Hanford Opened the Boardroom to Outside Capital

Olympia, Feb. 20. — (Special.) Representative Hanford has succeeded in getting his bill relative to the exercise of the power of private corporations through the house. It went through as a substitute prepared by the committee. This bill amends the present law, which provides that the majority of membership of corporations created in this state must reside in the state. Mr. Hanford's bill provides that the majority may reside outside of the state, and if it becomes a law it is believed will be a great factor in bringing new life and capital into the state.

The bill amends Section 1,562 of Hill's Annotated Statutes and Codes of Washington, the same being 2,425 of the Code of Washington of 1881, so as to read: 'The corporate powers of the corporation shall be exercised by a board of not less than two, who shall be stockholders in the company, and at least one of whom shall be a resident of the state of Washington, and a majority of them citizens of the United States, who shall, before entering upon the duties of their office, respectively take and subscribe to an oath as provided by the laws of this state. Every such corporation shall at all times keep at its principal place of business in this state an officer or agent upon whom service of legal process may be made.'