CHAPTER 283.

BUILDING AND LOAN ASSOCIATIONS-USURIOUS INTEREST.

(SENATE BILL No. 278.)

AN ACT to amend section 1326, of the Revised Laws of Oklahoma, 1910.

Be It Enacted by the People of the State of Oklahoma:

Usurious Interest Prohibited.

Section 1. That section 1326, of the Revised Laws of Oklahoma, 1910, be amended so as to read as follows:

"Section 1326. Any rate charged by a foreign building and loan association on account of interest or interest and premiums in excess of ten per cent per annum upon the amount loaned by such building and loan association which may be computed and collected monthly shall be usurious and subject such company or association to the penalties for usury provided by the laws of the state. In estimating the amount of money paid by any borrower upon such loan in order to determine whether same is usurious there shall be included all interest premiums and all money paid to the company, or its agents as commission or in any other manner to procure such loan, except as hereinafter provided. Payments made by the borrower as dues on installments on shares of stock belonging to the borrower, in the building and loan association shall not be computed as interest on the loan; provided that such building and loan association may charge a fee not to exceed five dollars for examination of title, and a membership fee not exceeding one per cent upon the amount of such loan fees for recording the mortgage or obligation, and a fee of fifty cents per month for each month that dues are delinquent.

Approved April 1, 1915.

CHAPTER 284.

HOME OWNERSHIP-STATE LOANS-FUNDS PROVIDED

(SENATE BILL No. 455.)

AN ACT to amend sections 2 and 6 of Senate Bill No. 109, passed at the present session of the Legislature, approved the 19th day of February, 1915, being "an Act to encourage and promote home ownership in Oklahoma, providing for the investment of certain designated funds, authorizing the sale of bonds against securities taken, and the reinvestment of the proceeds," and making an appropriation to pay expenses of loans and preparation and sale of bonds.

Be It Enacted by the People of the State of Oklahoma:

Section 1. Section 2 of the Senate Bill No. 109, passed at the present session of the legislature, approved the 19th day of February, A. D., 1915, being "A Bill Entitled," An Act to encourage and promate home ownership in Oklahoma; providing for the investment of certain designated funds; authorizing the sale of bonds against securities taken, and the re-investment of the proceeds," be and the same is hereby amended so as to read as follows:

"Section 2. For the purpose of supplying additional funds for the loans herein authorized to be made the commissioners of the land office are hereby authorized to sell, for not less than par and accrued interest all or any portion of the notes and security therefor taken for the sale price, or unpaid portion thereof, of any of the land above referred to, such sale to be absolute and without recourse.

The said commissioners are further authorized to issue and sell, at not less than par value, bonds drawing not to exceed five per centum per annum interest, payable semi-annually, and to pledge for the payment of the principal and interest on same the notes and security therefor, taken for the sale price, or unpaid portion thereof, of any of the lands above referred to; provided the amount of the bonds so issued, sold and outstanding shal! not at any time exceed seventy-five per cent of the face value of the unpaid portion of the principal of such

notes.

The said commissioners are further authorized to issue and sell, at not less than par value, bonds drawing not to exceed five per cent per annum interest, payable semi-annually, and to pledge for the payment of same, principal and interest, all notes and mortgages taken for loans from said funds; provided, that

the amount of the bonds so issued, sold and outstanding shall not at any time exceed ninety per cent of the face value of the unpaid portion of the principal of such notes."

Section 2. Section 6 of said Senate Bill No. 109, passed at the present session of the legislature, approved the 19th day of February, A. D., 1915, being "A Bill Entitled an Act to encourage and promote home ownership in Oklahoma; providing for the investment of certain designated funds; authorizing the sale of bonds against securities taken and the re-investment of the proceeds," be and the same is hereby amended so as to read. as follows:

Bonds as Security-Investment of Sinking Funds.

"Section 6. Any bank or trust or insurance company, organized under the laws of this state, may invest in the bonds issued under the provisions of this act. The officer having charge of any sinking fund of this state or of any county, city, town, township or school district thereof, may invest the sinking fund of the state or of such county, city, town, township, or school district in "Oklahoma Home Ownership Bonds," which mature prior to the due date of the bonded indebtedness for the payment of which such sinking fund is created. Said bonds shall be approved collateral as security for the deposit of any public funds or trust funds and for investment of trust funds." Appropriation.

