CHAPTER 27.

CORPORATIONS-ASSOCIATIONS.

Section numbers to notes refer to the Revised Statutes of 1914 and sections herein.

Construction of the provisions of statutes in force prior to the act of 1911, regulating the right of stockholders of building and loan associations to withdraw therefrom, and the amounts that they were entitled to receive at the time of their withdrawal. Simons v. Kosciusko Building etc. Assn., 180 Ind. 335, 103 N. E. 2.

4119. Repayment of loans, withdrawal.

Under section 13 of the building and loan act of 1911, borrowers may repay their loans at any time notwithstanding the provisions of the by-laws and the conditions of the mortgage. Adams v. Union National etc. Assn., 55 App. 676, 100 N. E. 389, 102 N. E. 145.

[Acts 1917, p. 333. In force May 31, 1917.]

4136. Examination, fees.-30. The affairs of every domestic building and loan association not in liquidation shall be examined by the auditor of state, or by the building and loan clerk or one of the examiners, provided for by section twenty-five (25) of this act, or by any bank examiner appointed and qualified under the laws of this state, under the direction of the auditor of state, as often as shall be deemed necessary and without any notice to such association, its officers, or agents, and such examiner shall have the power and shall make a thorough examination into the condition, working and affairs generally of such association, and he shall have the power to examine any officer, agent or employe of such association, or any other person under oath touching the affairs thereof, and for that purpose shall have the power to administer oaths; and all the books, papers, records and assets of such association shall be subject to his inspection. Said examiner shall make report of his findings and file the same in the office of the auditor of state, and said auditor shall furnish a copy of such report to the association examined. Said examiner shall report any violations of law or any unauthorized or unsound practices or any

failure to keep full and correct accounts of the business of such association. The fees for examining domestic building and loan associations shall be as follows: For examining associations having assets of less than twenty-five thousand dollars ($25,000) a fee of ten dollars ($10) shall be charged; for examining associations having assets of over twenty-five thousand dollars ($25,000), and less than fifty thousand dollars ($50,000), a fee of fifteen dollars ($15) shall be charged; for examining associations having over fifty thousand dollars ($50,000) assets and less than and less than one hundred thousand dollars ($100,000) assets a fee of twenty dollars ($20) shall be charged. For each additional one hundred thousand dollars ($100,000) of assets or fractional part thereof a fee of twelve dollars ($12) shall be charged. Which amounts shall be assessed by the auditor of state upon, and paid by, the respective associations so examined immediately upon the completion of the examination, to the auditor of state, but no association shall be required to pay for more than one (1) examination each year.

This act amends section 4136 of the Revised Statutes of 1914.

SEC.

ARTICLE 1.-RURAL LOAN AND SAVINGS ASSOCIATIONS.

4155c. Guaranty stock, amount.

[Acts 1919, p. 561. In force May 15, 1919.]

4155c. Guaranty stock, amount.-3. The amount of the guaranty stock of any such association where its office is in a city of over fifty thousand (50,000) inhabitants shall not be less than one hundred thousand dollars ($100,000); in cities of between twenty-five thousand (25,000) and fifty thousand (50,000) inhabitants not less than fifty thousand dollars ($50,000), and in cities or towns of less than twentyfive thousand (25,000) inhabitants, not less than thirty thousand dollars ($30,000); and said stock shall be paid in at such times and amounts as the board of directors may order; but said guaranty stock may be increased at any time, and at intervals, by resolutions of twothirds (2/3) in number of the directors to any amount deemed expedient: Provided, That in any increase of said guaranty stock, preference shall be given to the then stockholders of taking such additional stock pro rata before the same is offered to persons who are not then guaranty stockholders.

This section amends section 4155c Revision of 1914.

SEC.

4203b. Articles of incorporation.

4203c. Purpose of organization. 4203d. Gifts and bequests.

4203e. Board of directors.

4203f. Compensation to members. 4203g. Officers.

4203h. Seal.

42031. Real estate, conveyance, exemption from taxation.

4207a. Joint state school corporation schools.

4230a. "Evansville College," trustees, powers of corporation.

4230b. Objects of corporation.

SEC.

4230c. Location.

4230d. Board of trustees, number and

election.

4230e. Officers, bond of treasurer, quorum.

4230f. Faculty, tuition and fees, vacancy on board of trustees.

4230g. Funds.

4230h. Indiana conference of the Methodist Episcopal Church.

42301. Acts of trustees of Moores Hill College legalized.

4230j. Memorial to John C. Moore. 4230k. Central Academy, acts legalized.

[Acts 1921, p. 769. In force March 11, 1921.]

4194a. Indiana Preparatory Home of Domestic Arts and Sciences. -1. There is hereby established a place to be designated by the governor of the State of Indiana, an institution for the practical training of colored women and girls in domestic arts, to be known as the Indiana preparatory home of domestic arts and science.

