The Evening statesman. [volume] (Walla Walla, Wash.) 1903-1910, 1910-02-07
Must File Annual Reports.

Must File Annual Reports.
Annual 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 fin
ancial statement showing the amount
of net earnings must be filed with the
commissioner of corporations.
At least a majority of the directors
of the corporations are required at
all times to be citizens of the United
States and bona fide residents there
in.
Stock may be paid for in cash or
in property. but ev cry certificate OF
stock issued in payment for property
must contain a statement that 1t Is
so issued, and before any stock Is so
issued full statement must be NED
setting forth a full description OF the
property. the number of shares TO De
issued in payment therefor ana
whether such shares are to nave
par value or not. the names and ad-
dresses of the vendors of the prop
erty the statement of their connec-
ton with the company, the terms OF
any agreement with respect to the
transfer of the property, full details as
to price. all amounts paid or to be
paid to each Vender, and if the Vend-
ers are directors of the corporation or
stockholders, a statement OF the price
paid or agreed to be paid By them
for the property to be sold TO the
cOrDoration. Where the stock to be
issued for such payment has par
value there must be filed in the bureau
of corporations an appralSement OF
1.-THE value of the property by two dis
interested appraisers approved IN
writing by the commissioner, who may
also appoint other appraisers.
= No stock with par value may be
issued in payment of property ac-
ouired by the corporation to an amount
ir par value exceeding the value APP
proved by the commissioner after
such appraisement
Provisions are made for the increase
or decrease of the capital stock OF
corporation and for other amend
ments to the articles of association
by vote of tWo-thirds of the stock
holders of the corporation. On SIM
lar vote the corporation may borrow
money issue bonds and mortgage
property or confer upon the holder
of any bond or obligation the right
to convert the principal after hVe
wears from date of the bond INTO
stock of the corporation of deslg-
mated class.
The approval of the commissioner
Of corporations must be secured be
fore the capital stock can be in
cerased to the amount necessary 10
provide for such conversion, ana TINS
right shall not be given unless the
bonds are issued or sold at par OF
upwards, or, if SO less than par, then
for not less than their reasonable
market value as ascertained by the
commissioner.
Provide for Special Agent.
Whenever a corporation shall fail
to pay any written obligation at ma
turity, or if any execution against it's
property shall be returned unsatisfied,
the commissioner of corporations shall
appoint a special agent to examine into
it's condition.
If this agent reports that the cor
to make it's continuation in business
contrary to public welfare, the COM
. missioner may appoint a receiver.
Within 80 days the corporation may
apply to the nearest United States
court to enjoin proceedings, and the
court may discharge the receiver and
enjoin the corporations interest from
further proceedings.
The real and personal property of
corporations are to be subject to
state, county and municipal tax. In
corporation fees are to be paid
amounting to one-tenth of one per
cent of the total capital, up to $1O,-
OOO, 600; one-twentieth of one per cent
from $10,O00,O00 to $20,000,0O0, and
$3.50 on every $1,000.O00 in excess of
$20,000,000.
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