The Washington times., 1905-01-25
PROVISIONS FOR
INCORPORATE
Senator German Introduces
Bill by Request.
NOT PERMANENT MEASURE
Intended to Bridge Over Period Until
Commissioner Garfield Com
pletes His Plan.
NOT PERMANENT MEASURE

The provisions of a bill introduced in
the Senate by Mr. German. by request.
TO amend the District Code in relation
TO the control of corporations. have at
tracted attention among local business
men 1t is understood that the proposed
bill is not Intended as a permanent
MEASURE, but merely To bridge over the
pe.iod until Commissioner Garfield COM
pietes his official plan to cover the same
ground
The German bin provides that all
bodies polite and corporate hereafter
organized in the District shall be in
eorporated under the following Hmita-
tions:
Limitations for Corporations.
The charter must be subscribed 10 by
three or more natural persons, residing
in the District and claiming no resi-
dence elsewhere. and must set forth
the name of the corporation. its pur-
pose, its place of business, the term for
which ii IS TO exist, the name and resi-
denee of the subscribers. and the num-
hers of shares subscribed by each: the
number of its directors and the names
and residence CT those who are chosen
directors for the first year, and the
amount of its capital stock If any. and
the par value of shares into which it is
divided.
Charters are to be ISSUED by the Dis
trict Recorder of Deeds. and recorded
| IN his cffice. The capital stock of every
corporation is to be limited to $1,000 coo
| IN shares of not more than 500 each.
| A tax Of SO, payable on the issuance
or the charter, and again annually on
July /, is te be imposed on every com
pany incorporated. exce)t railroad,
/ canal, and cemetery companies and
companies Incorporated for literary,
Annual Report Required.
Each company will be required tc
| make an annual report under the fol
| lowing regulations
I THAI it shall be the 5uty of the
board Of directors of all companies now
| incorporated. or which may be here
| after Incorporated in the District OF
Columbia laws, TO make or cause to be
| be made a report to the Recorder o1
Deeds within twenty days of the pas
sage of this act and annually there
after within twenty days from January
II, which shall be published in some
daily newspaper published in the Dis
trict of Columbia, which shall state
the amount of the authorized capita
cash. and the amount of existing debts
which report shall be signed by tht
president and d majority OF the trus
| tees or directors, and shall be verified
by the oath OF the president and sec
retary of the company: that such re
port shall also state the postofiice ad
dress OF the president snG the secretar,
and the postofHce adSre-ss tgiving tn
street number. II number there be) o
| the several officers and representative
OF the corporation.
And the Recorder of Deeds shall keel
| n record in his office, properly indeXed
of such officers so reported; that within
twenty days of the 1ss of July of eacl
year there shall be fie6 with the Re
corder OF Deeds by all corporation
whose president or secretary do not re
side in the District of Columbia a powe
of attorney signed by the president an
secretary of the corporation. authoriz
ing some person or corporation TO ae
as their representative in the District
upon whom all processes may be sery
| ed
a fine of not less taan s25 nor NOR
than 500 is provided for failure 10 max
such report.
To Urge It's Merits.
A number of citizens who are inter
ested in pending corporation legislatio
> have signified their Intention to appea
: | before the Senate District Committe
: to urge the merits OF the German bi
: or some other measure making III
, necessary the plan TO suspend incol
pOration in the District