4194b. Board of directors.-2. The governor shall appoint five (5) citizens of Indiana, all of whom shall be women, who shall constitute the board of directors of said home. They shall have charge of all matters connected with the establishment and maintenance of said home, and shall appoint a director and all necessary assistants for the conduct of the home, and shall rent or purchase the necessary buildings and equipment for such home.

4194c. Objects of home.-3. The object of the home shall be to train young colored women in all duties connected with the care of the home, and the various duties of domestic service, such as the preparation and serving of food, laundry work, cleaning, gardening, plain sewing, the care of babies and children, with the object that they may be able to earn their livelihood by such work, and that they may, by the intelligent and efficient character of their work, raise the standard of such work in their homes and the various communities.

4194d. Admission of pupils or boarders.-4. No young woman shall be received into the home either as a day pupil or a boarder, except upon written application to the board of directors. Such application shall be signed by two (2) resident property holders of the city or county in which the applicant resides, and shall state the name, age, residence, parents, previous experience in domestic service and any other information the board of directors shall require. The board of directors may remove any pupil from the home upon complaint of the superintendent.

4194e. Appropriation.-5. The sum of twenty-five thousand dollars ($25,000) or such part thereof as may be necessary, is hereby appropriated out of any funds in the state treasury not otherwise appropriated to be available until October 1, 1922, on condition that not less than fifty thousand dollars ($50,000) additional shall be subscribed and contributed not later than October 1, 1922, for the purpose of erecting, purchasing or renting buildings and establishing a permanent endowment for the housing and maintenance of such Indiana preparatory home of domestic arts and sciences. If, in the judgment of the governor, the sum of fifty thousand dollars ($50,000) shall have been subscribed and is actually available at any time before October 1, 1922, he shall thereupon notify the auditor of state of that fact and the auditor shall thereupon pay to board of directors the amount hereby appropriated out of the state treasury. Any and all funds received from the state shall be expended for the purchase of grounds and for no other purpose. All funds hereby appropriated or received by contribution or donation shall be expended under the direction of the board. All funds received by said board shall be accounted for by the board to the auditor of state, and all moneys received by said board, either by donation or in the sale of products from said home, shall be turned into the state treasury to the account of said home. Provided that any and all lands that may be purchased and all buildings that may be erected under the provisions of this act shall be conveyed to the State of Indiana by good and sufficient warranty deeds.

Section 6 of the above act provides that the act be in force and effect from and after its passage.

[Acts 1921, p. 730. In force May 31, 1921.]

4203a. Foundation or holding companies.-1. Any number of persons not less than nine (9) may associate themselves together as a body corporate as a foundation or holding company in the manner and for the purpose hereinafter designated.

4203b. Articles of incorporation.-2. The incorporators shall sign and acknowledge articles of incorporation and file a copy thereof in the office of the secretary of state for the State of Indiana, and a duplicate thereof in the office of the county recorder of the county where the general offices of the corporation are to be located. Such general office shall be in the State of Indiana, and the articles of incorporation shall designate the county in which they shall be located.

4203c. Purpose of organization.-3. The articles of incorporation shall state the purposes for which the same is organized, which shall be to promote religious, educational or charitable purposes or all of them.

4203d. Gifts and bequests.-4. Such corporation may receive by gift, devise, bequest or otherwise any money or property absolutely or in trust to be used, either the principal or the income therefrom, for the furtherance of any of the above mentioned purposes as designated in the charter.

4203e. Board of directors.-5. The number of members of the board of directors of such corporation shall be not less than nine (9) nor more than fifteen (15). The articles of incorporation shall designate the persons who shall constitute the first board of directors, giving the place of residence of each, the length of time each shall serve and the manner of electing their successors and filling vacancies. Provided the members of said board shall be divided in three groups as nearly equal in number as possible, one group shall serve for one year, one group for two years and one group for three years; and thereafter the term for which a member of said board shall serve shall be three (3) years, except in case of an election to fill a vacancy, which shall be for the unexpired term for which the member is elected. The number of members of the board of directors of such corporation may be increased or decreased by resolution of the board, provided, however, there shall at no time be more than fifteen (15) nor less than nine (9) members.

4203f. Compensation to members.-6. No member of such corporation may receive any pecuniary benefit from the same, except such compensation as may be allowed for services actually rendered.

4203g. Officers.-7. The board of directors may fix by law the title and number of officers of such corporation and the term during which each may serve.

4203h. Seal.-8. The articles of such corporation shall describe the corporate seal.

4203i. Real estate, conveyance, exemption from taxation.-9. Such corporation may hold and convey any real estate necessary for the transaction of its business or the execution of any trust. Property held by such corporation exclusively for religious, educational or charitable purpose shall be exempt from taxation.

[Acts 1921, p. 700. In force March 11, 1921.]

4207a. Joint state school corporation schools.-1. Whenever, in the judgment of a school trustee or a board of school trustees of any school corporation in this state, lying adjacent to a school corporation of another state, the best interests of the public schools can be promoted by purchasing school grounds, repairing or erecting a school house or school houses, and maintaining a school jointly between the two adjacent school corporations, the school trustee or