Excerpt from Thirty-Third Annual Report of the Commissioner of Railroads of the State of Michigan, for the Year 1905
At the same time it might be well to consider the advisability of recommending that some restrictions be placed upon new companies organized under our laws, by requiring them to do a certain amount of work upon their proposed lines within a specified time in order to hold the rights and privileges granted them by their articles of in corporation. The necessity for this has been suggested by a case recently decided in the Monroe circuit where it was claimed that a railroad company was organized and incorporated with a merely nomi nal amount of capital stock, for the express purpose of preventing the condemnation of certain property by another company, that is honestly striving, in good faith, to construct a railroad line.
It might be well to have our laws on this subject so clear and plain that there would be no possibility of success in an attempt to obstruct the progress of legitimate enterprise by the simple incorporation of a company for such purpose.
Care should of course be exercised to prevent the placing of unusual obstacles in the way of promotors, or investors, in legitimate railroad enterprises, and if any action is taken, it should only be such as will prevent the successful operation of schemers, who have for their sole purpose the obstructing and holding up of builders of new railroad lines.
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