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bution thereof,—-or a proportionate amount at each semi-annual distribution,-from which to declare dividends on and provide

reserve fund that shall be specially applicable thereto. At least one tenth of the amount so set aside shall be carried to such reserve fund until the same shall amount to at least fifty per cent of the paid-in guarantee stock. [New section ; approved March 23, 1907; in effect July 1, 1907.]

$ 642. A stockholder or investor, desiring to withdraw from any such corporation or to surrender a part or all of his stock, or investment certificate, may do so by giving thirty days' notice, in writing, of his intention or desire so to do. On the expiration of such notice, he is entitled to receive the full amount paid in upon the stock or investment certificate surrendered, exclusive of the entrance or withdrawal fee, together with such proportion of the earnings thereon as the by-laws may provide, or as may be fixed by the board of directors; but not more than one half of the monthly receipts in any one month must be applied to withdrawals for that month, without the consent of the board of directors, and no stockholder must be permitted to withdraw whose stock is pledged to the corporation as security for a loan, until such loan is fully paid. All withdrawals must be paid in succession in the order that the notices of intention are given. Whenever the demands of withdrawing stockholders or investors exceed the money applicable to their payment, the notices of intention to withdraw must be registered in the order of filing and payments thereon must be made in succession, in the order that such notices were filed and registered. The board of directors may permit the withdrawal of a part of the accumulations to the credit of a stockholder or member, on shares of installment stock not issued in serial form, without thereby reducing the number of shares held by him. [New section; approved March 23, 1907; in effect July 1, 1907.]

$ 643. Any person of full age and sound mind may become a member of an association by taking one or more shares therein and subscribing to the by-laws, and annexing to his signature his postoffice address. A minor may hold shares in the name of a parent, guardian, or next friend, as trustee. The shares of stock in any such corporation held by any person, to the extent of one thousand dollars, shall be exempt from execution. [New section ; approved March 23, 1907; in effect July 1, 1907.)

§ 644.

All building and loan associations, as in this title defined, doing business in this State, shall be under the supervision and control of such official or officials as are by law vested therewith; and except in the manner provided in this title, no corporation, firm, or association shall conduct or carry on the business of accumulating the savings of its shareholders, members, or investors, and loaning such accumulations to them, in the manner of building and loan associations. [New section; approved March 23, 1907; in effect July 1, 1907.]

§ 645. Every association organized under the provisions of this title, and every other association doing a similar business, shall annually make a full report, in writing, of the affairs and condition of such corporation, within thirty days after its annual meeting, to the official or officials vested with powers of State supervision and license. Such reports shall be verified by the oath of the officers making the same, and a copy of the same shall be delivered to every stockholder, from the office of the corporation, who may call for such report. Every association shall make any further reports which the said official or officials may require, and in such form and as to such matters relating to the conduct of the business of the association as such official or officials may designate. Any willfully false statement in making and verifying said report shall be perjury. Any such association which shall fail to furnish the said official or officials any such report required, within thirty days after demand, shall forfeit the sum of ten dollars per day for every day such report shall be delayed or withheld, which may be recovered in an action brought by the Attorney-General in the name of the people of this State ; and all moneys so recovered shall be paid to the Treasurer of this State, who shall pay the same into such fund as may be provided by law, for the purposes of the official or officials vested with power of supervision and license. [New section ; approved March 23, 1907; in effect July 1, 1907.)

§ 646. No building and loan association, or company, association, or corporation, organized under the laws of any other State or Territory, to carry on a business of a like character to

that authorized by this title, shall be allowed to do business, or to sell their stock this State, without first having deposited with the State Controller or Treasurer the sum of fifty thousand dollars in money, or in United States bonds or municipal bonds of this State, or in mortgages upon real estate located within this State, as a guarantee fund for the protection and indemnity of residents of the State of California, with whom such companies, associations, or corporations shall do business; the fund so deposited to be paid by the custodian thereof, to the residents of California only, and not then until proof of claim by final judgment has been filed with the custodian of said fund against such foreign company, association, or corporation. Any of the securities so deposited may be withdrawn at any time upon others herein provided for, of like amount, being substituted therefor. Any person or persons who shall be found in this State as agent, or in any other capacity, representing such foreign company, association, or corporation, which has not complied with the provisions of this section, shall be deemed guilty of a misdemeanor, and upon conviction shall be punished by a fine not exceeding one thousand dollars, or by imprisonment in the county jail, not exceeding twelve months, or by both such fine and imprisonment. [New section; approved March 23, 1907; in effect July 1, 1907.]

