The Birmingham age-herald., 1908-01-27
NEW FEATURE OF
 ANNUAL REPORT
SECRETARY OF STATE REQUIRES THAT REPORT OF ALL ISSUES OF CORPORATION BONDS SHALL BE FILED IN HIS OFFICE.

Atlanta, January 26-(Special)-A new and interesting feature of the annual re- port of Secretary of State Philip Cook, now in the hands of the printer, re- lates to the requirement that all corpoi- ations, public and private, including municipalities and counties, shall file for record with the secretary of state a cer- tificate showing all details connected with any Issue of bonds which they may put on the market
 Railroad corporations and others of that class are generally familiar with the law, but not infrequently corporations unaware of 1t, put out bond issues with out compliance.
 Corporations which neglect or refuse to file such certificate with the secretary Of state are liable to a fine of $500 for each ofrense, in addition to which the party negotiating the bonds is liable for fine of $500 for each bond sold in the absence of such registration.
 It is easy to see from the foregoing how the limit of the penalty might amount to the entire bond issue, should it be rigldly enforced. The act requir- ing registration was passed in 1876, and Is found In substance In the civil code, volume g. section 1867. The offense Is in dlctable and triable In the county in which the offending corporation has it's princi- pal office, and the law provides that one half of the fine assessed shall go to the informer and the balance to the school fund of the county in which the convic- ton is secured.
 While there is no record of any suc- cessful prosecution under this law, 1t is known that there have been instances in which it was violated, and 1t is believed that these violations, through ignorance. are comparatively frequent.
 Public attention was called to the law some years ago, shortly after Secretary Cook came into office. A week later man came into his office, carefully closed the door after him, and in voice vi- brant with the emotions of fear and hope, asked the secretary of state if the law had been correctly quoted.
 Informed that it had, he proceeded timorously to make his confession.
 T have just come into Georgia and ta- ken charge of large corporation he said. naming the company in question. Recently we issued and sold $50,0O0 worth of bonds, which have not been re- corded here, as that law requires, be- cause we did not know of it's existence. If you enforce the limit of that penalty against us, it will practically mean bank ruptcy. What are you going to do about it?"
 Secretary Cook had him guessing for a while, saying he saw no alternative but to enforce the law. Finally he told him to prepare a certificate of the issue set ting out all the facts which the law re- quired and submit 1t to him. This his visitor did on the spot, and Secretary Cook, after examination of 1t, and ascer- taining that no serious harm could be done, told him he would register the bonds.
 weight of several tons seemed lifted from the visitors burden. He had had visions of being called upon for fines ag- gregating some s25,O00.
 How much do l owe you?" he asked, ] eagerly, and he pulled out roll of bills six inches thick with a ten dollar note the smallest one among them.
 Just one dollar" said Secretary Cook. That Is the legal fec.
 His visitor could not credit it. He was all amazement. The porter had to be sent out to get change for a ten-dollar bill to pay the fee. The man paid the dollar and went away several degrees happier.