Evening journal., 1899-03-20

ceiver or trustee. upon the payment OF
the purchase money, shah execute and
deliver 10 such purchaser an assignment
and transfer OF all the patent and inter-
ests OF the corporation 80 sold, which as
signment or transfer shall vest in the
purchaser a valid title to all the right.
title and interest whatsoever OF the said
corporation therein and the proceeds OF
such sale shall be applied TO the payment
OF such unpaid taxes, together with the
costs Of said proceedings.
SECTION IS. Whenever Il is establish.
ed TO the satisfaction OF the Governor
that any corporation named In said PROF.
lamation has not neglected or refused TO
pny said tax Within two consecutive
years. or has been Inadvertently reported
20 the Governor by the State Treasurer
as refusing or neglecting TO pay the same
as aforesaid. that the Governor be and
he Is hereby authorized TO correct such
mistake and to make the same known
by nlng his proclamation TO that effect
In the office OF the Secretary OF state.
SECTION 10. II the charter OF any cor
poration hereafter created. shall become
imperative or void by proclamation OF
the Governor or by operation of law. for
non-payment OF lakes the Governor, by
and with the advice OF the Attorney.
General. may. at any time within two
years thereafter. or after the defnult IN
the payment OF such taxes. upon pay
ment by said corporation TO the Secretary
or State OF such sum In lieu OF taxes and
penalties as to them may seem reason.
able, but In no case to be less than the
fees required as upon the nling OF the
original certificates OF Incorporation. per-
mlt such corporation TO be relnstatcd and
entitled to all It's franchises and privi.
leges, and upon such payment as afore-
said the Secretary OF State shall issue his
certificate entitnng such corporation TO
continue Its sadd business and Its said
franchises.
Nothing IN this section contained shalt
~
forfeiture OF franchises I'm case OF failure
to pay future taxes imposed as In this
Act provided.
SECTION II. The officers OF any cor.
porat tlon who shah consider the tax lew
led under the provisions OF this Act ex-
ccsslve or otherwise unjust, may mako
application TO the Governor for "a review
OF the assessment and a readjustment OF
thC tax. provided, there be iilcd with the
Governor within three months from the
date OF assessment a petition OF appeal
duly verified according 10 law stating
specifically the grounds upon which the
appeal Is taken and the reasons why the
tax ls considered excessive or unjust; the
Governor shall thereupon proceed TO IN
veetlgate the contentious raised by the
said petition OF appeal, and for the pur-
pose OF such hearing the Officers OF said
corporation may be summoned TO appear
before the Governor either In person OF
by attorney and questioned as TO the
statements set forth In the said petition
of appeal. H. IN the opinion of the Gover-
nor Il ahall appear that the tax so lew
led as aforesaid Is excessive or unjust.
ne shall thercupon require the officers or
the corporation TO file with him correct
ed return. and upon said corrected return
The assessment shall be adjusted and the
tax reduced or amended az In the opinion
or the Governor shall seem proper
II the petition OF appeal shall not be
/ nled Within three months from the date
/ OF the assessment. as aforesaid, the right
TO appCal 20 the Governor shall be con-
sldored and treated as having been waiv-
ed, and the amount OF tax levied shall be
payable and collectable at once
SECTION IS. That the Secretary Of
State shall receive FOR the services re-
qulred Of him under the provisions OF this
| Act the sum OF five hundred dollars TO be
| paid to him annually In addition TO tho
salary and fees now provided by law.
SECTION 49, That tho provisions, az
this Act shall not apply TO corporations
heretofore incorporated and the property
OF such corporations Is hereby made ex-
empt from taxation under the provisions
OF this Act, such exemption, In the opin-
ion OF the General Assembly, being best
to promote the public welfare.