vided by by-laws, upon their purchases from or sales to said concern or both such purchases and sales.

2. They shall sign and acknowledge articles of incorporation which shall specify those things required by Section 539 of the Kentucky Statutes.

§ 3. Said articles shall be filed as now required by law for other private corporations and for filing same and amendments thereto under this Act the same feas shall be paid to the Secretary of State as now required under the general corporation law.

§ 4. Corporations organized under the provisions of this Act shall conform to the requirements of Section 543 of the Kentucky Statutes.

5. Every such association shall be managed by a board of not less than three directors. The directors shall be elected by and from the stockholders of the association at such times and for such term of office as the by-laws may prescribe, and shall hold office for the time for which elected and until their successors are elected, and shall enter upon the discharge of their duties, but a majority of the stockholders shall have power at any regular or special stockholders meeting, legally called, to remove any director or official for cause, and fill the vacancy, and thereupon the directors so removed shall cease to be directors of said association. The officers of every such association shall be a president, one or more vice presidents, a secretary and treasurer (one may be both secretary and treasurer) who shall be elected annually by the directors and each of said officers must be a director of the association.

$ 6. No stockholder, regardless of the number of shares he may own, shall be entitled to more than one vote upon any proposition.

$ 7. Out of the net profits of its business after the payment of a fixed dividend upon its stock, and before the profits are pro rated as set out and provided for in Section 1 hereof by a vote of at least two-thirds of the stockholders of such corporation a reserve fund may be created by setting aside not less than ten nor more than twenty-five per cent. of the remainder annually of said net profits.

§ 8. All co-operative corporations, companies or associations heretofore organized or doing business under prior statutes or which have attempted to so organize and do business shall have the benefit of all of the provisions of this act, and be bound thereby on paying the fees provided for in this Act and filing with the Secretary of State a written declaration signed and sworn to by the president and secretary to the effect that said co-operative company or association has by a majority vote of its stockholders decided to accept the benefits of and be bound by the provisions of this Act.

§ 9. No corporation, association or company now or hereafter organized or doing business for profit in this State shall be entitled to use the title "cooperative" as part of its corporate or other business name or title unless it has complied with the provisions of this Act and any corporation association or company violating the provisions of this section may be enjoined from doing business under such name at the instance of any stockholder or any association legally organized hereunder.

Any corporation, association or company not entitled to use the title "co-operative" as part of its corporate or other business name or title as herein provided if it does so use the title "co-operative" shall be subject to a fine of not less than fifty dol

lars ($50) and not more than one thousand dollars ($1,000).

Neither approved nor disapproved.

CHAPTER 160.

AN ACT to amend Sub-section 12, Section 3290, Chapter 89 of the Kentucky Statutes, relating to the government of third class cities.

Be it enacted by the General Assembly of the Commonwealth of Kentucky:

§ 1. That Sub-section 12, of Section 3290, Chapter 89 of the Kentucky Statutes be and same is hereby amended by adding after the last word thereof, the following:

"Provided, however, that the limitation hereinbefore prescribed of the tax that may be levied for school purposes shall not apply where a bonded indebtedness has been incurred for the construction, improvement or acquisition of school buildings or property and when such an indebtedness has been incurred that there may be levied, in addition to the tax herein before authorized, an annual ad valorem tax sufficient to pay the interest on said indebtedness and also constitute a sinking fund for the payment of the principal thereof. The provisions hereof shall apply to any bonded indebtedness whether heretofore or hereafter created."

So that Sub-section 12, as amended, shall read as follows, to-wit:

"12. Ad Valorem and Poll-Tax and License Fees. Each city shall raise a revenue from ad valorem taxes and a poll-tax and license fees, and to that end

the common council of each city is hereby authorized and empowered to provide each year by ordinance for the assessment of all real and personal estate within the corporate limits thereof, subject to taxation for State purposes, and shall levy an ad valorem tax on same, not exceeding the rate and limit prescribed in the Constitution; and for school purposes, not exceeding fifty cents on each one hundred dollars of taxable property therein, or such portion of the poll-tax or license fees as the council may designate; to levy a poll-tax not exceeding one dollar and fifty cents on each adult male inhabitant thereof, and may impose license fees on stock used for breeding purposes, on franchises, trades, occupations and professions, and provide for the collection thereof. All taxes and license fees shall be levied or imposed by ordinance, and the purpose or purposes for which the same are levied or imposed shall be specified therein, and the revenue therefrom shall be expended for no other purpose than that for which it is collected.

Provided, however, that the limitation hereinbefore prescribed of the tax that may be levied for school purposes shall not apply where a bonded indebtedness has been incurred for the construction, improvement or acquisition of school buildings or property, and when such an indebtedness has been incurred that there may be levied, in addition to the tax hereinbefore authorized,an annual ad valorem tax sufficient to pay the interest on said indebtedness and also to constitute a sinking fund for the payment of the principal thereof. The provisions hereof shall apply to any bonded indebtedness whether heretofore or hereafter created."

Neither approved nor disapproved.

CHAPTER 161.

AN ACT to amend and re-enact Section 217 of Chapter 24, Acts, 1916, of the General Assembly of the Commonwealth of Kentucky, so as to give magistrates and police courts of this State concurrent jurisdiction with the county courts in violations of the compulsory school law.

Be it enacted by the General Assembly of the Commonwealth of Kentucky:

1. That Section 217 of Chapter 24 of the Acts of 1916, of the General Assembly of the Commonwealth of Kentucky be and the same is hereby amended by striking therefrom in line 3, the words "exclusive jurisdiction," and inserting in lieu thereof, the words "concurrent jurisdiction with the magistrate and police courts of the county and cities which is hereby conferred on the magistrate courts within their respective counties, and the city courts within the corporate limits of the respective cities," so that said section when so amended and re-enacted shall read as follows:

The county courts of the respective counties of the Commonwealth shall have concurrent jurisdiction with the magistrate and police courts of the county and cities which is hereby conferred on the magistrate courts within their respective counties, and the city courts within the corporate limits of the respective cities, of all cases coming within the terms and provisions of this act, and any fines or penalties shall be recovered by capias pro fine as other fines are collected. Provided that the police court of any city, or any magistrate may transfer any such case to the county court for trial so as not to interfere with juvenile courts in the trial of such

cases.

Neither approved nor disapproved.