Capital control in New York

Paperback | February 6, 2012

byDonald C. Baldwin

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1920. Excerpt: ... CHAPTER VI The Commissions And The Investor In a recent decision handed down by the Appellate Division of the Supreme Court of New York for the First Department it was stated that the purpose of the creation of the Public Service Commissions was "to provide protection for the investing and traveling public. " The extent of this protection to the investing public is, however, hazy in the minds of most people. There are investment houses that place a deal of emphasis, in a general way, upon the fact that securities have been approved by a Public Service Commission. If in so doing they aim to give prospective investors the impression, even by inference, that securities so approved are practically guaranteed in the matter of return, then to that extent they deceive investors and misrepresent Public Service Commissions. It should also be borne in mind that commission approval of a new issue of stock or bonds does not validate existing issues of a utility corporation. The Power of the Commissions to Protect the Investor In the decision of the Appellate Division of the Supreme Court of New York upon the Dry Dock case, the Court refers to "the settled policy of the law as now determined by the Legislature and interpreted by the courts," and states that under this policy "the approval of the Commission to the issue of new securities, whether it be for refunding or for other purposes, is notice to the public that the securities so authorized by it represent at least investments made by the company for capital account and not disbursements for mere temporary purposes. "2 ))i& The sections of the Public Service Commissions Law dealing with approval of security issues permitted the respective classes of utility corporations under the jurisdiction of the Commissions to...

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From the Publisher

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1920. Excerpt: ... CHAPTER VI The Commissions And The Investor In a recent decision handed down by the Appellate Division of the Supreme Court of...

Format:PaperbackDimensions:110 pages, 9.69 × 7.44 × 0.23 inPublished:February 6, 2012Publisher:General Books LLCLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0217821391

ISBN - 13:9780217821391

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