The producers news. [volume] (Plentywood, Mont.) 1918-1937, 1919-03-14

Article Al, SecIlOn IL VI I1lS Sott-
stitution of the State of Montana,
nroyides "the public school fund of
tha state shall consist of the pro-
cneds \ of all estates or distribu-
five shares of estates that may es-
chest to the state; all unclaimed
shares and dividends of any corpor-
alton incorporated under the laws OF
the State
Soon after the adoption Of this
constitutional provision a general
law was enacted by the legislature
providing the method of declaring
estate escheaed to the state. This
law has been in force since It's adop-
ton and large sums of money have
been realized for the benefit Of the
school children of the state.
investigation discloses that the
provisions just quoted is not self-eX-
ecuting insofar as unclaimed shales
and dividends of corporations is con-
cerned, and House Bill No. 421, was
prepared for the purpose of provld-
ing the necessary machinery to Sc
cure, for the benefit of the children
of the state, these unclaimed shares
and dividends.
Persons who are in position to
now have estimated that there is
on hand in the various corporations
of the state, from one to two mil
lion dollars which would become SUBJ
iect to the provisions of House Bill
No. 421. 1t can easily be seen,
therefore, why the powerful inter
ests of the state took such exception
TO this law which resulted in it's un-
timely death.
Under the provisions of this bill,
as amended in the House, a person
claiming the unclaimed shares and
dividends could file his claim with the
State Treasurer at any time within
twenty eight years from the date of
the declaration of the dividends,
while under the estate laws the claim
for escheated property must be
made within twenty years.
1t is very apparent that until the
people obtain control of both branch
es of the legislature that no relief
along this line can be expected.
Helena, March 7, 1919.
Editor, Producers News,
Plentywood, Montana. @ei.
Dear Sir:
| am enclosing herewith copy of
House Bill No. 81 which was intro
duced and passed by the House with
but slight amendment, but whens the
same came to the senate it was
promptly killed.
l thought perhaps this might be of
interest of your readers as it shows,
to my mind, the influences that were
brought to bear upon the members
OF the recent session.
Respectfully,
S. c. FORD,
Attorney General.
HOUSE BILL NO. 421
introduced by Dodds.
A BILL FOR AN ACT ENTITLED
IAN ACT DEFINING UNCLAIM-
ED SHARES AND DIVIDENDS
OF MONTANA CORPORATIONS
PROVIDING FOR THEIR ES-
CHEAT TO THE STATE AND
PRESCRIBING PENALTIES FOR
THE VIOLATION OF THIS ACT.
Be 1t Enacted by the Legislative AS
sembly of the State of Montana:
L.
deemed unclaimed shares for the
purpose of this Act.
(A) All shares of stock of any
corporation incorporated under the
laws of the State of Montana, which
have been, or may hereafter be, is
sued to, or become the property Of,
any person, firm or corporation, and
which shares of stock have been, or
shall be, unclaimed and uncalled for
by the owner Thereof for a period OF
eight years from and after the date
of issuance of said stock, or from and
after the date whereon the owner
thereof is entitled to have said stock
issued.
OBJ All stock of any corporation
Incorporated under the laws of the
State of Montana, upon which any
dividend has been declared and has
remained unclaimed an uncalled for
by the person, firm or corporation en-
titled to receive the same, for a
period of years from and after a
declaration of such dividend.
Section 2. The following shall for
the purpose of this Act be deemed
unclaimed dividends.
(A) All dividends heretofore or
hereafter declared by a corporation
incorporated under the laws of the
State of Montana upon any of the
stock of said corporation, which said
dividends shall be and remain I'M
claimed and uncalled for by the per-
son, firm or corporation entitled to
receive the same for a period of eight
years from and after the declaration
of such dividends.
Section 3. All unclaimed shares
and all unclaimed dividends of any
corporation Incorporated under the
laws of the State of Montana shall
be forfeited to and shall escheat to
the State of Montana for the use and
benefit of the public fund of said
state, and the same proceedings shall
be taken by the Attorney General Of
the State of Montana with respect Il
the same to declare the same es-
cheated as are had in case of othel
escheated personal property.
Section a. Within six months af
ter the passage and approval OF
this act, it shall be the duty of the