equally applicable to nominations for city officers, and in all such cases the city council shall have the powers and duties of the Board of County Commissioners, and the City Clerk the powers and duties of the County Clerk, as provided in this Act. Section 33. This Act shall take effect and be in force from and after its passage, subject to all provisions herein contained for its submission to the electors of the several counties for their ratification or rejection. Approved March 6th, 1905. When act takes effect. CHAPTER 100. An Act authorizing the incorporation of endowment Be it Enacted by the Legislative Assembly of the State of Section 1. Any person or persons, not less than five, may associate themselves together to form a corporation for the purpose of carrying on an endowment and investment business, with the powers herein conferred. Section 2. Corporation to carry on endowment ment business. and invest The amount of capital stock of such corporation shall Capital stock. be fixed and limited by the corporators in their articles of incorporation, and shall be not less than $100,000 and shall be divided into shares of the par value of not less than $25 nor more than $100 each. When not less than $50,000 of the captital stock of any corporation authorized by this Act shall have been subscribed, and paid in in cash, such corporation may proceed to do business under this Act. The capital stock of any corporation organized under this Act may be increased by a vote of the majority of the stockholders, to an amount not to exceed $5,000,000, and a certificate of such increase of stock shall be filed with the Secretary of State of Montana and become a part of the original articles of incorporation filed in said office. Capital stock. Liability of stockholders. Number of persons to incorporate. What articles of incorporation to contain. What articles of incorporation to contain. Any corporation organized under the provisions of this Act may qualify and proceed to do business within ninety days after filing articles of incorporation, and if it fails to do so its articles of incorporation shall be null and void. Section 3. The stockholders of every corporation authorized by this Act are individually liable for all debts contracted during the time of their being stockholders of such corporation, equally and ratably, to the extent of their respective shares of stock only, in any such corporation held by them at the time such debts were contracted. Section 4. Any five or more persons who shall have associated themselves by articles of incorporation, in writing as provided by law, for the purposes included under the provisions of this Act, may be incorporated under any name or title designating such business. Section 5. The articles of incorporation shall set out: First: The corporate name of the proposed corporation, which shall not be the name of any other corporation heretofore incorporated under the laws of this state for similar purposes, or imitation of such name. Second: The name of the city or town in which the principal office is to be located. Third: The amount of the capital stock of the corporation authorized by the articles of incorporation, the number of shares into which it is divided, and the par value of each share, the amount of the capital stock actually subscribed in good faith at the time of the filing of such articles, and said articles shall further state the actual amount of the capital stock paid up in cash, and in the custody of the persons named as the first board of directors or managers; provided, however, that no corporation organized under this Act shall begin to do business until not less than $50,000 has been actually paid in in cash as aforesaid. Fourth: The names and places of residence of the several shareholders and the number of shares sub- What articles scribed by each. or Fifth: The number of the board of directors managers, and the names of those agreed upon for terms hereinafter designated. of incorporation to contain. What articles of incorpora tion to con tain. of incorporation to con tain. Sixth: The number of years the corporation is to What articles continue, which shall in no case exceed fifty years. Seventh: The purposes for which the corporation is what articles formed. The articles of incorporation shall be signed and acknowledged by the parties thereto, and shall be filed in the office of the Secretary of State, and the duplicate thereof recorded in the office of the County Clerk and Recorder of the county in which corporation has its principal place of business. The Secretary of State shall thereupon give a certificate, which shall be attached to a certified copy of the articles of incorporation of said company, setting forth that such corporation has been duly organized, and the amount of its authorized and subscribed capital; and such certificate shall be taken by all courts of this state as evidence of the corporate existence of such corporation. of incorporation to con tain. Certificate. corporate.. The persons so acknowledging such articles of incor. Body poration, and their associates and successors shall, for the term set forth in said articles of incorporation, be a body corporate; and by such name they and their successors shall be entitled to have, possess, and enjoy all the rights and privileges conferred by law upon corporations, subject to the provisions of this Act. Section 6. When any corporation is formed under this Act, any First meeting. three of those associated may call the first meeting of the corporation at such time and place as they may appoint, by giving notice thereof by publishing the same in some newspaper published at the place where the principal office for the transaction of business is to be located, at least five days before the time appointed for such meeting; but no notice is necessary if all the sub Directors. President. Quorum. Powers of corporation. Enumerated. scribers to the capital stock unite in a call for such meeting, in writing. Section 7. The affairs of such corporation must be managed by not less than five directors, to be elected by the stockholders, and to hold their office for the terms as follows: If the number of directors of such corporation named in the articles of incorporation shall be five or more in number, they shall, as soon as may be after the organization, divide themselves by ballot into three classes, of equal number as near as may be, designated the first, second and third class, of which the first shall remain in office one year, the second class two years, and the third class three years, and at such annual election, conducted in the manner hereinafter designated, directors shall be elected for the term of three years to fill the vacancies created by the retiring class. Said directors must choose one of their number president, and a majority of them convened according to the by laws, constitutes a quorum for the transaction of business. Said directors to have power to fill any vacancy which may occur in their board, for the unexpired term of such vacancy, and they may elect or appoint such other officers as they may deem expedient. Said directors to have power to increase the number of directors from time to time, in accordance with the provisions of the by-laws of such corporation. Section 8. Any corporation organized under the provisions of this Act is vested with the following powers, to-wit: First: It shall be lawful for any such corporation to lease, purchase, hold and convey, all such real or personal property as may be necessary to carry on its authorized business, as well as such real or personal property as it may deem necessary to acquire in the enforcement or settlement of any claims or demands arising out of its business transactions; execute and issue in the transaction of its business all necessary receipts, certificates and contracts, which shall be signed by such person or persons as may be authorized and designated by the board of directors of such corporation. Second: The directors of any such corporation may Enumerated. call in the remainder, or the unpaid balance of the capital stock not paid in when the corporation is formed, in such installments and at such times and places as they may deem proper, by giving notice thereof as the by-laws prescribe; and in the event of any stockholder neglecting or refusing payment of any such installment within the time prescribed in such call for payment of stock, which call, however, shall not be less than ninety days, the stock of such delinquent stockholder may be forfeited to the company and may be resold by the directors in such manner as the by-laws prescribe. And further provided that no stock which shall have been paid by any subscriber shall be forfeited, but only the amount of the unpaid stock subscribed by such subscribers. Third: The board of directors of any such corpora- Enumerated. tion are hereby authorized to invest the capital and assets of said corporation and keep the same invested in good securities; and it is lawful for said corporation to make such investments of its Capital and assets and of the funds accumulated by its business, including money deposits, or any part thereof, in notes or bonds, loans upon collateral, and mortgages on unincumbered real estate, and also in any and all stocks or bonds of any county, city, town or school district of this State, legally authorized to issue such bonds, or bonds of the United States or of any State of the United States. Whenever buildings are included in the valuation of Insurance. any real estate upon which a loan is made by any corporation authorized by this Act, they must be insured by the mortgagor in such Company or companies as the directors may require, and the policy of insurance shall be duly asigned, or the loss made payable, "as interest may appear," to such Corporation; and it shall be lawful for such corporation to renew such policy of insur |