so completed within said time said franchise so granted shall be forfeited; provided, that for good cause shown the governing or legislative body may by resolution extend the time for completion thereof, not exceeding three months.

SEC. 7. The successful bidder for any franchise or privilege struck off, sold, and awarded under this Act shall file a bond running to said county, city and county, or city or town, with, at least, two good and sufficient sureties, to be approved by such governing body, in a penal sum by it to be prescribed, and set forth in the advertisement for bids, conditioned that such bidder shall well and truly observe, fulfill and perform each and every term and condition of such franchise, and that in case of any breach of condition of such bond, the whole amount of the penal sum therein named shall be taken and deemed to be liquidated damages, and shall be recoverable from the principal and sureties upon said bond. Said bond shall be filed with such governing body within five days after such franchise is awarded, and upon the filing and approval of such bond, the said franchise shall, by said governing or legislative body, be granted by ordinance to the person, firm or corporation to whom it has been struck off, sold, or awarded, and in case that said bond shall not be so filed, the award of such franchise shall be set aside, and any money paid therefor shall be forfeited, and said franchise shall, in the discretion of said governing or legislative body, be readvertised, and again offered for sale in the same manner, and under the same restrictions, as hereinbefore provided.

SEC. 8. It shall be the duty of the Attorney-General, upon the complaint of any county or municipality, or, in his discretion, upon the complaint of any taxpayer, to sue for the forfeiture of any franchise granted under the terms of this Act, for the non-compliance with any condition thereof.

SEC. 9. No clause or condition of any kind shall be inserted in any franchise or grant offered or sold under the terms of this Act, which shall directly or indirectly restrict free and open competition in bidding therefor, and no clause or provision shall be inserted in any franchise offered for sale, which shall in anywise favor one person, firm or corporation, as against another, in bidding for the purchase thereof.

SEC. 10. Any member of any Common Council or other governing or legislative body of any county, city and county, city or town of this State, who, by his vote, violates or attempts

to violate the provisions of this Act, or any of them, shall be guilty of a misdemeanor, and may be punished therefor, as provided by law, and may be deprived of his office by the decree of a court of competent jurisdiction, after trial and conviction.

SEC. 11. All Acts or parts of Acts in conflict herewith are hereby repealed; provided, however, that nothing herein contained shall be construed as repealing, or amending the following Acts, to wit: "An Act relating to the granting by the counties and municipalities of franchise for the construction of paths and roads for the use of bicycles and other horseless vehicles," approved March twenty-seventh, eighteen hundred and ninetyseven; "An Act to authorize cities and towns to grant franchises for the construction and maintenance of railroads beyond the limits of such cities or towns leading to public parks owned thereby," being chapter forty of the laws of eighteen hundred and ninety-seven of the State of California. This Act shall take effect immediately.

An Act providing for the cancellation of bonds given to secure the performance of the terms and conditions of franchises or privileges granted by the legislative or other governing body of counties or municipalities, the release of the sureties on such bonds, and the filing and acceptance of new bonds in lieu thereof.

[Approved March 20, 1907.]

The people of the State of California, represented in Senate and Assembly, do enact as follows:

SECTION 1. That in all cases where a bond or bonds have been given to secure the observance, fulfillment and performance of each and every term or condition, terms or conditions, or any thereof, of a franchise or privilege granted by a Board of Supervisors, Board of Trustees or Common Council, or other governing or legislative body of any county, city and county, city or town within this State, the governing or legislative body of such county, city and county, city or town may, upon the petition of the owner of said franchise or privilege, or upon the petition of the sureties on said bond or bonds, or upon the petition of any one or more of said sureties, cancel and annul said bond or bonds, and release the sureties thereon from any future liability, and accept and take in lieu thereof a new

bond or bonds to be approved by the governing or legislative body of such county, city and county, city or town, in the same penal sum and containing the same terms and conditions as the bond or bonds so canceled and annulled; which new bond or bonds must be executed by the owner of said franchise or privilege and by new sureties satisfactory to the governing or legislative body of such county, city and county, city or town; provided, that any person, firm or corporation who acted as surety on the old bond or bonds so canceled and annulled may act as surety on the new bond or bonds, if the same be satisfactory to the governing or legislative body of such county, city and county, city or town.

