CORONERS.

10. To take charge of body-jury.

AN ACT to amend section 10 of an act entitled "An act to revise the law in relation to Coroners" approved February 6, 1874 in force July 1, 1874. Approved May 31, 1879. In force July 1, 1879. SECTION Be it enacted by the People of the State of Illinois, represented in the General Assembly, That section 10 of an act entitled "An act to revise the law in relation to Coroners," approved February 6, 1874, and in force July 1, 1874, be amended so as to read as follows:

§ 10. [TO TAKE CHARGE OF BODY-JURY.] Every coroner, whenever, and as soon as he knows, or is informed that the dead body of any person is found, or lying within his county, supposed to have come to his or her death by violence, casualty or any undue means, he shall repair to the place where the dead body is and take charge of the same, and forthwith summon a jury of six good and lawful men of the neighborhood where the body is found or lying to assemble at the place where the body is, at such time as he shall direct, and upon a view of the body, to inquire into the cause and manner of the death.

APPROVED May 31st, 1879.

CORPORATIONS.

FOR PECUNIARY PROFIT.

1. For what purposes formed.

AN ACT to amend section one of an act entitled "An Act concerning corporations," approved April 18, 1872, in force July 1, 1872. Approved April 19, 1879. In force July 1, 1879.

SECTION 1. Be it enacted by the People of the State of Illinois represented in the General Assembly That section one of an act entitled "An Act concerning corporations" approved April 18, 1872, in force July 1, 1872 be and the same is hereby amended so as to read, as follows:

That corporations

§ 1. [FOR ALL LAWFUL PURPOSES, EXCEPT, ETC.] may be formed in the manner provided by this act for any lawful purpose except banking, insurance, real estate brokerage, the operation of railroads and the business of loaning money, Provided, that horse and Dummy railroads, and organizations for the purchase and sale of real estate for burial purposes only, may be organized and conducted

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under the provisions of this act: And provided further, That corporations formed for the purpose of constructing railroad bridges shall not be held to be railroad corporations.

APPROVED April 19th, 1879.

NOT FOR PECUNIARY PROFIT.

§ 1. Total abstinence societies.

§ 2. Emergency.

AN ACT to afford relief to total abstinence societies in this State. Approved and in force May 20, 1879.

SECTION 1. [ELECTION OF MEMBERS.] Be it enacted by the People of the State of Illinois, represented in the General Assembly, That any total abstinence society in this State, organized under any law of this State, may, at any regular or called meeting of their society, elect any person as a member of such society; without regard to age of the applicant for admission to membership, by having at least threefourths majority of the members present at such meeting, voting in the affirmative for the election of such person.

$2. [EMERGENCY.] WHEREAS, There are several societies in this State who will be benefited by such a change, and are desirous of increasing their membership, wherefore an emergency exists, therefore this act shall take effect and be in force from and after its passage.

AN ACT to enable associations of persons to become a body corporate to raise funds to be loaned only among the members of such association. In force July 1, 1879.

SECTION 1. [LICENSE-HOW OBTAINED.] Be it enacted by the People of the State of Illinois, represented in the General Assembly, That whenever any number of persons not less than five, may desire to become incorporated as a mutual building, loan and homestead association, for the purpose of building and improving homesteads and loaning money to the members thereof only they shall make a statement to that effect, under their hands

and seals, duly acknowledged before some officer in the manner provided for the acknowledgment of 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.

82. [MEETING TO ORGANIZE.] 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 electing Directors, adopt ing a charter and by-laws and the transaction of such other business as shall come before them. Notice thereof shall be given by depositing 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.

3. [ORGANIZATION COMPLETED.] 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.

§ 4. [CORPORATE RIGHTS, ETC.] 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.

§ 5. [POWERS-BOARD OF DIRECTORS] 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.

in such

§ 6. [STOCK-WITHDRAWAL, ETC. The shares of stock shall be one hundred ($100) dollars each, and shall be deemed personal property transferable upon the books of the company, 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 installments 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 ($2.00) on each share; and every share of stock shall be subject to a lien for the payment of unpaid installments, 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 stock holder his or her legal representatives 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 members account from and after his or her decease, unless the legal representatives of such decedent assumes the future payment of the dues on the stock.

§ 7. [WHO MAY BECOME SUBSCRIBERS.] 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.

§ 8. [MEETING OF DIRECTORS LOAN OF MONEY.] 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 stockholder who shall bid the highest premium for the preference or priority of loan, shall be entitled to receive a loan of one hundred dollars, less the premium bid, for each share of stock held by said stockholder: 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 the repayment 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.

§ 9. [FAILURE TO GIVE SECURITY FOR LOAN.] 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 months interest, together with any expenses incurred, and the money may be re-sold at the next stated meeting. In case of non-payment of installments 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.

§ 10. [PAYMENT OF LOAN-PREMIUM REFUNDED.] 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.

§ 11. [PREMIUMS, FINES, ETC, NOT USURIOUS.] 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.

§ 12. [CORPORATE EXISTENCE NOT TO CEASE ON FAILURE TO ELECT, ETC.] 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.