THE DEATH RATTLE OF OPEN ACCESS AND THE ADVENT OF PROPERTY RIGHTS REGIMES IN FISHERIES

Resource /Energy Economics and Policy,

Responsibilities in the Transfer of Stock

During the past few years there have been increasing efforts on the part of a number of organized groups to establish statutory definitions of the responsibilities of corporations and their transfer agents in the transfer of stock. Among these groups are the Commission on Uniform State Laws, which sponsored the Uniform Fiduciaries Act, the American Law Institute and the National Conference of Commissioners on Uniform State Laws, which have jointly produced the new Uniform Commercial Code, the Committee on Simplification of Security Transfers of the Real Property, Probate and Trust Law Section of the American Bar Association, of which Committee I am a member, the Trust Division of the American Bankers Association, the New York Stock Transfer Association, some stock exchanges, and special committees representing a number of local bar associations. The efforts in this direction stem largely from the annoyance that is often caused by the rules laid down by transfer agents to govern transfers of stock other than normal transfers by individuals in their own right. These transfers are generally called fiduciary transfers. Most transfer agents (and when I speak of transfer agents I include both professional transfer agents and corporations which transfer their own stock) have taken little part and have displayed little interest in this movement. There are a number of reasons for this. One is that the practice of transferring stock has been well developed over the years and the transfer clerks have been thoroughly trained to follow such practice. Another reason is that the Rules of the New York Stock Transfer Association, the membership of which includes the large banks and corporations all over the country and Canada, have become so well established and recognized that they have almost the force of law. A third reason is that most of the so-called exoneration statutes adopted or proposed to date are so badly conceived, and present so many problems, that they offer danger rather than safety to the transfer agents. A further reason is that many transfer agents now carry insurance protecting them against claims arising from improper transfers of stock, so that they are not vitally interested in securing statutory protection. They are, of course, interested from a public relations standpoint in simplifying the transfer of stock, but no one has yet devised a method whereby they can do this with propriety and safety. They cannot just ignore the usual requirements in the case of fiduciary transfers and rely on their insurance, as the insurance companies expect them to use the degree of care established by law in making transfers

The Fishery Conservation and Management Act of 1976: Management Objectives and the Distribution of Benefits and Costs

The purpose of this article is to raise some questions concerning the appropriate objectives for fishery management. Management objectives are evaluated by examining the implications of different policies regarding the distribution of benefits and costs among the many and varied interests involved. Part I of the article begins with a discussion of the failure of the Act and its legislative history to provide satisfactory objectives. Part II identifies some of the interests related to the use of fishery resources, and Part III examines the likely effects on these interests of policy choices in three issue areas—the adoption of entry limits (including the technique of user taxes or fees), the investment of public funds, and the allocation of yields. In the process, an attempt to illustrate the importance of clearly defining management objectives is made

Fisheries and the New Conventions on the Law of the Sea

In spite of the economic and political importance, fishery problems are being dragged in by the back door, to face decisions by diplomats who, for the most part, lack the requisite interest and competence to solve such problems. It is because of this that it seems timely and useful to raise a few points that might be considered by those who are (presumably) preparing themselves for the new conferences on the law of the sea. (1) The problems of fisheries, because of both the centuries of use and the recent, dramatic changes in enterprise, are inordinately complex. However, the issues have not been precisely described and the alternative resolutions have scarcely been formulated. (2) The over-emphasis on the seabed may lead to short term gains for those related interests at the cost of long term damages to the world\u27s interests in fisheries. (3) The character of today\u27s decisionmaking arena is far different from that of 1958. The fishery diplomats will not be participating in a club of fishing states, but in the context of a global interest in the wealth of the seas, and in the fears of a United States-Soviet Union condominium. (4) there is increasing awareness that the patterns of distribution among nations of the sea\u27s wealth in fisheries is becoming more and more non-inclusive in nature, and that the opportunities for sharing are more restricted. (5) These non-inclusive patterns of distribution are supported by customary and conventional law. Non-inclusive access to (though not distribution of) wealth is required for efficiency in production. If there is to be more inclusive sharing of wealth, then there is need for totally new institutions of law

The impact of strengthening cigarette pack warnings: Systematic review of longitudinal observational studies

Cigarette pack warnings are a tobacco control strategy used globally. To understand their impact, we systematically reviewed longitudinal observational studies examining national implementation of strengthened warnings

The impact of strengthening cigarette pack warnings: Systematic review of longitudinal observational studies

Cigarette pack warnings are a tobacco control strategy used globally. To understand their impact, we systematically reviewed longitudinal observational studies examining national implementation of strengthened warnings