The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1910-02-12
Tsffs Bill for National Charters
Is Sent 10 Congress.
PUBLICITY PLAN IS FEATURE
Corporations, Under ne Provisions u
fhs Bill nyst Pile Annual se-
ports and Special Ones
When Called Upon.

tck purchase. acquire OF by}o
y kck IN any other corporation, accord.
tE 70 sn administration bili intro
d0ceo 10 congress providing Tor the
formation - corporations - engage
IN interstate and international com
merce. This applies 10 corporations
organized under fhe ~ " under tie
laws u any atate " foreign country.
Nor shall any ~ these corporations
have banking powers
This biii represents he thought and
work ~ President Tat Attorney Gen,
eral Wickeaham and other cabinet
members ~ d result ~ frequent dis
cushions the draff diners greatly from
thar originally presented ~ Attorney.
General Wickefsham for TIE presi
dents consideration The president
believes that tbe careful consideration
given the bili ~ trained lawyers ~
his cabinet has produced q measure
which viii stand the test both " con
grefsiDnai difc1Esic. ana ~ supreme
court scrutiny
Forfeiture ss . Penalty.
Forfeiture ~ charter may result N
any corporation organized under the
act shali enter into contract " com.
biDetiOn or engage III a conspiracy
against interstate ~ foreign trade Or
COMMERCE, Or shan monopoiize " a.
tempt ~ mOnOpoiize any part thereof
contrary % the provisions ~ the Sher
man art. Or Otherwise shall violate the
laws ~ the United States The char
ters ~ sll corporations are made sub
1ect 20 alteration suspension " 70
peal ~ congress
Annual reports must w hled with
tie bureau ~ corporations and the
commissioner ~ the bureau may call
for special reports Ten days after
the declaration ~ any dividend d
nanclal statement showing me amount
~ net earnings must be fled with the
commissioner ~ corporations AZ
least d majority ~ the directors ~
corporation are required at all times
20 be citizens N thc United States
and bona fide residents therein.
Facts Must Be known.
Payment FOR stock may be made IN
caah or property, bur every certificate
0f stock issued IN payment FOR prop
erty must contain a statement that II
IL so issued and d full statement. 10
which n majority ~ the board ~ az.
rect0rs have sworn, must bo filed IN
the bureau ~ corporations, setting
forth a full description " the proper
~, the number ~ shares "a be issued
In payment therefor 6nd whether
49, a.. al.
or not, the names ard addresses ~
tho vendors ~ the property, a state.
msnt ~ their connection, II any. with
the company, The terms NJ any agree.
meni, verbal ~ written, with respect
10 the transfer ~ me property, full
details ns ~ price, all amounts paid
or ~ be paid ~ each ycndor, and, N
the Ytndefs are directors ~ tho cor.
p0rati0n ~ stockholders, 4 statement N
the price paid Or agreed ~ be paid ~
them for the property 70 be sold ~
the corporation.
Must Approve Par Values.
no stock with par value may be
issued IN payment " property pur
chased " acquired By The corporation
90 en- amount IN par value exceeding
the value approved ~ the commits.
sioneF after such appraiament
Provisions ere made Tor increase or
decrease ~ capital stock OF corpor.
alton and for other amendments ~
the articles " association BY vote
Of twotbirds ~ tile stockholders on
similar vote the corporation may
borrow money, issue bonds aud mort
gage property o. confer upon the hold
ar 81 any bond or obligation the right
10 convert the principal after Ave
years from date ~ the bonds into
stock of the corporation ~ a deaiE
mated class.
The approval ~ the commissioner
~ corporations must be- obtained be
fore the capital stock can be- IN.
creased 90 the amount necessary 90
provide for such conversion, and this
right shall not be given unless the
bonds are Issued or sold az par or
upward. or. n for less than par. for
not less than their reasonable market
value as nacortainod by the commits
aioncr
May Appoint Receivers.
20 pay any written obligation at ma.
tnrity, or n any execution against ita
property shall be- returned unsatianqd,
the commissioner Of corporations
aball appoint a special agent 20 OIL
anime its condition n thla agent r..
ports that the corporations condition
- 90 unAound as 10 make la contin.
vance IN buainons contrary 10 public
welfare. the commissioners may ap.
point receiver with the usual powers
81 ohancery receivers
Real and personal property Of cor
poratlonn Ia 20 be- subject 10 state.
county aud municipal tax. lnc0rpora-
tlon fees are 10 be paid, amounting TO
onetonth Of 1 per cent OF the total
capital up 10 siO.o00,000, onetwenticth
Of Dor cent from $4,000, 900 90 $780,