deeds; such statement shall set forth the name of the proposed corporation, its capital stock, its location and the duration of the corporation; which statement shall be filed in the office of the secretary of State. The secretary of State shall thereupon issue to such persons a license as commissioners, to open books for subscription to the capital stock of said corporation, at such time and place as they may determine; but no license shall be issued to two associations having the same name.

*70. Meeting to organize-notice thereof -- classification of directors. 2. As soon as one hundred shares or more of the capital stock shall be subscribed, the commissioners shall convene a meeting of the subscribers, for the purpose of electin, directors, adopting a charter and by-laws and the transaction of such other business as shall come before them. Notice thereof shall be given by de. positing in the post office properly addressed to each subscriber, at least ten days before the time fixed, a written or printed notice, stating the object, time and place of such meeting. Directors of such corporations organized under this act shall be elected, classified and hold their office for such period of time as is provided by general law governing the election and classification of directors, trustees or managers of corporations. *71. Organization-how and when completed. § 3. The commissioners shall make a full report of their proceedings, including therein a copy of the notice provided for in the foregoing section, a copy of the subscription list, a copy of the charter and by-laws adopted by the association, and the names of the directors elected, and their respective terms of office, which report shall be sworn to by at least a majority of the commissioners, and shall be filed in the office of the secretary of State. The secretary of State shall thereupon issue a certificate of the complete organization of the corporation, making a part thereof a copy of all papers filed in his office in and about the organization of the corporation, and duly authenticated under his hand and seal of State; and the same shall be recorded in the office of the recorder of deeds in the county in which the principal office of such company is located. Upon the recording of said copy the corporation shall be deemed fully organized, and may proceed to business, unless such company shall be organized and shall proceed to business as provided in this act within two years after the date of such license, the license shall be deemed revoked, and all proceedings thereunder void.

*72. Corporation formed under this act a body politic, etc. 4. Corporations formed under this act shall be bodies corporate and politic for the period for which they are organized; may sue and be sued; may have a common seal which they may alter or renew at pleasure.

*73. Powers - board of directors-officers. § 5. The corporate powers shall be exercised by a board of directors; Provided, the number of directors shall not be increased or diminished, nor their term of office changed, without the consent of the owners of two-thirds of the

shares of stock. The officers of the company shall consist of a president, vice-president, secretary and treasurer, to be elected at the annual meeting of the board of directors, as may be provided for in the charter and by-laws of the association; Provided, that the secretary only shall be entitled to compensation, and in such amount as may be provided for in the charter of such association; And provided, that the treasurer shall give bond and security to be approved by the board of directors. *74. Stock. 6. The shares of stock shall be one hundred ($100) dollars each, and shall be deemed personal property transferable upon the books of the company, in such manner as may be provided by the by-laws, and subscriptions therefor shall be made payable to the corporation and shall be payable in such periodical instalments, and at such time or times as shall be determined by the charter and by-laws; but no periodical payment to be made exceeding two dollars ($2) on each share; and every share of stock shall be subject to a lien for the payment of unpaid instalments and other charges incurred thereon under the provisions of the charter and by-laws, and the by-laws may prescribe the form and manner of enforcing such lien. New shares of stock may be issued in lieu of shares withdrawn or forfeited, and the stock may be issued in one or in successive series, as may be prescribed in the charter and by-laws, and in such amount (not to exceed the total capital stock) as the board of directors may determine, and any stockholder wishing to withdraw from the said corporation shall have power to do so, by giving thirty days' notice of his or her intention to withdraw, when he or she shall be entitled to receive the amount paid in by him or her, and such interest thereon or such proportion of the profits thereon as the by-laws may determine, less all fines and other charges; Provided, that at no time shall more than one-half of the funds of the treasury of the corporation be applicable to the demands of withdrawing stockholders without the consent of the board of directors, and that no stockholder shall be entitled to withdraw whose stock is held in pledge for security. Upon the death of a stockholder, his or her legal representative shall be entitled to receive the full amount paid in by him or her on all shares not borrowed upon or pledged to the association as collateral security, and legal interest thereon, first deducting all charges that may be due on the stock; but no fines shall be charged to a deceased member's account from and after his or her decease, unless the legal representative of such decedent assume the future payment of the dues on the stock.

*75. Married women and minors may become stockholders. § 7. Married women may become subscribers to the capital stock of such association, and hold, control and transfer their stock in all respects as femmes sole, and their stock shall not be subject to the control of, or liable for the debts of their husbands. Minors may become subscribers to and owners of the stock of such associations by

guardian or trustee, and such guardian or trustee may withdraw the stock of such minor as provided in section six of this act; Provided, however, that such guardian or trustee shall give bonds to the probate court in double the amount of the withdrawal value of such stock, for the use of such minor on his or her becoming of age; but it is hereby provided, that no person as owner or legal representative of the stock of such association shall by himself, or by proxy, vote at any election, when the stockholders are called upon to vote, on more than forty shares of stock.

*76. Meetings of directors--money, how loaned. § 8. The board of directors shall hold such stated meetings, not less frequently than once each month, as may be provided by the by-laws, at which the money in the treasury, if one hundred dollars or more, shall be offered for loan in open meeting; and the stockholders who shall bid the highest premium for the preference or priority of loan shall be entitled to receive a loan of one hundred dollars, for each share of stock held by said stockholder; the said premium bid may be deducted from the loan in one amount, or may be paid in such proportionate amounts or instalments, and at such times during the existence of the shares of stock borrowed upon, as may be designated by the by-laws of the respective associations: Provided, that no loan shall be made by said corporation except to its own members, nor in any sum in excess of the amount of stock held by such members borrowing; And provided, that such stockholder may borrow such fractional part of one hundred dollars, as the by-laws may provide. Good and ample real estate security, unincumbered, except by prior loans of such association, shall be given by the borrower to secure their payment of the loan; Provided, however, that the stock of such association may be received as security, to the amount of the withdrawal value of such stock. [As amended June 17, 1887. In force July 1, 1887. L. 1887, p. 131.

