National Cash Voucher Corporation - Delaware 1916

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Beautiful certificate from the National Cash Voucher Corporation issued in 1916. This historic document was printed by W.N. Perrin Banknote Company and has an ornate border around it. This item has the signatures of the Company's President and Secretary and is over 94 years old. The following is from the State of New York. Dated, March 24, 1916. E. E. WOODBITRY, Attorney-General. On October 14, 1915, I wrote an opinion relating to certificates which the Moulton Company were proposing to issue, in which I arrived at the conclusion that such certificates were violative of the provisions of section 140 of the Banking Law and section 22 of the General Corporation Law, but the main objections urged to the certificates which the Monlton Company were about to issue do not apply to the certificates under consideration. These certificates have the value plainly printed thereon ; they are not redeemable by any particular bank, but solely by the National Cash Voucher Corporation at any of its offices ; they are not payable at any bank ; they are not be be deposited in any bank for redemption ; they could not pass or circulate as money ; there is no direction to any bank, bankers or trust company to honor the vouchers upon presentation by the drawee or by anybody else, as they are payable solely by the corporation at their offices ; they are covered on both sides with advertising matter and do not have the least appearance of any circulating medinm. After a careful study of the proposed vouchers to be issued by the National Cash Voucher Corporation, I think they can be legally circulated and are not violative of either the Banking or Corporation Law of the State of New York.