The Montgomery advertiser., 1901-08-18

the further amendment. - The President-The Convention will act on them one at time. The following amendment was read: :, t"Amend Section 1 by. striking out of e. line the following. word:
 to- wit, Law and z authority under
 which 1t is incorporated. <... l MT. Harrison-I ask unanimous con- sent for it's adoption.
 MT. Macdonald-I would like to ask the Chairman of the committee wheth-- CT 1t was the intention to reiieveNor- eign. corporations of making some showing to the people of this State as to the limit of their authority, their power. t. MT. Harrison-The articles of incor- poration are required to be filed,
 Mir. aMacdonaid-Tbe articles of in- lcorporation and association .ve <. MT. Harrfson-They are required to | file them.
 The amendment was allowed by unanimous consent.
 The following amendment to Section 4 was read: By inserting in line nine after the word benevolent the ward education. MT. Harrison-This simply excludes from the franchise tax strictly educa- ttonal as well as benevolent and relig- | ious corporations and I ask unani- nous consent that that amendment be adopted.
 The amendment was allowed by unanimous consent.
 Mir. Kylel have an amendment to Section 1,
 The amendment was read ae follows: Amend Section { of the report by striking out all of the seventh line after | the word corporation and all of the eighth except the word hut and insert | the following: Based on the actual [ amount of capital employed In this l State'" N | Mir. Kyle-That makes It read this 1 way: The Legislature shall by gen. eral. law provide for payment to the 1 State of Alabama for, franchise tax upon such corporations based upon the | actual amount of capital employed in i this State but strictly benevolent or re- ligious corporations shall not be re-
 quired to pay such tax" Now the object of that is to cut l out corporations. State organizations. l that have pledged in different States and that have headquarters or do their business in this State. For instance l take the Tennessee Coal and Iron Com pany. They have a capitalization of thirty million dollars. They have large property in Tennessee as we'll as in Alabama. Therefore 1t should not be
 required of them or any other corpo- ration of like character. to pay its franchise tax upon property they own in other States. Take the Southern Iron and Foundry Company. They have a capitalization of six hundred | thousand dollars and own a small plant in this State. The main plant Is in Tennessee. This amendment would reach all the capital they had in use in Alabama. But they would not have to pay upon the entire capital stock. The
 Western Union Telegraph Company
 with eighty million dollars capital | would have to pay on the capital of eighty millions instead of what she has in this State. So this reaches the mat ter and makes it the property in pos session of the State. The committee | will accept that hope.
 | MT Wilson-The committee has ex- amined the amendment and ask to adopt it.
 Leave was granted and the amend | ment was adopted.
 Mr. wilson, do not care to cut 1 off any one and unless some one de- sires to amend, move the adoption Of the section and upon that call for the previous question. The main question was ordered ana upon a further vote the section as amended was adopted.
 Section was read as follows; Sec. 5. No corporation shall engage | In any business other than that eE- l pressly specified in It's declaration or | application.
 Mir. Rarefield-I have an amendment. MT. Harrison-I hope the gentleman | will withhold that a moment. oHer an amendment to amend Section D by striking out the words specify in its declaration or application" ana insert | ing in lieu thereof authorized in It's charter or articles of incorporation. MT. Barefield-I ask to withdraw my amendment. MT. Harrison-I ask unanimous con- sent to make the amendment. MT. Smith (Mobile)-There are a great many corporations formed under | the general law of the State of Ala | bama.
 The President-The Chair will inquire | of the gentleman from Mobile whether l he objects to the withdrawal of the | amendment of the gentleman from l Monroe.
 Mir. Smith-No, sir; do not. Mr. President-The question will be
 upon the adoption offered by the gen. | tleman from Lee, the chairman of the
 committee. Does the gentleman object
 to that amendment?
 Mr. Smith.-Yes. Sir. A great
 number of corporations in this
 State are formed under the general laws of the State, which laws do not
 require any particular statement of the pul pose of the corporation. It Is just
 the general business that is required to be stated, and then the particular powers, ct cetera, are conferred by the
 general laws. The general law consti-
 tutes the charter and not the declara-
 tion.
 The Secretary read the following
 amendment:
 Am md Section by striking out the application, ami inserting in lieu
 thereof the words. authorized in its
 charter or articles of incorporation"
 MT. Smith-It seems to me 1t ought
 to be expressly provided by law because
 it's purpose and business Is prescribed by a general act of incorporation and
 not by declaration or application. MT. Harrison-If it embodies all that.
 do not object. It is just a matter of
 choice of language. MT. Cunningham took the chair. The President pro tem-The question
 is on the adoption of the amendment
 as proposed by the Committee.
 On vote being taken. the amend ment was adopted.
 MT. Pettus-I have an amendment.
 The Secretary read the amendment