§ 647. Any building and loan association may invest in or loan upon bonds of the United States, of the State of California, or of the counties or municipalities or school districts of said State, but not to exceed twenty-five per cent of its capital. [New section ; approved March 23, 1907; in effect July 1, 1907.]

§ 648. The name "building and loan association” as used in this title shall include:

First-Corporations formed for the purpose of receiving money from, and loaning money to, their members only.

Second-Corporations, associations, companies, co-partnerships, and individuals transacting the business of issuing or selling bonds, debentures, certificates, shares of stock, or other papers, by whatever names said instrument may be designated, whether said instruments are issued for money paid in advance or for money to be paid in installments; provided, always, that this section does not include persons, co-partnerships, or corporations engaged in any kind of banking business. [New section; approved March 23, 1907; in effect July 1, 1907.]

Sections 2 and 3 of the Act adding the foregoing sections read as follows:

SEC. 2. Nothing contained in this Act shall alter, impair, or render void any certificate of stock heretofore issued or contract heretofore made by any such corporation.

SEC. 3. All Acts in conflict with this Act are hereby repealed.


Colleges and Seminaries of Learning.

SEC. 649.


How incorporated.
Term and power of trustees.
Reincorporation of existing corporations.

§ 649. Any number of persons who may desire to establish a college or seminary of learning may incorporate themselves as provided in this part, except that in lieu of the requirements of section two hundred and ninety, the articles of incorporation shall contain:

First-The name of the corporation ;
Second—The purposes for which it is organized;

Third—The place where the college or seminary is to be conducted;

Fourth-The number of its trustees, which shall not be less than five nor more than fifteen, and the names and residences of the trustees. The term for which the trustees named and their successors are to hold office may also be stated. If it is desired that the trustees, or any portion of them, shall belong to any organization, society, or church, such limitation shall be stated;

Fifth-The names of those who have subscribed money or property to assist in founding the seminary or college, together with the amount of money and description of property subscribed.

§ 650. Unless otherwise provided in the articles of incorporation, the board of trustees shall, as soon as organized, so classify themselves that one fifth of their number shall go out



of office every year, and thereafter the trustees shall hold office for five years.

A majority of the trustees shall constitute a quorum for the transaction of business, and the office of the corporation shall be at the college or seminary.

The trustees shall have power :

First--To elect, by ballot, annually, one of their number as president of the board ;

Second-Upon the death, removal out of the State, or other vacancy in the office, or expiration of the term of any trustee, to elect another in his place ; provided, that where there are graduates of the institution, such graduates may, under such rules as the board shall prescribe, nominate persons to fill vacancies in the board of trustees; such nominations shall be considered by the board, but it may reject any or all such nominations, and of its own motion appoint others;

Third-To elect additional trustees; provided, the whole number elected shall never exceed fifteen at any one time;

Fourth-To declare vacant the seat of any trustee who shall absent himself from eight succeeding meetings of the board ;

Fifth-To receive and hold, by purchase, gift, devise, bequest, or grant, real or personal property for educational purposes connected with the corporation, or for the benefit of the institution ;

Sixth-To sell, mortgage, lease, and otherwise use and dispose of the property of the corporation in such manner as they shall deem most conducive to the prosperity of the corporation ;

Seventh-To direct and prescribe the course of study and discipline to be observed in the college or seminary ;

Eighth-To appoint a president of the college or seminary, who shall hold his office during the pleasure of the trustees;

Ninth—To appoint such professors, tutors, and other officers as they shall deem necessary, who shall hold their offices during the pleasure of the trustees ;

Tenth-To grant such literary honors as are usually granted by any university, college, or seminary of learning in the United States, and in testimony thereof to give suitable diplomas under their seal, and the signature of such officers of the corporation and the institution as they shall deem expedient ;

Eleventh-To fix salaries of the president, professors, and other officers and employés of the college or seminary ;

Twelfth-To make all by-laws and ordinances necessary and

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