Lancaster daily intelligencer. [volume] (Lancaster, Pa.) 1864-1928, 1889-05-25
INTERESTING TO CORPORATIONS.

INTERESTING TO CORPORATIONS.
A number Of the bills are Of special interest to
corporations and to the people of the financial
world, These are those that have been signed 10y
the governor and now laws: Providing TINT
oil corporations hereafter Incorporated SHALL upon
increasing their capital stock. pay TO the state q
bonus Of onefouth Of per cent upon the
amount Of tho increase Exceptions aie made In
favor OF the railroad companies bridge and GENE
terry companies canal or turnpike companies,
bdtiinp or loan associations, agricultural socie,
t'w and corporations for library, charitable or re
lIgious purposes, all II which free from the
payment of the bonus
The new revenue act II largely the work Of
Auditor General aictamant and he is very web
satisfied with II as 1t flnally passed the legislature
lie wanted To reimposc tho tax Of five mills on
the capital stock Of manufacturing corporations,
because he believed II TO he necessary In order 10
rn,se the revenue required 10 oneet the expenses of
the state The Legislature struck that provision
out of the bill, and manufacturing corporations
continue TO he exempt from that tax,
As passed the act makes n number of changes
in the existing law, aud it is expected to increase
the receipts IN the state treasury about S5oo 0D
year
The new provisions are as follows; Restricting
the sin mil tax To Incorporated state aud national
banks taxing corporation mort cages aud corpo
ration Judgments thrc. mills and making strn-
gent provisions fu' its collection; all mortgages
capital stock OF such corporations ns pay the cap
hal stock tax are exempt from tins tax.
i'" Insurance eoihpan's tras' companies ana
corporations o' IKE character are required 10
pay taN upon their d'''nds' one third "i the
personal property tax Is paid back To the counties
collecting u and only one fourth OF the capital
STOCK lax instead oi one hhif " 10 go into th"
sinking fund up 10 100 After that date ne.half
the capital stock tax will go into the sinking
hind
Tha auanr general ,eoar r,is The hin MS a ,l.rilpJ
improvement over the existing one
state banks are enabled 10 become ASSOCIATIONS
Tor the purpose OF becoming United STATES banks
state hanks arc Also empowered by a new law
To extend their charters Tor period OF twenty
years.
There Is also new law now for the settling OF
ttle To real estate. 1his law provides that when
ever person not In possession shall claim an In
terest IN on title Ia rial estate the person In pos
session and claiming title may apply TO the courts
ana Obtain rule upon the person not In posses
Sion To bring an action OF eJcctinent within ninety
days fiom the service OF such rule, or show cause
why not When such party thus served with this
rule taS 10 appear In ninety days and show cause
why the action should not be brought iudg.
nent shall bo entered against him, which shall be
maj.
Petroleum mining companies are given the priv.
hcgo Of Investing In the stocks and bonds Of
natural gas companies In this state or of those in
corporated 10y other states Tor similar purpose
'hV 'hh'' "e iior
hihitei from paying To the president, secretary
aud treasurer after siich association has been In
existence five years, compensation exceeding In
the aggregate the amount Of net earnings nc.
tualy earned during the year preceding, and such
officers salaries shall be fixed by wo,thirds
vote OF the value OF interest present at the annual
meeting
Railroad canal, navigation and telegraph com.
nanies are required to make uniform reports 10
the auditor general
Providing Tor the incorporation and regulation
| OF companies to supply water to the public and
| giving them the right TO condemn property and
water rights Tor the purpose OF supplying water.
to issue stock to the amount OF ssone0'
80, ,'.,,ii, i,,,',,, W ."o ,''s t'e.s VI