thereof, and between the association and all parties with whom it may transact business, and such other duties as may be imposed upon him by the by-laws of the association.

§ 8. The shares of stock shall not be less than $50, nor more than $2,000 per share, and subscriptions therefor shall be made. payable to the association and in installments, and at such time or times as shall be determined by the shareholders, and an action may be maintained in the name of the association to recover any installment which shall remain due and unpaid for the period of thirty days after personal demand therefor; or, in cases where personal demand is not made, within thirty days after a written or printed notice has been deposited in the postoffice, properly directed to the postoffice address of the shareholder. The association may, by by-laws, prescribe other penalties for a failure to pay the installments that may from time to time become due, but no penalty working forfeiture of stock, or the amount paid thereon, shall be declared against any shareholder until the personal demand or written or printed notice, above provided for, shall have been made. Whenever a share of stock shall be forfeited, such share shall then become the property of the association, and may be re-issued to any person not already holding a share. But any proceeds received from such re-issue, over and above the amount due on said share, by the association, shall be paid to the delinquent shareholder.

§. 9. Every assignment or transfer of stock, on which there remains any portion unpaid, shall be recorded in the books of the association, and each shareholder shall be liable, jointly with the association as well as severally, for the debts of the association, to the extent of the amount that may be unpaid upon the share held by him. No assignor of a share shall be released from any such indebtedness by reason of any assignment of his share, but shall remain liable therefor jointly with the assignee and the association or severally, until the stock is fully paid up. Every assignee of a share shall be liable for the amount unpaid thereon, the same as if he had been an original shareholder. No assignment shall be made to any person who already holds a share. No assignee or transferee of stock shall have any equitable or legal title in the same, or have the right to vote at any shareholders' meeting until such assignment or transfer shall be recorded as above provided for. On no question shall any shareholder have more than one vote.

§ 10. All dividends of profits made by any association, incorporated under this act, shall be made in proportion to the amount of work performed, or product produced by each shareholder, and the association shall decide by by-law whether each shareholder's work or product shall be measured by the piece or by the day or hour, or may classify the work and measure some by the piece, some by the day and some by the hour, as the exigencies of the case may demand. The association shall also provide by by-law how different kinds of piece-work shall be rated, and how piecework shall be rated with day or hour work; shall provide how and by whom all kinds of work shall be received as properly executed from the shareholders for the association; shall provide the manner of giving out material to the different shareholders with which to

work, and as to what position or location shall be assigned to each shareholder and by whom. Should any shareholder be dissatisfied with the decision upon his work, or with the material given him, or the position or location assigned him, he may appeal to the association at some regular meeting of the shareholders, whose decision shall be final. The association may provide by by-law how such appeal may be conducted. If, in any kind of industry, it should be impossible to assign all shareholders to equally advantageous positions or locations in work, the association may provide that shareholders shall periodically change places, or provide any other method of equalizing such matters in accordance with justice and equity.

§ 11. It shall be unlawful for the association to hire any person to engage in the principal business for which the association was organized to prosecute, it being the intent of this act that such labor shall be performed by the shareholders of the association to preserve the co-operative feature. It shall be lawful for any shareholder, in case he shall be detained from work by sickness of self or family, or very urgent business, to employ and furnish a competent substitute to perform such labor as would be assigned to the absent shareholder; and in such case the dividends shall be made to such shareholder the same as if he was present performing his labor himself. The association shall not be liable in any manner for the pay of such substitute.

§ 12. Whenever any shareholder may die, his share shall become a personal asset of his estate, and may be sold by his legal representative to any person, or may be awarded as a dividend of the estate to any person competent to work the share, or to any devisee or legatee competent to work the share, not already a shareholder, and the same may be assigned or transferred in the same manner and subject to the same regulations prescribed in section 9 of this act Such legal representative shall have the right to furnish a competent substitute to work the share of such deceased. person for the space of two years after the death of the deceased, unless the same shall have been sooner sold or awarded as an estate dividend, or devise or legacy, as in this section provided, and during the time such substitute may be furnished, such legal representative, for the use of the estate, shall be entitled to vote, receive dividends and shall inure to all the benefits to which the deceased, if living and working his share, would have been entitled. Whenever such share shall become a part of the widow's allowance in the course of the administration of the estate of any deceased shareholder, she may furnish a competent substitute to work such share, and shall be entitled to all privileges, dividends, etc., to which her husband would have been entitled, so long as she may desire to hold such share. She shall also have the privilege to sell the same whenever she may desire under the provisions of section 9, of this act.

§ 13. Any association, licensed to operate under this act, may increase its membership of shareholders in such manner as it may by by-law provide, not inconsistent with any of the provisions of this act.

§ 14. The General Assembly hereby reserves the power to prescribe such regulations and provisions governing any and all associations incorporated under this act, as it may deem advisable, such regulations and provisions to be binding on associations incorporated at the time such regulations may be made, as well as those thereafter incorporated.

§ 15. All associations organized under this act, whose powers may have expired by limitation or otherwise, shall continue their corporate capacity during the term of two years, for the purpose only of collecting debts due the association, and selling and conveying the property and effects thereof, and during such time shall be capable of prosecuting and defending suits in law or equity. The dissolution, for any cause whatever, of any association incorporated under this act shall not take away or impair any remedy given against such association, its shareholders, officers or agents, for any. liabilities incurred previous to dissolution.

