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![handle is hein.usnewyorkoth/rtcsnygls0001 and id is 1 raw text is:
RECENT CHANGES IN THE NEW YORK GENERAL
STOCK AND BUSINESS CORPORATION LAW.
BY CHARLES F. BOSTWICK AND CHARLES W. COLEMAN,
OF THE NEW YORK BAR.
(This article supplements Where to Incorporate, published in THE
BRIEF, first quarter, igOI.-ED.]
The recent session of the New York legislature marked a
distinct change in the attitude of the state toward corporations,
evidently realizing that the corporation as it now exists is the
outcome of economic forces, and has grown to its present stage
because of the demands of modern business methods. The
corporation can no longer be regarded as was the corporation
of the common law, a quasi-public enemy, nor can it be merely
tolerated. It must be encouraged and protected, and it is the
part of wise legislation to recognize the newly arising conditions
and to adapt the law of the state to them. The perverse ad-
herence on the part of New York to an antiquated policy has
cost its taxpayers thousands of dollars, for it has driven all
the large corporations of recent years to New Jersey and else-
where, and has enabled those jurisdictions to become prosper-
ous and wealthy upon, fees and taxes which should of right
have been paid to New York. This fact has at last been
learned, and acting upon the strong recommendation contained
in the message of the governor to the legislature, many and
important changes have been made in the corporation law of the
state. Some of the changes are radical in their nature, and
New York will now be able to compete on more equal terms
with the other states in attracting corporate capital.
Cost of Incorporation.--The first important change is in
reducing the franchise tax (required to be paid by every cor-
poration on its formation), from one-eighth of one per cent. on](ViewImageLocal?handle=hein.usnewyorkoth/rtcsnygls0001&div=1&collection=&method=preview&ext=.png&size=3)