[D8957AAD], Letter from Sherburne Blake Eaton to Thomas Alva Edison, June 3rd, 1889


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[D8957AAD], Letter from Sherburne Blake Eaton to Thomas Alva Edison, June 3rd, 1889

Editor's Notes

Replying to Tate's question about whether the stock in this Co, which has been issued otherwise than for full payment at par in cash, should be stamped. 1) The New Jersey Corporation Act of 1875 says that all stock issued for other consideration than cash must have legibly staped upon the face "issued for property purchased." 2) The Act further says that all statements and reports of the Co. be published, and stock issued for property shall not be stated as issued for cash, but be reported according to the fact. Also that officers and directors make a certificate stating that the capital is fully paid, and if any are false, all officers who have signed it shall be jointly liable for debts of the Co. 3) There is no penalty for failure to file a certificate. However, if a creditor or stockholder requests the officers to file, and they fail to do so within 30 days, they will be jointly liable. 4) Tate says the Co. has never filed a certificate and that no creditor or stockholder ever requested one. 5) Tate also says that the stock issued for consideration other than cash has not been stamped with the words required by the statute so I suggest they be stamped immediately. If you send them to me, I will do it with the rubber stamp in our office. Or I will lend it to you. 6) I suggest that certificates of fully paid up capital be prepared for filing as required. If you tell me exactly for what consideration the various shares of stock have been issued, I will prepare the certificates for you.





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Thomas A. Edison Papers, School of Arts and Sciences, Rutgers University
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