The evening times. [volume] (Washington, D.C.) 1895-1902, 1901-04-27
MAINE AS A TRUST STATE
The Laws Amended So As TO At,
tract Corporations.

An Attempt to Outbid New Jersey
md DcEayyarc-The Prices Low
and the Terms LiberaE-Author-
ity to DO business Auyvyh here.
AUGUSTA Ne April 1.-THE State Of
Maine desiring to compete with New Jer-
sey and Delaware for the enormous fees
accruing from the Incorporation Of trusts
has amended It's laws as to terms 10 CAPT
talists wishing charters.
\ rush OF corporations IS expected, and
yesterday the first apple alton came in Ar
ticIes of association Of the first unusually
large company incorporated in this State
since the removal of the capitalization
limit by the last Legislature were filed
with the Secretary of State yesterday.
The new company viii be a reorEaniza-
ton of the Bingham Mining and Smelling
Company. and its capital viii be SO. 0O0. 90.
Delaware and New jersey have very lib
eral corporation laws. and for several
years corporations have been going there
rather than coming here; in fact, Maine
has lost considerable revenue in this di-
recti0u.
Formerly no tax was assessed, but the
new law provides that each corporation
shall pay tax of s. a year. If the capital
stock does not exceed S5o.G00. If the CAPT
tai stock is between $5G.0o5 and $200,oo0 the
tax is SO a year II progresses at a like
ratio up TO SI-0o0-00O for which the tax is
So For corporations whose stock is over
l,0oo.ooo. an additional So is assessed for
every million or part thereof.
Under the old law the capital stock was
fixed not to exceed SO, O50. 600. Under the
new Iaw the capital stock Of a corporation
can. he fixed at any amount desired. no
~ =,
vision allowing corporations TO do bust
ness outside of the State. in any State.
Territory, OF possession Of the United
States, or in a foreign country
A corporation is now given power to
issue two or more kinds of stock, with
such designations, preferences, and -vot-
ing powers as shall be fixed and deter
mined by the laws. Provision is also made
for a change in the par value of the
stock, which must be done by vote reD-
Tesenting q majority OF the stock issue
The law also provides that any corpor-
alton may purchase mines manufactures
and other property necessary for its bust
ness, and the stock of any company or
companies owning mining manufactur-
ing. or producing materials or other prop
erty necessary for its business. and issue
stocks TO the amount of the value there
OF IN payment therefor. and the stocks so
issued shall be full-paid stock and not la
Die TO any further call or payment there
on; and IN the absence Of actual fraud in
the transaction, the Judgment Of the di-
rectoTS as to the value of the property
purchased OF services rendered shall be
conclusive
The law also gives any corporation pow
er TO do q brokerage business in stocks
and bonds of other corporations Under
this section il Is possible and easy to form
a trust OF combination Of corporations Of
any magnitude This IS by all odds the
broadest and faTtheSt reaching provision
of the new law.
The Law is highly approved by the legal
fraternity of the State. and ought to con-
siderably increase their income during the
coming year