The sun. [volume] (New York [N.Y.]) 1833-1916, 1913-01-21

whose StuCl IS purchased must hc cog
nat" IN character and us" tn tn" prop
'rtN used "r contemplated To h' HS'd
ny tho p1rCW,-lns corporation II III"
direct '"rdH"' 'i Is own pr"r"r h"N'-
ness.
Tlus stliI permits " '"lN'i1''"n I" '\-
t'nd ito husin' 49, ]. ih" pu'' nose ~ ih'
rr"p"r' inrIud,ns iI" ~i"'t ~ ah"''I'.
corporation II us hi~.n'e' ]" ih' S''n".
hut prevents ih" isNHns Of wat"i"d
Sturk IN IN" trah'H ii"u u mas h"'h
ing I" do with h"id'ns 'NmrHu"s. when
arc treated "i S"l"rdi"i' ana nr"hlhIl"d
as I" IN" tutur".
IT Is ais" provided 'na' statements
ot th"S" purchases ShaiI j." ''"d Ill we
office 1T th" Secretary u STATE, ana tht
II amy c'rtih'"t" th'i'"i u" tlIS" IN any
material respect all IA" officers VII"
SiSn the sam" "r phru'lpHl" IN making
IT, with kno"'cdg'. snail b" guilty o'
msicm"an"r and If any corporation
shan purchas" property or any stock
'l any "'h'r ''fi"I"'I'h i"' INV PU'P""'
~ RESTRAINING iritd" or acquiring
monopoly SUrh corporation ana IN"
directors parti'ipatInG therein snail be
guilty of Il mISdcinoanor
The crimes act is amended ny MAX
ing II "A misdcmcanor fu- any persons
10 orcan,za any ,orporntion undrr tn.
Isvs ~, ,bts st,,, vi,h ,nt,n, ,n prn-
,n,,o 90. ,.o,,,,,., SO, .,,,.., ,,.,,,,,,, - so,
,...<,., - ,.,,i , 80
'
~ W. '''- ,
''' """ ""N '''7''7' Nv ''"- ''''''' =
"re''''S' '''" S''S "l ''nP.N''S VI
any su'h corporation WI" Shal operate
nr control any corporation or suffer
II 'o Il" used fnr the promotion of
any iraunul'n nj or unlaWiul OBJECT or
IN restraint W trade ar acquiring
monopoly NNhlt u" culltN ~ mis-
remean"f.
perhaps IN" most radical changes ar"
PROVIDED Tor IN IN" hill which d"a'S WITH
ho'dinG companies. II IS under section
hl ot IN" corporation act as II has stood
since l>'3 mat most Of IN" holding com
panicS IN New Jersey have been formed
IN ms recent message I" IN" Legislature"
Gov. Wilson declared that the laws "t
New Jersey actually encouraged monop-
oily. n" said
They explicitly permit every corporation
Formed IN \"N Jersey for example. To
purchase. h"'d, assign ana dlS1ns" of as
II p''a>"@ we securities "r any ana all other
''''''"''""N ~ ',''N VI an, "'n"t H'",' ahu
w. '.'' 't",, w
,o,, .,,.,t,,aI,in, Ii, ,,,.
- . ,.,. ,-
r,nios rri. j. ,h, ,.,, ,,,,LnJ nf ,,,,,,
ing vas, combinations and ,rc,,inr
rnonoroiv. against witch tho wnol. ,o,n-r,.
has set IL face. and I am sure that the
people of New Jersey do not dissent from
the common Iudgin"W 'ha' our law must
prevent these ihInR> ami prevent them
'nectnaIIN
tP al'end'l"ht I" IN" IA" "hi'h Is
"'Si@nod I" r"''n\ thiS particular Stua-
'"l prov 'u'S 'hd' u" corporation or
EahiIeo 'hd'r IN" laws "f TINS state
shal hereafter purchase, hold. sell ar
assign tho shai"s ~ IN" corporation
STOCK "i any ponds. securities or .Vt-
denros 0f Indebtedness created hv any
"ther corporation or corporations nor
rs owner "t sn"h stock "Ner"lS" any
"i III" rights, powers nr pri>!log Of
ownership "r vote on any such stock,
except a. provided for N the preceding
amcndn'nts. furth"rmor" this at does
not extend tn prevent such holding Of
stock or exercising tho right Of vo;inS
thereon 10y corporations already rold
ing and owing any such stock bones
securities and evidences Of Indebtedness
u saves rights already acquired but
prevents any corporation from cncar-
ing in the holding transaction IN the
ll,ure
Another act amends section iul Of
tho corporation law which il on. g.
the sections permitting the mercer or
consolidation Of corporations nr olIlnI-
mating from the present proyts,,n the
right Of merged corporatious tn a.-
u,ire ard hold the stock b,rds ond
evidences Of Indebtedness Of n,h.r car.
po-ations This ls a complcncrr nc m.