Section 3. For the purpose of paying all expenses of loaning the funds provided in section 1 and 2 of said Act, and of the preparation and sale of the "Oklahoma Home Ownership Bonds," there is hereby appropriated out of any money in the general fund of the treasury of the state, not otherwise appropriated, for the fiscal year ending June 30, 1916, the sum of ten thousand dollars ($10,000.00) or so much of said sum as may be necessary for said purpose; provided, however, that the general fund of the treasury of the state shall be reimbursed from time to time by the commissioners of the land office in any amount available from the "maintenance fund" created by section 9 of said act, until the full amount expended under this appropriation is repaid.

Approved April 1, 1915.

CHAPTER 285.

SESSION LAWs-Reprint—APPROPRIATION.

(HOUSE BILL No. 320.)

AN ACT authorizing the Secretary of State to reprint Session Laws of 1910, 1911, and 1913, and declaring an emergency.

Be It Enacted by the People of the State of Oklahoma:

Reprint of Session Laws, 1910-11, 1913.

Section 1. That the Secretary of State is hereby authorized and empowered to have not to exceed two thousand and (2000) copies of the 1910-11 Session Laws and not to exceed twentyfive hundred (2500) copies of the 1913 Session Laws reprinted. A contract for printing of same shall be made by the Board of Public Affairs after advertising the same for bids for not less than ten days.

Section 2. The sum of thirty-five hundred ($3,500) dollars is hereby appropriated out of any money in the treasury, not otherwise appropriated, for the purpose of carrying section 1 of this act into effect.

Emergency.

Section 3. For the preservation of the public peace, health and safety, an emergency is hereby declared to exist, by reason whereof this act shall take effect and be in force from and after its passage and approval.

Approved April 2, 1915.

CHAPTER 286.

TOWNSHIP OFFICERS-ABOLISHED IN CERTAIN COUNTIES.

(HOUSE BILL No. 505.)

AN ACT to aboblish the offices of township trustee, township clerk and township treasurer of each township in certain counties in the state of Oklahoma, and confer the powers and duties of said offices on the board of county commissioners, county clerk and county treasurer of such counties, repealing all acts in conflict therewith, and declaring an emergency.

Be It Enacted by the People of the State of Oklahoma!:

Officers Abolished-County Officers to Act.

Section 1. The officers of township trustee, township clerk and township treasurer of each township in the State of Oklahoma are hereby abolished, and the powers and duties of said.

18-S. L.

trustee, clerk and treasurer are hereby transferred to and shall be exercised by the Board of County Commissioners of the several counties of the state, whose duty shall be, in addition to the other duties required by law:

First: To audit all accounts or demands legally presented to it against any township in the county.

Second: To make and publish as provided by law, all estimated needs for each township in the county for township road and bridge purposes.

Third: To perform all other duties provided by law for the township board of directors.

County Clerk Custodian of Records.

Section 2. The county clerk of the county is the custodian of all books and records for each municipal township in his county and he shall file in his office all papers, claims, and other demands as are required by law and promptly record such of them as are required by law to be recorded, and he shall discharge all other clerical duties now required by law of the clerk of the township board. The county clerk shall keep separate records and files for each township in his county, such records and files to be kept in the same manner as the records and files of the county clerk are now kept under existing laws. The records and books of each township in the county shall be kept open for public inspection at all times during working hours.

Township Funds.

Section 3. All moneys and taxes raised or collected for municipal township purposes from municipal townships shall be kept on deposit in the county treasury in a separate fund to the credit of such municipal township until the same is drawn out for the use of such municipal township upon a warrant duly issued and signed as other warrants. No township funds shall be used or expended except in the township where raised and then only for the purpose for which the same were raised and in the manner provided by law.

Claims Against Township.

Section 4. Any person having a claim account against any municipal township may file such claim or account in the office of the county clerk of the county and the same shall be kept by said clerk on file and laid before the Board of County Commissioners at their next meeting or if the County Commissioners