Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1905-04-21
NV Corporation IAN.
Effort Will Be Made to Have
Iowa Statute Changed by
Next Assembly
SOME REFORMS ARE NEEDED
Secretary of State to be Empowered to
Pass Upon the Admissiblity of
of Articles Of Incorporation Linn
ting of Terms Of Some Charters =
State News.

Des Moines April 21.-An effort will
be made to secure complete revision
of Iowa laws relating to corporations
and their relation to the state offlc-
tally. in the next legislature. At least
one public officer is now engaged IN
drafting a revised code on this line.
Among the changes which will be pro-
posed will be these:
Definite definition of the corpora
lions which shall be entitled to fifty
year and twenty year charters, res
pectively.
Empowering the secretary of state
to pass upon the admissibility of ar
ticles of incorporation.
REPORTS from corporations as to
their capital stock with reference to
the extent of paid up, promotion and
other classes of stock issued comprised
within it.
AT present the secretary of state nor
any other officer has the power to pass
on the articles of incorporation OF any
corporation, but is compelled to record
them, whatever they may provide. ~
is desirable that some state officer be
clothed with the power to determine
whether corporations submit artlcles
which conform to the laws OF the
state. This rule has been followed
with respect to other state offlcers IN
relation to certain other corporations.
For instance the executive council mas
full Jurisdiction over land and invest
ment companies. But under the law
of the state as it stands these con-
Germs may compel the secretary OF
state to file their articles of incorpor-
alton and record them on the perina-
nent records of his office. tho the ex-
ecutiye council later may decide that
they may not do business in the state.
1t is desired that the law be so amend
ed that the secretary of state may pass
OIL whether corporations may file ar
ticles if their business seems to MIN
not to conform to the laws of the state.
Things to Be Remedies.
Again. under the present law a cor
poration may include within it's powers
recited in its articles of Incorporation
all classes of business it sees fit. A
railroad raay provide in its articles
llaL IL uclS LIE poWSA w W ~ $3.50
business, and the secretary of state
is compelled under the law to record
the articles. 1t is desired that he be
given power to determine how broad
the articles of a company may be.
At present there are certain corpor-
ations which may be incorporated Tor
fifty years and others which may IN
corporate for twenty years. That Is,
the law provides that corporations
formed for CONSTRUCTION of works OF
internal Improvement" and life insur-
ance may be issued charters for fifty
years Tie question often has arisen
as to what constitutes work of internal
improvements OF course this would
include railroads; there would be no
dispute on this point. But some have
contended that it also included water
works and other public utilities. The
secretary of state has ruled against
this contention. 1t is extremely desir-
able that the law define what shall be
the fifty-year and what the twenty
year corporations
There are two divisions to the sug-
gestion that the corporations be re-
quired to report on their capital stock.
The first is that they be required to file
a statement when they incorporate as
to the extent to which their capital
stock is paid up, or requiring it all to
be paid up, with details as to the
manner in which it has been paid; the
second suggestion is that the state
create a sort of miniature department
of commerce and labor, such as that