SEC. 2. Immediately upon the acceptance by the governing or legislative body of such county, city and county, city or town of any new bond or bonds, filed with the governing or legislative body of such county, city and county, city or town as herein provided for, the old bond or bonds shall become canceled and annulled, and the sureties thereon shall by such cancellation and annulment be released from any future liability on such old bond or bonds, but such cancellation and annulment shall not release said sureties from any past liability; and thereafter the new bond or bonds, herein provided for, shall take the place of such old bond or bonds. SEC. 3. This Act shall take effect immediately.

An Act to authorize cities and towns to grant franchises' for the construction and maintenance of railroads beyond the limits of such cities or towns leading to public parks owned thereby.

[Became a law, under constitutional provision, without Governor's approval, March 1, 1897.]

The people of the State of California, represented in Senate and Assembly, do enact as follows:

SECTION 1. It shall be lawful for the council, trustees, or other governing body of any city or town owning public parks situated outside of said city or town, to grant franchises for the building and operation of railroads from any point in, or at the exterior boundary of such city or town, to, in, or through such park, in the same manner and to the same extent as it now has power to grant the same for street rail

roads within the limits of such city or town; provided, that in addition to all other conditions, it shall be made a condition of such franchise that the fare of passengers on such road or roads shall never exceed five cents for a single trip.

SEC. 2. All railroads, except as otherwise provided in this Act, authorized by this Act to be so chartered shall be governed by the provisions of part four, title four, of the Civil Code of California, concerning street railroads and corporations, so far as the same shall be applicable thereto, and of all Acts amendatory thereof. Also by the provisions of "An Act providing for the sale of railroad and other franchises in municipalities and relative to granting of franchises," approved March twenty-third, eighteen hundred and ninety-three. SEC. 3. This Act shall take effect immediately.

BANKING CORPORATIONS.

DISSOLUTION OF SAVINGS BANKS, ETC.

An Act providing for the dissolution and winding up of savings banks, trust companies, and banks of deposit, and providing for the disposition of all funds deposited therein and not claimed within five years after such banks have ceased to do business, or after the commencement of proceedings to dissolve.

[Approved March 31, 1891.]

The people of the State of California, represented in Senate and Assembly, do enact as follows:

SECTION 1. That any savings bank, or trust company, or bank of deposit, heretofore created, or which may be hereafter created, shall have the right, on application of the stockholders or members to the Superior Court of the county wherein its principal place of business is situated, to dissolve said corporation in the manner provided for in title six, part three of the Code of Civil Procedure.

SEC. 2. It is hereby made the duty of every person or corporation holding funds of any savings bank, or trust company, or bank of deposit, at the end of five years from and after such bank has ceased to receive deposits, or do business, to pay the same into the State treasury, which money shall be held in the State treasury in a fund which is hereby designated as "The Dissolved Savings Bank Fund"; and at the same time it shall be the duty of such person or corporation to furnish to the State Controller a list of the names of all depositors to whom said moneys belong or to whom said bank owes the same.

SEC. 3. The money in said "The Dissolved Savings Bank Fund" may be drawn out on the warrants of the State Controller, issued on proofs of ownership, approved and allowed by the State Board of Examiners.

SEC. 4. All moneys paid into the said "The Dissolved Savings Bank Fund," uncalled for within five years after being paid in, shall escheat to the State, and thereafter only drawn out in such manner as now provided for by law for the estates of deceased persons escheated to this State.

SEC. 5. That any person or corporation failing to comply with the provisions of this Act shall be liable to the State of California for the amount of money so retained by them contrary to the provisions of the first four sections of this Act; and the Attorney-General of this State is hereby authorized, empowered, and directed to bring action, in the name of the People of the State of California, in such manner and upon the same terms as now provided for escheated estates, to recover judgment for said money, and when so recovered, to be paid into the State treasury and held subject to the provisions of this Act; provided, that said fund shall be liable for the expense of the recovery of the same, to be paid out upon demands audited by the State Board of Examiners.

SEC. 6. Whenever, and as often as there is in the State treasury to the credit of the said "The Dissolved Savings Bank Fund" the sum of ten thousand dollars, the State Board of Examiners must invest the same in civil funded bonds of this State, or in bonds of the United States, or in bonds of the several counties of this State; the investments to be made in such manner and upon such terms as the board shall deem for the best interests of the said "The Dissolved Savings Bank Fund"; provided, that no bonds of any counties shall be pur