taining injunctions, and said cause shall thereupon proceed as other cases in chancery. (1) (Added by act approved June 16, 1897. In force July 1, 1897. L. 1897, p. 170; Legal News Ed., p. 130.

91i. Auditing committee-Compensation allowed.) § 18. Any such association may allow reasonable compensation to its auditing committees for their services as such, or to such public accountants appointed by the board of directors in making any examination of any such association. (1) (Added by act approved June 16, 1897. In force July 1, 1897. L. 1897, p. 170; Legal News Ed., p. 130; (2) and as amended by act approved May 16, 1903. In force July 1, 1903. L. 1903, p. 129; Legal News Ed., p. 121.

91j. When association may reorganize or go into voluntary liquidation.) § 19. Any association may reorganize or go into voluntary liquidation by the vote of its shareholders owning at least two-thirds of the shares in force at the time such vote is taken. Whenever such shareholders shall desire to reorganize or to go into voluntary liquidation, it shall be the duty of the board of directors of such association, or of a committee of shareholders appointed for the purpose, to submit the question of such reorganization or voluntary liquidation to a vote of the shareholders to be called and held as herein provided. (1) (Added by act approved June 16, 1897. In force July 1, 1897. L. 1897, p. 171; Legal News Ed., p. 131.

91k. When a meeting of shareholders to be called-Notice to be given.) § 20. Whenever a meeting of the shareholders is to be called for the purpose aforesaid, it shall be the duty of the board of directors, or of said committee, to convene a special meeting of the shareholders at the principal office of the association, at such time as such directors or committee shall fix and determine. Notice of such meeting shall be given to every member of the association, by depositing in the postoffice, at least ten days before the time fixed for such meeting, a notice properly addressed to each shareholder at the last recorded address of such shareholder. The directors, or committee, shall also cause a notice of such meeting to be certified to the Auditor of Public Accounts, at the same time that notice is given to the shareholders. (1) (Added by act approved June 16, 1897. In force July 1, 1897. L. 1897, p. 172; Legal News Ed., p. 131.

911. Directors to present exhibit of the affairs-To be printed.) § 21. Such directors or committee shall prepare, or have prepared, a full and true exhibit of the affairs, property and condition of such association, including an itemized

statement of its assets and liabilities, which exhibit shall be sworn to by a majority of said directors, or of said committee, before some officer authorized to take acknowledgments of conveyance in this State, such exhibit and report to be printed, and a copy thereof mailed along with the notice convening such special meeting. Such original exhibit, sworn to as herein provided, shall be filed with the Auditor of Public Accounts of this State, along with a notice of such meeting, at the same time that they are mailed to the shareholders. (1) (Added by act approved June 16, 1897. In force July 1, 1897. L. 1897, p. 172; Legal News Ed., p. 131.

91m. Voting-Adoption of resolution to reorganize or liquidate.) § 22. At such special meeting all votes taken shall be by ballot, and votes of its shareholders owning at least twothirds of its shares in force at the time such vote is taken shall be necessary to carry any resolution for the reorganization or liquidation of such association; and if at such meeting, said shareholders shall, in the manner herein provided, pass a resolution for the reorganization or liquidation of such association, a copy of such resolution, duly certified by the presiding officer and secretary of such meeting, shall be given to and shall contain full instructions, and define the authority and compensation of the party or parties to be named therein, to answer and discharge the duties entrusted to them by such resolution; and a like duly certified copy of such resolution, instructions and authority shall immediately be filed with the Auditor of Public Accounts, by the party or parties named in such resolution, before they shall enter upon the discharge of their trust. Before the party or parties named in any such resolution shall assume the duties of their trust, they shall become bounden with two or more good and sufficient sureties, or in some good and responsible fidelity insurance company, in such sum as the Auditor of Public Accounts of this State shall require and approve. (1) (Added by act approved June 16, 1897. In force July 1, 1897. L. 1897, p. 167; Legal News Ed., p. 127; (2) and as amended by act approved May 16, 1903. In force July 1, 1903. L. 1903, p. 129; Legal News Ed., p. 121.

91n. Power of shareholders at special meeting.) § 23. At such special meeting the shareholders by a majority vote of the shares in force at the time such vote is taken (cast by ballot), may declare vacant the office of the entire board of directors, and of all the officers of such association, and may at the same time proceed to the election of a new board of directors, who, in the absence of a special committee being

named in the resolution to be adopted by the shareholders as hereinbefore in section 22 provided, shall have the charge and direction of the reorganization or the liquidation of the affairs of such association. (Added by act approved June 16, 1897. In force July 1, 1897. L. 1897, p. 172; Legal News Ed. p. 131. 910. Resolution passed by such special meeting-Complete record of all proceedings to be made-Report-Notice to be published.) § 24. Upon the completion, by the person or persons named in the aforesaid resolution, passed at such special meeting of shareholders, of the duties entrusted to them in such resolution, they shall cause a complete record of all proceedings to be made, reciting therein the adoption to that effect, which shall also show that all claims, demands and debts for or against the association have been fully settled, the corporate liabilities completely discharged, and the corporate assets and property distributed among all the persons entitled thereto. Said report and record shall be filed in the office of the Auditor of Public Accounts, and a notice of such dissolution published for three successive weeks in any newspaper published in the county wherein the principal office of such association is located, and upon the filing of such report and making publication as aforesaid, such association shall be deemed dissolved:: Provided, That when an association has wound up its affairs and discontinued business without entering upon voluntary liquidation, as providded in this act, the directors shall likewise file with the Auditor of Public Accounts a report and record, and publish a notice of dissolution, as hereinabove provided, and thereupon said association shall be deemed dissolved. (1) (Added by act approved June 16, 1897. In force July 1, 1897. L. 1897, p. 170; Legal News Ed., p. 130; (2) and as amended by act approved May 16, 1903. In force July 1, 1903. L. 1903, p. 30; Legal News Ed., p. 121.

