Word: elections
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Dates: during 1950-1959
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...misnomer. The law does not merely take the "excess" profits, but starts its levy as soon as profits reach 85% of "normal," i.e., what they were during the "base period" of 1946-49. Furthermore, the tax has a built-in discrimination in the choice of payments. A company may elect to pay a tax based on its 1946-49 earnings, or one based on a fixed return (8%) on its total capitalization. Thus, debt-ridden companies with huge capitalizations, like many railroads, escape the tax. But well-run companies that keep their debt low can only choose a profits base...
...traditional procedure is followed, the Overseers will open their meeting by voting to give the Corporation power to elect the next president. The message of this vote will be carried to a near-by room where the Corporation will be in session. The following announcement will then be returned to the Overseers...
...Harvard Corporation was today given authority by the Board of Overseers to elect, subject to the confirmation of the Board, a president of Harvard College. Acting in this authority the Corporation today elected --------. The Overseers will meet on -------- to act on the confirmation...
...Overseers open their meeting by voting to give the Corporation power to elect the next president. The message of this vote is taken across the Yard to Massachusetts Hall. The Secretary of the Corporation--David W. Bailey '21--then carries back to the Overseers the name of the Corporation's selection...
Although the election of the president must be ratified by the Board of Overseers, the burden of selection falls almost entirely on the Corporation. The Overseers' function is restricted to voting the Corporation power to elect the president and then of ratifying the choice...