New-York tribune., 1895-07-14
NEW LAWS FOR BUSINESS MEN
CHANGES MADE BY THE LAST LEGIS-
LATURE.

THEY AFFECT CORPORATIONS. BANKS AND OTHER
FINANCIAL AND BUSINESS INTERESTS.
Albany. July 13 (SpeciaD.-The Legislature Of 1895
passed the bill from the Statutory Revision Com
mission known as the Membership Corporations
law This law Chapter 55Y gives general pro-
visions relating to corporations Of this sort nclud-
Ing boards of trade. The General Corporation law
was amended in these respects: Defining stock
corporation one having a capital stock divided
into shares which is authorized by law to dis
tribute to the holders thereof dividends or shares
of the surplus profits OF the corporation; n cor
poration Is not q stock corporation because II has
issued certificates called certificates Of STOCK whlch
are In fact merely certificates Of membership, and
1t Is not authorized by law to distribute 10 It's
members any dividends or share of profits arising
from the operations of the corporation; providing
that NO corporation shall be hereafter organized
under the laws of this State with the words
bank" 'insurance" Indemnity guarantee or
''benent" as part Of It's name except corporation
formed under the Banking law or the Insurance
Law.
The Business Corpora tons law was amended re-
lating TO incorporation restrictions reorganization
and consolidation. but more particularly 10 pfoVue
that no corporation shall incur any debts until the
amount Of capital specified In Its certhcate OF IN
corporation. as the amount OF capital with which
II will begin business. shall nave peeh pau III iii
money or property
An important law was passed providing that
every foreign corporation, except insurance ana
manufacturing companies and building and loan
associations, now authorized to do business in tnls
State by the general amendment OF lSSZ 10 'he
General Corporation law. shall pay TO the state
Treasurer for the Of the State license fee OF
one-eighth of per cent for the privilege OF exer-
cisins Its corporate franchises or carrying on Its
business In such corporate or organized capacity
In this State, on the first day OF December, 1872
to be computed the basis OF the amount OF
capital stock employed by II within this State dur
ing the year preceding that date. and every such
foreign corporation which shall hereafter be author
lied TO do business IN this State shall pay like
license fec for the privilege. to be computed upon
the basis of the capital stock employed by 1t with
In this State for its business during the rrst year
Of carrying on its business in this State
The amount OF capital upon which such taxes
shall be paid shall be fixed by the Controller. who
shall have the same authority to examine the
books and records In this State OF such foreign
corporations and the employees thereon. and the
same power to issue his warrant for the collection
of such taxes. he now has with regard TO DO
mestc corporations. Every such foreign corpora
tion hereafter authorized to do business in this
State shall. before receiving the certificate OF au-
thority provided by law. pay to the State Treas
urer for the Of the State the tax provided for
No action shall be maintained or recovery had In
any Of the courts OF this State by such foreign
corporation doing business in this State, without
obtaining the certificate of authority prescribed by
law and a receipt for the license fee imposed
The Governor failed TO sign bill amending the
Stock Corporation law 10 directors. inspectors
meetings. reductions or increase OF capital, and
many other particulars. new law provides that
in a proceeding for the voluntary dissolution OF a
corpora ton the Court may, in the furtherance OF
tustice. upon notice to the Attorney-General and
the Attornev- General not objectlng, and upon such
further notice to creditors others interested as
the Court shall direct. which notice may be made
by mail upon all persons and corporations not re-
siding existing within the state relieve re-
ceiyer from any omission, defect or default. In any
proceeding or act required by law to be taken or
done or in the giving of any notice required by
Law to be given. and the Court may, upon like
notice. confirm any act OF a receiver. and any de-
csion. report. order or Judgment made IN such
proceeding
PAYMENT OF WAGES ON RAILROADS.
The law requiring the weekly payment OF wages
was amended so that every person or corporation
ocerating a steam surface railroad shall, on or
before the goth OF each month. pay the employees
thereof the wages earned by them during the pre-
ceding calendar month, unless any such employe
shall be absent from his regular place of labor at
the usual time OF payment. in which case payment
shall be made at any reasonable time thereafter
upon demand
The Banking law amended as follows: AS
to merger and the rights OF dissenting stockholders;
relative to the procedure In case Of change OF
location; providing that, In assessments for taxa
ton. there shall be deducted from the value OF
such shares such sum as is in the same proportion
TO such value as is the aggregate sum Of the as
sessed value Of the real estate Of the bank or
banking association and the value OF its personal
property exempt by law from taxation. and In
which any portion OF their capital Is invested. in
which said shares are held. to the whole amount OF
the capital stock of the bank or banking associa-
ton. law provides that the appropriations made
for the banking department. in Chapter 6S4 Of the
Laws Of 1884, entitled IAN act making appropriations
for the support Of the Government" for carrying
out the provisions OF Chapter Csc, OF the Laws OF
1882 for the supervision Of mortgage companies,
organized under the laws Of other States. and con-
eerning building. mutual loan and accumulating
fund associations and foreign cooperative loan and
building and similar associations. shall be assessed
against and collected OF said corporations In the man
aer and provided In Sections and 1874 of the Bank
Ing law Chapter sSs OF the Laws Of 1892 Lincoln s
birthday, February H. was made legal holiday.
but efforts failed to make legal holidays OF Good
Friday and the anniversary OF the battle Of Sara
t0ga. October H.
THE BANKING LAW AMENDED
The Banking law was amended as to savings
hanks a. follows Providing that no person who Is
not q resident Of this State or against whom a
judgment for any sum Of money shall have been
recovered or shall hereafter be recovered and re-
main unsatsfed Of record. or unsecured upon ap-
PEAL for . period of more than three months. or
who hereafter takes the benefit OF any law OF bank
ruptcy or Insolvency or who makes general as
Gignment ior the benefit of creditors. shall be a
trustee Of any savings bank. and the office Of any
such trustee is vacated; providing that II from any
examination report the Superintendent shall con-
ciude that . savings bank is insolvent and in un-
safe condition to transact business he may forth
with take possession Of It's property and business
and retain such possession until the termination
sf the action proceeding taken by the Attorney
General: providing that officer. director. clerk
agent Of any bank savings bank. shall bor-
sow from the corporation with which he Is officially
connected any sum OF money without the consent
and approval Of a majority Of the board of direc-
tors OF trustees; making II unlawful for q majority
Sf the board Of trustees Of any savings bank to