The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-03-24
CORPORATION LAW
Consolidation of Ac's ReIat-
ing to Corporations.
Organization Taxes Graded According to the
Amount Of Capital Stock. Papers Filed
Directly With Sec'y. Of State.

In the new corporation law, the va
rious acts regulating corporations in
the State have been revised and con-
solidated into one act. Tt is too long to
print in full in these columns; but the
following are some of the provisions
containing the principal new features.
Section 8. requires that certificates of
incorporation, after being signed by the
original incorporators and proved before
an office duly authorized under the laws
of the State, shall be filed directly with
with the Secretary of State, and then re-
corded in the office of the clerk of the
Superior OF the county, where the prin-
cipal office of the corporation is to be
established, in book to be known as the
Record of interpretations"
Under the head of taxes and fees, it is
provided that on filing any certificate re-
lative to corporations in the office of the
Secretary of State, the following taxes
shall be paid to the State Treasurer: For
certificates of incorporation, twenty cents
for each thousand dollars of the total
amount Of capital stock authorized, but
in no case less than twenty-five dollars
increase of capital stock, twenty cents for
each thousand dollars of the total in
crease authorized, but in no case less
than twenty dollars; extension or renewal
of corporation existence 70 any corpora
tion, the. same as required for the ORR
ginal certificate of organization by this
act; dissolution of corporation; change of
name; change of nature of business,
amended certificate of Incorporation; in
crease or decrease of par value of, or
number of shares, twenty dollars; for fill
ing list of officers and directors, one dol
lar.
No taxes shall be required from any
benevolent, religious, educational, or
charitable society or association having
no capital stock.
Every bill introduced in either House
OF the General Assembly to incorporate
any private corporation shall be accom-
panied by receipt from the State Treas
urer, showing that there has been paid
an organization tax in double the amount
prescribed just above.
The Secretary of State shall annually
furnish the county commissioners OF each
county with list of corporations whose
principal place of business is located in
their respective counties. and it shall be
the duty of the county commissioners to
assess against the corporations so re-
by law.
POWER OF RESTRAINT.
Section 107 makes it the duty of the
Attorney General to bring an action in
the Superior court OF the county, to re-
strain by injunction any corporation from
assuming or exercising any franchise, or
transacting any business not allowed by
it's charter; to restrain any person from
exercising corporate franchises not grant
ed to bring directors, managers, and Of
ficers of corporation, or the trustees of
funds given for a public or charitable
purpose, ITO an account for the manage
ment and disposition of property confid-
ed to their care; to remove such officers
or trustees upon proof of gross miscon-
duct; to secure, for the benefit of all in
terested, the property or funds afore-
said: to set aside and restrain improper
alterations thereof, and generally to COM