proprietors of lots or plots. Vacancies in the office of trustee or of president or vice-president may be filled in such manner as shall be prescribed by the by-laws of the association; and public notice of the annual election shall be given in such manner as shall also be prescribed by such by-laws.

30. Sixty per cent of proceeds of sales to be applied on purchase-money of lands.

§ 6. At least sixty per centum of the proceeds of all sales of lots and plots shall be first appropriated to the payment of the purchase-money of the lands acquired by the association, until the purchase-money shall be paid; and the residue thereof, as also the proceeds of all sales thereafter made, shall be applied to the payment of the taxes and assessments against the lands of the association, and to preserving, improving and embellishing such lands, and the roads or avenues and walks therein, and leading thereto, and to defraying the incidental expenses of the association; provided, that any proceeds remaining after the payments aforesaid, and after providing in a reasonable manner for expenses and improvements to be thereafter made and incurred, may, upon the vote of two thirds of the trustees in favor thereof, be distributed among the owners of lots purchased from the association; such proceeds to be distributed equally among such lot-owners according to the value of their several lots, to be estimated at the sums paid for the same to the association, or otherwise as provided in the by-laws of the association.

31. Agreement as to percentage of sales to be applied on purchase-money.

§ 7. Associations formed under this act may agree with the person or persons from whom its lands, or any part thereof, shall be purchased, to pay for such lands, as the purchase-price thereof, any specified part or portion of

the proceeds of all sales of lots and plots made from such lands; in which case the part or portion of such proceeds so agreed upon shall be first appropriated and applied to the payment of the purchase-money of the lands so acquired; and the residue thereof shall be applied and distributed in all respects as provided in the last preceding section in respect to the residue of proceeds therein mentioned. The part or portion of the proceeds constituting the purchase-price of the lands may be divided into as many equal shares as may be agreed upon between the association and the person or persons from whom the said lands are purchased; and the said shares shall entitle the owners thereof to such number of votes at any election for trustees of the association, and shall be transferable on the books of the association in such manner as shall also be agreed upon between the said parties. In all cases where lands shall be purchased and agreed to be paid for in the manner herein provided, the prices for lots or plots specified in the agreement between the association and the person or persons from whom the said lands were purchased shall not be changed without the written consent of a majority in interest of such persons, their heirs, representatives, or assigns.

32. Report to lot-owners.

§ 8. The trustees at each annual election shall make a report to the lot-owners of their doings, and of the management and condition of the property and concerns of the association. If the annual election shall not be held on the day fixed in the certificate of incorporation, the trustees shall have power to appoint another day, not more than sixty days thereafter, and shall give public notice of the time and place at which time the election may be held, with like effect as if holden on the day fixed on in the certificate of incorporation. The terms of office of the trustees chosen at such time shall expire at the

same time as if they had been chosen on the day fixed by the certificate of incorporation.

33. Wilful injuries.

§ 9. Any person who shall wilfully destroy, injure or remove any statuary, fence, building or other structure, placed on the grounds of any association incorporated under this act, or who shall wilfully cut or injure any tree, shrub or plant within the said grounds, shall be deemed guilty of a misdemeanor; and such offender shall also be liable in an action of trespass to be brought in the name of such association, to recover damages caused by such unlawful act or acts.

34. May take by gift, etc.

§ 10. Any association incorporated under this act may take by gift, devise or bequest, and hold any property, real or personal, upon trust to apply the income thereof under the direction of the trustees of the association for the improvement or embellishment of the grounds of the association, or the erection, repair or preservation of any statuary, fence, buildings or structures erected or to be erected upon the same, or in planting trees, shrubs and flowers, in the grounds of the association, or for improving or embellishing such grounds, in any other manner or form consistent with the design and purposes of the association, and as specified in such gift, devise or bequest.

See BUILDING, HOMESTEADS.

PATRONS OF HUSBANDRY.

See SOVEREIGNS OF INDUSTRY.

PEAT AND COAL.

1. Objects and mode of incorporation.

(Laws of 1865, ch. 307.)

SECTION 1. Any three or more persons may organize and form themselves into a corporation in the manner specified and required in and by the act entitled "An act to authorize the formation of corporations for manufacturing, mining, mechanical or chemical purposes," passed February seventeenth, eighteen hundred and forty-eight, for the purpose of buying and selling and transporting coal and peat of all kinds.

2. Duties and obligations.

§ 2. Every corporation so formed shall be subject to all the provisions, duties and obligations contained in the above-mentioned act, and amendments thereto, and shall be entitled to all the benefit and privileges thereby conferred, except that such corporation shall not be confined in their operations to the county in which their certificate shall be filed.

See MANUFACTURES, II.

PIPE-LINE COMPANIES.

1. Incorporation; powers, privileges and liabili ties.

(Laws of 1878, ch. 203.)

SECTION 1. Any number of persons, not less than twelve, may form a company for the purpose of constructing and operating, for the public use, lines of pipe for the conveying or transporting therein petroleum, gas, liquids, or any products or property, or for the purpose of maintaining and operating any line of pipe already constructed and owned by any incorporated company, person or persons, for the like public use, and for that

purpose may make and sign articles of association, in which shall be stated the name of the company, the number of years the same is to continue, the places from and to which the same is to be constructed or maintained and operated, length of such pipe line, as near as may be, and the name of each county in this state through or into which it is to be constructed or intended to be constructed. The amount of capital stock of the company, which shall not be less than fifteen hundred dollars, for every mile of pipe constructed, or proposed to be constructed, and the number of shares of which said capital stock shall consist, and the names and places of residence of seven directors of the company, who shall manage its affairs for the first year, and until others are chosen in their places. Each subscriber to such articles of association shall subscribe thereto his name, place of residence and the number of shares he agrees to take in said company. On compliance with the provisions of the next section, such articles of association may be filed in the office of the secretary of state, who shall indorse thereon the day and hour they are filed, and record the same in a book to be provided by him for that purpose, and thereupon the persons who have so subscribed such articles of association, and all persons who shall become stockholders in such company, shall be a corporation by the name specified in such articles of association, and shall possess the powers and privileges granted to corporations, and be subject to the provisions contained in title three of chapter eighteen of the first part of the Revised Statutes.

2. When articles may be filed.

§ 2. Such articles of association shall not be filed and recorded in the office of the secretary of state until at least ten hundred and fifty dollars of stock for every mile of pipe line proposed to be constructed or maintained is subscribed thereto, and twenty-five per cent paid thereon