upon receivers, and immediately after the sale of such property and confirmation thereof by the court, the purchaser shall be let into possession of such property; and in case of a surplus after satisfying such judgment or judgments, the same shall be paid over to the clerk of the court in which such action is pending, and shall be liable thereafter to the same extent as the property sold was liable, and if such surplus shall remain in the hands of said clerk, and no proceedings instituted to recover the same, or any portion thereof, for three years thereafter, the same, or such portion thereof, then remaining in the hands of said clerk, shall be paid over to the county treasurer of the county where such property shall be held or located and be credited to the school fund of the district or township in which such property is held or located, and shall be paid out by such county treasurer in like manner as other funds belonging to such district or township.

§ 5. The duty of secretary of state.-It shall be the duty of the secretary of this state on the application of persons for a charter to establish any corporation, to require two applicants therefor to make oath or affirmation that such corporation is not being formed for the purpose of enabling several corporations to avoid the provisions of this act, and if such oath or affirmation is not satisfactory the secretary is authorized to withhold such charter. Approved March 7, 1890.

LAWS OF 1897, CHAP. 94.

MONOPOLIES AND TRUSTS.

RELATING TO MONOPOLIES AND TRUSTS.

AN ACT to enforce section twenty of article seventeen of the constitution of the State of South Dakota.

Be it enacted by the Legislature of the State of South Dakota: § 1. Monopolies and trusts defined. That within the meaning of this act a trust or a monopoly is a combination of capital, skill, or acts of two or more persons, firms, corporations or associations of persons; first, to create or carry out restrictions in trade; second, to limit the production or to increase or reduce the price of commodities; third, to prevent competition in the manufacture, transportation, sale or purchase of merchandise, produce or commodities; fourth, to fix any standard or figure whereby the price to the public shall be in any manner established or controlled. Provided, That

nothing in this act shall be construed so as to include labor organizations.

§ 2. Unlawful to prevent competition. That it shall be unlawful for any incorporated company, co-partnership or association of persons in this state directly or otherwise to fix prices, limit the production or regulate the transportation of any product or commodity so as to obstruct or delay or prevent competition in such production or transportation or limit transportation of commodities or to fix prices therefor.

§ 3. Unlawful to combine. That it shall be unlawful for any incorporated company, co-partnership or association of persons in any other state to directly or otherwise combine or make any contract with any incorporated company, co-partnership, association of person or persons in this state to combine or make any contract to fix prices, limit the production or (of) commodity or regulate the transportation directly or otherwise of any product or commodity so as to obstruct or prevent competition or limit transportation or to fix prices therefor.

§ 4. Violation-penalty.-Any person or persons, officer or servants of any company, co-partnership or association of persons convicted of violating any provisions of this act shall be deemed guilty of a misdemeanor and upon conviction thereof for the first offense shall be fined not less than one thousand dollars, nor more than five thousand dollars, and upon conviction for the second offense not less than five thousand dollars nor more than ten thousand dollars.

§ 5. Fines, to whom paid.-All fines recovered under this act shall be paid, one half to the person or persons aggrieved and the other half shall be paid into the county treasury of the county in which the conviction may be made to the credit of the general county fund of said county.

§ 6. Duty of state's attorney.-It shall be the special duty of the state's attorney of each county in this state upon the affidavit of any person or persons aggrieved showing that any person or persons have violated any provisions of this act to make complaint and cause the arrest of such person or persons and to prosecute him or them to conviction if proved to be guilty and it shall be the duty of the attorney-general of the state upon the request of any state's attorney for any county to aid in the prosecution of actions under this act.

§ 7. Repeal. That all acts or parts of acts in conflict with this act are hereby repealed.

Approved March 1, 1897.

TENNESSEE.

CONSTITUTIONAL PROVISION.

ARTICLE I.

§ 22. Perpetuities and monopolies are contrary to the genius of a free state, and shall not be allowed. [Adopted, February 23, 1870.]

STATUTES.

SHANNON'S CODE SUPPLEMENT, PAGE 280.

