estate may

1. The lot and building in which the business of What real the corporation is carried on, the cost of which must be owned not exceed twenty thousand dollars;

2. Such as may from time to time be necessary to supply the wants of its members, the cost of which, held unallotted to the members thereof at any one time, must not exceed the sum of one hundred thousand dollars;

3. Such as shall have been mortgaged, pledged, or conveyed to it in trust, to secure money loaned or to secure the purchase price thereof in pursuance of the regular business of the corporation.

644.

NOTE.-Stats. 1862, p. 199; "Savings and Loan Corporations," Sec. 574.

at any one time.

by-laws provide.

The by-laws of such corporations must specify What the the amount of the periodical subscriptions or payments may to be made by each member, the time and manner in which such payments are to be made; the fines and forfeiture for default; the time and manner of election of Directors and other officers, and their terms of office; the manner in which the real estate may be distributed, allotted, or sold to its members; the terms and conditions upon which loans may be made to its members and by them repaid to the corporation; the manner in which a person may become and cease to be a member; the conditions on which members may withdraw from the corporation, and the provisions for the payment to withdrawing members of the sums of money due to them arising from subscriptions or payments, and the proportion of the profits such withdrawing members may receive on withdrawal.

NOTE.-Stats. 1861, p. 567, Sec. 2; 1861, p. 567, Sec. 19; 1867-8, p. 539, Sec. 1.

645. The Secretary of any such corporation must, once in each year during the existence of the corpora

must make

annual statement, and publish

same.

Secretary tion, prepare a full and explicit statement of the financial affairs thereof, comprising a balance sheet, statements of receipts and expenditures, profit and loss, and assets and liabilities, which must be audited and verified by two competent persons (not Directors), elected by the general body of shareholders, and be countersigned by the President and Secretary. A copy of such statement must be printed and circulated among the members, and appear immediately after the annual meeting of the corporation daily at least one week, or weekly at least four weeks, in one or more newspapers published at the place of the principal business of the corporation.

Liability shareholders

for debts.

Consolidation and

corporation business and

property.

NOTE.-Stats. 1861, p. 567, Sec. 9.

646. Every present and past member of such corporation is personally liable for such proportion of all its debts and liabilities, incurred during his membership, as the number of shares subscribed by him bears to the whole number of subscribed shares; but no past member is liable for such contribution if more than one year has elapsed since he ceased to be a member before suit is commenced, nor for any debt or liability contracted after the time at which he ceased to be a member, nor unless it appears to the Court that the corporation is unable to satisfy such debts and liabilities; nor must any contribution be required from any member or past member exceeding the amount unpaid on the shares in respect of which he is liable.

NOTE.-Stats. 1861, p. 567, Sec. 10.

647. Any two or more such corporations may unite transfer of and become incorporated in one body, with or without any dissolution or division of the funds of such corporation, or either of them; or any such corporation may transfer its engagements, funds, and property to any other such corporation, upon such terms as may be agreed upon by two thirds of the members of each of

such bodies present at general meetings of the mem- Same.
bers, convened for the purpose by notice stating the
object of the meeting, sent through the Post Office to
every member, and by general notice, appearing daily
at least one week, or weekly at least two weeks, in
some newspaper published at the place of the principal
business of the corporation; but no such transfer can
prejudice any right of any creditor of either corpo-
ration.

195

women and

648. Married women and minors may be admitted Married as members and may take and hold shares in such minors. corporations, and may execute all necessary instruments and give all necessary acquittances, and sell and transfer their shares, in like manner as other members. NOTE.-Stats. 1861, p. 567, Sec. 6.

DIVISION SECOND.

PART I. PROPERTY IN GENERAL.

II. REAL OR IMMOVABLE PROPERTY.
III. PERSONAL OR MOVABLE PROPERTY.
IV. ACQUISITION OF PROPERTY.