26 Fortieth Annual Meeting 



Mr. Clark : The motion might be changed. 



Mr. Fenn : I move that this matter be referred to a com- 

 mittee with power to investigate the laws, and, if agreeable 

 to that committee, to incorporate under the laws of the 

 State of New York. I know the question of fees differs 

 in various states. If New York has a high fee it rqight be 

 advisable to incorporate in a state that has a low fee. 



Mr. Clark : Under some state laws it might bother us 

 to invest the funds which, of course, we expect to have. 



Mr. Fenn: It has been suggested to me that in order to 

 incorporate under the laws of the State of New York we 

 must have a central office in New York; also that the 

 majority of the board of directors must be residents of 

 New York. 



Acting Secretary : Mr. Dennis said at the Atlantic City 

 meeting, when this matter was up for discussion, that the 

 laws of Delaware were more liberal than those of any other 

 state under which the Society could obtain a charter. The 

 laws of Delaware do not require that the principal place of 

 business shall be within the state. 



President : The question is that we incorporate under the 

 laws of New York if found feasible. 



Mr. Clark : Otherwise let the officers incorporate where 

 the laws appear most favorable. 



Mr. Fenn : That is the motion. 



Seconded and unanimously carried. 



President: The next order of business is the report of 

 the Secretary. 



The report of the Acting Secretary was then presented 

 as follows: 



i 