91p. When receiver may be appointed.) § 25. Receivers may also be appointed, whenever nine or more shareholders of any association shall file a petition in the Circuit Court of the county in which the principal office of such association is located, setting forth the facts relied upon for the appointment of a receiver. Such petition shall be subscribed and sworn to by such petitioners, and shall be accompanied by a good and sufficient bond, conditioned for the payment of all fees, expenses and attorney's fees incident to such proceeding or proceedings, in the event the allegations set forth in the petition shall not be sustained, the amount of such bond, and the sureties thereof, shall be approved by the Court, and the cause shall thereupon proceed as other causes in equity. (1)

(Added by act approved June 16, 1897. In force July 1, 1897. L. 1897, p. 173; Legal News Ed., p. 132.

91q. Apportionment of profits.) § 26. The profits and losses of associations doing business in this State shall be apportioned at least annually, and as much oftener as the bylaws shall provide. (1) (Added by act approved June 16, 1897. In force July 1, 1897. L. 1897, p. 173 Legal News Ed., p. 132. 91r. Contingent fund.) § 27. At each periodical apportionment of profits the directors shall reserve as a guaranty or contingent fund a sum not less than one per centum nor more than five per centum of the net profits accruing since the last prior preceding apportionments, until such fund amounts to five per centum of the dues capital, which fund shall at all times thereafter be maintained and held at not less than five nor more than ten per centum of the dues capital; and said fund shall at all times be available to meet losses in the business of the association from depreciation of its securities, or otherwise. (1) (Added by act approved June 16, 1897. In force July 1, 1897. L. 1897, p. 173; Legal News Ed., p. 132.

Title of the amendatory act of 1897:

AN ACT to amend an act entitled, "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, as amended by acts approved June 17, 1887, in force July 1, 1887; June 19, 1891, in force July 1, 1891; June 19, 1893, in force July 1, 1893, by amending sections five (5), six (6), fifteen (15) and seventeen (17), and by adding thereto twenty-two new sections to be numbered five (5) B, five (5) C, five (5) D, six (6) B, six (6) C, six (6) D, six (6) E, six (6) F, seventeen (17) B, seventeen (17) C, seventeen (17) D, seventeen (17) E, seventeen (17) F, nineteen (19), twenty (20), twenty-one (21), twenty-two (22), twenty-three (23), twenty-four (24), twenty-five (25), twenty-six (26) and twenty-seven (27). (Approved June 16, 1897. In force July 1, 1897. L. 1897, p. 166; Legal News Ed., p. 126.

Title of the amendatory act of 1903:

AN ACT to amend sections 5a, 5b, 5c, 5d, 6a, 6b, 6d, 7, 8, 13, 14, 15, 18, 22 and 24 of an act entitled, “An act to enable associations of persons to become a body corporate to raise funds to be loaned only among the members of such associations," in force July 1, 1879, as amended by acts approved

June 17, 1887, in force July 1, 1887; June 19, 1891, in force July 1, 1891; June 19, 1893, in force July 1, 1893; June 16, 1897, in force July 1, 1897; and April 24, 1899, in force July 1, 1899; and by adding thereto sections 1b and 8b. (Approved May 16, 1903. In force July 1, 1903.

Rules for listing stock of mutual building, loan and homestead associations for taxation.

(1) AN ACT in relation to the assessment of the property of Mutual Building, Loan and Homestead Associations. (Approved and in force April 30, 1895. L. 1895, p. 300; Legal News Ed., p. 210.

§1. Be it enacted by the People of the State of Illinois, represented in the General Assembly: That an act entitled, "An act for the assessment of property and for the levy and collection of taxes" (approved March 30, 1872, in force July 1, 1872), be and the same is hereby amended by adding thereto the following, to be numbered section 29a, section 29b, section 29c, section 29d:

29a. Shares of stock-When and how assessed.) § 29a. The stockholders of every Mutual Building, Loan and Homestead Association for the purpose of building and improving homesteads and loaning money to the members thereof only, whether such association is organized under the laws of this State or any other State or Territory of the United States, shall list for taxation with the local assessor where such stockholders reside, the number of shares of stock of such association owned by them respectively and the value thereof on the first day of April in each year, and the same shall be assessed against such stockholders and the taxes thereon collected in the same manner as on other personal property: Provided, That no stock of such association while loaned upon by, and pledged as security to the association issuing it, to an amount equal to the par value of such stock, shall be subject to assessment. (As amended by act approved and in force April 18, 1901. L. 1901, p. 265; Legal News Ed., p. 218. Amendment (1901) which changed word "May" to "April" and added proviso, unconstitutional. In re St. L. Loan & Investment Co., 194 Ill. 609.

29b. When stockholders reside out of State.) § 29b. The shares of stock of all stockholders residing without this State of such associations shall be assessed by the local assessor where such associations are located, and, for the purpose of collecting the taxes thereon, a lien is hereby created upon