Rensselaer Semi-Weekly Republican, Volume 39, Number 87, Rensselaer, Jasper County, 5 July 1907 — ONE EFFECT OF NEW LAW [ARTICLE]

ONE EFFECT OF NEW LAW

Department of Secretary of I State Has Been Greatly I Improved. ■CORPORATIONS REPORTING m True Indox of Conditions In Indiana Now Within Reach.

I [Special CorrwpoaOnct.] I Indianapolis, Ind., July 3. A law Ijnacted by the last legislature to comI >*l Indiana incorporated companies to B«ep the secretary of state Informed ra..to their capitalisation, location and ||>iulnesß methods, is now being put Hnto effect by Secretary Fred A. Sims. I While it has not been a matter of Ijpneral public interest the public will Ipenefit materially by the enforcement Ipf the law, as it Will enable the secreU K 7 of state to keep such close tab [pn all corporations that they will be Ipbllged to, live up to the 1 laws under I vhlch they were incorporated. || A card index recently completed at ffihe office showed that over 24,000 comllpanles have been incorporated in InUliana In the last Bfty-six years, but no secretary at state has been able to fur-* ftiieh accurate Information about thouiiandß of them, ms there was no means *>f obtaining It. I According to the act the companies ■must file: their report between June 1 Mind July 3t of each year. Fifty cents ■oust accompany each report. This ■will Increase the revenues of the state, ■although that was not the real purpose Ipf the law itself. Jsianks Sent Out. I Secretary Sims has prepared a blank Jbn which the reports are to be made. §The following questions are asked: I What is the present corporate Lmef 1 ' - I Has the name been changed? F'rom Iwhat, when and how? (List all the ■changes. Where 1b the principal place of busllness? Has the location been changed from lone town or city to another? From [where and when? What ie the authorized capita! ! stock?. What amount of capital is actually Issued and outstanding? Has the capital stock been increased? (Give the amount of each increase and date.) Have their been any issues of preferred stock? (Give amount and date.) Has the common stock been reduced? (Give amount and date.) For what term, in years, was the : corporation organized? Has the term been extended at any time and for how long? Have the original articles been amended? Give the date and a synopsis of the amendments. Many companies have asked whether or not they wHI be compelled to: make a statement as to their entire business each year, but the- real object of it is to furnish the state with a complete record at all times of the companies doing business under its laws.

Department Systematized. Under the new arrangement the department will be able to tell what companies are atm in business and whether or not they have changed their capitalisation, location or manner of operation. Those that have increased their capital stock without notifying the department will be compelled to pay to the state the amount of fees due it. The chances are that several thousand dollars will be obtained from this source, but Secretary Sima thinks now that a complete reoord of the companies that have hied articles in the last sixty years is more Important than the revenue that will be produced by the enactment of the law. ' • The enactment of this law will enable Secretary Sims to carry out the progressive policy of the last three Republican administrations which found conditions in a deplorable state when the Democrats vacated the -offices. It has been a long, hard fight to bring order out of chaos, but by the enactment of this and similar laws the much-desired reforms are being accomplished. The office of secretary of atats is one of the most important in Indiana, as it has the supervision in a way of an immense amount of public business. In the last legislature the Republicans succeeded in getting through laws thsit are expected to prove of (Teat assistance to it in the future. _ ■ , 1 Try a Republican “ want ad.”