against, when no appeal shall have been taken from such judgment by either party or other proceeding, begun to vacate, modify, reverse, or review such judgment, or to arrest the same, or to obtain a new trial. Such body or individual shall be entitled to receive the interest or dividends on such stocks so deposited from time to time as the same may become due. This section shall not apply to any of the aforesaid bodies or individuals who have made no such deposits as in this section mentioned, elsewhere than in this state.

1688 SEC. 13. [Mutual companies.] Mutual insurance companies incorporated by any state or territory other than the state of Nebraska, upon filing in the office of the auditor the act of incorporation of said company, together with a written instrument under seal of said company, signed by the president and secretary of said company under oath, certifying that said company is possessed of a capital of at least one hundred thousand dollars, secured by lien on real estate worth at cash valuation at least five times the amount of said capital, and not encumbered to more than one-fourth of said cash valuation, shall be entitled to a certificate from said auditor with authority to transact business of insurance in this state, and said company shall be exempt from the provisions of this subdivision, with the exception of the publication of statement and certificate of the auditor.

1689 SEC. 14. [Statement to be filed and published.] It shall be the duty of the agent or agents in either of the foregoing sections mentioned, before taking any risks or transacting any business of insurance in this state, to file in the of fice of the county clerk of the county of which he or they may desire to establish an agency for any such company, a copy of the statement required to be filed with the auditor of the state as aforesaid, together with a certificate of such auditor, which shall be carefully preserved for public inspection by said clerk; and said statement and certificate shall be published one week in one daily and four weeks in one weekly newspaper, printed and published in the county in which such agent or agents has or have his or their office of business as such agent or agents; and if no daily paper is published in such county, then such publication shall be sufficient if made in one weekly newspaper as aforesaid, but if no weekly newspaper be printed or published in such county, then such publication shall be made in one weekly newspaper of this state of most general circulation in such county.

COLLEGES, UNIVERSITIES, NORMAL SCHOOLS, ACADEMIES, ETC.

1690 SEC. 15. [How incorporated.] Any number of persons, not less than five, desiring to establish a college, university, normal school, or other institution for the purpose of promoting education, religion, morality, agriculture or the fine arts, may, by complying with the provisions of this subdivision, become a body corporate and politic with perpetual succession, and may assume a corporate name by which they may sue and be sued, plead and be impleaded in all courts of law and equity; may have a corporate seal, and the same alter and break at pleasure; may hold all kinds of estate, real, personal, or mixed, which they may acquire by purchase, donation, devise, or otherwise, necessary to accomplish the objects of the corporation, and the same to dispose of and convey at pleasure.

1691 SEC. 16. [Value of property.] To ascertain the property and value thereof of any institution desirous of becoming a body corporate, under the provisions of this subdivision, it shall be the duty of the probate judge of any county of this state, on application in writing, of any number of persons not less than five, of whom not less than five shall be resident freeholders of the county where such application is made, or where such institution is or is intended to be located, setting forth the objects for which they desire to become incorporated, to select three disinterested freeholders of the county and voters therein, as appraisers, who shall first

take an oath for the faithful discharge of their duties, before some competent officer, and such appraisers shall then proceed to make a schedule, and upon actual view to appraise the true value, in money, of all such goods, chattels, lands, and tenements, choses in action, rights, credits, and subscriptions, as such applicants shall exhibit to such appraisers, and shall return such schedule with their appraisement, and certificate of some officer authorized to administer oaths, that such appraisers were first duly sworn by him to discharge their duties as such appraisers, to the probate judge of the proper county; and if the amount so found shall be equal to the sum required for the commencement of any such institution as said applicants desire, such probate judge shall give such applicants a certificate of the fact, and they shall enter it in a book of records, by them provided for that purpose, which certificate, together with the corporate name and the articles of association, they shall also cause to be recorded in the county clerk's office of the county where such institution is or is intended to be located, and they shall thenceforward be a body corporate and politic, according to the provisions of this subdivision, and such probate judge, appraisers, and county clerk shall be entitled to the same fees as for like services in other cases, and no more.

1692 SEC. 17. [Trustees.] The corporators of any college or university which may be organized in accordance with the provisions of this subdivision may elect five or more trustees, of whom not less than five shall be resident freeholders of the county where such college or university is located, who shall constitute a board of directors for such institution, and they shall have power to fill vacancies that may occur in their board, and shall hold their offices until their successors are elected and qualified according to the rules and by-laws that may be adopted by the board of trustees, but at all times at least five of such board of trustees shall be residents, freeholders of the county where such institution is located; and when any such board, in their corporate name, shall have acquired for the benefit of such institution five thousand dollars, in real and personal property, to be ascertained as herein provided, said trustees shall have power to appoint a president, professors, tutors, and teachers, and any other necessary agents and officers, and fix the compensation of each, and may enact such by-laws not inconsistent with the laws of this state or the United States, for the government of the institution, and for conducting the affairs of the corporation, as they may deem necessary, and shall have power to confer, on the recommendation of the faculty, all such degrees and honors as are conferred by colleges and universities of the United States, and such others, having reference to the course of study and the accomplishment of the student, as they may deem proper.

