
inst | am lnclosne herewith n circular
letter regarding the regula tion oi nlnuls
corporations under the act OF 1902 copies
OF which have ths day bccn mailed To
various district attorneys.
Bv imposing a penalty upon any person
who shall act as agent for foreign cor
poration. subject TO- but not complying
with. this act. such corporations arc com
PEELED. in order to do business III TINS
state 10 strictly comply herewith.
40 person is compelled TO act as such
agent or illa such statement. therefore
Il is incumbent upon such corporation 10
file the statement required and TO other
wise obey this ac, for the reasons stated.
No person may act as resident agent OF
Z foreign corporation unless such cor
roration has fully complied Wlth thlS act
Very truly yours, Il. G. STODDARD.
Attorney-GeneTd!.
Attorney Generals Office, State of
Nevada. May .. 1909.
To the District Attorneys OF the Several
Counties OF the State Of Nevada
Gentlemen-Many INQUIRIES regarding
what is popularly known as the Wild.
cat bill passed by the leeisla turc Of 1909
fstatutes. page s2l are being received by
may be advised 10 the Views enter
tanned by this office regarding the con-
s,ructIon of those portions Of this act
which seem 10 be ambiguous, beg leave
to submit the following conclusions:
The purpose of the act is 10 require
mining corporations owning. working and
developing mining property within the
state. and selling and Offering for sale
any Of its shares Of stock. 10 furnish
certain information as 10 its affairs and
general condition for the use OF the pub
lie and also 10 classify. so far as posi-
hle the kinds OF stock usually issued by
such corporations and 20 require the same
TO be designated treasury or pro
motion" stock. as such stock is therein
defined. in order TO prevent and discour-
age the issue and sale Of shares of stock
in alleged mining corpora tions formed
and promoted solely for stock selling pur-
poses. and not owning or possessing actu-
al or prospective mineral rights or
cent purchaser of stock 10 invest his good
money with tho eXpecta ticn OF acquiring
anything Of value.
Legislation upon any new subject is In
veriably defective in some respect, and
this statute is no exception. but it is al
mos, universally conceded that this act
is a giant stride toward the protection OF
the mining company operating and SELL
ing stock in good faith as well as the
stock investing public and that With
few minor amendments II will, accomplish
the good purpose for which IL is intended
Section | of the act requires certain
statements to be fled with the county
recorder and attorney general There is
"A diversity Of opinion as TO whether these
statements are required to be filed this
year (i9oeD. or not until next year 09lo):
that portion OF the section relating to the
time OF fling being follows:
Every corporation owning
and selling or Offering for sale --
any Of Its shares OF capital stock shall.
during the months OF June and November
Of each calendar year hereafter, file
etc.
If the word thereafter were omitted.
this question would. of course. not arise,
but II being an elementary rule OF statu-
tory construction that every word in the
statute means something and must be
given effect the word thereafter" having
for It's antecedents the words calendar
year II cannot be said that the legisla
ture meant June and November hereafter
ltl1at is, June and November 1900. else
il would have omitted the word "calen-
dar' or used other appropriate language
In expressing such an intent The word
calendar" used In the above sense Is
defined by the authorities "a meaning,
"the established order OF the division of
time into years. months. weeks and
DAYS" (Words and Phrases Judiclally
Defined Blacks Law Dictionary. ctc.)
This act became effective March .. 1909.
II says that certain statements shall he
filed. etc. during the months OF June and
after. The above quoted language is
plain and unambiguous and. In my opin-
ion means that the statements therein
mentioned are required TO be rled during
the months OF June and November 1910
and thereafter, and not during the year
1909.
The next inquiry:
1T is necessary that stock Issued prior
to April 10, 1909. he stamped or designed
treasury or promotion stock when the
certificates are subsequently surrendered
for transfer or TO be cut up into smaller
blocks?"
The language OF section of the act is
as follows:
From and after April Is, 1909. it shall
be unlawful for any corporation, or any
officer agent or director thereof. owning
---,- or developing any mining prop
erty in this state, to issue any written or
printed certificates representing one or
more shares of its stock upon
which certificats is not stamped or print
ed the words Treasury Stock. " etc.
The net prohibits the Issuance OF GER
t!Gcatcs unless such certificates are
STAMPED eGre9 or StheT%se ~ Ge$sma'sd as
by Iexicographers. signifies To send out;
70 put INTO circulation.
instead Of the word "certihcate.," if
used. then this section would not require
certificates representing stock heretofore
ISSUED" when presented the transfer TO
he SO marked, but the legislature has eX-
indus;ria used the word certificate" and
has not recognized the inconvenience or
hardship that may be incurred by some
corporation in ascertaining the charac.
ter OF early issues OF stock in order that
Thcn such certificates are surrendered
foc transfer after April u. 1909. before
hNr pIt-p az issuVu, tIlcy may ne
properly marked; however, ! am OF the
opinion that such is the case as the
statute in direct terms prohibits the lssu-
nncc OF certificates representing one or
more shnrcs or stock in mining corpora
tions owning. leasing. working or de-
Fe.npmS" mining property within this
state ard selling or Offering for sale any
% lis stocks or shares therein, unless
such certificates designate the class OF
stock they represent as defined by said
act. Yours truly,
Il. C. STODDARD. Attorney General.
Nevada News Agents.