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REVENUES AND APPROPRIATIONS,

3803. Money, how appropriated.—34. All moneys, however derived, belonging to such corporation shall be appropriated only for such objects and the defraying of such expenses as accrue, or necessarily arise, in the exercise of powers granted by this act. No appropriation shall be made without an order to that effect entered upon proper book, to be kept for that purpose by the board.

3804. Bonds for public buildings.-35. Any incorporated town in this state, having begun or desiring to begin the erection of any public building to be used as a market-place, engine-house, school-house, or for any other public purpose, and not having the means necessary to complete such work may, by an ordinance passed by a two-thirds vote of all the trustees, at a special meeting called for that purpose, of which meeting notice shall be given for two weeks, by publication in a newspaper, if one be published in such town, and, if not, by posting in at least one public place in each ward, issue the bonds of the town to an amount not exceeding ten thousand dollars, to bear not to exceed six per cent. interest per annum, payable annually or semi-annually, and to be sold at not less than the par value. The proceeds of such sale shall be used exclusively for the erection and completion of such public work. The board shall provide annually for the payment of the interest on such bonds and for the liquidation of the principal, by such tax levy therefor as may be necessary to meet such interest and principal from year to year until all such bonds are paid.

3805. Borrowing money-Sinking fund.—36. No town shall have power to borrow money or incur any debt or liability, other than such as are authorized by this act, unless a majority of the resident owners of the taxable real estate of such town shall petition the board of trustees to contract such debt, or make such loan, stating the purpose and amount thereof. Such petition shall have attached thereto an affidavit verifying the genuineness of the signatures to the same. Upon being satisfied that the above provisions have been complied with the board shall have power to incur such debt. And for any obligation created in pursuance of such petition the trustees shall add to the tax levy of each year successively a sufficient amount to pay the annual interest on the debt or loan, and also a levy of not less than five cents on the hundred dollars to create a sinking fund for the liquidation of the principal thereof.

ASSESSMENT AND COLLECTION OF TAXES.

3806. Taxes--How fixed and collected.-37. The assessment of real and personal property in every town, as made and returned by the township and county assessors to the county auditor, and as modified and fixed by the county board of review and the state board of tax commissioners, with assessments of omitted property by county officers, as provided by law, shall constitute the assessment of such property for town purposes, in like manner as for state, county and township taxes; and all general laws of the state for the uniform assessment and collection of taxes, and matters connected therewith or growing out of the same, shall apply to towns, so far as the same shall be applicable, unless otherwise expressly provided. The county auditor of each county, as soon as the final yearly assessment of the property of any town in such county has been returned to his office, shall immediately certify the total amount of such assessment to the town clerk, who shall lay the same before the board of trustees at its next meeting thereafter. Such board of trustees shall thereupon, by ordinance, fix the tax levy for the current year for all town purposes. A certified copy of such ordinance shall thereupon be by the clark of such town filed with the county auditor; and such auditor shall enter such taxes on the tax duplicate against all the property and polls subject to taxation within the corporate limits of such town. The treasurer of such county shall collect such municipal taxes upon such duplicate as other taxes thereon are collected, and pay the same over when collected to the treasurer of such town. Such town taxes may be paid in installments on or before the first Monday in May and the first Monday in November, in like manner as taxes for state, county and township purposes are payable, and shall become delinquent in like manner and be subject to the same penalties upon nonpayment as other taxes; and all provisions of law concerning the collection of state, county and township taxes by county officers, including tax sales, and redemption therefrom, and compensation of officers, shall apply to the collection of town taxes by county officers under the provisions of this section. No township assessor, county auditor, county treasurer or other county officer, or any deputy of any such officer, shall receive for their respective services in the assessment, levy, collection or disbursement of town taxes, or other revenues of any town, any fees or other compensation, save only the salaries and fees, if any. provided for them by law as such township or county officers. Where a town has been or may hereafter be incorporated more than one year prior to the time fixed by law for the assessment of real estate for the purposes of taxation, it shall be the duty of the assessor of the township, or assessors of the townships, in which such town is situated to assess all of the real estate in such town in the manner provided by law for the assessment of real estate at the regular times fixed by law for such assessment. Such assessment of real estate and the return thereof to the county auditor shall be made by the assessor at the time he makes assessment and return of personal property; and all the provisions of law for the assessment of real estate shall be observed in the making, reviewing and entry of such assessment and the collection of taxes levied thereon. To enable the assessor to make such assessment and return, the auditor of the county, or auditors of the counties, in which such town is situated shall, on or before the first day of March succeeding the incorporation of such town, upon written request of the board of trustees, make out and deliver to the proper township assessor a list of all the lands and lots within the corporate limits of such town, together with the names of the owners of each separate tract, parcel or lot as shown by the records in the office of such auditor.

