The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1910-02-08

WASHINGTON, Feb. THE admin
istration's federal incorporation bill
was today introduced In the senate by
Senator Clark (Rep.. WashD immedl-
ately after the senate convened.
In introducing the bill Senator
Clark, chairman OF the judiciary com
mttee. made no mention Of the tact
that the attorneygeneral was the au-
thor. The bill was promptly referred
10 Senator Clark's committee by the
vice-Dresident but Senator Newlands
tDem.. New objected, contending that
il should 20 90 the committee on inter
state commerce and moved its reier-
ence to that committee.
Clark replied that constitutional
questions were involved and urged us
consideration by the judiciary com
mittee.
Newlands then objected TO the sec
ond reading OF the bill 1t VIII. there
fore, lie on the table until tomorrow
when the question OF reference VIII De
considered.
The bill was also introduced in the
house by Rep. Parker (Rep" \. d.
chairman OF the house committee on
the judiciary.
The terms Of the measure are BRIEF
~ these:
No CORPORATION will be permitted 10
hold stock I'm any other corporation
nor could any corporation engaged III
any like business hold the stock oil d
CORPORATION formed under this act;
and no such corporation would De per
mitted to have banking powers.
Forfeiture OF charter may result II
anv corporation organized under the
act shall enter into any contract OF
combination or engage In any consplT'
acy against interstate or foreign traut
or commerce. or shall monopollIe OF
attempt to monopolize any part there
OF contrary to the provisions OF the
sherman act or shall otherwise VIC
late the laws of the United States. The
charters of all corporations are made
subject 10 alteration. suspension or
repeal by congress.
AnnuiN reports must be filed with
the bureau of corporations. and the
commissioner OF the bureau may call
for special reports Ten days after
the declaration Of any dividend hnan-
cial statement showing the amount oil
net earnings must be filed with the
commissioner OF corporations.
AT least a majority OF the directors
az the corporation are required at all
times TO be citizens OF the United
states and bona fide residents therein.
Stock may be paid for cash or IN
property. but every certificate oil STOCK
Issued i'm payment OF property must
contain a statement that IL Is so Is
sued and before any stock Is so Issued
n full statement. sworn to by ma
toritv of the board Of directors, must
he filed in the bureau OF corporations
giving complete details OF the prop
erty and all facts connected Win
transfer
No stock with a par value may be
issued I'm payment Of property pur'
chased or acquired by the corporation
IN an amount I'm par value exceeding
the value approved by the commits
sioner after such appraisement.
Provisions are made for the increase
or decrease Of the capital stock OF
corporation and for Other amendments
to the articles OF association by vote
IL two-thirds OF the stockholders OF
the corporation
The approval OF the commissioner
~ corporations must be obtained De
fore the capital stock can De IN
creased TO the amount necessary TO
provide TOT conversion VI b'lAN -
cipal into stock. and this right snail
not he given unless the bonds are Is.
sued or sold at par or upwards, or II
for less than par then for not less
than their reasonable market value as
ascertained by the commissioner
Whenever a corporation shall iail
TO nav any written obligation at ma
turity. or II any execution against It's
property shall be returned unsatisted,
the commissioner Of corporations
shall appoint a special agent to eX-
anime into It's condition. II this
agent reports that the corporations
condition is 60 unsonnd as To make
IT'S continuance i'm business contrary
10 pubic welfare. the commissioners
may appOint q receiver with the usual
movers OF chancery receivers.
The real and personal property of
corporations are TO be subject 10
state county and municipal tax. In
corporation fees are to- be paid
amounting 10 one-tenth OF one per
cent of the total capital up TO 10000
Gao: one-twenhath OF one per cent
from 100000 to S20,O0000o and
s25n on every mill'O0 dollars OF CAPT
,ot Ia eVcess NJ 500 600 600