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of the State of California, in cash, or securities to be approved by said officer, in the manner aforesaid, ten per cent of all premiums received on the sale of such bonds, debentures or certificates, until the sum so deposited shall amount to the sum of one hundred thousand dollars. [New section; approved March 18, 1905; in effect in sixty days.]

$ 635c. Every investment company as herein defined now doing business in the State of California shall, within sixty days after the approval of this Act, and every investment company hereafter organized to carry on the business of an investment company as hereinbefore defined, shall, prior to engaging in such business, in addition to making such deposit, file with the Secretary of State a duly authenticated copy of its articles of incorporation, charter or other instrument authorizing it to do business, and shall pay to the Secretary of State the fees provided by law to be paid such officer for filing articles of incorporation within this State for a capital stock of like amount, the same to be accompanied with a statement showing—

(a) The name of the corporation, company, association, co-partnership or individual;

(6) The place where the principal business of the company, corporation, association, co-partnership or individual within this State is or is to be carried on;

(c) The amount of capital stock of the corporation, association or company, and the amount of paid-up capital stock ;

(d) The names and residences of the incorporators and its stockholders at the time when said statement is filed, and the name of its officers and date when their terms will expire;

(e) The name and address of the officers or representative within the State upon whom process can be served ;

(f) A statement of the net premiums received from the sale of bonds, debentures or certificates of investment during the preceding six months; which statement shall remain a public record in said office. [New section ; approved March 18, 1905 ; in effect in sixty days. ]

§ 635d. The Treasurer of the State of California shall whenever such fact is brought to his knowledge notify the Attorney-General of the non-compliance of any person, company, corporation or association doing business as an investment company as hereinbefore defined in the State of California with the provisions of this Act, and the Attorney-General shall immedi

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ately after receiving such notification commence action against such corporation, company or association in the name of the people of the State of California :

(a) To dissolve such corporation, company or association, if incorporated or organized under the laws of the State of California ;

(6) To enjoin and restrain such person, corporation, company or association from doing business within the State of California, if an individual or if incorporated and organized at any place without this State. [New section ; approved March 18, 1905; in effect in sixty days.]

$ 635e. Every corporation, company, association, co-partnership or individual that has made a deposit with the Treasurer of the State of California in conformity with and under the provisions of this Act, may, upon ceasing to do business within the State, maintain an action against the Treasurer of the State of California to withdraw its deposit. It shall be the duty of the Attorney-General to defend such action, and if upon judgment being rendered therein it shall be found - that said corporation, company or association has no liabilities within the State, the Treasurer of the State of California shall return to said corporation, company or association, or to its order, the cash or securities deposited by it under the provisions of this Act, but all expenses of such suit shall in any event be paid by such corporation, company or association. [New section; approved March 18, 1905; in effect in sixty days. ]

$ 635f. Every corporation, company, association co-partnership or individual depositing cash or securities with the Treasurer of the State of California, in conformity with the provisions of this Act, shall have the right to substitute securities in equal value for cash deposited, or other securities of like value for those on deposit upon securing the approval of the Treasurer of the State of California, to said exchange, and the Treasurer is hereby authorized to permit such exchange of cash for securities, or securities for other securities, or securities for cash deposited by such corporation company or association if in his judgment such securities are equal in value to the amount of cash provided by law to be deposited. Every corporation, company or association so making a deposit in compliance with or under the provisions of this Act may collect and use any dividend, interest or profits arising on or

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from any securities deposited with the Treasurer of the State of California, provided such security is not thereby depreciated in value. [New section; approved March 18, 1905; in effect in sixty days.]

$ 635g. No corporation, company, association, co-partnership or individual doing business within this State as investment company as hereinbefore defined shall hereafter lend to holders of bonds, debentures or certificates of investment, out of its reserve fund, any amount greater than the proportionate share of such bond, debenture or certificate of investment in said reserve, and whenever such loan is made it shall be evidenced by the note of the borrower and secured by a deposit as collateral security, of the bond, debenture or certificate of investment on which the same is made. Any collateral so taken may be deposited with the Treasurer of the State of California as a part of the deposit hereinbefore required and it may be computed as making so much of said required deposit as the proportionate share of such bonds, debentures or certificates of investment so deposited as the entire reserve fund amounts to not exceeding however the amount loaned. [New section; approved March 18, 1905 ; in effect in sixty days.]

