The daily banner. (Cambridge, Md.) 1897-2008, 1913-01-29
PLAN CHANGES IN
CORPORATION ACT
Joint Legislative Committees
Makes Report 4
PROPOSE ANTHRACITE Tk1'
About a Score of Bills, Many Provla
ing Additional Revenue, Also Pre-
sented.

" -
sented.
Harrisburg, Pa. Jan. 29.-The john
committee OF the senate and house, ap
pointed to consider and report upon 9
revision of the corporation and reve
nue. laws, presented its report to thf
legislature, together with about twenty
bills, which the committee recon-
mends be enacted into law. "A
The most important of the score oi
measures presented is voluminohs
bill providing for the incorporation
regulation and dissolution of business
corporations, to take the place of tl
present law founded upon the act q
1874 and it's innumerable amendments
and supplements. l
The committee states in its report
that "some of the most important
changes in the law are the right to In.
corporate for more than one business.
the requirement that so per cent Of
the capital stock shall be paid before
the commencement of the business.
the restriction of the right of corpor-
alton to own its own shares, the pro.
hibition upon one corporation owning
more than 20 per cent Of the capital
stock of another corporation, a more
complete enforcement of the constitu..
tional provision that stock shall not
be issued except for money, property
or services, so as to prevent the issue
of watered stock, liability of directors
for false statements, and more CON
venient method for enforcing liability
for unpaid subscriptions for the bene
fit of creditors"
ment of complete code for the regu-
lation of foreign corporations, stating
that 1t is the purpoes of this act to put
in force the best results of the expert
ence of other states.
The committee also recommended q
further law requiring investment
brokers to be licensed by the banking
commissioner as to approval Of then
method of doing business.
Among the other measures present
ed by the committee were the joint
resolutions proposing amendments to
the constitution so as to permit Ae
classification of taxes for the purpo9e
of laying graded or progressive taxes
and authorizing the state to issue
bonds to the amount of $4,000, 900 for
road improvement.
The committee calls attention "a ia
need Of new institution for
ulInueu, ep11epuc, tuUcrcui0us ana 4
sane. and particularly for wayWai
girls and women, and proposes thai
these should be supplies by taxes ley.
led and collected by the state and dis
tributed to counties and municipalities
In accordance with their needs.
Another recommendation of the com.
mittee is the abolition of the present
four mills tax on money at interest
The two exemptions are savings fund
institutions and a life and trust com
pany in Philadelphia.
The committee recommends that au-
tomobile license fees be increased
carrying five tons and less and $50
for all others, the revenues to go to
road improvement
A radical change is proposed in the
method of taxing corporate loans, the
report says. The present method lays
the tax upon the holder of the securi-
ties, some of the holders thus escaping
the tax levy because of their being
non-residents. It is proposed that the
tax be laid upon the corporation di-
rect.
To meet the needs of the localities,
1t Is proposed that the whole of the
personal property tax instead of three.
fourths, as at present, be returned to
the counties.
The committee recommends the lay
ing of tax of 21z per cent on anthra.
cite coal as prepared for market. One
half of this tax is to be retained by
the state and the other half to be re
turned to the counties from which the
coal comes. 1t Is proposed the revenue
from this source shall be applied to
the improvement of state highways
and to permanent local Institutions
Inc eAempliOu lTOm lax Oh cQdr1t
bble bequests to institutions of the
state is recommended, in the belief
that such exemptions would tend to
secure such bequests which are now
not made because the state takes {
per cent for it's own.
The committee recommends that the
proposed federal income tax amend
ment be not approved by Pennsylya
min