outstanding, and also interest on all moneys paid on such notes by the parties liable thereon, at the rate of twelve per cent per annum, payable half yearly until repaid by the corporation, unless the current rate of interest is different from this amount, in which case the rate payable, may, from time to time, at intervals of not less than one year, be increased or reduced by the board of directors, so as to conform to the current rate. By-Laws-What May Contain. C. C. Sec. 445. The corporation may, by its by-laws, limit the number of shares which may be held by any one person, and make such other provisions for the protection of the stockholders and the better security of those dealing with it as to a majority of the stockholders may seem proper, not inconsistent with the provisions of this title or part. [C. C. 414-453p.] Election of Directors-Who Can Vote at. C. C. Sec. 442. After the filing of the declaration of the fixed capital, as in this article provided, the holders of policies of life insurance for the term of life, on which the premiums are not in default, may vote at the election of directors, and have one vote for each one thousand dollars insured by their policies, respectively. Directors-Number of. C. C. Sec. 443. The number of directors specified in the articles of incorporation may be altered from time to time during. the existence of the corporation by resolution, at the annual meeting of a majority of those entitled to vote at the election of directors, but the number must never be reduced below five. LAND TITLE INSURANCE CORPORATIONS. Funds-in What May be invested. Funds In What May be Invested. Surplus Fund to be Accumulated. C. C. Sec. 422. Corporations transacting business in insuring titles to real estate must annually set apart a sum equal to twenty-five per cent of their premiums collected during the year, which sum must be allowed to accumulate until a fund has been created amounting to ten per cent of the subscribed capital stock. Such fund must be maintained as a further security to policy-holders, and be known as the surplus fund, and if at any time such fund is impaired by reason of a loss, the amount by which it may be impaired must be restored in the manner hereinabove provided for its accumulation. The reporting of a loss must be deemed an impairment of such fund for the purposes of this section. Such corporation must not make any dividends except from profits remaining on hand after retaining unimpaired: 1. The entire subscribed capital stock; 2. The amount owing to the surplus fund, under the provisions of this section; 3. A sum sufficient to pay all losses reported, or in course of settlement, which must be in excess of the surplus fund, and all liabilities for expenses and taxes. Dividends-From What Made. COUNTY FIRE INSURANCE COMPANIES. An Act to Provide for Their Creation and Act of April 1, 1897; Stats. 1897 p. 439. Mining Corporations. Power and Method of Consolidation. Expert. Liabilities of Officers to Stockholders. May Maintain Agencies in Other States. Stock Certificates Issued at Transfer Agencies Alienation of Property-Method. Stock Must be in Name of Real Owner or Liability of Officers for Misfeasance in Office. Power and Method of Consolidation. C. C. Sec. 587a. It is lawful for two or more corporations formed, or that may hereafter be formed, under the laws of this state, for mining purposes, which own or possess mining claims or lands adjoining each other, or lying in the same vicinity, to consolidate their capital stock, debts, property, assets, and franchises, in such manner and upon such terms as may be agreed upon by the respective boards of directors or trustees of such corporations so desiring to consolidate their interests; but no such consolidation must take place without the written consent of the stockholders representing two-thirds of the capital stock of each corporation, and no such consolidation can, in any way, relieve such corporations. or the stockholders thereof, from any and all just liabilities; and in case of such consolidation, due notice of the same must be given, by advertising, for one month, in at least one newspaper in the county where the said mining property is situ ated, if there is one published therein, and also in one newspaper published in the county where the principal place of business of any of said corporations is. And when the consolidation is completed, a certificate thereof, containing the manner and terms of such consolidation, must be filed in the office of the county clerk of the county in which the original certificate of incorporation of each of said corporations is filed, and a copy thereof must be filed in the office of the secretary of state; such certificate must be signed by a majority of each board of trustees or directors of the original corporations, and it is their duty to call, within thirty days after the filing of such certificate, a meeting of the stockholders of all of said corporations so consolidated, to elect a board of trustees or directors for the consolidated corporation, for the year thence next ensuing; and to cause notice of the time and place fixed for such meeting to be mailed to each stockholder of each of such corporations at his last known place of residence or business at least ten days before the time fixed for such meeting. The said certificate must also contain all the requirements prescribed by section two hundred and ninety. Stockholder Entitled to Visit Mine, with Expert. C. C. Sec. 589. Any stock holder of a corporation formed under the laws of this state for the purpose of mining, is entitled to visit, accompanied by his expert, and examine the mine or mines owned by such corporation, and every part thereof, at any time he may see fit; and when such stockholder applies to the president of such corporation, he must immediately cause the secretary thereof to issue anu deliver to such applicant an order, under the seal of the corporation, directed to the superintendent, commanding him to show and exhibit such parts of said mine or mines as the party named in said order may desire to visit and examine. It is the duty of the superintendent, on receiving such order, to furnish such stockholder every facility for making a full and complete inspection of said mine or mines, and of the workings therein, and to accompany said stockholder either in person, or to furnish some person familiar with said mine or mines to accompany him in his visit to and through such mine or mines, and every part thereof. If the superintendent fails to obey such order, such stockholder is entitled to recover, in any court of competent jurisdiction, against the corporation, the sum of one thousand dollars, and traveling expenses to and from the mine, as liquidated damages, together with costs of suit. In case of such refusal, it is the duty of the directors of the corporation forthwith to remove the officer so refusing, and thereafter he must not be employed directly or indirectly by the corporation, nor must any salary be paid to him. Liabilities of Officers to Stockholders. C. C. Sec. 590. In case of the refusal or neglect of the president to cause to be issued by the secretary the order mentioned in section five hundred and eighty-nine, such stockholder is entitled to recover against said president the sum of one thousand dollars and costs, as provided in the last section. If the directors fail to have the reports and accounts current made and posted as provided in section five hundred and eightyeight, they are liable, either severally or jointly, to an action by any stockholder complaining thereof, and on proof of such refusal or failure, he may recover judgment for actual damages sustained by him, with costs of suit. Each of such defaulting directors is also liable to removal for such neglect. May Maintain Agencies in Other States. C. C. Sec. 586. Any corporation organized in this state for the purpose of mining, or carrying on mining operations in or without this state, may establish and maintain agencies in other states of the United States, for the transfer and issuing |