§ 635h. Every corporation, company, association co-partnership or individual doing business within this State as an investment company as hereinbefore defined shall apportion not less than forty per cent of every partial payment or installment received from the sale of any bond or bonds, debenture or debentures, certificate or certificates of investment as a reserve fund; said reserve may be invested from time to time within the discretion of the board of directors or governing body of such corporation, company, association, co-partnership or individual. (New section; approved March 18, 1905 ; in effect in sixty days.]

§ 635i. The Attorney-General of the State of California shall, at any time that he may deem proper, or at any time upon the complaint of any holder of any bond or bonds, debenture or debentures, certificate or certificates of investment by whatever name they be known or designated, make any examination of the affairs of any corporation, company or association doing business within this State as an investment company as herein defined, and inquire into the investments of the reserve fund of such corporation, company or association and if upon such examination it shall be ascertained that any corporation, company or association so doing business has not assets to equal in value the total amount of reserve as in the last section required with interest thereon at three and a half per cent per annum compounded annually from the time of the sale of such bonds, debentures or certificates of investment, he shall commence an action in the name of the people of the State of California to restrain and enjoin said corporation from doing business and unless said reserve is made to equal the amount required before judgment is rendered in said action, judgment shall be rendered restraining and enjoining said corporation, company or association from doing business within this State, and he shall in his discretion institute proceedings against such company, corporation, association, co-partnership or individual to have it declared bankrupt. [New section; approved March 18, 1905 ; in effect in sixty days.]

§ 635j. Every officer, agent or representative of any corporation, company or association doing business within this State as an investment company as hereinbefore defined, who shall place or sell any bond or bonds, debenture or debentures, or certificate, or certificates of investment of any company that has not complied with the provisions of this Act shall be guilty of a misdemeanor, and upon conviction thereof shall be punished by a fine of not less than one hundred dollars, and not more than five hundred dollars, for each offense, or by imprisonment in the county jail for not less than thirty days, nor more than six months, or by both such fine and imprisonment. [New section; approved March 18, 1905; in effect in sixty days.]

$ 635k. No person, firm, corporation, company, co-partnership or individual shall issue, sell or dispose of any species of bond or bonds, debenture or debentures, certificate or certificates of investment on the partial payment or installment plan whereby the holder or holders of such bond or bonds, debenture or debentures, or certificate or certificates of investment are or may become entitled to claim and receive from such person, firm, company, association or co-partnership a return either at a definite or indefinite time in cash, or in merchandise, or in property, for the payment of installments so paid,

and wherein or whereby the holder may be subject to a fine or penalty or forfeiture for non-payment of such partial payments or installments, without having complied with the provisions of this Act and first made the deposit required by section two of this Act. [New section; approved March 18, 1905 ; in effect in sixty days.]

$ 6351. All provisions of this Act providing for the making of said deposits, the exchange of securities and the penalties for selling said bonds, debentures or certificates shall apply to all persons, corporations, associations, firms or co-partnerships engaged in the business of investment companies as herein defined. [New section ; approved March 18, 1905 ; in effect in sixty days.]

TITLE VI. CHAPTER II.

HIGHWAYS.

Article IV. Highway Taxes. SEC. 2671. Employers responsible for road poll tax assessed against em

ployés. § 2671. Corporations, or other employers of persons in any road district subject to road tax, are chargeable for the road poll tax assessed against their employés to the extent of any credit in their hands not exceeding such tax; provided, the road overseer shall first give notice to such employer, or the managing agent of such corporation, and from the time of such notice, the amount of any credit in his hands, or that shall thereafter accrue sufficient to satisfy said tax, shall be paid to the road tax collector, whose receipt shall be evidence in bar of the prosecution of any action by the employé against the principal for the recovery of the same.

Article VI. Laying Out, Altering, and Discontinuing

Roads.

SEC. 2694. Roads crossing railroads, canals, and ditches.

$ 2694. Whenever highways are laid out to cross railroads, canals, or ditches, on public lands, the owners or corporations using the same must, at their own expense, so prepare their roads, canals, or ditches, that the public highway may cross the

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