*77. Penalty for failure to give security for loan, etc. $9. In case the borrower shall neglect to offer security, or shall offer security that is not approved by the board of directors, by such time as the by-laws may prescribe, he or she shall be charged with one month's interest, together with any expenses incurred, and the money may be re-sold at the next stated meeting. In case of non-payment of instalments or interest and fines by borrowing stockholders for the space of six months, payment of principal and interest and fines, without deducting the premium paid or the interest thereon, may be enforced by proceedings against their securities according to law, upon the order of the board of directors.

*78. Payment of loan - premium refunded. § 10. A borrower may repay a loan at any time, and in the event of the repayment thereof before the expiration of the eighth year after the organization of the association, or the date of issue of the series of stock in such association on which the loan may have been made, there shall be refunded to such borrower one-eighth of the premium paid for every year of the said eight years then unexpired: Provided, that where the said premium

has not been deducted from the loan but paid in instalments, there shall be no premium refunded; and any mutual building, loan and homestead association, which may have heretofore been incorporated under the laws of the State of Illinois, may avail itself of all the powers conferred by this act. [As amended June 17, 1887. In force July 1, 1887. L. 1887, p. 132.

*79. Premiums, fines, etc., not usurious. § 11. Corporations organized under this act being of the nature of co-operative associations, therefore no premiums, fines, nor interest on such premiums that may accrue to the said corporation, according to the provisions of this act, shall be deemed usurious and the same may be collected as other debts of like amount may be collected by law in this State, and all money paid to such corporation being at once loaned out and placed into taxable roperty, and the shares of stock and notes provided for in this act being simply evidence as to where such money has been placed, therefore such stock and notes shall not be subject to taxation. [As amended June 16, 1887. In force July 1, 1887. L. 1887, p. 131.

*80. Consequence of failure to elect officers. § 12. No corporation or association created under this act shall cease or expire from neglect on the part of the corporation to elect officers at the time mentioned in their charter and by-laws, and all officers elected by such corporation shall hold their offices until their successors are duly elected. *81. Such corporation may purchase real estate, etc. 13. Any loan or building association incorporated by or under this act is hereby authorized and empowered to purchase at any sheriff's or other judicial sale, or at any other sale, public or private, any real estate upon which such association may have or hold any mortgage, lien or other incumbrance, or in which said association may have an interest, and the real estate so purchased to sell, convey, lease or mortgage at pleasure to any person or persons whatsoever.

*82. Term of existence may be extended. § 14. Any loan or building association incorporated under this act or any prior act, may extend the duration of time for which such association was organized by a vote of two-thirds of the capital stock of such association at any annual meeting of the stockholders of such association; thereupon the board of directors shall transmit a copy of the proceedings of such annual meeting, duly attested to the secretary of State, who shall issue his certificate as provided in section three of this act, certifying to the extension of time of duration of such association, and the same shall be recorded as provided in said section three of this act.

And any association incorporated under any prior act, and extending the duration of the time for which it was incorporated, in the manner herein provided, shall be deemed as incorporated under, and be vested with all the powers given in this act, the same as if such association had been originally incorporated under it.

LOANS ON REAL ESTATE BY FOREIGN CORPORATIONS.

AN ACT to enable corporations in other States and countries to lend money in Illinois, to enforce their securities and acquire title to real estate as security. [Approved April 9, 1875. In force July 1, 1875. L. 1875, p. 65.]

*83. SEC. 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That any corporation formed under the laws of any other State or country, and authorized by its charter to invest or loan money, may invest or loan money in this State. And any such corporation that may have invested or lent money as aforesaid may have the same rights and powers for the recovery thereof, subject to the same penalties for usury, as private persons, citizens of this State; and when a sale is made under any judgment, decree or power in a mortgage or deed, such corporation may purchase, in its corporate name, the property offered for sale, and become vested with the title wherever a natural person might do so in like cases; Provided, however, that all real estate so purchased by any such corporation, in satisfaction of any such liability or indebtedness, shall be offered at public auction, at least once every year, at the door of the court-house of the county wherein the same may be situated, or on the premises so to be sold, after giving notice thereof for at least four consecutive weeks, in some newspaper of general circulation, published in said county; and if there be no such newspaper published therein, then in the nearest adjacent county where such newspaper is published; and said real estate shall be sold whenever the price offered for it is not less than the claim of such corporation, including all interest, cost and other expenses. And, provided, further, that in case such corporation shall not, within such period of five years, sell such lands, either at public or private sale as aforesaid, it shall be the duty of the State's attorney to proceed by information, in the name of the People of the State of Illinois, against such corporation, in the circuit court of the county within which such land, so neglected to be sold, shall be situated, and such court shall have jurisdiction to hear and determine the fact, and to order the sale of such land or real estate, at such time and place, subject to such rules as the court shall establish. The court shall tax, as the fees of the State's attorney, such sum as shall be reasonable; and the proceeds of such sale, after deducting the said fees and costs of proceedings, shall be paid over to such corporation; And, provided further, that nothing in this act contained shall be so construed as to confer banking powers or privileges upon any such corporation. See "Aliens," ante.

ELEVATED WAYS AND CONVEYORS.

AN ACT in regard to elevated ways and conveyors. [Approved April 7, 1875. In force July 1, 1875. L. 1875, p. 77 ]

*84. Articles of incorporation. SEC. 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, Any