Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1913-02-21
Corporations Side.
David w. Snow.

David w. Snow.
| David w. Snow of Portland counsel
| for the corporation sole read the act in
cooperating the parishes in 1887 through
application of the late Bishop Heaiey and
explained why the bishop acted in line
with the corporation sole Incorporated in
| 17s9 by Bishop Carroll of Maryland, first
| in this country, in order that the great
church properties of Maine should be
placed on business basis Under it the
church had prospered and the bishop in
having this act passed did it so as to
place all the properties under control of
the laws of Maine so as to protect all the
interests and the wisdom of the act had
been proven by the wonderful develop
| ment of the church which could not be
accomplished under individual parishes
1t would be unwise, he believed to
| turn back this great property to the old
system of individual parishes for il nad
| been proven that under the laws govern
ing the corporation all interests had been
safeguarded and all nationalities under
the Roman Catholic church conserved in
a busnesslike manner
Bishop Hea1ey Mr.. Snow said, was a
noble man who. in seeking the act. virtu-
ally said that he. wanted his hands tied
by law so the great church property could
be protected by law. and in turn he turn
ed over his trust to his successor, the
present Cardinal q Council, who in line
entrusted 1t to Bishop Walsh. The credit
Of the great church remained unimpaired
as it would not have been were the old
form of Individual parishes obtained.
Mr.. Snow lay stress upon the fact that
the early Maine reports showed that the
Shakers held property in the same man
ner as did Bishop Walsh and that many
of the early Protestant churches did the
same thing. AT this time there was no
mortgage upon any of this property, so
far as the corporation sole was concerned,
which had been placed in recent years.
Value of the Property.
AT this point he was interrupted by Mr.
Smith of Presque Isle who wished to
held by the corporation sole was. He said
that he did not know, but thought it must
be several millions of dollars
He proceeded to explain that the cor
poration did not give a mortgage it made
its loans upon notes. Repeal the act
creating the corporation sole and what
would become of this property. 1t seemed
to him that, under the law it would re-
vert to the assignees of Bishop Healey.
The individual members of the parish
would have nothing to do with it.
He then discussed at considerable length
the constitutionality of the bill repeating
the law. The courts of this State had
held that acts could not be repealed
when such repeal would destroy vested
rights. That was what the repeal and
determination of the corporation sole
would do 1t would also be the taking of
property without the due process of law
which was unconstitutional The repeal
bill was aimed at one corporation for the
purpose of taking away its property and
give it to individuals or other corpora
tons. For this reason it was unconstitu-
tional. The statutes of Maine provided
that when for any reason it became
necessary for a corporation to wind up
| its affairs it was given three years in
| which to do this. The proposed measure
| ignored this law and, for that reason,
again, was unconstitutional.
Portland Savings Banks Claim.
Arden w. COMBS of Portland appeared
| in behalf of the Portland Savings Bank
and objected to the repeal of the law. Did
so because that institution held the notes
of the corporation sole for about $4,000.
The only security for these loans Were
| the credit of the corporation. If the law
was to be repealed the rights of the cred
| itors should be thoroughly protected. 1t
should be done through the supreme
! court. He did not think the Portland
| Savings Bank should be forced to chase
all over Maine to enforce its claims.
Among their loans was one note which
did not mature until 1921 This could not
| be enforced except through some pro-
was made in 1907 and was for $4,000. 1t
had been reduced, by voluntary payments,
| to about $l4,000 at this time.
| Answering questions by Mr.. Willard,
! Mr.. Coombs said that he did not think the
Legislature could put lien upon the
property and that he should not consider
the loans so good, if the law We're to be
repealed, as they We're now. If they were
determined to kill the corporation sole
there was but one way and that was
through the equity court.
\ Charles D. Booth.
Charles d. Booth of Portland, represent
ing the Maine Savings Bank, testified
that the bank had frequently loaned
3. money to the corporation sole and now
had $4,000 of it's notes. that it was bust