The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1910-10-05
CORPORATION BILL READY
Commission Appointed by Gov Prou-
ty Viii Report on Opening Day

Commission Appointed BY Gov Prou-
ty Viii Report on Opening Day
Brattlebcro, Oct. 5.-The report of
the commission appointed by Cover
nor Prouty to investigate the exist
ing laws relating to the formation of
private and municipal corporations
has been completed and will be sub
mitted to the Legislature the first
day of the session. If the Legisla-
ture takes up the bill, which will be
introduced at once, and passes it
during the first week of the session,
two-ffths of the work of the session
will be mastered at single stroke
as the report shows that percentage
of the Legislatures work is devoted
to private and municipal corporation
acts.
The commission consists Of Hon.
Clarke c. Fits, Brattleboro; Hon.
Joseph T. Gleason, Lyndonville, and
Hon. Charles d. Watson, st. Adams.
The commission has directed its at
tention mainly to the present stat
utes relating to the formation of mu-
nicipal and private corporations UNI
der the general law contained in
chapters 1853 and 1877, respectively, of
the public statutes. General laws for
the formation Of private corporations
and for the establishment of vii
lagos have been on the statute books
in some form for many years; but in
spite of this fact each session Of the
Legislature has been flooded with
special corporation acts.
The report of the commission on
the subject of corporation laws calls
attention to the fact that unless some
constitutional amendment be adopt
ed, any general laws which may be
enacted in regard to the formation of
municipal or private corporations
will not be obligatory upon the Leg
islature; that is, as one Legislature
cannot tie the hands of future ones,
there will be nothing to prevent the
Legislature from continuing to grant
special charters If II sees fit. The
commission believes, however, that If
adequate general laws are put on the
statute books, the Legislature will
not look with favor upon special acts
where the same objects can be OBJ
tanned under the general law.
Would Save Much Legislation
It appear7 that during the past five
sessions or the Legislature 22S bills
have been passed relating to special
municipal legislation, and Asa relat
ing to priv'te corporations. or, $50 in
all, the later part Of which might
have been taken care Of by general
laws. had adequate ones existed
From one-third to one-fourth OF the
space in the session laws has beer
occupied by municipal legislation
and from one-ffth to one-third by pri
vate corporation acts. II is estimat
ed that about two-ffths of the entire
time Of each session has been occupi
ed with these matters.
The bill provides that villages may
be chartered on petition of a MAORI
~ Of the legal voters in town meet
ing residing within the territorial
limits Of the proposed village. Tn,
petition Is to be presented
to the public service com
mission, and must contain a des
cription OF the territory, the plan o
government proposed and the power
and functions proposed to be exer
cised. After due notice to all In IN
terest II is made the duty Of tn
public service commission to hea
the parties and II the commission
finds that the petitioners have con
piled with the requisites prescribed
il determines what the plan OF vi
lage government shall he, what DOW
ers II may exercise, and what teri
, tory shall be included within its lin
/. its. The order Of the public servic
commission is made subject to In
right of appeal to the Supreme Coui
, upon such legal questions as may b
: properly reserved. After final orde
! OF the commission, a meeting of IN
= legal voters within the proposed vi
lage limits iss to be called to see
they will adopt the charter as g
tablished by the petition and ini
/. order Of the public service commi
sion' and II so, to organize and ele'
officers.
: The result of the commissioner
: study Of general laws relating TO III
'. vate corporations is the proposal
: several amendments to the presel
= general law as found in chapter II
:. OF the public statutes. Tie comml
= sion believes that the present Law
:. are inadequate and somewhat out
: date, and have considered the folio
ing specific subjects
. The amount OF limit OF indebte
- ness which a corporation may inc,
II without directors or stakeholder
- liability.
g The liability OF stockholders Z,
l.. debts OF the corporation.
= The issue of capital stock IN pa
:, ment for property.
" Furnishing fraudulent acts Of c,
~ poratlon officers and the over.iss
-