See sections 4383-4393a, Burns' R. S. 1901, and notes.

3807. Repeal of laws.—272. All former laws within the purview of this act except laws not inconsistent herewith and enacted at the present session of the general assembly, are hereby repealed; but this repeal shall not affect any right acquired, franchise granted, or contract entered into, under any such former law, nor shall it affect any pending litigation or proceedings thereunder, but the same shall be concluded and judgment rendered and enforced as if this act had never been passed.

This section is the last section in the act of 1905 providing for the organization and defining the powers and duties of municipal corporations, and is applicable alike to cities and towns.

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ACTS REPEALED OR INVALID.

The following acts of 1903 and 1905 are regarded as having been superseded by the general statute of 1905 providing for the organization of cities and towns, and defining the powers and duties thereof, or as being unconstitutional under the decision of the supreme court in the case of School City of Rushville v. Hayes, 162 Ind. 193, because of such acts being local or special.

Act of March 9, 1903, Acts 1903, p. 310, amending section 23 of the act providing for the government of cities of 100,000 inhabitants.

Act of march 9, 1903, Acts 1903, p. 356, amending section 51 of the act providing for the government of cities of 100,000 inhabitants.

Act of March 9, 1903, Acts 1903, p. 264, providing for the appropriation of lands and the construction of levees and streets thereon by cities of 100,000 inhabitants.

Act of March 4, 1903, Acts 1903, p. 157, amending sections 7 and 8 of the act providing for a police pension fund in cities of 100,000 inhabitants.

Act of February 25, 1905, Acts 1905, p. 50, providing for the election of officers in cities having over 50,000 and less than 100,000 inhabitants.

Act of February 27, 1903, Acts 1903, p. 102, creating a police pension fund in cities having over 50,000 and less than 100,000 inhabitants.

Act of February 23, 1903, Acts 1903, p. 40, amending sections 78 and 79 of the act governing cities having over 35,000 and less than 49,000 inhabitants.

Act of February 23, 1903, Acts 1903, p. 42, amending section 81, of the act governing cities having over 35,000 and less than 49,000 inhabitants.

Act of February 28, 1903, Acts 1903, p. 123, amending section 88 of the act governing cities having over 35,000 and less than 49,000 inhabitants, and adding supplemental sections thereto.

Act of March 10, 1903, Acts 1903, p. 432, providing for the government of cities having over 20,900 and less than 30,000 inhabitants.

Act of March 7, 1903, Acts 1903, p. 201, providing for the regulation of the corporate boundaries of cities having between 6,000 and 7,000 inhabitants.

Act of March 9, 1903, Acts 1903, p. 293, authorizing cities having 20,200 and not more than 20,900 inhabitants, to confer rights and powers upon sewer companies.

Act of February 26, 1903, Acts 1903, p. 89, authorizing cities having over 5,300 and less than 5,800 inhabitants, to sell and convey waterworks and lighting plants.

Act of February 11, 1903, Acts 1903, p. 22, providing for the accumulation of funds by cities and towns to construct or purchase water works.

CHAPTER 26.

CORPORATIONS ASSOCIATIONS.

Section numbers to notes refer to Revised Statutes of 1901.

Sections omitted have not been construed since 1901.

