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paid to said board of directors for the maintenance of the said territorial insane asylum.

Sec. 8. This act shall take effect and be in force from and after

its passage.

CHAPTER 76.

AN ACT TO AMEND SECTION 2, OF CHAPTER 63, OF THE SESSION

LAWS OF 1899, ENTITLED “AN ACT TO AMEND SECTIONS 2937 AND 2938, OF THE COMPILED LAWS OF 1897. C. B. No. 83; Approved March 15, 1905.

CONTENTS.

Sec. 1.

Section 2, Chapter 63, Laws of 1899, regarding the time of bringing actions

against persons holding lands by adverse possession, amended. Definition

of "adverse possession." Be it enacted by the Legislative Assembly of the Territory of New

Mexico:

Section 1. That Section 2 of Chapter 63 of the Session Laws of 1899, approved March 16, 1899, be and the same hereby is amended to read as follows:

"Section 2. That Section 2938 of the Compiled Laws of 1897, is amended so as to read as follows:

“Section 2938. No person or persons, nor their children or heirs, shall hare, sue or maintain any action or suit, either in law or equity, for any lands, tenements or hereditaments, against any one having adverse possession of the same continuously in good faith, under color of title, but within ten years next after his, her or their right to commence, have or maintain such suit shall have come, fallen or accrued, and all suits, either in law or equity, for the recovery of any lands, tenements or hereditaments so held, shall be commenced within ten years next after the cause of action therefor has accrued: Provided, That if any person entitled to commence or prosecute such suit or action is or shall be, at the time the cause of action therefor first accrued, imprisoned, of unsound mind, or under the age of twenty-one years, then the time for commencing such action shall in favor of such persons be extended so that they shall have one year after the termination of such disability to commence such action; but no cumulative disability shall prevent the bar of the above limitation, and this proviso shall only apply to those disabilities which existed when the cause of action first accrued and to no other. 'Adverse possession' is defined to be an actual and visible appropriation of land, commenced and continued under a color of title and claim of right inconsistent with and hostile to the claim of another; and in no case must ‘adverse possession' be considered established within the meaning of the law, unless the party claiming adverse possession, his predecessors or grantors, have for the period mentioned in this section continuously paid all the taxes, territorial, county and municipal, which during that period have been levied upon the land or interest claimed, whether assessed in his name or that of another."

Sec. 2. All acts and parts of acts in conflict with this act are hereby repealed, and this act shall take effect and be in force from and after its passage.

CHAPTER 77.

A. C. B.

AN ACT RELATIVE TO BOUNTIES ON WILD ANIMALS.

No. 68; Approved March 15, 1905.

CONTENTS.

Sec. 1, Section 1, Chapter 80, Laws of 1903, regarding tax on certain domestic animals

to raise money to pay bounty on wild animals, repealed. Amount of tax

levy. Bounties to be paid. Provisos. Be it enacted by the Legislative Assembly of the Territory of New

Merico:

Section 1. That Section 1 of Chapter 80 of the Laws of 1903 be and the same is hereby repealed and the following substituted in lieu thereof:

The several boards of county commissioners are hereby authorized and directed to levy annually a special tax on all horses, burros, mules, bovine cattle, sheep and goats that may be found in their respective counties to any amount not exceeding eight mills on the dollar on the assessed value thereof, for the purpose of raising money with which to pay bounties for the killing of wild animals. Such special tax shall be levied only for the years 1905 and 1906 and thereafter not to exceed four mills for any one year shall be levied and collected, in the manner provided by law for the collection of other county taxes, and paid into the county treasury as a "Wild Animal Bounty Fund" to be used exclusively for the payment of bounties for the killing of wild animals, at the following rates:

For each coyote, wild cat or lynx, one dollar; for each gray wolf or lobo and bear twenty dollars; panther or mountain lion ten dollars: Provided, However, That no application for wild animal bounty shall be approved or paid under the provisions of this act unless there are funds in the “Wild Animal Bounty Fund" with which to pay the same: Provided, Further, That each applicant must present the entire skin of each gray wolf, lobo, panther, bear or mountain lion to the probate clerk and ex-officio clerk of the board of county commissioners, as now provided by law, to be properly cancelled before his claim will be filed.

Said skins to be cancelled in such manner as not to destroy their marketable value, and when cancelled to be returned to the owner.

Sec. 2. All acts and parts of acts in conflict with this act are hereby repealed, and this act shall take effect and be in full force from and after its passage.

CHAPTER 78.

AN ACT AMENDING CHAPTER FIFTY-TWO OF THE ACTS OF THE

THIRTY-FIFTH LEGISLATIVE ASSEMBLY OF THE TERRITO-
RY OF NEW MEXICO, ENTITLED AN ACT RELATING TO
TRUST COMPANIES, APPROVED MARCH 12, 1903. C. B. No.
113; Approved March 15, 1905.

CONTENTS.

