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instated upon the records in the office of the Secretary of State, upon the payment of a fee in the sum of twenty dollars for such reinstatement and filing in said office an affidavit stating all the facts required in Section two of this act, and in addition thereto, the fact that it was at the time of such default and still is engaged in active business under its charter.

200. Repeal.) $ 9. That an act entitled “An act requiring corporations to make annual report to the Secretary of State, and providing for the cancellation of articles of incorporation for failure to do so,” approved April 21, 1899, in force July 1, 1899, be, and the same is hereby repealed. (For form of Annual Report see Form No. —.)

False reports, liability.) § 21. If any certified report or statement made, or public notice given, by the officers of any corporation shall be false in any material representation, all the officers who shall have signed the same, knowing it to be false, shall be jointly and severally liable for all damages arising therefrom. (Chap. 32 Corporation Act.)

Annual report of real estate. Not later than “20 days from December 1st," which would be not later than December 21st, every stock corporation in the State is required to make a statement in writing showing any real estate, title to which was acquired by the company during the prior year, because of the company's "securing any debt or liability due such corporation.” The meaning of the Statute evidently is that every corporation compelled to foreclose a mortgage and take the property as payment shall report as to same so that the State and creditors may be advised as to real estate held by the corporation; it being the rule that corporations shall acquire and hold only realty necessary in the conduct of their corporate business.

(Chap. 32, § 17.) "The President, Secretary or Treasurer of every stock corporation shall annually, within twenty days from the first day of December, make a statement in writing, setting forth a description of all real estate to which title was acquired in securing any debt or liability due such corporation, together with the time of acquiring title thereto; which statement shall be verified by the oath or affirmation of such president, secretary or treasurer, and be recorded in the office of the Recorder of the county, and filed in the office of the Secretry of State.” (For form of Report see Form No. 72.)





AN ACT to enable associations of persons to become a body corporate to raise funds to be loaned only among the member of such association. (In force July 1, 1879. L. 1879, p. 83; Legal News Ed., p. 73.)

Act of 1872 held not special legislation. Holmes v. Smythe, 100 111. 413.

Loan associations must be formed under this act. Granite State Association v. Lloyd, 145 111. 620 (624).

78. License—How obtained.) § 1. That whenever any number of persons, not less than five (5), 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 association, the capital stock to be accumulated, its location and the duration of the

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association, which statement shall be filed in the office of the Auditor of Public Accounts. The Auditor of the Public Accounts shall thereupon issue to such persons a license as commissioner to open books for subscription to the shares of stock of said association, at such time and place as they may determine, but no license shall be issued to two associations having the same or a similar name. (As amended by act approved April 24, 1899. In force July 1, 1899. (See Form No. —.)

78a. Must organize and do business under this actPenalty.) § 1b. (la.) It shall be unlawful for any company, association, corporation, organization or co-partnership, assuming to be a company or corporation, to transact business in this State for the purpose of receiving or accepting moneys from their subscribers, contributors or members, in installments for the purpose of creating a fund with which to supply homes unless such company, association, corporation, organization or co-partnership is organized and doing business under this act, and whoever violates any provisions of this section shall be punished by a fine of not more than one thousand dollars ($1,000). The same may be recovered in any court having competent jurisdiction in the name of the People of the State of Illinois on the relation of the Auditor of Public Accounts for the benefit of the county wherein said person or persons, association or corporation is located. (Added by act approved May 16, 1903. In force July 1, 1903. L. 1903, p. 124; Legal News Ed., p. 118.

79. Meeting to organize.) § 2. 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, 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 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.

80. Organization completed.) § 3. 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 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 Auditor of Public Accounts, and the Auditor of Public Accounts shall submit said by-laws to the Attorney-General, who shall report whether such by-laws conform to the requirements of this act, and if approved by the Attorney-General, the Auditor of Public Accounts shall thereupon issue a certificate of the complete organization of the association, making a part thereof a copy of all papers filed in his office in and about the organization of the association, duly authenticated under his hand and seal of office; the same shall be recorded in the office of the recorder of deeds in the county in which the principal office of the association is located. Upon the recording of said copy, the association shall be deemed fully organized and may proceed to business.

Unless associations shall organize and 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. All subsequent amendments or alterations of said by-laws shall be submitted to the Auditor of Public Accounts and approved by the Attorney-General, and be recorded in like manner as the original by-laws, before the same shall be operative; and only such by-laws as shall have been submitted, approved and recorded as herein provided shall be deemed operative. (As amended by act approved April 24, 1899. In force July 1, 1899. L. 1899, p. 113; Legal News Ed., p. 106.

81. Corporate rights, etc.) § 5. 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) Directors-Officers.) § 5. The corporate powers shall be exercised by a board of directors of not less than seven in number, all of which shall be bona fide shareholders in such association and residents of the State of Illinois.

The officers shall consist of a president, vice-president, secretary and treasurer, to be elected at the annual meeting of the directors.

The duties of the officers, the term of office, the time and manner of their election, the manner of filling vacancies, the time of holding periodical meetings of the officers and shareholders, the manner of calling all special meetings not provided for in this act, and manner of voting, shall be determined by the by-laws, when not provided in this act, and

unless the compensation of the secretary and treasurer shall be provided for in the by-laws the directors shall annually fix and determine the same. (As amended by act approved May 16, 1903. In force July 1, 1903. L. 1903, p. 125; Legal News Ed., p. 118.

82a. Officers' bond.) § 5b. Every person appointed or elected . to any position, requiring the receipt, payment, management or use of money belonging to such association shall within thirty (30) days after such appointment or election become bounden with two or more good and sufficient sureties or in some good and responsible fidelity insurance company, in such sum as the directors shall require and approve. Such bonds shall be executed annually and shall be filed with the Auditor of Public Accounts of this State within ten days next after the approval thereof by the board of directors, and the fee for filing the same shall be one dollar. Such bond shall be sufficient in amount to protect the association from loss by reason of malfeasance in office or failure to faithfully perform and discharge the duties of his position. No officer or employe who is required to give bond shall be deemed qualified to enter upon the discharge of his duties until his bond shall have been approved by a majority of the board of directors by a written endorsement thereon and filed with the Auditor of Public Accounts as herein required. Any officer or employe who shall wilfully neglect or refuse to file such bond at the time and manner as is herein provided, shall be subject to a fine of not less than twenty-five dollars nor more than two hundred dollars. The same may be recovered in any court having competent jurisdiction in the name of the People of the State of Illinois on the relation of said Auditor, for the benefit of the county wherein the said association is located, or in which such officer or officers may reside. (1) (Added by act approved June 16, 1897. In force July 1, 1897. L. 1897, p. 169; Legal News Ed., p. 127; (2) and as amended by act approved May 16, 1903. In force July 1, 1903. L. 1903, p. 125; Legal News Ed., p. 118.

82b. Power to borrow money.) § 5c. The directors shall have power to borrow money for such temporary uses and purposes of the association as the exigencies of the business may demand and as are not inconsistent with the objects of the association. To secure such loans the directors may cause the obligation or obligations of the association to be issued therefor, bearing interest at not to exceed the then legal contract rate. No such loan or loans shall have a longer duration than one year, nor shall the aggregate amount of such out

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