The Washington times., 1911-03-10
INCORPORATION AS
STEP TO BUILDING
Law Committee of Chamber
of Commerce Tentatively
FaVorS Plan.
BOARD OF SEVEN is
WEIGHING PROJECT
Will Also Place Association In
Position TO Take Stock In
New Enterprises.

''I think there is no question but that
my committee will recommend that the
Chamber of Commerce be incorporated,
The Chamber is certain to erect a build
ing for its own use in the near future,
and in this event we consider it i'm
perative that the organization be a cor
poration."
This statement was made today by
A. Leftwich Sinclair, chairman Of the
law and legislation committee of the
Chamber of Commerce. in response to a
query as to what action his committee
would take on the question of convert
ing the Chamber into a corporation. Mr..
Sinclair said further:
The Chamber of Commerce has be
come big, influential, and wealthy in
stitution- For many reasons my COM
mittee believes it should be incorporat-
ed. 1t now has $1,000 invested in inter-
est-bearing securities, and II always has
a balance of 8, 900 or 5000 cash on hand.
1t is accommodating surplus at the rate
Of about 81, 900 a year.
Plans for Building.
Before many years have passed it
will have enough of a nest-egg TO take
up the building question seriously.
When 1t goes into the business of buy
NA6 anu AlOAdALB ISai ohA CA SSNAil5
q building it must be changed into the
form OF a corporation.
We may as we'll incorporate now as
q little later If we do not incorporate
before we start to build, the real estate
will have to be held by trustees for the
Chamber. and the work and RESPONSE
bility of erecting a building will have
10 be undertaken by trustees. If, through
mistake, the Chamber should then incur
some liability, the individual members
might be called upon to make it good.
' If It were a corporation the individual
members would not be liable.
THE question of the Chamber taking
stock in industrial enterprises is another
that argues for incorporating. The time
is likely to come when the Chamber will
want TO devote some of its surplus to
scrtbing to their stock. Under the pres
ent form of organization, the individual
members would be liable If the holders
Of such stock were called upon to meet
possible losses. If the Chamber were
corporation they would not be liable"
Tentatively Favor Incorporation.
Mr.. Sinclairs committee has held one
meeting on the incorporation question
and has tentatively agreed to favor the
idea. To make certain that such a
change is advisable, however, the uues-
seven, to be appointed by the chairman.
This subcommittee will be appointed
within few days, and will consider the
issue at length. 1t will also confer with
leading members Of the Chamber OF
Commerce, to get their views, and will
outline a plan Of Incorporation.
1t is practically certain the subcom-
mittee will recommend Incorporation,
and that the full committee will take
similar action. The question will then
be submitted TO the Chamber as a whole
for settlement AS now outlined by the
law and legislation committee, the plan
will be to make each member of the
Chamber a stockholder in the corpora
ton. The stock will be divided into
shares of low value, probably IS or $40
each. Every member will be required
TO hold at least one share of stock In
addition, he will have to pay annual
dues, as at present. Whether the amount
Of annual dues would be reduced be-
cause of the stock subscription is to be
determined.
The law and legislation committee will
endeavor TO have a report ready for
consideration by the Chamber at its
next meeting. March IA.