The Advocate and news., 1898-12-28

the attorney general bank commission
er, and secretary of State, be created,
whose duty it shall be to examine and
pass upon all charters.
THAT the fee for chartering any cor
poratiOn be $25, and One-tenth Of ! per
cent upon the capital stock. This would
ef1ectually shut out snide corporations,
organized on wind, and would create
revenue for the State amounting to many
thousands of dollars each year.
THAT the right Of corporation to
do business in this State be contingent
upon its filing an annual statement with
the secretary Of State; he, upon receipt
of such statement to issue a certificate
that the same has been received and Is
on file in his Office.
THAT such statement shall give the
authorized capital stock the paid-up cap
ital stock the par value and the market
value per share Of such stock, complete
detailed statement of the assets and liza
bilities and of the receipts and disburse-
ments for the next year preceding, list
of the stockholders, with the postofflce
address and number Of shares held by
each, and the names and addresses of the
officers and managers for the ensuing
year, with a certificate Of the time and
manner such election was held. That
such reports be made for the year end
ing July /, and be Teturnable at this Of
flee on or before the 1st day Of August
and that such statement be subscribed
and sworn to by the president and Sec
retaTy or managing officer OF the cor
poration. That the fee for making GER
tificate that the report of such corpora
tion has been made and Is on file be 81.
That no charter be issued to any cor
poration for profit until 20 per cent Of
the authorized capital be paid in cash or
it's equivalent, and that the charter board
be authorized to demand proof that such
amount has been paid in.
That an amendment to the charter
increasing the capital stock be granted
only when authorized by vote repre-
senting two-thirds of the paid-up capt.
tai stock at the annual stockholders
meeting, and that not less than thirty
days notice of such proposed change be
given to each stockholder.
THAT the fee for making and filing
such amendment be 81 and one-tenth
of per cent upon the amount Of increase
authorized.
THAT the enforcement Of the double IL
ability clause must be made for the ben
eft of all the creditors Of the corpora
tion and not for favored few; in other
words, that the double liability be treat
ed as an asset of the corporation.
Corporations organized under the
laws of other States or sovereignties, ex-
cept railroads, insurance and banking
institutions, which are already provided
for, should be permitted to do business
in this State only after filing with the
secretary of State a certified copy of
their charter, and paying the same fees
and conforming in all respects to all the
laws governing home corporations; and
before the secretary Of State issue GER
tiflcate authorizing them to do business
in this State the charter shall be submit
ted to and favorably passed upon by the
charter board. Further, each such cor
pOratlon should be compelled to desig-
nate the secretary Of State as their To-
cal representative, upon whom service by
summons could be had. Notice by him
to the officers named in the last annual
report, or If no report has been filed,
then to the officers or directors named
in the charter, should be deemed legal
and valid service.
Upon the wiIful failure Of any cor