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of one thousand dollars, shall be exempt from execution. En. March 21, 1872. Rep. 1891, 252. En. Stats. 1891, 256.

Cal.Rep.Cit. 131, 342.

8 644. Annual report. Every association organized under the provisions of this act, and every other association doing a like business, shall annually make a full report, in writing, of the affairs and condition of such corporation, within thirty days after its annual meeting, to the bank commissioners of this state. Such report shall be verified by the oath of the officers making the same, and a copy of the same shall be delivered to every stockholder, from the office of the corporation, who may call for such report. Every association shall make any further reports which the said commissioners may require, and in such form and as to such matters relating to the condition and conducting of the business of the association as such commissioners may designate; and said bank commissioners may at any time examine into the affairs of any and every of said associations. Any willful false swearing in making and verifying said reports shall be deemed perjury. Any such association which shall fail to furnish the bank commissioners any such report required, within thirty days after demand, shall forfeit the sum of ten dollars per day for every day such report shall be delayed or withheld; which may be recovered in an action brought by the attorneygeneral in the name of the people of this state; and all moneys so recovered shall be paid to the treasurer of the state, who shall pay the same into the “bank commissioners' fund.” The state bank commissioners shall annually publish a full report of the condition of all associations formed under the provisions of this title, and every other association doing a like business in this state, in the same manner as they are now required to do in reference to sav. ings banks. En. March 21, 1872. Rep. 1891, 252. En. Stats. 1891, 256.

Cal.Rep. Cit. 131, 342; 131, 344.

Section 1 of the act of 1891, p. 256, amending this section, provided that this section should apply to all sach associations whether organized before or after the passage of the act.

See also Stats. 1867-8, 539, sec. 1.

§ 645. Foreign corporations, deposit by. No mutual building and loan association, or company, association, or corporation organized under the laws of any other state or territory, to carry on a business of a like character to that authorized by this title, shall be allowed to do business or to sell their stock in this state without first having deposited with the state controller or secretary of state the sum of fifty thousand dollars in money, or United States or municipal bonds of this state, or in mortgages upon real estate located within this state, as a guaranty fund for the protection and indemnity of residents of the state of California with whom such companies, associations, or corporations shall do business; the fund so deposited to be paid by the custodian thereof to the residents of California only, and not then until proof of claim by final judgment has been filed with the custodian of said fund against such foreign company, association, or corporation. Any of the securities so deposited may be withdrawn at any time upon others, herein provided for, of like amount being substituted in lieu thereof. Any person or persons who shall be found in this state as agent, or in any other capacity, representing such foreign company, association, or corporation which has not complied with the provisions of this section shall be deemed guilty of a misdemeanor, and upon conviction shall be punished by a fine not exceeding one thousand dollars or by imprisonment in the county jail not exceeding twelve months, or by both such fine and imprisonment. En. March 21, 1872. Rep. 1891, 252. En. Stats. 1891, 256.

Cal.Rep.Cit. 131, 342.

$646. Electing to continue business. Any building and loan association, now existing and heretofore incorporated, desiring to continue its existence under the provisions of this title, may do so if the holders of a majority of the stock, at their regular annual meeting, or at a special meeting of the stockholders called for that purpose, shall so elect. The notice of the meeting, whether regular or special, shall state as one of the objects of the meeting to vote on the question whether the corporation shall continue its existence under the provisions of this title; and the notice of meeting shall be published as required by section three hundred and one; and, in addition thereto a similar notice shall be mailed to each stockholder at his postoffice address. Within thirty days after the holders of a majority of the stock at any such meeting have rated to continue the existence of the corporation under the provisions of this title, the secretary of the corporation shall, under oath, make and subscribe, as such secretary, a certificate, in writing, stating the calling of such meeting, the fact that the holders of a majority of the stock voted to continue the existence of the corporation under this title, which shall be filed in the office of the county clerk in which its original articles of incorporation have been filed, and shall file in the office of the secretary of state a certified copy thereof, according to the provisions of section two hundred and ninety-six; and the secretary of state shall issue his usual certificate, as provided in said section. Thereupon, such corporation shall be subject to all the provisions of this title, as though originally incorporated under the provisions hereof, except that no change in its name or amount of capital stock shall be made; but the name shall be the same as contained in the origins! artieles. En. March 21, 1872. Rep. 1873-4, 217. En. Stats. 1891, 257.

