Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1913-04-07


claims. Maine Register, $500, ordered
by the last Legislature. although no
provision was made for payment of the
account. Cumberland county for ex-
ponses of law court and for compen-
sation of the clerk of law court, 1854 L.
The total deficiencies herein reported
under Section s of the Public Laws of
1907 amount to 500, 1924 Other de-
ticieneies, amounting to $l6.s446i have
already passed in resolves. The grand
total of deficiencies is therefore $l16,-
a9i.S5.
(SigneD T. T. CALLAHAN
State Auditor.
Referred In the committee ON appro-
lriations and financial affairs.
From the House an Act relating to the
issue of stock by corporations.
Mr. BUTTON of Kcnncbec: Mr.. Prcsi-
dent. am not sure whether the senator's
would like some time to consider this
question OF course we are getting
toward the closing days of the session.
but 1t is perfectly evident that this bill
was introduced to fit some special case,
and it is not bill that is at all desirable
in the great majarity of eases in regard
| TO corporations.
| While it looks very good upon its face,
| it might bother the people in corpora
| tons 1t accomplishes no more than
/ may he accomplished now under the by
LAWS Of the corporation il those bylaws
are a3opted at the time of the organiza .
| ton Of the corporation.
When men get together and organize a
corporation under our Statute they may
| prescribe all the powers by bylaws, and
! the liabilities within certain limits of
stockholders. They may prescribe the
voting rights of different classes OF
stockholders: they may limit one class
of stock SO that it shall not vote at all
or participate in the dividends. 1t may
| provide for class of stock to carry out
any special purpose through almost un-
| limited powers with the associates under
the bylaws.
This provision provides that when
this stock is increased the common
stockholders shall be entitled to sub
scribe pro rata for the stock. That
sounds very good, but it might defeat the
very purpose in a given case of the in
crease of stock. For instance an in
crease of stock might be for the purpose
of buying a certain plant and adding it
10 the original plant. If they wanted to
do that under this law it would require
two-thirds vote. The plans of the cor
poration might be defeated. / say in all
fairness to the idea of this bill that it is
certainly designed to fit some special
case. l cannot conceive of a man. who
has been connected with corporation
might come in in regard to the rights OF
.+o ha =
ply to special case, l cannot conceive
of his asking for a general law like this,
when he might provide when organizing
the corporation for that and more strin-
gent regulations.
I do not think it ought to be put on the
Statute books. This is Senate bill $50.
The PRESIDENT: The Chair will
state that this bill has been proceeding
without objection. 1t cannot be passed
without two-thirds vote.
Mr.. BUTTON: Mr.. President, here we
are in this State engaged in the business.
whether ii is a commendable practice
or not the state of Maine is receiving
Il half million of revenue yearly from
this business, and it is a serious aues-
ton whether we ought to satisfy some
individual case and tinker our law and
so interfere with that business.
On motion by Mr. Wing of Franklin.
the bill was indefinitely postponeu.
From the House: Senate Document
SO, an Act requiring certain vehicles to
carry lights at night on public highways
and bridges.
Mr.. ALLEN OF Kennebee: Mr. Presi-
dent, on account of the absence y, Sem
ator Conant. and knowing that he may
have some interest in the bill. move
that it be tabled.
The PRESIDENTS: If it is satisfactory
to the senator. the bill Will take its first
reading and will then come up tomorrow
morning.
The bill was then given its first read
ing and the second reading assigned foI
tomorrow morning.
Passed to Be Engrosscd.
Resolve waving forfeiture OF the
public lots in the north half Of Town
| ship No z. Washington county. eastern
| division.
| Resolve in favor of Steward & Blunt
| for extra labor and material used in tho
construction of the State House.
An Act to amend sections ,, and /.
of chapter 1855 of the Public Laws of 1911
| III IclduOn to the cOnlf0l OF contagious
diseases among cattle, sheep and swine.
Passed to Be Enacted
! An Act to amend section IL of chapter
10 of the Revised Statutes, as amended
relating to the Withholding of STATE
school funds from delinquent towns.
An Act to amend section l of chapter
los of the Public Laws of 1909. as amend
ed, relating TO the school equalization
fund
An Act to Incorporate the Sanford In
vestment Company.
An Act to repeal section of chapter 81
| OF the Revised Statutes, as amended ~
chapter POI of the Public Laws of 1903
relating to the payment of registration
fees of apothecaries
An Act 10 enable the county OF
| Sasadahoc to rebuild Merry Bay
| bridge
An Act to provide for the election Of
| ohlcers IN cities by plurality vote.
An Act to regulate the size and con-
Stfuction OF caboose cars.
An Act to incOrDOrat tie the trustee;