the appropriation heretofore made to the new state house; ASSOCIATIONS. AN ACT to enable associations of persons to become a body corporate to In force July 1, raise funds, to be loaned only among their members. 1872. SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That whenever Manner of inany number of persons, not less than five, may desire to be- corporation. come incorporated as a mutual building, loan and homestead loan association, for the purpose of building and improving homesteads, they shall make a statement to that effect under their hands, and duly acknowledged before some officer in the manner provided for the acknowledgment of deedssetting forth the name of the proposed corporation, its capital stock, its location, and duration of the corporationwhich 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. § 2. As soon as one hundred shares or more of the Meeting of subcapital stock shall be subscribed, the commissioners shall scribers. convene a meeting of the subscribers, for the purpose of electing 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 depositing in the post office, properly addressed to each subscriber, at least six days before the time fixed, a written or printed notice, stating the object, time and place of such meeting. Directors of corporations organized under this act shall be elected, classified, and hold their office for such period of time as is provided for by general law governing the election and classification of directors, trustees or managers of corporations. 83. The commissioners shall make a full report of their Report of proproceedings, including therein a copy of the notice provided ceedings. 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 a book for that purpose, 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. Bodies politic § 4. Corporations formed under this act shall be bodies and corporate. 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. rectors. Board of di- § 5. The corporate powers shall be exercised by a board of directors: Provided, the number of directors shall not be increased or diminished, or 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, secretary and treasurer, and such other officers and agents as shall be provided for in the charter and by-laws of the association: Provided, that no loan shall be made by said corporation, except to its own members. Shares of stock, stockholders. § 6. The shares of stock shall be one hundred dollars each, and shall be deemed personal property, and 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 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 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 the shares withdrawn or forfeited, and the stock may be issued in one or in successive series, in such amount 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 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 in 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 representatives shall be entitled to receive the full amount paid in by him or her, and legal interest thereon, first deducting all charges that may be due on the stock; no fines shall be charged to a deceased member's account, from and after his or her decease, unless the legal representatives of such decedent assumes the future payment on the stock. 87. Married women may become subscribers to the capital stock of such association, and hold, control and transfer their stock in all respects as femes sole, and their Married women stock shall not be subject to the control of or liable for the debts of their husbands. board. 88. The board of directors shall hold such stated meetings as may be provided by the by-laws, at which the money in the treasury, if over one hundred dollars, shall be offered Meetings of 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 for each share of stock held by said stockholder: Provided, that such stockholder may borrow such fractional part of one hundred dollars as the by-laws may provide, and good and ample security shall be given by the borrower, to secure the repayment of the 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 bylaws may prescribe, he or she shall be charged with one month's interest, together with any expenses incurred, and the money shall be resold at the next stated meeting. In case of non-payment of installments or interest by borrowing stockholders, for the space of six months, payment of principal and interest, without deducting the premium paid or interest thereon, may be enforced by proceeding against their securities, according to law. 9. A borrower may repay a loan at any time, and in case of the repayment thereof, before the expiration of the eighth year after the organization of the corporation, there Loans. shall be refunded to such borrower one-eighth of the premium paid, for every year of the said eight years then unexpired. § 10. No premiums, fines or interest on such premiums, that may accrue to the said corporation, according to the provisions of this act, shall be deemed usurious, and the Praiums. same may be collected as other debts of like amount may be collected by law in this state. § 11. 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 or by laws; and all officers elected by such corporation shall hold their offices until their successors are duly elected. 12. 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, judgment, lien or other incumbrance, or ground rent, 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. APPROVED April 4, 1872. ATTACHMENTS. In force July 1, 1872. may AN ACT in regard to attachments in courts of record. SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That in When creditor any court of record having competent jurisdiction, a credihave at- tor may have an attachment against the property of his debtor, or that of any one or more of several debtors, when the indebtedness exceeds twenty dollars, in any one of the following cases: tachment. First-Where the debtor is not a resident of this state. Second-When the debtor conceals himself or stands in defiance of an officer, so that process cannot be served upon him. Third-Where the debtor has departed from this state with the intention of having his effects removed from this state. Fourth-Where the debtor is about to depart from this state with the intention of having his effects removed from this state. Fifth-Where the debtor is about to remove his property from this state to the injury of such creditor. Sixth-Where the debtor has, within two years preceding the filing of the affidavit required, fraudulently conveyed or assigned his effects, or a part thereof, so as to hinder or delay his creditors. Seventh-Where the debtor has, within two years prior to the filing of such affidavit, fraudulently concealed or disposed of his property so as to hinder or delay his creditors. Eighth-Where the debtor is about fraudulently to conceal, assign or otherwise dispose of his property or effects, so as to hinder or delay his creditors. th-Where the debt sued for was fraudulently contracted the part of the debtor: Provided, the statements of the der, his agent or attorney, which constitute the fraud, shall e been reduced to writing, and his signature attached thereto, by himself, agent or attorney. §2. To entitle a creditor to such writ of attachment, he Creditor or his agent or attorney shall make, and file with the clerk make affidavit. of such court, an affidavit, setting forth the nature and amount of the indebtedness, after allowing all just credits and set-offs, and any one or more of the causes mentioned in the preceding section, and also stating the place of residence of the defendants, if known, and if not known, that upon diligent inquiry the affiant has not been able to ascertain the same. §3. It shall be sufficient, in all cases of attachment, to designate defendants by their reputed names, by surnames, and joint defendants by their separate or partnership names, or by such names, styles or titles as they are usually known; and heirs, executors and administrators of deceased defendants shall be subject to the provisions of this act, in all cases in which it may be applicable to them. to Names of defendants. 84. Before granting an attachment, as aforesaid, the Bond and se clerk shall take bond and sufficient security, payable to the curity. defendant against whom the writ is to be issued, in double the sum sworn to be due, conditioned for satisfying all costs which may be awarded to such defendant, or to any others interested in said proceedings, and all damages and costs which shall be recovered against the plaintiff, for wrongfully suing ont such attachment-which bond, with affidavit of the party complaining, or his agent or attorney, shall be filed in the office of the clerk granting the attachment. Every attachment issued without a bond and affidavit taken, is hereby declared illegal and void, and shall be dismissed. 5. The condition of the bond required in the preceding condition of section shall be substantially in the following form: The condition of this obligation is such, that whereas the above bounden ....... hath, on the day of the date hereof, prayed an attachment out of the .... court of said county, at the suit of ....... .., against the e tate of the above named ... for the surn of and the same being about to be day of next, to the shall prosecute .... ........ sued out of said court, returnable on the bond. |