Sec. 1. Sub-section 8, Section 3, Chapter 52, Laws of 1903, regarding the loaning of

money by trust companies, amended. Trust companies may loan money

on personal security, Sec. 2. Section 22, Chapter 52, Laws of 1903, regarding articles of agreement of

building and loan associations, amended. Proviso.

Be it enacted by the Legislative Assembly of the Territory of New

Mexico:

Section 1. That sub-section 8 of Section 3 of Chapter 52 of the Acts of the Thirty-fifth Legislative Assembly of the Territory of New Mexico, entitled "An Act relating to trust companies," approved March 12, 1903, be and the same is hereby amended by inserting after the words “real estate” and before the words "and collateral security” in the first line of said sub-section, the word "personal” preceded by a comma.

Sec. 2. That section 22 of said act be and the same is hereby amended by striking out the words and figures "two hundred and fifty thousand dollars ($250,000.00)," appearing in the latter part of said. section after the words “shall be" and before the words “or more” and after the words "in capital below” and inserting in lieu thereof the words and figures, "one hundred thousand dollars, ($100,000.00).”

Sec. 3. That all acts and parts of acts in conflict herewith are hereby repealed and this act shall take effect and be in force thirty days after its passage.

CHAPTER 79.

AN ACT TO REGULATE THE FORMATION AND GOVERNMENT OF

CORPORATIONS FOR MINING, MANUFACTURING,INDUSTRIAL
AND OTHER PURSUITS. C. B. No.58; Approved March 15,1905.

CONTENTS.

ARTICLE 1.-POWERS, Secs. 1-4 Inclusive.
ARTICLE 2.-FORMATION, CONSTITUTION, ALTERATION, DIS.

SOLUTION, Secs. 5-36 Inclusive.
ARTICLE 3.-ELECTIONS; STOCKHOLDERS' MEETINGS, Secs.

37-52 inclusive. ARTICLE 4.-DIVIDENDS; PAYMENT OF CAPITAL STOCK, Secs.

53-59 Inclusive, ARTICLE 5.-WINDING UP, Secs. 60-67 Inclusive. ARTICLE 6.-EXECUTION AGAINST CORPORATION, Secs, 68-69,

Inclusive. 'ARTICLE 7.-INSOLVENCY, Secs. 70-92 Inclusive. ARTICLE 8.-SERVICE OF PROCESS, Secs, 93-95 Inclusive. ARTICLE 9.-REMEDIES AGAINST OFFICERS AND STOCKHOLD.

ERS, Secs. 96-98 Inclusive. ARTICLE 10.--FOREIGN CORPORATIONS, Secs. 99-108 Inclusive. ARTICLE 11.-MERGER OF CORPORATION, Secs. 109-115 Inclusive. ARTICLE 12.—LOST CERTIFICATES OF STOCK, Secs, 116-118 in.

clusive. ARTICLE 13.-FEES ON FILING CERTIFICATES; SUNDRY PRO.

VISIONS, Secs. 119-136 Inclusive. Be it enacted by the Legislative Assembly of the Territory of New

Mexico: Corporations for any and all the purposes above specified or intended or for any purpose for which corporations are or shall hereafter be authorized by any general incorporation law of this territory shall be organized and governed by this act.

ARTICLE 1.-POWERS.

Sec. 1.-Powers in General.

Every corporation shall have power:

I. To have succession, by its corporate name, for the period limited in its charter or certificate of incorporation, but not to exceed 50 years;

II. To sue and be sued in any court of law or equity;

III. To make and use a common seal, and alter the same at pleasure;

IV. To hold, purchase and convey such real and personal estate as the purposes of the corporation shall require, and all other real estate which shall have been bona fide conveyed or mortgaged to the said corporation by way of security, or in satisfaction of debts, or purchased at sales upon judgment or decree obtained for such debts; and to mortgage any such real and personal estate with its franchises; the power to hold real and personal estate shall include the power to take the same by devise or bequest;

V. To appoint such officers and agents as the business of the corporation shall require, and to allow them suitable compensation;

VI. To make by-laws fixing and altering the number of its directors, and providing for the management of its property, the regulation and government of its affairs, and the transfer of its stock, with penalties for the breach thereof not exceeding twenty dollars;

VII. To wind up and dissolve itself, or be wound up and dissolved in manner hereafter mentioned.

Sec, 2,-Powers Additional.

In addition to the powers enumerated in the first section of this act and the powers specified in its charter or in the act or certificate under which it was incorporated, every corporation, its officers, directors and stockholders, shall possess and exercise all the powers and privileges contained in this act, so far as the same are necessary or convenient to the attainment of the objects set forth in such charter or certificate of incorporation; and shall be governed by the provisions and be subject to the restrictions and liabilities in this act contained, so far as the same are appropriate to and not inconsistent with such charter or the act under which such corporation was formed; and no corporation shall possess or exercise any other corporate powers, except such incidental powers as shall be necessary to the exercise of the powers so given.

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