Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1906-04-05
BUREAU OF CORPORATIONS
Tax Commissioner Cushman Will
Soon Have a List.
Only n Few That Are Now Doing Bus-
incss Were In Existence ~ Years
Ago-Mnny Taxes Paid Last
Week.


Cushman has not yet completed all of
the figures for final statement of the
work which he has been doing in organ
,izing a bureau Of corporations. Last month
was busy one in the office of '..e com
missioner and there was general mousse
cleaning of dcfunCt corporations.
Charters under which no organizations |
had been effected became null and VOID
| April | unless onc-half of the amount |
| of tho charter tax was paid. That tho |
effect Of this provision Is far reaching is |
attestcd from the fact that organizations |
have not been effected under moro than
| half of all Of the charters which nave
been granted. Tho holders of such char
ters who paid their assessments ana there
| by saved them are the American Trust
company. Barre Aqueduct company. Barre
Electric company, Barre Investment and
Guarantee company. Barre Realty com
pany. Barre white Granite company. Ben
nington Publishing company. Black River
Electric Power. Lighting and Railway
| company. Black River Trust company.
Bradford Telephone and Telegraph conf
pany. Chelsea Aoueduct company, Chel-
sea. Tunbridgc and South Royalton rail-
road Chester Trust company. Chttendon
County Traction company, CONNECTICUT
River Power company, Coulmau d West
colt company. Dog River Valley railroad
East Fairfield Pure Water company, rs
sex County Savings Banl, aud Trust com
panv Essex Power company. Essex Trust
companv, Green Mountain Telephone and
Telegraph company, Hartford street Rail
way company. HoosaC Traction and Pow
or company. Interstate Railway company
Masonic Temple association OF vermont
Newport X Derby Electric railroad. New
s,tf, .nh
Northern Mutual Fire Insurance COM
pany. Orange County Electric railroad.
Peoples Light and Heating company
Robin Hood company. Rutland & Mont
pclier railroad. Rutland County Trust
= company. Rutland Publishing association,
Security Savings bank. South Hero Aqu"-
duct company. spool Fish Fowl and
l Game company, Valley Savings Bank
( and Trust company, Nergennes Telephone
= COMPANY. Vermont Branch. New York
State Institute, Vermont Electric Light
aud Power company. Vermont fnrpl"
Slate company, Vermont Trust company
Vulcan Asbestos company Washington
!; County Telephon" company. White RIVER
Auueduct company and White River Val
: ley Telephone company.
5 The l.egisla ttIrc of 1904 passed an act
, for the purpose of eliminating all chdrac-
r tiers under which organizations had laps"d
land all under which no organizations ilad
. been affected 1t further provided that
c all corporatio,s failing 10 pay their taxes
9 for lao; and for all years In arrears should
I iccasc to exist.
Previous to 1902 the only way cor
: operation could become legally dissolved
was through the action of court al
d chancery but instances are very rare
tad
d court of equity for that purpose. In 1902
the legislature passed "A law that the
secretary and treasure" OF the corporation
or two directors elected at tn" last regular
election shall file a sworn statement set
!, ting fortn that all obligations of the cor
- IpOration have been discharged that the
, assets remaining after tn" discharge q
, the indebt odncse have been distributed
Iamong the stockholders. that there are az
- lclaims against the corporations and tina
~ it owns no property in this state or els"
p, where. This method has heon adopted b.
practically all Of the corporations Whlcl
have dissolved since 1902.
Comparatively few corporations doin'
business in Vermont to-day were in OK
iStcncc l., years ago. An examination of tn
IT records will show tn" lives Of corpora
I. tons in this State to have been compare
II. lively short and that very few of thos
$ ccasing to do business have ever attempt
n, cd to take any legal measures to clos
ne up their corporate existence.
~ In addition to the organized corpora
in tons a large number of charters hay
ne been procured by special acts and Srea
to many articles of association under whic
no organization was ever effected, hay
to been filed State Commissioner Cushnla
n has at the present time no means of tel
u.s. ing Just how many charters have bee
"a granted and how many articles OF associa
~ ton have been filed but according to til
a. best estimate that can he made the nun
as Der will exceed 500. OF this humble
IL. probably not more than 1000 corporation
= are doing business at the present time.
Mr. Cushman has caused to he made a
historical record of every charter al
70 the amendments which have been mat
To it. lie sent out blanks for ever
g.; charter where the address of the corpor;
ton or of any of the corporators cou
,aI be obtained and Il record of the time al
the person to whom each blank was SCI
was also kept. After the ruling of Alto
ney-Gencral Fits that all corporation
: must pay taxes in arrears. statemen
were made out showing what taxes hf
'es accrued and what taxes had been pa
since the passage of the law of 1890 The
.bo blanks were made out Ia triplcate, ol
arc copy being kept in the commissioners q
act lice, and two being sent out to the co
llv porators, with request to keep one al
,ed send the other with the required rem
um lance to the State treasurer.
he 4 general card index of the charte
t. was made early this year and during &
Law last 10 days of March notices were Sc