§ 16. It shall be the duty of the directors of any association to cause to be kept at its principal office or place of business in this State, correct books of account of all its business, and every shareholder of such association shall have the right at all reasonable times, by himself or his attorney, to examine the records and books of account of the association.

§ 17. A failure to elect directors or officers, or both, on the day designated in the by-laws, or on the day for which notice was given. for election, shall not have the effect of dissolving the association, but such election may be held at any time after proper notice.

§ 18. All assessments or installments of the unpaid or partly unpaid shares of stock of any association shall be levied by the directors in accordance with the provisions of the by-laws, but any assessment or installment required to be paid shall be levied pro rata upon all the shares of stock.

§ 19. If the indebtedness of any association shall exceed the amount of its capital stock, the directors and officers of such association, assenting thereto, shall be individually liable for such excess to the creditors of such association.

§ 20. If the directors or other officers or agents of any association shall declare and pay any dividend, when such association is insolvent, or any dividend the payment of which would diminish the amount of the capital stock, all directors, officers and agents assenting thereto shall be jointly and severally liable for all debts of such association then in existence, and for all which shall thereafter be contracted while they shall respectively continue in office.

§ 21. The board of directors shall hold stated meetings not less frequent than once each month, as may be provided by the by-laws, and when such officers shall be present at any meeting, however called or notified, or shall sign a written consent on the record of such meeting, the acts of such meeting shall be as valid as if legally called and notified. All directors' meetings must be held within the limits of this State.

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§ 22. The shareholders of every association shall hold regular meetings not less frequently than once each month, as may be provided by the by-laws, and shall be presided over by the president of the association, or, in his absence, the vice-president shall preside, and in his ab ence the meeting may elect a president pro tempore, who shall preside during that meeting. It shall require a majority of all the shareholders entitled to vote to be present, either in person or by written proxy, to constitute a quorum to transact business, but a smaller number may adjourn from time to time if they desire, or until the next regular meeting.

§ 23. No by-law shall be adopted, amended or repealed except by an affirmative vote of a majority of all the shareholders entitled to vote. Such vote shall be taken by a call of the roll of shareholders. by the secretary of the meeting, noting the responses, whether aye or no, opposite their respective names, and which vote shall be spread upon the records of the proceedings. Votes upon other questions may be viva voce, showing of hands or a division of the house, unless three shareholders, by themselves or proxy, shall call for the ayes and noes, when, in such case, the roll shall be called and the aye and no vote taken. If, in calling the roll upon any question, less than a quorum votes, the pending question shall still remain as undecided until a quorum shall vote upon the question. Any proposition to amend, repeal or enact any by-law must set forth the by-law as amended, or the one repealed or the new one proposed, and be read at large in open meeting, and its consideration postponed until the next meeting, unless a majority of all the shareholders of the association shall, on an aye and no vote, be in favor of considering the question at once.

§ 24. If any association, or its authorized agents, shall do or refrain from doing any act which shall subject it to a forfeiture of its charter or corporate powers, or shall allow any execution or decree of any court of record for a payment of money after demand made by the officer, to be returned "no property found," or to remain unsatisfied thirty days after such demand, or shall dissolve or cease doing business, leaving debts unpaid, suits in equity may be brought against all persons who are shareholders at the time, and liable in any way for the debts of the association, by joining the corporation in such suit; and after the assets of the corporation shall have been exhausted, each shareholder may be required to pay his pro rata share of such debts to the amount of his unpaid stock, or to any extent to which he may by law have become individually liable.

§ 25. Courts of equity shall have full power, on good cause shown, to dissolve or close up, or take charge of the business of any association for the benefit of the creditors, to appoint a receiver therefor, who shall have authority, by the name of the receiver of such association (giving the name), to sue in all courts, and do all things necessary to close up its affairs, or to make the money charged against it and restore it back to the shareholders of the association, as may be commanded by the decree of court. Said receiver shall be a citizen of the State of Illinois, and shall enter

into bonds payable to the people of the State of Illinois for the use of all parties interested, in such penalty and with such sureties as the court may, in the decree or order appointing the same, require.

§ 26. The certified copy of any articles of incorporation and changes thereon, under the great seal of the State of Illinois, shall be taken and received in all courts and places as prima facie evidence of the facts themselves.

APPROVED May 31, 1887.

FOR THE APPREHENSION OF HORSE THIEVES AND OTHER CRIMINALS.

AN ACT to amend an act entitled "An act to authorize the formation of companies for the detection and apprehension of horse thieves and other. felons," returned by the Governor July 7, 1885, to the Secretary of State, without his approval or veto, and is therefore now in force.

SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly: That "An act to authorize the formation of companies for the detection and apprehension of horse thieves and other felons," be, and the same is hereby, amended to read as follows:

"Section 1. That any number of citizens, not less than ten (10), are hereby authorized to form themselves into a company for the purpose of detecting and apprehending of horse thieves, incendiaries and all other criminals against the laws of the State of Illinois, as hereinafter provided. Such number of citizens forming articles of association shall be charter members and may add to their number, or expel members according to the provision of their constitution and by-laws.

"Section 2. Persons forming any such company, shall each subscribe to articles of association in which shall be set forth the name of said company and their place of meeting. Said articles of association shall be filed and recorded with the recorder of deeds in the county in which the meeting of such company is fixed by said articles of association, and a certified copy of such record shall be received as evidence in any court of this State of the existence of such company.

"Section 3. Whenever said articles of association shall be filed, as above provided, the said company, under the name and style which they may designate, shall be a body politic and corporate,