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House. Comm. on the Sale or Transfer of Corporate Stock. Report, 1836
House No. 38 On February 15, 1836, three men were ordered to consider legislation regulating contracts for the transfer of stock when the selling
party did not own said stock. The committee submitted a report. There had been considerable volatility in stocks during the past year that had nothing
to do with the actual values of the companies, but with manipulation of the markets. Some have sought charters for businesses they did not intend to
pursue so they could manipulate the capital stock of the company. To counter this, require that 50% of capital stock had to be paid by the original
subscribers before any sale or transaction could occur. The futures market was nothing but gambling and should be suppressed. Instability in the
markets did grave damage to public confidence. An Act relating to contracts for the sale of stocks, 1836. All contracts, written or oral, for the sale
of stocks would be void unless at least half of the capital stock of the company has been paid in and the seller is the actual owner of the stock to be
transferred and is in possession of the same. (Digitized from a microfilm copy of title originally held by the Library of Congress).
Title:   Ordered, that Messrs. Sargent, of Boston, Clarke, of Roxhury, and Stoddard, of Northampton, be a committee, to consider the expediency of introducing a bill, for regulating by law contracts for the future sale and delivery of the stock of corporate companies, when the party contracting to sell and transfer the same is not, at the time of making the contract, the owner or assignee thereof, or the legally authorized agent of the owner or assignee.
OCLC Number:   1410407975
Available Volumes
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