of
such foreign corporations, will serve to bring them under the control
of this State and the way will be open for their further regulation if
desirable. This annual tax has been levied upon the same principle
as the corresponding tax paid by home corporations. The State should
impose no greater burden on foreign corporations than on its own, but
should, so far as possible, subject them to its own laws.

The recommendations of the committee have, therefore, been controlled
by three principles, which may be summarized as follows:

_First_.--The relation of the State to the corporation.

The committee would repeat its opinion that, so far as purely business
corporations are concerned, and excluding insurance, financial and
public service corporations, the State cannot assume to act, directly
or indirectly, as guarantor or sponsor for any organization under
corporate form. It can and should require for itself and for the use
of all persons interested in the corporation, the fullest and most
detailed information, consistent with practical business methods,
as to the details of its organization, the powers and restrictions
imposed upon its stockholders and as to the property against which
stock is to be or has been issued. Provision is, therefore, made
in the law drafted by the committee for the organization of such
corporations for any lawful purpose other than for such purposes as
the manufacture and distilling of intoxicating liquors or the buying
and selling of real estate which it has been the consistent policy of
the commonwealth to except from incorporation under the general law.
Any desired capitalization above a minimum of one thousand dollars may
be fixed. Capital stock may be paid for in cash or by property. If it
is paid for in cash, it may be paid for in full or by instalments, and
a machinery has been created for protecting the corporation against
the failure of the subscribers to stock to pay the balance of their
subscriptions. If stock is paid for by property, the incorporators and
not the State are to pass upon its value. Before any stock, however,
can be issued for property, a description of the property sufficient
for purposes of identification, to the satisfaction of the
Commissioner of Corporations, must be filed in the office of the
Secretary of the Commonwealth. This document becomes a public record
and may be consulted by any one interested in the corporation. If the
officers of a corporation make