ART.
1. BUILDING, LOAN AND SAVINGS, 4446-

4466.

ART.
4. EDUCATIONAL AND RELIGIOUS.
9. VOLUNTARY. 4590a-4596b.

4509a.

ARTICLE 1.-BUILDING, LOAN AND SAVINGS.

SEC.

SEC. 4446. Powers, loans, premium, suits. 4463i. Premiums and interest. 4463d. Classes of scock defined, taxation. 4463j. Foreign associations, receiver. 4463e. Withdrawals, payments, fine,

4464. Foreign associations, statements. dues, securities.

4466. Deposit of cash or bonds. 4463h. Liquidation, settlement, receiver.

4446. Powers, loans, premiums, suits.

Right of building associations to foreclose mortgages for non-payment of instalments when due, and sufficiency of complaints in such actions. Miller v. Wayne Building Ass'n, 32 App. 480.

4463d. Classes of stock defined, taxation.

Assets of an insolvent building and loan association in the hands of a receiver are subject to taxation. Board v. Marion Trust Co., 30 App. 137.

4463e. Withdrawals, payments, fine, dues, securities.

The provision of the statute providing that the securities of a building and loan association can be transferred only on an order of the circuit court, or judge thereof, applies to contracts executed before the passage of the statute, and such statute does not impair the obligation of contracts. Bowlby v. Kline, 28 App. 659.

4463h. Liquidation, settlement, receiver.

If a building and loan association goes into liquidation as provided by statute, a re ceiver can not be appointed for such association unless such appointment is recommended by the auditor of state. Huntington County Ass'n v. Fulk, 158 Ind. 113.

4463i. Premiums and interest.

The statute legalizing contracts for the payment of premiums for loans without bidding, does not legalize the collection of a premium in gross and also by installment. International Ass'n v. Radebaugh, 159 Ind. 549.

4463j. Foreign associations, receiver.

The statute providing that a receiver of a foreign insolvent building association may bring all necessary suits, although such association had not complied with the statute authorizing it to do business in this state, is constitutional. Clarke v. Darr, 156 Ind. 192.

4464. Foreign associations, statements.

If a foreign building association becomes insolvent, the stockholders in this state can not claim the right to have their claims paid in full from the assets in this state. MacMurray v. Sidwell, 155 Ind. 560.

4466. Deposit of cash or bonds.

The act of 1893 requiring foreign building associations to deposit cash or bonds before doing business applies only to business done after the taking effect of the act. MacMurray v. Sidwell, 155 Ind. 560.

ARTICLE 4.-EDUCATIONAL AND RELIGIOUS.

SEC.

4509a. Religious belief of directors.

[Acts 1905, p. 150. In force March 3, 1905.) 4509a. Religious belief of directors.—1. That any university or college organized or existing as a corporation under the provision of any special law, or special charter, enacted or granted by the general assembly of this state, and having a board of directors, and being a corporation having capital stock, may by a vote of a majority of its capital stock at any stockholders' meeting, whether regular or special, of the stockholders of such corporation, by by-law or resolution enacted or adopted at such meeting provided that at least four-fifths of the members of such board of directors shall be members in good standing and full fellowship of and in any church, or religious denomination, as may be named or designated in such by-law or resolution, and in such by-law or resolution provide that at any election of members of such board of directors there shall first be elected persons to the number of at least four-fifths of the total number of members comprising such board in good standing and in full fellowship in such church or denomination: Provided, That such by-law or resolution shall be enacted or adopted by, on or before the first day of January, 1907: And provided, further, That a certified copy of such by-law or resolution, under the hand of the president of such university or college, or of its board of directors, with the corporate seal of such university or college annexed, and attested by the secretary of such university or college, be filed with the secretary of state of the State of Indiana within three months from the date of the enacting, or adoption, of such by-law or resolution, and upon being thus filed such by-law or resolution shall be taken and deemed to be and as a part of the charter of such university or college.

This section supersedes section 4509a, Burns' R. S. 1901.

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