The Alaska daily empire., 1923-04-13
LIBERALIZATION
 OF CORPORATION
 LAWS PROPOSED
Daly Introduced New Busi- ness Corporation Law
 Loan Rate Bill Fought.

Two blls, one designed to facilitate organization of interpretations in the Territory. and One second to increase slightly the revenues from filing fees of corporations, were introduced in the House today by Representative Daly. The first, No 36, is for an act to revise the general law of busi- ness corporations in the Territory and the second, No. 37, presoribes fees and annual tax to De pad by both domestic xad foreign torpora- tions.
 Two or three changes from the present law are 'proposed in the first of these measures, according to MT. Daly. One, and probably, the most important, provides for the issuance of stock having no nominal or par yesiue; another provides for one direc. ter only to be q resident Alaskan, Instead of a majority of the board of directors as is now required; q third permits annual meetings to be hsld without the Territory; the bill s.iso explicitly sets forth that the
  to the value of property for which stock is issued or exchanged 5a lot be questioned except for fraud. This 1al, added MT. Daly, is based 5A corporation laws of Delaware and New Jersey and follows partly those of New York and is desigT ed to encourage capital to enter tha T IT. iitory and operate under Territorial iaws. It applies only to companies whose entire business, or the greater part thereof, is confined to the Terri tory, other interpretations being pre- vented under the limitations of the Organic Act.
 The second bill provides a base filing fee of S15 for corporations having a capital stock issue of S200,- 900 or less and cents per thousand for each additional $1,000 authorized capital stock issue in excess of $200000. It is estimated, said MT, Daly, that this will annually increase the revenue of tho Territory from that source by 5000. The present filing fee of a flat rate of $15 re gardless of the amount of capital stock issued.
 Loan Rate Opposed
 Strong opposition to House Bill No 27, by MT. Decker, lowering the legal rate of interest to 8 per cent per annum, appeared in the House this morning. Witnesses appeared and opposed its passage and members spoke against it.
 Among the witnesses were E. M. Behrends and John Reek, heads of the local banks. Both said it was unfair to banks in the Territory and would work hardships. While the bin passed it's second reading. it was generally believed it had little chance for passing.
 Callahan's bill to tax railroads in the Territory Sl00 per mile was un- favorably reported by the Ways and Means Committee this morning, two members, Decker and Wilson. not concurring in the recommendation that it do pass. It will come up in second reading tomorrow.
 Senate Bill No 51, amending sec tion 1925, Compiled Laws of Alaska, relating to the alteration of brands, earmarks or buttons on animals, add ing thereto "fox," passed it's second reading, as did also No. S5, provid- ing for the time of filing of affi davits of annual labor on mining claims and repealing former acts on the subject Both are expected to pass without opposition.
 Senate Bill No. 6s, lowering the