Show t PJ I CASE MEANS MUCH TO io i Court to Decide Whether Utah t. t Stocks Can Be Really Non SHARP PRACTICE POSSIBLE Defense Holds Majority Can Amend Assessment Feature Foa- Foa ture at Will j 7 e r Sn i more 1 to Hie of f now ono one of tho Ito courts of a decision Js h that of Ellen Garoy Garcy nd St St. t. t Joe Mining i company Thc Tho point to bo b. settled Is whether under the Utah laws there Is really A LI thing as non Dining stock Y r a majority of the j tock stock can time non non- nfl o stock to assessable stock of the tho wishes of the b minority or ot the fact that the original Unanimously adopted an is provision that the stock should i Under tho laws ol of Utah the stock of 1 mining corporations I Is non unless the constitution j e re sly lr prof provides pro pro- dy f vides that shall be le In the thc vent that a company was as incorporated s- s flied without mention of this feature thieve there would be br no question that a majority of the Mock could pass an to tho constitution making 1 ri The at Jsu is whether such an amendment i issue t-issue could be legally passed after arter all of the V l tied stock had voted voled for fOi the non non- able feature In lit the least Impugning the es of the defendants in the case I before the court Jt it will be seen that If It such is js the law It j assuredly would leave a loophole for sharp harp practice In the manipulation of if 1 mining companies It would make it itt t possible for the majority of-a of company to sell the tho minority of upon the representation that j It yas il was on then to Turn I and make the stock assessable with ith the attendant freezing out iossi- iossi b Would Frighten Imo Mining men point out that if it i is that this can be done it must have hare a reaching far effect upon Utah Incorporated mining companies Eastern investors generally entertain a Li deep prejudice against assessable stocks Utah laws In spite of the rather large fee charged for incorporating 2 have been regarded able to legitimate corporation and as discouraging wild in all Its forms But should the word go out that the stock of any company could be c made assessable at the will vIll of the majority holders it is feared that the effect would b damaging In the ex cx- treille It would at least result it i 14 aid In most of the new companies being incorporated In other states |