Salt Lake Tribune | 1919-07-09 | Page 8 | Many Corporations Declared Extinct

MOT blFGPiSIIS DECfflEHIISCT State Revokes Charters of Companies Failing to Pay Their Taxes. "Vour company is dead," was the information in-formation given by W. J. Siddoway, corporations' cor-porations' clerk in the office of the secretary sec-retary of state, to Inquirers who wanted to know if they could not reinstate their corporations yesterday. The corporation tax was Iwng since delinquent, and the corporations were advertised some months ago. After that the charters were revoked, but the law provides that they may be reinstated up to the first Monday in July, by the payment of the corporation taxes, the penalty and costs. However, the second Tuesday in July is too late for reinstatement. About 5u0 corporations in all failed to i comply with the provisions of the law. ! They do not, however, escape the tax, provided the sheriffs can find any property prop-erty in the state beicnging to the companies. com-panies. Such property becomes subject to a lien, at the behest of the secretary of state, and is sold for the amount of the taxes at a sheriff's sale. "Whatever residue remains after tax, penalty and costs are paid goes to the stockholders of the defunct company. Mr. Siddoway is preparing liens against ail such property prop-erty and will, forward the documents to the .sheriffs at once. Most of the companies that died have had but a short existence, many of them having been incorporated in the past year. The sales usually net a balance of a few hundred dollars for the state.