The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-04-19
MAKE THIN REPORT
Kansas Corporations VIII be
Made to Toe the Line.
SIX THOUSAND IN STATE
Public Must Know All About
Their Business.
SIX THOUSAND IN STATE

Topeka, Kan, April 1S.-The 5000 cor
porations doing business in Kansas will
have to make annual reports to the sec
rotary of state or suffer revocation Of
their charters. The Busch law of 1897
required corporations to report. but the
penalty was inadequate, and little atten-
ton was paid to the act. Last winter
the legislature amended the law by add
! ing severe penalty, and the state char
! ter board has adopted a resolution to
enforce the statute to the letter.
Under the amended law it shall be the
duty of the managing officer Of every
! corporation for profit doing business in
the state, except banking, insurance and
railroad corp orations, annually, on or
before august l, TO submit to the secre-
tary of state a complete detailed state
ment of the condition of such corpora
ton on June 80 next preceding. The
statement shall set forth the following
information:
First-The authorized capital stock.
Second-Tfse paid up capital stock.
Third-The pa value and the market
value per share Of stock.
Fourth-A complete and detailed state
ment Of the ass cts and liabilities of the
corporation
Fifth---A full and complete list of the
stockholders, with the postoffice address
Of each and thls number of shares held
and paid for by each.
Sixth-The ma mes and postofice adj
dresses of the officers, trustees and d.
rectors elected for the ensuing year, to-
gether with a certificate of the time and
a1a half
The secretary of state is required to
furnish the nece ssary blanks and to
clnlrge corporations a dollar apiece for
fling the certificate.
Following is the penalty provided for
a failure to repoTtc The failure of any
corporation to fze the statement within
ninety days from the time provided for
fling the same shall work the forfeiture
of the charter Of any corporation organ
lied under the laws Of this state and the
charter board may at any time there
after declare the charter of such cor
poration forfeited and upon the declara-
ton Of any such forfeiture it shall be the
duty Of the attorney general to apply to
the district court of the proper county
for the appointment Of a receiver to close
out the business Of such corporation; and
such failure to file such statement by
any corporation doing business in this
state and not organized under the laws of
the state shall work a forfeiture of its
right or authority to do business in this
and the charter board may at any time
declare such forfeiture and shall forth
with publish such declaration in the Of
fetal state paper"
Another stringent feature Of the law re-
ouires the managing officer of each cor
poration to report to the secretary of
state the sale or transfer of any stock
No transfer of stock shall be legal or
binding until a statement regarding it
has been filed with the secretary Of the
state. The statement shall give the price
paid for the stock.
The penalty clause IS Of sufficient sew
Gritty to bring corporations to time It
follows: mo action shall be maintained
or recovery had in any of the courts of
this state by any corporation doing bus
mess in this state without first obtaining
the certificate OF the secretary of state
that statements provided for in this Sec
ton have been poperly made