1693 SEC. 18. [Failure to elect.] In case it should happen that an election for directors should not be held on the day appointed by the by-laws of any institution or company formed under the provisions of this subdivision, such corporation shall not, for that reason, be deemed to be dissolved, but it shall be lawful on any other day to hold a meeting and elect its directors in such manner as shall be prescribed by the by-laws thereof.

1694 SEC. 19. [Devises and donations.] The trustees of any university, college, or academy may hold in trust any property devised, bequeathed, or donated to such institution, upon any specific trust, consistent with the object of said corporation.

1695 SEC. 20. [Faculty.] The president and professors shall constitute the faculty of any literary college or university instituted under the provisions of this subdivision, and have power to enforce the rules and regulations enacted by the trustees for the government and discipline of the students, and to suspend and expel offenders, as may be deemed necessary.

1696 SEC. 21. [Academy.] When any number of persons shall have procured by subscription, donation, devise, purchase, or otherwise, the sum of five hundred dollars, for the purpose of establishing and sustaining an academy, such persons may adopt a corporate name and enter the same in the county clerk's office of the proper county, and proceed to the election of such officers and teachers as they may deem necessary; may, in their corporate name, sue and be sued, plead and be impleaded, in any court of law or equity of competent jurisdiction, and may have a corporate seal, may purchase and hold personal or real estate, and dispose of the same at pleasure, and do all other acts and things necessary for the promotion of ed ucation and the general interests of such academy.

1697 SEC. 22. [Existing corporations.] Any college, university, or academy now instituted may come under the provisions of this subdivision by complying with the requisitions herein contained, and all such institutions now in existence, or that may hereafter be established, may connect therewith, to be used as a part of their course of education, any mechanical shops, or machinery, or lands for agricultural purposes, not exceeding three hundred and twenty acres, to which may be attached all necessary buildings for carrying on the mechanical or agricultural purposes of such institution.

1698 SEC. 23. [Increase of capital stock.] Any company which may be formed in pursuance of this subdivision, or which may now exist by virtue of any special act of incorporation, the property of which is held as stock, and not derived by donation, gift, devise, or gratuitous subscription, may increase its capital stock or change it into scholarships, when it becomes necessary for the purpose of carrying out the object for which such company or corporation is formed, in the following manner: The directors for the time being shall make out and sign a certifi、 .te in which they shall set forth the amount to which such capital stock is to be increased, and the object, which certificate shall be deposited in the office of the county clerk of the proper county, and be by him recorded in the same manner as the articles of association and corporate name are required by this subdivision to be recorded.

1699 SEC. 24. [Notice.] Before the capital stock of such company shall be ⚫ increased, it shall be the duty of the directors to publish a notice, signed by at least a majority of them, in a newspaper of general circulation in the county in which such institution is located, at least four consecutive weeks, appointing a time and place for holding a meeting of the stockholders of the said company, specifying the amount to which it is proposed to increase the capital stock thereof; and a vote of at least two-thirds of the shares of the stock represented at such meeting shall be necessary to an increase of its capital stock, and to authorize the directors to make and sign the certificate mentioned in the preceding section.

1700 SEC. 25. [Liability of stockholders.] Any university, college, or academy that may become a body corporate under the provisions of this subdivision, the property of which is not derived by donation, gift, devise, or subscription, but is owned by individuals in the shape of stock subscribed or taken, the owners of said stock shall be individually liable for the debts of said corporation to the amount of their stock respectively, and also in a sum equal thereto, over and above the amount of their stock; Provided, That the trustees or directors of any corporation organized under the provisions of this subdivision, the property of which is not owned by individuals in the shape of stock subscribed or taken, but is held upon trust or derived by devise, donation, gift, or subscription, shall not contract any indebtedness beyond the actual means or assets of said corporation, and if said trustees or directors contract debts or incur liabilities beyond the actual means or assets of said corporation, the trustees or directors so contracting shall be held liable in their individual capacity for the payment of the same, but the property of said corporation shall first be exhausted.

1701 SEC. 26. [Trustees of endowment fund.] Whenever three or more persons shall desire to create a board of trustees, to become incorporated as the trustees of an endowment fund for any educational, religious, or charitable purpose, they shall do so in the following manner, to-wit: Whenever, at any meeting called for the purpose, the said persons, at least three of whom shall be residents of this state, not less than three in number, as aforesaid, shall resolve to become a body corporate and politic, having a seal and corporate name, whereby they may sue and be sued in courts of justice in this state, they shall prepare a statement, setting forth the name by which they shall be called, the amount of said fund, and the manner in which and the district to which the said fund shall be applied, whether within or without this state, together with the name of the persons who shall act as trustees, which said statement shall be subscribed by all the persons composing said meeting, in the presence of some magistrate or judicial officer having a seal, who shall attest the signing of the same, and the same shall be recorded in the office of the county clerk in the county where said meeting was held, and thereupon the persons named in said statement as trustees, and their successors in office, shall become a body corporate and politic for the purpose in said statement named and specified; and a certified copy of said record, under the hand and seal of the county clerk of said county, shall at all times be prima facie evidence of the existence of said corporation. [Amended 1871, 105.]

