Page:United States Statutes at Large Volume 68 Part 1.djvu/262

 280

PUBLIC LAW 389-JUNE 8, 1954

[68 STAT*

corporated under the provisions of this Act shall pay, at the rate hereinafter set out, an annual report fee based upon the amount of its total authorized capital stock on the 15th day of March immediately preceding the date on which such annual report is due to be filed. The annual report fee shall be paid at the time of filing the annual report required of such corporations under the provisions of this Act. The amount of the annual report fee shall be as follows: Where the total authorized capital stock does not exceed $25,000, $15; where the total authorized capital stock exceeds $25,000, but does not exceed $100,000, $25; where the total authorized capital stock exceeds $100,000, but does not exceed $300,000, $40; where the total authorized capital stock exceeds $300,000, but does not exceed $500,000, $70; where the total authorized capital stock exceeds $500,000, but does not exceed $1,000,000, $100; and a further sum of $50 for each $1,000,000, or fraction thereof, in excess of $1,000,000. Shares without par value, for the purpose of ascertaining the amount of the annual report fee, but for no other purpose, shall be taken to be of the par value of $100 each. (f) I n the case of a newly organized corporation, the amount of the annual report fee to be paid at the time of the filing of its first annual report shall be an amount at the rates provided in subsection (e) of this section prorated on a monthly basis for the period from the date its certificate of incorporation or reincorporation was filed with the Commissioners to the April 15 on which said first annual report is due to be filed. (g) If the annual report fee of any domestic corporation is unpaid on the April 15 on which the same is due, the annual report fee shall bear interest at the rate of 1 per centum per month until paid. (h) All taxes, fees, and charges provided for in this Act shall be paid to the Commissioners and deposited in the Treasury of the United States to the credit of the District. i./i ^ EFFECT OF FAILURE TO PAY A N N U A L REPORT FEE OR TO FILE A N N U A L REPORT

SEC. 122. If any corporation incorporated or reincorporated under this Act, or any foreign corporation having a certificate of authority issued under this Act, shall for two consecutive years fail or refuse to pay any annual report fee or fees payable under this Act, or fail or refuse to file any annual report as required by this Act for two consecutive years, then, in the case of a domestic corporation, the articles of incorporation shall be void and all powers conferred upon such corporation are declared inoperative, and, in the case of a foreign corporation, the certificate of authority shall be revoked and all powers conferred thereunder shall be inoperative. PROCLAMATION OF REVOCATION

SEC. 123. (a) On the second Monday in September of each year, the Commissioners shall issue a proclamation listing the names of all domestic corporations and all foreign corporations which have failed or refused to pay any annual report fee or fees or failed or refused to file any annual report as required by this Act for two consecutive years next preceding June 30 in the year in which such proclamation is issued and upon the issuance of such proclamation the articles of incorporation or the certificate of authority, as the case may be, shall be void and all powers thereunder inoperative without further proceedings of any kind. (b) The proclamation of the Commissioners shall be filed in their office and shall be published once during the month of September in each of two daily newspapers of general circulation in the District of

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