The Cairo bulletin., 1910-02-08
incorporation
BILL INTRODUCED
BUT WILL NOT BE PRESSED FOR
PASSAGE AT THIS SESSION
OF CONGRESS.
TAFT IS THE SPONSOR
And will Take responsibility For
Recommending il if Passed
President Wants Other
Bills Passed

Washington, Feb. THE federal
incorporation bill, which was intro
duced In congress today, is not to &c
pressed for passage at this session
If the bill is passed, Taft IS willing t.
stand as its sponsor and take the re
sponsibility for recommending it.
Further than this the president told
several callers today that he would
not make the incorporation bill an adj
ministrative measure. He declared
that he felt that he had no right to
do SO, and that 1t did not rank with
the proposed amendments to the in
terstate commerce law, postal savings
banks and conservation measures
The latter we're promised in the party
platform He feels the party is re.
sponsible for their passage at this
session.
OUTLINE OF THE BILL.
Washington, Feb. NO corpora
ton in the United States win be per.
mitted to purchase, acquire or hold
stock in any other corporation, &C
cording to bill introduced in con.
gress today to provide for the forma-
ton OF corporations TO engage in in
terstate and international trade and
commerce. This applies to corpora
tons organized under the act or un.
der the laws of any state or foreign
country. Nor shall any of these cor
porations have banking powers.
This bill represents the combined
thought and work during several
months past Of Attorney General
Wickersham, President Taft and the
rest of his cabinet advisers, AS q
result OF frequent cabinet meeting
discussions of the bill, the present
draft differs greatly from that orig.
inally presented by Attorney General
Wickersham to the presidents con
sideration. The president believes
that the careful consideration given
to the bill by trained lawyers of his
cabinet has produced measure that
will stand the test both of congress
sional discussion and or supreme
court decision.
Forfeiture of charter may result il
any corporation organized under the
act shall enter into any contract or
combination or engage in any con
spiracy against interstate or foreign
trade Or commerce or shall monopo-
lie or attempt to monopolize any
part thereof contrary to the provision
of the Sherman act or shall otherwise
violate the laws of the United States.
The charters of all corporations are
made subject TO alteration, suspen-
sion or repeal by congress. The at
torney general is given power to
bring forfeiture proceedings and the
court may appoint a receiver
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 q
financial statement showing the
amount of net earnings must be fled
with the commissioner of corpora.
tons.
At least a majority of the direc
tors of the corporation are required
at all times to be citizens OF the
United States and bona tide residents
therein.
Stock may be paid for in cash OIL
in property, but every certificate OF
stock issued in payment for property
must contain statement that 1t is
50 issued and before any stock is sc
issued a full statement, sworn to by
a majority of the board of directors
must be filed in the bureau of cor
porations, setting forth full de.
scription of the property, the number
of shares to be issued in payment
therefor and whether such shares are
to have par value or not; the names
and addresses of the vendors of the
property, the statement of their con
nection, if any with the company: the
terms of any agreement, verbal OF
written, with respect to the transfer
of the property; full details as tc