1702 SEC. 27. [Application of fund-How changed.] In any case where, in the original statement in the preceding section provided for, it is contemplated that the fund may be applied to any object not inconsistent with the purposes of education, religion, or charity, different from that particularly specified in said statement, the trustees above named, or their successors in office, may apply to the district court in the county where the record hereinbefore provided for was made, for the privilege to make such change, designating particularly the purposes to which it is proposed to apply the same; and the said court, on being satisfied that such change is not inconsistent with the object of the original creation and institution of said fund, shall authorize and sanction such change. [Amended 1871, 106.]

1703 SEC. 28. [Trustees a body politic.] The said board of trustees and their successors in office shall be a body politic with perpetual succession, and they shall hold their offices for such terms and receive their appointments in such manner as shall be designated in the statement on record in the office of the county clerk, as herein before provided.

BRIDGE COMPANIES.

1704 SEC. 29. [How formed.] Whenever any number of persons, not less than five, associate themselves together for the purpose of constructing a bridge over any of the streams of water in this state, they shall, under their hands and seals. make a certificate, specifying the amount of capital stock necessary, the amount of each share, the place where such bridge is to be built, and on what stream; and said certificate shall be acknowledged, certified, and forwarded to the secretary of the state, and by him recorded and copied; and when so incorporated, they are hereby authorized to carry on the operations named in said certificate of incorporation, and by the name and style provided in such certificate shall be deemed a body corporate with succession, and they and their associates, successors, and assigns shall have the same general corporate powers and be subject to all restrictions hereafter provided; but in all cases the banks on both sides of the stream where the said bridge is to be

SEC. 29. A company incorporated with the exclusive privilege to establish and keep a ferry and wagon bridge across a river, within a certain district, that stands by and silently permits other parties to construct a bridge within the same district, or acquiescing and consenting to the erection thereof, are estopped from controverting, by injunction or otherwise, the right of the other parties to use and repair such bridge. 6 Neb., 18.

erected shall be owned by said company, or they shall obtain in writing the consent of the owner or owners of the banks where the said bridge is to be erected to erect the said bridge as aforesaid, unless the said banks at such point shall be in a public highway.

1705 SEC. 30. [Opening books.] The corporators herein named shall open the books of said company for subscription to the capital stock of said bridge, and so soon thereafter as ten per cent. of the capital shall be subscribed, they shall call a meeting of the persons who have subscribed stock as aforesaid, and shall then and there proceed to elect five directors, who shall be stockholders in said company, who shall hold their offices as such directors for one year from and after said election, and until their successors are elected and qualified, one of whom shall be president, one treasurer, and one secretary, to be named on the tickets when voted for by the stockholders as aforesaid; each stockholder shall be entitled to one vote for each and every share of stock he may own; and after the first election no stockholder shall be entitled to a greater number of votes than the number of shares he may have paid into the said company.

1706 SEC. 31. [Treasurer to give bond.] The treasurer of said company, before entering upon his duties of office, shall enter into a bond with good and sufficient security, to be approved by said board of directors, payable to the said company, conditioned for the faithful performance of all and singular the duties of his said office, and that he will well and truly account for and pay over to the said company all moneys and property that shall, from time to time, come into his hands by virtue of his said office, and that he will use due and proper diligence to collect all moneys and demands that from time to time shall be due and owing to the said company, which it shall be his duty by law to collect.

1707 SEC. 32. [Duties of president.] The president shall preside at all meetings when present and not otherwise incapacitated, in which case, or in case of his absence, the board of directors shall choose a president from among their numLer, who shall perform the duties of the president at such meeting, and perform such duties as may from time to time be pointed out by the by-laws and rules of said company.

1708 SEC. 33. [Duties of secretary.] The secretary shall keep a record of all meetings of the board of directors and other proceedings of said company, not required to be performed by any other officers of the said board of directors, and perform such other and further duties as may be assigned him from time to time by the rules and by-laws of the said company.

1709 SEC. 34. [By-laws.] The said company shall have power, from time to time, at any regular meeting of the board of directors, to make, alter, and change such by-laws and rules for the government of the said company.

1710 SEC. 35. [Rates of tolls.] The company, previous to receiving any tolls upon said bridge, shall set up and keep in a conspicious place, a board on said bridge, on which shall be written, painted, or printed, in a plain and legible manner, the rates of toll, which rates of toll shall have been prescribed by the district court of the proper county; and if any company shall demand or receive any greater rates of toll than the rate prescribed by said court, they shall be subject to a fine of ten dollars for each offense.

1711 SEC. 36. [Compensation of officers.] The compensation of the president and other officers of such company shall be regulated and fixed by the rules and by-laws of such company from time to time.

SEC. 30. As to the method of election, see Const., art. XI, sec. 5. The bridge of a company having an exclusive franchise was destroyed, and a resolution passed not to build unless aided by subscriptions. F. subscribed. Afterwards the location of the bridge was changed about a mile away from the former location, to which F. did not assent. Held, that he was not liable. 8 Neb., 103.