FOR BUSINESS CORPORATIONS IN THE STATE OF NEW YORK CONTAINING THE BUSINESS CORPORATIONS LAW, PREFACE. THE laws of the State of New York pertaining to the formation and organization of stock corporations formed for commercial purposes, other than banking, insurance, transportation and railroad corporations, were assembled by the laws of 1890 into a single act entitled "The Business Corporations Law." All stock corporations formed for business purposes, which includes trading, manufacturing, mining, real estate and other corporations of mercantile character, must therefore be organized under the provisions of that act, which is given in full in this pamphlet, together with all the amendments thereto down to the close of the legislative session of 1901. The Stock Corporation Law and the General Corporation Law, as amended to date, are also contained in this work. The former relates to the powers, rights and management of all stock corporations, and to the rights, duties and liabilities of their directors, officers and stockholders, and therefore particularly applies to business. corporations. The provisions of the General Corporation Law apply to corporations generally. The amendments of 1901 have made sweeping alterations in these three acts, which greatly increase and amplify the rights and powers of business corporations, and materially lessen the liabilities formerly imposed upon directors and stockholders. Among the most important changes may be mentioned: the reduction of the organization tax upon domestic corporations from one-eighth to one-twentieth of one per cent. upon the amount of capital stock, while the license tax upon all foreign corporations (with certain exceptions), authorized to do business in the State of New York, remains the same-one-eighth of one per cent. Foreign as well as domestic corporations must file annual reports; but |