Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1910-10-15
NUMEROUS IDEAS
IN CORPORATION
COMMISSION
Series of Suggestions in Hands
of Committee Looking to Eff
fective Regulation and Su-
perviSion in the State,

committee on corporations IS hard az
work, and while nothing has been de-
cided upon definitely for submission
to the convention, the members are
rapidly getting together on the vari-
Gus subjects under consideration. Fol-
loving IL a series OF suggestions for
the proposed article on corporations,
which was presented to the commit
tee at It's meeting today;
Corporations Other THAN Municipal.
Section T., The term corporation
as used in this article Includes all
Joint stock companies or associations
having powers or privileges not pes-
scsaed by individuals or partnerships.
Sec. .. All corporations shall have
the right to sue and shall be subject
to be sued II all courts IN like eases
as natural persons.
Sec. 8. No charter Of Incorporation
shall be granted. extended, changed
or amended by special law, except
such corporations as are created 70
be and remain under the control and
management OF the state; but the leg
stature shan provide by general laws
for the Organization Cf corporations
and for the alteration on amendment
of charters Of corporations. and may
tNO ny E3AAtA4i AhN EARNh ~ 49, $500
payment to the state of a franchise
TAX by corporations which shall be IN
proportion 20 the amount OF capital
stock, provided that any such general
laws shall be subject to repeal or al
teration by the legislature.
Sec. 4. All existing charters under
which an organization shall not have
taken place and business have been
commenced in good faith within
twelve months from tho time Of the
ratification Of this constitution, shall
thereafter have nc validity.
Soc. 3. The legislature shall have
the power 10 alter, amend or repeal
amy charter % incorporation now oX-
lsting and revocable and any char
ter which mav hereafter be erected
whenever, IN ito opinion, il may be
Tor the public interest SO 10 90, pro-
vided that no injustice shall be done
to the stockholders.
Sec. 6. The legislature shall not
remit the forfeiture &C The franchise
az any corporation non pass any law
for the benefit OF such corporation,
except upon tho condition that ~
shall thereafter hold its charter and
franchise subject 10 the provisions Of
this constitution ana the acceptance
bv any corporation OF amy provision
OF such law, OF the taking OF any
benefit or advantage therefrom, shall
be conclusive evidence of an aerec
ment thereafter 60 hold its charter
ana franchise under the provisions
hereof,
see. Z. The legislature shall pro-
vide methods whereby the courts may
revoke or arnual amy charter or cor
poration existing, or which may
hereafter be created, whenever IN its
upini6n It may be injurious to the
public welfare.
Sec. 8. No corporation shall en-
gage In any business other than that
expressly authorized in its charter or
articles Of Incorporation.
Sec. Q. No corporation organized
outside OF the limits OF this state
shall be allowed TO transact business
within the state o. more favorable
conditions than are prescribed bN
for similar corporations organ
lied under the laws Of the state, nor
To transact any business which do
nestle corporations are not author
lied 10 transact by the laws Of the
state.
sec. 10. No corporation shall issue
stocks OF bonds except for money or
property actually received or labor
done: al fictitious increase OF stock
or Indebtedness shall be void, and the
stock or bonded Indebtedness Of M
corporation shall not be increased eN-
cept in pursuance Of general laws,
nor until the consent OF the persons
holding the majority In value Of stock
be obtained ut r meeting held
notice given for q period Of not
less than sixty COO days IN pursu-
ince of law.
Sec. II. Foreign corporations u
.huriHed 10 do business In this state
indpr such limitations and restric-
ions rs may be prescribed by law.
hall be- subject to the same regula-
ions. limitations and Liabilities as
ike corporations of this state and
hall exercise no other greater pow
RS, privileges or franchises h may
ic exercised by like corporations OF
his state. but they shall not be vested
With the power Of eminent domain.
Sec. -. The exercise OF the power
eminent domain shall never be
.bridged or so construed as to pre-
the state from taking the prop
rty and franchises or corporations
nd subjccting them to public use.
See. 10. The state shall not In any
loan its credit TO any com
.any, association or corporation. nor
hail it subscribc 60 or be Interested
n tho stock thereof.
Sec. "A. The property of all cor
.orations created Or organized Tor
.ccuriary profit shall be subject TO
3xation the same az that Of indiNid-
ais.
sec. Is. The state shall not az
Juno or pay the debt or liability OF
ny corporation. municipal or other
Use. except as herein otherwise pros
idcd, unless such debt or liability
hail be incurred to rcpel invasion,
lpprees Instruction or TO provide
IN the publig welfare and defense.
Sec. 1C. No Indebtedness OF any
,rporation 90 the state shall ever be
leased or in any u discharged
we by payment
Sec. II. The legislature shall pass
=, law for the benefit OF any corr
pration. or any individual or ASSOC
Of individuals retrospective in
$ operation. OF which imposes on the
ate or on any county or municipal
ib-divlsinn of the state. a new lia-
lity in respect 10 transaction already :
issed. {
Soc. IS. II shall be- unlawful for :
person. association or corpora 5
1n 20 require of servants or employees ,
"a condition OF their employment q
otherwise. D contract or agree .
whereby such person. Gssur.n- 81
IA or corporation shall De- released r
discharged. In whole or in part q
ON liability or responsibility on orc
of personal Injuries received hA L
.t such aarrant ur emDiuje while .
the service ol such person, n~ssofiH-
.. E." H.. ~