in the State of Oklahoma shall be required to furnish a good and sufficient bond with two or more sureties, to be approved by the county clerk, to the State of Oklahoma in the penal sum of two thousand ($2,000.00) dollars, conditioned that such business college shall faithfully perform any and all expressed or implied contracts made in soliciting a bonus from cities or towns, or in selling scholarships and that such business college shall continue a reasonable length of time, not less than six months to enable those who have subscribed and paid for scholarships either in whole or in part to finish the course or courses to which the scholarships entitles the holder thereof, and that the course of study taught in said college shall be in accordance with such contracts made in soliciting the sale of scholarships. Such bond shall be filed in the office of the County Clerk of the County in which such business colleges are located and shall remain on file subject to the inspection of the public and shall be for the use and benefit of any person or persons for a violation of any of the conditions of said bond.

Any Person Interested May Prosecute.

Section 2. Any person, firm, association or corporation conducting or running a business college in this state shall be liable on said bond given under Section 1 of this Act, to any person, defrauded by reason of not having completed the course or courses of study for which said scholarship was purchased, or any other breach of said bond and any person defrauded is hereby authorized to maintain a suit on said bond to recover any and all sums due by reason of a breach of said bond.

Section 3. Any person, firm, association or corporation running, maintaining, operating or conducting a business college without first having complied with Section 1, of this Act, shall be deemed guilty of a misdemeanor and upon conviction shall be fined in any sum not less than one hundred ($100.00) dollars and not more than five hundred ($500.00) dollars and by imprisonment in the county jail not less than thirty days and not more than six months.

Approved March 30, 1915.

CHAPTER 282.

SCHOOLS AND SCHOOL DISTRICTS-TEACHERS CERTIFICATES

REGULATION

(SENATE BILL No. 413.)

AN ACT amending section 16, article 14, of chapter 219, Session Laws 1913, the same being a part of "an Act prescribing laws for the government of the common schools of Oklahoma, and repealing conflicting laws."

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

Teacher's Certificates-Regulations.

Section 1. That section 16, article 14, of chapter 219, Session Laws 1913, be, and the same is hereby amended to read as follows:

"Section 16. After January, 1918, no person shall receive a third-grade certificate unless he shall have had either academic training equivalent to one year in an approved high school of this state, or have had at least ten weeks professional training in one of the Oklahoma State Normal schools, State University or A. and M. College or an institution in this state, or other state having equivalent teachers professional course, and no person shall receive a second grade certificate unless he shall have had either academic training equizalent to two years in an approved high school of this state or have had at least twenty weeks professional training in one of the Oklahoma State Normal Schools, State University or A. and M. College or institution in this state or other state having equivalent teacehrs professional course, and no person shall receive a first-grade certificate unless he shall have had either academic training equivalent to three years in an approved high school of this state or have had at least thirty-six weeks professional training in one of the Oklahoma State Normal Schools or State University or A. and M. College, or an institution in this state or other state having equivalent teachers professional course. This section shall never affect the right to a renewal under Section 7, of Article 14."

Approved April 1, 1915.

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.