Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1897-04-29


in the week. 1t will also have to go
back to the house for concurrence and
probably to committee of conference.
As the bill is now amended it provides.
among other things, that members Of
the councils shall be known hereafter
as councilmen. not aldermen. Cities
are divided into first and second classes
and those under special charters. In
corporated towns will no longer be heard
of, they will be simply ''towns." In
cities of tho first class the council shall
consist of mayor, two councilmen at
large and one councilman from each
ward, and in such cities elections shall
be biennially. In cities Of the second
class the conncil shall consist of mayor
and two councilmen from each ward.
In towns of a mayor and six council
men. In cities Of the second class the
mayor, solicitor, treasurer and assessor
shall be elected biennially, and one
councilman from each ward to hold Of
fee for two years. In towns three
councilmen shall be elected each year
for term OF two years. and q mayor
shall be elected biennially. The bill
also provides that in cities Of the first
class the mayor shall be the presiding
officer of the council with the right to
vote only in case Of tie.
In cities of the second class and towns
the mayor shall be member Of the
council, but shall have the right to vote
only in case of tie. Councilmen in
cities of the first class shall receive
salary not to exceed $3.50 each, in cities
and towns their salaries shall not exceed
81 per meeting, and not to aggregate
more than $50 per year each, except
that they may receive in addition sal
airy of 81 for each session when acting
as board of review, which takes the
place of the present board of equaliza-
ton. Cities are given the right to Ii
cense and tax hotels, restaurants, eating
houses, etc., and also to license plumb
ers. In cities of the first class 2 mill
tax may be levied for the purchase or
construction of waterworks, but such
tax may not be levied until the city
council and electors of the city have
approved by vote the contract for such
purchase or construction of waterworks.
The appointment of marshal and police
is left as at present, and the marshal is
made responsible for the actions of his
deputies. Municipal elections are to be
held ON the last Monday in March in
stead of ON the first Monday, as at pres
emit. The bill is a very long one and
codifies and makes plain the laws gov
erning city and town affairs.
Law Governing Corporations.
The bill to codiiy the statutes in re-
gard to corporations has been passed by
the senate and is in many respects diff
ferent from the present law. 1t pro-
vides that before commencing any bust
ness except their own organization COR
poration mus adopt articles Of incororp-
alton, record them in the office of the
recorder of deeds and forward the arti-
Giles to the attorney general, who, if he
finds the business proposed to be done is
a lawful one, shall certify that fact upon
the articles and with such certificate
they shall be recorded in the Office of
secretary of state. Such corporation
shall pay to the secretary Of state for
certificate of incorporation fee of $25
and for all authorized stock in excess Of
$40, 900 an additional fee of 81 per 81 900.
For any increase in capital stock the
corporation must pay fee of 81 for
each 81 900 of increase of stock, but in
no case shall the fee exceed $3.50. Street
railway companies are granted the same
exceptions that are accorded to steam
railroads, that their bonds and securities
may not be counted under a certain
amount in fixing the highest amount Of
indebtedness to which any corporation
may subject itself.
Any intentional violation by the board
of directors or managing officers of the
corporation of the provisions prohibit
ing diversion of the funds shall work
forfeiture of the corporate privileges,
and if any Indebtedness is contracted
exceeding the amount permitted by law,
the directors and officers knowingly
consenting thereto, shall be personally
and individually liable to the creditors
for such excess No certificate or shares
of stock shall be issued without having
Endorsed ON the face thereof the amount
of the par value which has been paid to
the corporation issuing the same and
whether such payment has been in
money or property. The stock of all
corporations for pecunlary profit hereto
fore created shall on or before the LIST
day of January, 1899, be returned to the
corporation issuing the same and an
Endorsement as required above made
thereon. After that date no stock of
any corporation existing under the laws
of Iowa shall be voted or have any legal
force until such Endorsement 10 placed
thereon. The franchise of corporation
may be levied upon under execution and
sold, but the corporation shall not become
thereby dissolved. Courts of equity
shall have full power On good cause
shown to dissolve or close up the bust
ness of any corporation and to appoint
receiver therefor, who shall be resi-
dent of the state of Iowa. An action
therefor may be instituted by the at
torney general in the name of the state,
but nothing herein shall deprive any
stakeholder, person or creditor of any
rights now or hereafter existing of ill.,
voking the action of the court. In re-
gard to changes in the articles of incor-
poration it is provided that they may be
made at any annual meeting or special
meeting called for that purpose. Such
changes need only be signed and &C
knowledged by such officers of the cor
poration as may be designated to per-
form such act by the stockholders. A
failure substantially to comply with the
requirements with relation to organiza-
ton and publicity shall render the in
dividual property Of the stockholders
liable for the corporate debts, but cor