The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1897-07-22

| be PAID when said charter is filed for
record; provided. that if the authorized
capital stock of said corporation shall
exceed $4,000 it shall be required to pay
an additional fee of So for each add.
tional $4,000 of its authorized capital
i, stock or fractional part thereof, after
the first"
In addition ts the fling fees above set
! forth, there is an annual franchise tax
imposed upon all corporations except
| those organized "for the purpose of re-
ligious worship or for providing places
OF burial, not for private profit, or for
holding agricultural fairs and encOurag-
ing agricultural pursuits, or for strictly
educational purposes, or for purely pub
lie charity" Said franchise tax is as
follows: For corporations whose author
lied capital stock is $4,000 or less, $40.
II the authorized capital stock is over
S0;00o and less than 100000, the tax
is S20. If the authorized capital stock
IS $4,000 and less than 100000, the
TAX rs $50. On any corporation whose
capital stock is 100000 and over a
tax of 500. Said tax is payable annu-
any, IN advance, and payment for the
nrst year must be made when the char
ter is hled Failure to pay this tax when
due forfeits the charter of the corpora
ton.
For the information of those desiring TO
become better acquainted with the laws of
the state OF Texas, relative to foreign cor
porations desiring to do business in tLis
state, the following information is respect
fully submitted:
Inc law requires all corporations incor-
porated under the laws of any state or
government other than Texas, desiring TO
transact or solicit business in this state,
to file with the secretary of state duly
certlhed copies of their articles of incorpO-
ration and procure permits to solicit or
transact such business. The law provides
that hereafter no foreign corporation
shall maintain any suit, legal or equitable,
in the courts of this state whether the
cause OF action arises out of contract or
tort. unless at the time such contract was
made or tort committed the corpora ton
had filed its articles of incorporation with
the secretary of state for the purpose of
procuring the required permit"
The following are the fees for filing the
articles of incorporation in this office and
issuing the permit, viz: If the authorized
capital stock be 100000 or less, the fee
will be $25; if the authorized capital stock
be more than 100000 and less than $780,
600. the fee will be $50; if the authorized
capital stock be 100000 and less than
100000, the fee will be 500; and if
the authorized capital stock be S1,O00,000
or more, the fee will be $500. These are
the fees for filing articles of incorporation
and issuing permit for one purpose only.
But each person is treated as a separate
franchise, and if permit is desired for more
than one purpose, the fee will be calculated
accordingly. For instance: If the author
lied capital stock is 100000 or less, and
the charter embraces two purposes, a per-
NIT for one purpose will cost $50, while a
permit for both purposes will cost $50; if
the authorized capital stock is $1,O00,000
or more. and thec charter embraces two
purposes, permit for one will cost 5000,
while permit for the two purposes Will
cost $500. Corporations will therefore
please designate the particular purpose for
which permit is desired, if IA permit is only
wanted for one purpose.
The articles of incorporation must he
under the certificate of their legal Gus
tOdian. and if he is an officer other than
the secretary of state, his official acts must
be authenticated under the seal of state.
The law requires all corporations apply |
ing for permits to furnish satisfactory |
evidence" to the secretary of state than at
least so per cent of their authorized capital
stock has actually paid in. The rule of the
department upon this point is to require
the affidavit of one of the stockholders,
such capitol stock, as above stated.
Franchise Tax: In addition to the filing
fees above set forth. there is a annual
franchise tax, which Is graduated accord |
ing to the amount of authorized stock.
The franchise tax law as amended by the
legislature Chap. 100, Gen. Laws, Reg
ular Session. 1890. fixes this tax as fol-
lows: For every corporation having an
authorized capital stock of $4,000 or less
an annual franchise tax of $25. If the
authorized capital stock is more than $780,
600 and not exceeding 100000 the tax is
500. If the authorized capital stock eX-
ceeds 100000, the tax is 500, and in ad.
dition thereto, 81 for every $4,000 of
capital stock over and above 100000, and
not exceeding $1,OOO,OOO. If the authOriz-
ed capital stock exceeds $1,OOO,OO0. such
corporation is required to pay still fur
ther additional tax of 81 for every $1N,-
600 of capital stock over and above ST.
100000. The above tax is due and pay
able annually in advance, and payment OF
such tax for the first year must be made
before the permit is issued. Failure to
pay this tax for any year in the manner
and at the time above specified forfeits
the permit.