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"founded, " and insert, "and reported upon by him, " which
was agreed to, and the section as amended then adopted.
Section 44, which was passed over informally yester-
day, was then read. It provides for the formation of cor-
porations under general laws.
A substitute was offered by Mr. McKaig, which gave
rise to considerable discussion, after which it was rejected.
Mr. Merrick moved an amendment providing that stock-
holders of any corporation shall be liable to the amount
of their subscription to the capital stock for the debts of
the association.
Mr. Gill opposed the amendment as having a tendency
to throw n damper and a cheek upon the prosperity of the
State. Improvements are constantly springing up by pri-
vate subscription, and the effect of the amendment would
be to stop all this. He had done his humble part in foster-
ing such enterprises, but would not have embarked in
them had such a check as this been in existence.
Mr. Barry was of the opinion that there should be some
safeguard thrown around these corporations, which are
daily and hourly springing up in our midst. Stocks to
the amount of hundreds of thousands and millions of
dollars are put upon the market, and the whole is then
sold out and innocent parties made to suffer. Faro banks
and other species of gambling are put down by the law,
and some restrictions should be put upon these bogus
corporations which are constantly springing up as mush-
rooms in the night, and disappearing with the rising of
the morning sun.
The amendment was then rejected.
Considerable discussion took place on an amendment
offered by Mr. Mackubin, which was finally disagreed to,
and the section adopted as originally reported.
At 12. 30 o'clock a number of members of the State
Teachers' Association, pursuant to invitation, entered the
hall, and the ladies were provided with seats on the floor
of the Convention.
The reading of the entire article as originally reported
having been concluded, Mr. Wickes moved that the first
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