13/26 You realize that all but a few Texas oil companies are not organized as corporations, but as joint stock associations--in effect declarations of trust." "We oughta know it," Stoner said. "It saves paying a big corporation tax and lets you sell all the full-paid, nonassessable stock you want to issue, regardless of what the property is worth. Oh, we got wise to that, _muy pronto!_ Why, these here Texas laws are the bunk! Them fellows at Austin, if they had their way, would make it impossible to promote a legitimate enterprise--on a paying basis. They'd make you turn in cash or property the equivocal thereto every time you organized. Wouldn't that be sweet? |