346 BOARD OF AGRICULTURE. [Pub. Doc. 



without limitation of the term of their duration, — so as to read as fol- 

 lows: — Section 7. Three or more persons may associate themselves by a 

 written agreement of association with the intention of forming a corpora- 

 tion under the general laws for any lawful purpose which is not excluded by 

 the provisions of section one: provided, that the agreement of association 

 of a corporation fonned for the purpose of acquiring, holding, managing, 

 improving, leasing, buying and selling real estate shall state the term of the 

 duration of the corporation, such tenn not to exceed fifty years; and pro- 

 vided, further, that corporations formed for the purpose of owning classified 

 forest land under the provisions of the forest classification and taxation act 

 may be organized without limitation of the term of their duration. 



Section 25. In the taxation of corporate franchises, under the pro- 

 \dsions of sections forty to forty-three, inclusive, of Part III of chapter four 

 hundred and ninety of the acts of the year nineteen hundred and nine, and 

 acts in amendment thereof, and in addition thereto, corporations organized 

 for the purpose of owning land classified under the pro^^sions of this act 

 shall be exempt from taxation upon such proportion of their capital stock 

 as is actually invested and employed in the business of forestry upon land 

 classified under the provisions of this act. 



KEGISTRATION OF LAND NOW EXEMPT FROM TAXATION. 



Section 26. Section six of Part I of chapter four hundred and ninety 

 of the acts of the year nineteen hundred and nine is hereby repealed, but 

 this repeal shall not affect exemptions existing at the date of the passage of 

 this act. Owners of land exempt from taxation under the pro\isions of 

 said section may, at the end of the period provided by said section, classify 

 such land as Plantation under this act. When such land is thus classified 

 as Plantation, the assessors shall not be required to value the trees stand- 

 ing thereon, but shall make the other valuations required by section two of 

 this act. 



Section 27. This act shall be known as the forest classification and tax 

 act. 



Section 28. This act shall take effect upon its passage. [Approved 

 June 2, 1914. 



FOREST COMMISSION ESTABLISHED. 



Chapter 720. 

 An Act to establish a state forest commission and to provide for 



THE purchase OF LANDS FOR STATE FORESTS. 



Be it enacted, etc., as follows: 



Section 1. There is hereby established a state forest commission, to 

 be composed of three persons, one of whom shall be the state forester and 

 two other members who shall be appointed by the governor, with the advice 

 and consent of the council, and who shall serve without compensation. 



