The Portland daily press., 1899-01-26
The Bill to Let the Big Ones Into
Maine.
PROPOSED LAW LIKE THAT OF
NEW JERSEY.
Women Petition Legislature To BE ZEE
empted From Taxation-President
Gets His Invitation TO Come TO
M.,ne-The Naval Reserve Bill.
ESPECIAL TO THE rRKss.l

IseEcIAL TO THE rREss.l
Augusta, January 25.--If bill an act to
further reg ulate the organization and
control of business corporations" becomes
a law it will work some radical changes
| In the Maine Statute governing the FOR
nation of corporations This Is the
measure mentioned in the PRESS this
morning as permitting companies organ
ised under the general law to issue stock
to the amount of sioo, 0oo, 600 As a mat
ter of fact 1t goes farther than that for 1t
authorizes the issue of stock to any
amount, the present limit being SIC, 900,
900. The bill was presented by MIR. Man
ley who received 1t from Hon. ]. Man.
chester Haynes. 1t was drawn by Hon
Herbert NJ. Heath. A gentleman. inter-
ested In the measure said today that the
present Maine law was such that class
Of great corporations would not come here
to organize under 1t. The bill, he said,
was In substance the New Jersey law and
gave to corporations only the right
which are accorded by some of the other
states The bill II enacted in this gentle
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to the revenues of the state
Among the Important provisions OF the
bill are those providing for classes OF
stock, such as PREFER ed and cumulative
and sections which authorize corporations
to acquire the control Of other companies
engaged in various business enterprises
The first section of the bill changes in
these particulars the provisions for the
formation and first meeting of a corpor-
alton. 1t strikes out the $40, 600 900 stock
limit 1t provides that the stock shall
be divided into preferred, cumulative.
preferential, ETC., II such an arrangement
Of the stock is mentioned in the certih-
cate of incorporation. The following is
also Inserted in the present law: "if all
the incorporators shall In writing waive
notice and fix time and place of meet
ing no notice or publication shall be re-
CURED. At any such meeting any incor-
porator may be represented by general or
special power of attorney to be filed with
the clerk and recorded in full as Part
of the record of such meeting"
Section , provides that certificates re.
quired of corporations shall contain de-
scriptions of the different classes of stock,
II there lie more than one.
Maine corporations may wander
through the earth and over the seas for
in section three 1t is provided that "ary
such corporation may conduct businefs
in other states or in foreign countries and
have one or more offices out CT this state
and may hold property out of the state
for purposes set forth in its certificate.
Then comes the section giving power
to corporation to increase its capital
stock to any amount. The law now
reads so any amount not exceeding ten
million dollars. The act takes out the
last nse words quoted and Maine cor
poration so far as the law is concerned
might increase its capital to a hundred
billion. The trainers Of the law leave
In it the provision that there shall be paid
to the state $40 for each $4,000 Of in
crease.
Section provides that meeting
where all the members of a corporation