The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1910-02-17
JAQUISH ON LEGISLATION
Continued From Page ID

capital employed successful development
make ming investments especially attractive of small
means Under existing conditions it is difficult to the
necessary capital and it be denied that only the small
but the large investor not properly protected in his speculative
investment Adequate laws needed to aid in securing the
capital and to protect it after it has been secured
With proper safeguards law making the stock of all mining
companies assessabe will assist in raising captaw in fact
make failure for lack Of capital almost impossible good
agemen and viii protect all who buy stock such companies
Such law be equitable and affect all stockholders alike
whether large small whether officer DIRECTOR there must be
no discrimination Every share of outstanding stock pay
the assessment matter by whom the stock held
The provide each step be the and COL
lection and the board Of directors be held
strictly accountable for the in which they conduct the
affairs Of the company
When all this has been done we will have nearly ideal
mining law be DEVISED in the light of know
ledge Of the subject and the stocks of legitimate mining
pgnies engaged exploiting the instead of the sockho
ers will be eagerly sought for by large and small buyers And
what is better they will get square for their money
Such laws experimental The states California Idaho
Utah have such laws and the standing of these states the
Of development and production well known to the mining
fraternity.
Space will not be taken quote the provisions of the laws of
those point out what be their weak pots
but rather outline the provisions to be embodied
law that will practically the ground and provide stable
and enduring foundation for the mining industry having
cay mind providing capital for development and protecting
those who provide the capital.
may also be proper call attention to the fact that laws that
apply organization and conduct of mining corporations must
apply industrial and other corporations But this fact
raise valid objection since law that safeguards stock
holder in mining corporation must be equally good when applied
to any other corporation.
Provisions of the Law
All stocks to be assessabe by any officer d.
rector agent ssnan Of the that the stock is
assessabe to be punishable material Misrepresentation The
penalty be applied the making the Misrepresentation
but affecting the corporation its rights in the premises
Each exceed cent of the captaza
ton The total of all assessments that he levied
exceed the value of the shares This provision should
fore any levied Otherwise would be
sary go accounting with each stakeholder ascertain how
much credit he might be entitled his total assessments be-
cause his original payment This would be expensive and i'm
practicable.
Notice Of to be given by publication in paper
general circulation the county where the office Of the
pany located week not less than four weeks more
than eight weeks before the becomes delinquent stat
ing the amount assessment when delinquent where and
when payable and fixing the date and place of delinquent SALE
All delinquent stock be advertised for sale in the in
which the of published each week for
not less than three than six weeks before the date of
SALE giving the number of each certificate name Of registered
hyder of shares and amount of the assessment each
certificate stating date hour SALE and that so many
shares of each certificate will be sold may necessary in order
pay and of advertising and SALE The sale
open the general public in the Of tax sales and all
other auctions.
In conducting the sale the secretary other officer of the
pany to offer each certificate for sale separately in alphabetical
order stating the number of the certificate the name OF the
registered holder the number Of shares the amount OF the assess
successful bidder the sale he who offers to the assess
en and charges for the least number OF shares to be
sued to him out of the certificate That number of shares to be
issued to the successful bidder for each certificate at the onc
sion Of the SALE upon payment of the amount certificate
is then issued the original of the certificate less the
number so and the old certificate cancelled the books OF
the company The secretary keep record OF each sae to
whom how many shares and the amount paid This record
entered the companys minute book the same as all other
official actions.
In the event that bidders for cash at the sale some
officer director the company bid in the delinquent stock
for and charges and the stock then for
feted companys treasury But officer director as
such permitted to bid at sale against outside bidders for
cash. The this that the entitled to col
ect only and the cost OF
advertising sale forfeit the stock to the treasury the