Conspiracies and formations of trusts prohibited. § 1. That it shall not be lawful for any person or persons, or associations of persons, or any corporation in this state, or doing business in this state, to form, or agree to, or to conspire to form, any trust, pool, or corner, or combination, or any other arrangement or device, in or about any article of legitimate traffic, the production or manufacture or sale of such article, that may injuriously affect, and for the purpose of injuriously affecting, the legitimate trade and commerce of the county, or to limit the supply or production of said articles, whereby the price of such produce or manufactured articles, or other articles of legitimate trade, may be unduly depressed and put down, or unduly raised or increased, for the purpose of speculation, either by pooling or purchasing said articles for the purpose of withdrawing them from market to destroy legitimate competition, or to create a monopoly or corner in the same, or to produce an undue demand for the same, and that [thus] to unduly raise the price of said articles, or by throwing the same on the market, when so accumulated or purchased, for the purpose of creating an undue depression in the price of such article, and by such means to destroy or limit legitimate competition in the production, manufacture, or sale of such articles, as [or] by any other device or arrangement for such purpose. All such agreements, trusts, pools, corners, and combinations are hereby prohibited; Provided, Nothing herein contained

shall be construed to prevent or interfere with parties engaged in legitimate trade and speculation.

§ 2. That any person or persons or corporation violating the first section of this act, for the first offense, shall, on conviction, pay a fine of not less than two hundred and fifty dollars, and, for the second offense, a fine of not less than five hundred dollars; and the attorney-general, for each conviction, shall have a taxed fee of fifty dollars, and shall have, in addition, fifty per cent of the money actually received on such fine, and he shall prosecute all such cases ex officio, without any other prosecutor; and the courts shall give this act in charge and the grand jury shall have full inquisitorial power in such cases.

§ 3. That no contract made by any person or persons or incorporations, whereby to carry out, or agree to carry out, any of the agreements or combinations enumerated in, and prohibited in, the foregoing act, shall be enforced in any of the courts of this state, whether the same be made by citizens of this or any other state.

4. That any corporation created or incorporated by or under the laws of this state, which violates any provisions of this act, shall, thereby, forfeit its corporate rights and franchises, and its corporate existence shall, thereupon, cease and determine; and it shall be the duty of the attotneysgeneral of the state, of their own motion, and without leave or order of any court or judge, to institute an action in behalf of the people, and in the name of the state, for the forfeiture of such rights and franchises, and the dissolution of such corporate existence; or any citizen of the state may institute such suit by proceedings in a court of chancery, in the name of the state, and said corporations may be enjoined from violations of this act pending such proceedings, provided such citizen may not begin such proceedings without giving security for cost in such cases.

Approved April 6, 1889.

SHANNON'S CODE SUPPLEMENT, PAGE 218. Combinations in restraint of trade, production, manufacture, or sale prohibited:

§1. That all trusts, pools, contracts, arrangements or combinations now existing or hereafter made with a view or which tend to prevent full and free competition in the production,

manufacture, or sale of any article of domestic growth, production, or manufacture; or in the importation or sale of any article of domestic growth, production, or manufacture; or in the importation or sale of any article grown, produced, or manufactured in any other state or country; or which are designated or tend to fix, regulate, limit, or reduce the price of any article of growth, production, or manufacture; or which are designed or tend in any way to create a monopoly, are hereby declared to be unlawful, against public policy, and void.

§ 2. That all persons entering into or continuing with any trust, pool, contract, arrangement, agreement, or combination, either in his own account, or as agent or attorney for another company or as an officer, agent, or stockholder of any corporation, or in any capacity whatever, shall be deemed guilty of a felony, and, on conviction thereof, shall be punished by a fine of not less than five hundred dollars ($500) nor more (than) five thousand dollars ($5,000), and imprisoned in the penitentiary not less than one (1) year nor more than five (5) years.

§ 3. That all persons and corporations and the officers and the stockholders of all corporations that shall become or continue to be members of, or in any way connected with, or concerned in any such trust, contract, agreement or combination, shall be jointly and severally liable to pay all the debts, obligations and liabilities of each and every person and corporation that may become or continue a member thereof, connected therewith, or concerned therein, as fully as if all were partners in the creation of such debts, obligations and liabilities.

§ 4. That if any corporation organized under the laws this state, or any officer or stockholder thereof, as such, shall become or continue to be a member of any such trust, pool, contract, agreement, arrangement, or combination, its charter shall become and be hereby forfeited; and it shall be the duty of the attorney-general of the county where the same is located or having its principal office, to bring suit against such corporation in the circuit court of such county, to have its said charter declared forfeited for that reason, and to wind up the same under the order of such courts.

§ 5. That when action at law or suit in equity shall be commenced in any court of this state, it shall be lawful, in the defense thereof, to plead in bar or in abatement of the action that the plaintiff or any other person or corporation inter