as above provided, that such subscription list has been filed with the clerk of the circuit court, if one has been filed to secure the levying of such tax, or that the common council has certified to such clerk that the levy as provided herein has been made, it shall be the duty of said judge to examine such subscription list and if it be found that an amount of solvent subscription has been made equal to the amount required by section one (1) of this act, then he shall order a copy of such subscription list spread upon the records of said court, and he shall appoint three (3) persons, residents of such city or town, as members of such public library board, one of whom he shall appoint for one (1) year, one for two (2) years and one for three (3) years, from the date of their appointment, and after the first appointment all appointments made by the judge of the court shall be for a period of two (2) years; and all appointments so made by the judge of the court shall be entered in the order books of said court. If the township advisory board of any township shall levy and collect a tax for library purposes the total amount of which tax shall be greater than the amount of tax collected by the town or city for said library purposes, and pay the same over to the treasurer of the city or town where a library is located and otherwise avail themselves of the provisions of this act as hereinafter provided, then and in that event the judge, in appointing the members of such public library board, at any time thereafter, may appoint persons who are residents of such city or town or of such township outside of such city or town. Within ten (10) days after the common council or the town board and the board of school trustees shall have been notified, as in section two (2) of this act, each body shall appoint two (2) persons also residents of such city or town, not otherwise appointed as members of such board, who shall become members of such public library board. The members so appointed by the common council or town board for the first appointment under this act shall serve for a period of one (1) year, and after the first appointment all appointments made by the common council or town boards shall be for a period of two (2) years. The board of school trustees shall appoint its members for a term of two (2) years, who may be from their own board. If the township advisory board of any township shall levy and collect for library purposes five-tenths (5/10) of a mill on each dollar of all the taxable property assessed for taxation in said township, as shown by the tax duplicate for the year immediately preceding the fixing of such levy, exclusive of the property of such city or town already taxed for said library, and pay the same over to the treasurer of such city or town where such library is located, then in such case the township trustee shall, ex-officio, be a member of such public

library board, and the judge of the circuit court of the vicinity in which such township is located shall appoint one (1) person, a resident of said township, not otherwise appointed, as a member of said public library board, who shall become a member of such public library board, and such appointment by such judge shall be for a period of two (2) years, and all members of such public library board appointed as herein provided, shall serve until their successors are appointed and qualified: Provided, That women may be eligible to appointment as members of such library board and not less than three (3) of the members appointed shall be women. The judge, common council or town board, and the board of school trustees, in making the appointments, shall select persons of well-known probity, integrity, business ability and experience, and who are fitted for the character of the work they are to perform and who shall have resided for a period of not less than two (2) years, immediately preceding their appointment in the city or town for which they are appointed, in the case of members appointed by the common council or town board and school trustees, and in the township in the case of the member appointed by the judge of the circuit court as hereinbefore provided and in the city, town or township in the case of the members appointed by the judge, and who shall not be less than twentyfive (25) years of age at the time of appointment, and who shall serve without compensation for service. In case of vacancy on such board from any cause, it shall be the duty of said judge, common council or town board and board of school trustees to fill such vacancy occurring in the membership appointed by each respectively.

This act amends section 1, Acts 1917, p. 108, which amended section 4918 Revision of 1914.

4919. Certificates, oaths.—4. All appointments to membership on the public library board shall be evidenced by certificates of appointment, duly signed by the judge as to members appointed by him, by the mayor or president of the town board and by the president of the board of school trustees as to members respectively appointed by them, which certificates of appointment shall be handed to or mailed to the address of the appointee. Within ten days after receiving such certificates of appointment such appointees shall qualify by taking the oath of office before the clerk of the court that such appointee will faithfully discharge the duties as a member of the public library board to the best of his ability, and shall file such certificate, with the oath endorsed thereon, with the clerk of the circuit court of the county in which such library is to be established. This section amends section 4919 Revision of 1914.

Section 3 of the above act provides that the act be in force and effect from and after its passage.

[Acts 1919, p. 61. In force May 15, 1919.]

4923. Use of fund, duty of treasurer.-8. The tax so levied as provided for in sections 1 and 7 of this act shall be held and kept as a separate fund by the treasurer of such city or incorporated town for public library purposes, as herein provided, and he shall pay out the same for library purposes only upon the warrant of the president of the library board, countersigned by the secretary thereof. The treasurer of such city or town shall be liable on his official bond for the faithful performance of the duties imposed upon him by this act. All library money held by such treasurer under this act shall be by him kept as a separate fund and deposited in the public depositories of such city or town, and all interest accruing thereon shall be credited to the library fund.

This section amends section 4923 Revision of 1914.

See sections 4916 and 4922 Revised Statutes of 1914, Acts 1901, p. 81.

CHAPTER 37.

CORPORATIONS-LOAN, TRUST AND DEPOSIT COMPANIES.

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

4942b. Trust property and funds, transfer.

Where an insolvent trust company received money in its capacity as a guardian, a claim therefor is not entitled to preference over claims of general creditors, where it appears that all money received by the trust company, including that received as a fiduciary or otherwise, were commingled and placed in a common fund so that the amount received as guardian could not be traced otherwise than to the general fund. Wainwright Trust Co. v. Dulin, App. 119 N. E. 387.

[Acts 1921, p. 42. In force May 31, 1921.]

All the cor

4949. Directors, number, powers, dividends.-6. porate powers of such company shall be exercised by a board of directors of not less than six (6) and such officers and agents as they shall elect or appoint. The number of directors above six (6) may from time to time be fixed by the by-laws of the company. A majority of such directors must be citizens of this state, and each director must own at least ten (10) shares of the capital stock. The articles of association shall state the names and places of residence of the first board of directors; and in case any of the persons so named shall not become stockholders to the amount required to qualify, or if he shall fail or refuse to qualify from any cause, the directors who shall so qualify may elect qualified stockholders to fill such vacancies, and thereafter, at each annual meeting of the stockholders, the directors shall be elected to serve one (1) year, and until their successors are elected; Provided, That if the amount of the capital stock of any such company shall not exceed fifty thousand dollars ($50,000) any stockholder who owns at least five shares of the capital stock, and who is otherwise qualified, shall be eligible to the office of director of such company. It shall be the duty of the board of directors before the payment of any dividend to stockholders to set apart and retain in its surplus account not less than ten per cent of the net profits of the business of such corporation since its last preceding dividend, until such surplus shall amount to twenty-five per cent of its capital stock. After setting apart the portion of the current net profits above required the directors of such corporation may declare a dividend of