Cal.Rep.Cit. 131, 339; 131, 341; 131, 342.

$ 647. Subject to provisions relating to bank commissioners. All corporations doing the business of building and loan associations in this state shall be subject to the provisions of this title relating to the bank commissioners. En. March 21, 1872. Rep. 1891, 252. En. Stats. 1891, 257.

Cal.Rep.Cit. 93, 306; 116, 414; 131, 341; 131, 342.

$ 648. Definition of. The name "building and loan association," as used in this act, shall include all corporations, societies, or organizations or associations doing a savings and loan or investment business on the buildingsociety plan, viz.: loaning its funds to its members or its shareholders, and whether issuing certificates of stock which mature at a time fixed in advance or not. En. March 21, 1872. Rep., 1873-4, 217. En. Stats. 1891, 257.

Cal. Rep.Cit. 127, 39; 131, 342.

$ 6481). Taxation of. The provisions of an act entitled "An act imposing a tax on the issue of certificates of stock corporations," approved April first, eighteen hundred and

seventy-eight, shall not be deemed and held to be applicable to any certificates issued to and transferred by the members or stockholders of any association organized under or governed by this act. En. Stats. 1891, 257.

Cal.Rep.Cit. 136, 525.

TITLE XVII. COLLEGES AND SEMINARIES OF LEARNING. $ 649. Articles of incorporation.

650. Board of trustees, powers of. $651. Existing institutions may reincorporate under this act.

$ 649. Articles of incorporation. Any number of persons who may desire to establish a college or seminary of learning may incorporate themselves as provided in this part, except that in lieu of the requirements of section two hundred and ninety, the articles of incorporation shall contain:

1. The name of the corporation.
2. The purpose for which it is organized.

3. The place where the college or seminary is to be conducted.

4. The number of its trustees, which shall not be less than five nor more than fifteen, and the names and residences of the trustees. The term for which the trustees named and their successors are to hold office may also be stated. If it is desired that the trustees, or any portion of them, shall belong to any organization, society, or church, such limitation shall be stated.

5. The names of those who have subscribed money or property to assist in founding the seminary or college, together with the amount of money and description of property subscribed. En. Stats. 1885, 133.

§ 650. Board of trustees, powers of. Unless otherwise provided in the articles of incorporation the board of trustees shall, as soon as organized, so classify themselves that one-fifth of their number shall go out of office every year, and thereafter the trustees shall hold office for five years. A majority of the trustees shall constitute a quorum for the transaction of business, and the office of the corporation shall be at the college or seminary.

The trustees shall have power:

1. To elect, by ballot, annually one of their number as president of the board.

2. Upon the death, removal out of the state, or other vacancy in the office, or expiration of the term of any trustee, to elect another in his place; provided, that where there are graduates of the institution, such graduates may, under such rules as the board shall prescribe, nominate persons to fill vacancies in the board of trustees. Such nominations shall be considered by the board, but it may reject any or all such nominations, and of its own motion appoint others.

3. To elect additional trustees; provided, the whole number elected shall never exceed fifteen at any one time.

4. To declare vacant the seat of any trustee who shall absent himself from eight succeeding meetings of the board.

5. To receive and hold, by purchase, gift, devise, bequest, or grant, real or personal property for educational purposes connected with the corporation, or for the benefit of the institution.

6. To sell, mortgage, lease, and otherwise use and dispose of the property of the corporation in such manner as they shall deem most conducive to the prosperity of the corporation.

7. To direct and prescribe the course of study and discipline to be observed in the college or seminary.

8. To appoint a president of the college or seminary, who shall hold his office during the pleasure of the trustees.

9. To appoint such professors, tutors, and other officers as they shall deem necessary, who shall hold their offices during the pleasure of the trustees.

10. To grant such literary honors as are usually granted by any university, college, or seminary of learning in the United States, and in testimony thereof to give suitable diplomas under their seal, and the signature of such officers of the corporation and the institution as they shall deem expedient.

11. To fix salaries of the president, professors, and other officers and employees of the college or seminary.

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