CONTENTS Statement of Hon. Emanuel Celler, a Member of Congress from the State of Incorporations by act of Congress, 1906-1928- Bill submitted by Hon. Emanuel Celler containing suggested amendments. Mr. O. K. Davis, secretary of National Foreign Trade Council Mr. Walter J. Peterson, representing the Pacific-American Steamship Mr. Ivan E. Goodner, Los Angeles, Calif Incorporating directors of the World Commerce Corporation....... II THURSDAY, JANUARY 22, 1931 HOUSE OF REPRESENTATIVES, The subcommittee met at 2 o'clock p. m., Hon. Charles A. Christopherson (chairman) presiding. Mr. CHRISTOPHERSON. We shall take up for consideration H. R. 14454. Congressman Celler, the proponent of the bill, is here, and we shall be glad to hear from him. The bill, H. R. 14454, follows: [H. R. 14454, Seventy-first Congress, third session] A BILL To further the commerce of the United States by creating the World Commerce Corporation Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That Robert L. Luce, Horace B. Rogers, Eugene, Mackey, Harry H. Atkinson, Leonidas D. Smith, and such other persons as may be associated with them, and their successors, are created a body politie 1 and corporate by name, style, and title of the World Commerce Corporation, and by that name shall have perpetual succession, and have power to sue and be sued, plead and be impleaded, defend and be defended, in all courts of law and equity within the United States and any and all foreign countries, subject to the laws of the United States and of such foreign countries, and adopt and have a common seal. This corporation is formed to serve the industries of the United States by(A) Organizing, operating, and maintaining a clearing house for commerce, through which a world-wide distribution of products can be made; (B) Establishing, operating, and maintaining foreign-trade zones in or adjacent to ports of entry under the jurisdiction of the United States; (C) Erecting, operating, and maintaining shipping terminals with all necessary equipment, including storage houses and fuel stations, and serving all means of transportation; (D) Controlling reserves of natural resources that will supply ships with return cargoes and stabilize prices of raw materials, which the industries of the United States must obtain from abroad; (E) Organizing selling and purchasing agencies throughout the world with clearing facilities for manufacturers, merchants, exporters, importers, and citizens of the United States for all kinds of commercial transactions; and (F) Furnishing loans and credits through banks or directly to corporations, firms, and individuals and to manufacturers, merchants, exporters, and importers. And to advance and carry out the foregoing purpose this corporation is formed with the objects of doing any and all of the things hereinafter set forth to the same extent natural persons might or could do them, namely: To own, buy, sell, build, operate, mortgage, and charter vessels and vehicles of any and all kinds; to carry on a general merchandising, exporting, and importing business; to purchase or otherwise acquire and to hold, deal in, guarantee, convey, operate, lease, mortgage, and pledge bonds, debentures, notes, shares of capital stock of other corporations, and real and personal property of every nature and kind deemed necessary, useful, or convenient in connection with the business and powers of the corporation; and do any and all acts or things incidental thereto or necessary, useful, or convenient to the corporation and the exercise by it of its several powers; To borrow money for any purpose and in any amount and for any length of time, and make, execute, and issue bonds, notes, debentures, certificates, or rights of indebtedness, in such amount or amounts and upon such terms as the board of directors of the corporation may fix, and secure the same by mortgage, deed of trust or pledge of any or all of the property, real, personal, or mixed; To make and enter into contracts of every nature and kind and the same to keep and perform and to keep continuously advised upon commercial, financial, and legal matters which, in the opinion of the corporation, affect interstate or foreign commerce or agricultural products, derivatives, or fabrications thereof; and To determine by surveys whether there exists, or may exist, during the ensuing twelve months a surplus in excess of normal domestic requirements of any commodity produced in the United States and, upon its own initiative, to act as a common marketing agent in the interest of the producers of such commodity or commodities. SEC. 2. This corporation is authorized to issue debentures exempt from Federal and State taxes in a total amount not to exceed $1,000,000,000 maturing in fifty years from date of issue, bearing interest at the rate of 5 per centum per annum, and equally secured under a collateral deed of trust to be made by the corporation to a national bank or trust company as trustee. SEC. 3. The total authorized capital stock of this corporation shall be ten million shares of the par value of $100 each, the same to be classed and issued as common stock, and each share to entitle the holder thereof to one vote. The capital stock may be increased from time to time, as may be necessary for the general purposes of the corporation. All shares of stock shall be personal property transferable on the books of the corporation only. The stockholders shall not be liable in any event for any indebtedness or other obligations incurred by the corporation. SEC. 4. That the above-named incorporators shall have power and authority to make such by-laws as they deem proper, useful, or convenient for carrying out the objects of the corporation, for the management of its business affairs, for the disposition of its properties and assets, the enforcement of its rights, provide for the terms of office and the powers, authority, and duties of its officers, |