of Sandoval, approved on March 10, 1903, be and the same is hereby amended so as to read as follows: "Sec. 3. That T. C. Gutierrez, to fill the unexpired term of the second district, and Severo Sanches, be and they hereby are appointed and constituted county commissioners for the County of Bernalillo as the same is constituted after the creation of Sandoval county, and the said T. C. Gutierrez and Severo Sanches shall qualify as said county commissioners on or before the fifth day of April, A. D. 1903, and shall together with the county commissioner now in office for the said County of Bernalillo, hold a meeting not later than the tenth day of April, 1903, and said three persons as a board of county commissioners for Bernalillo county shall appoint one assessor and one probate judge for the said County of Bernalillo to serve until their successors are elected and qualified at the next general election." Sec. 2. On or before thirty days after said board of county commissioners of Bernalillo county has duly qualified as such commissioners, they shall assemble as a board of county commissioners and shall divide said County of Bernalillo into county commissioner districts. Sec. 3. This act shall be in force and take effect from and after its passage. CHAPTER 50. AN ACT TO AMEND SECTION 2 OF AN ACT ENTITLED "AN ACT TO CREATE THE COUNTY OF SANDOVAL," APPROVED MARCH 10, 1903. C. B. No. 128; Approved March 12, 1903. CONTENTS. Sec. 1. Section 2, chapter 27, Laws of 1903, regarding election of officers of Sandoval county. Amended. Sec. 2. County commissioners to divide Sandoval county into commissioner districts. Sec. 3. County seat located at Sandoval. Be it enacted by the Legislative Assembly of the Territory of New Mexico: Sec. 1. That section 2 of the act to create the County of Sandoval, approved March 10, 1903, be and the same is hereby amended so as to read as follows: "Sec. 2. The county officers for the said County of Sandoval, and their duties, shall be the same as those prescribed by law for officers of other counties in the Territory of New Mexico; and E. A. Miera and Esquipula Baca and Ignacio Gutierrez are hereby appointed and constituted county commissioners for the said County of Sandoval, and they shall qual ify as such county commissioners on or before the fifth day of April, A. D. 1903; and, after having so qualified, shall hold a meeting, not later than the tenth day of April, A. D. 1903, and appoint all other county officers for said County of Sandoval, who shall serve until their successors are elected at the next general election and qualified." Within thirty days after the said board of county commissioners of Sandoval county shall have duly qualified and organized, such board shall assemble at the county seat of said county and divide the said County of Sandoval into county commissioner districts. Sec. 3. The town of Sandoval, in said Sandoval county, shall be and hereby is designated as the county seat for the said County of Sandoval. Sec. 4. This act shall take effect and be in force from and after its passage, and all acts or parts of acts in conflict herewith are hereby repealed. CHAPTER 51 AN ACT GRANTING CERTAIN LAND IN THE CITY OF SANTAFE, TERRITORY OF NEW MEXICO, TO THE WOMAN'S BOARD OF TRADE AND LIBRARY ASSOCIATION OF SAID CITY, AS A SITE FOR A FREE PUBLIC LIBRARY BUILDING. A. C. B. No. 96; Approved March 12, 1903. Sec. 2. Sec 3. Tract of land to revert to territory unless library erected within four years or if not used for library purposes. Proviso. All property not conducted for financial gain exempt from taxation. Be it enacted by the Legislative Assembly of the Territory of New Mexico: Section 1. There is hereby granted to the Woman's Board of Trade and Library Association, a body corporate at the City of Santa Fe, Territory of New Mexico, for a site for a free public library building, that certain tract of land situate in the City of Santa Fe, Territory of New Mexico, bounded and described as follows: Beginning at a point on Washington avenue where the wall along the south side of the United States military reservation is contiguous to said Washington avenue, and running thence along the west side of said Washington avenue one hundred feet south to a point; thence running one hundred and fifty feet in a westerly direction parallel with said wall to a point; thence in a northerly direction parallel with said Washington avenue one hundred feet to the wall first mentioned on the south side of the United States military reservation; thence one hundred and fifty feet easterly along the south side of said wall to the point of beginning. Sec. 2. In the event that a free public library building shall not be erected on the said tract of land hereby granted within the period of four years from and after the passage of this act and in the event of the said tract of land and the building or buildings to be hereafter erected thereon ceasing at any time to be used wholly or in part for a free public library building, then the said tract of land shall revert to the Territory of New Mexico: Provided, that nothing in this act shall be so construed as to prevent the erection of such building of sufficient size and dimensions as to include other rooms, or apartments, besides those required for said free public library, which other rooms or apartments may be rented for other purposes than that of a free public library so as to obtain an income, which shall be used to pay off any incumbrance on such building and to support and maintain said free public library. Sec. 3. That all property of such library association and all other associations or corporations not conducted for financial gain, but for the education or social advancement of the members thereof, is hereby exempt from taxation. Sec. 4. All acts and parts of acts in conflict with this act are hereby repealed, and this act shall be in force and effect from and after its passage. CHAPTER 52. AN ACT RELATING TO TRUST COMPANIES. C. S. for C. B. No. 10; Approved March 12, 1903. Sec. CONTENTS. 1. Fifteen or more persons may incorporate. Contents of articles of agree. ment. Sec. 2. Articles of agreement. To be signed and filed in office of secretary. Certified copy to be filed with auditor and probate clerk. Sec. 3. Purposes for which corporations may be created. Sec. 4. Corporations may control safety vaults. Procedure in case rent of safe or box is not paid for two years. Sec. 5. Corporations may be appointed executor or administrator. May act as guardian, trustee, receiver, committee or act in any fiduciary capacity. Sec. 6. Corporation acting as fiduciary or surety to give bond by deposit with terri torial auditor of not less than fifty thousand dollars ($50,000.00). Proviso. Securities so deposited to be held by territorial treasurer. Dividends. How declared. Sec. 7. Sec. 8. Corporation not to make any loan or discount on the security of the shares of its capital stock. Limitation to indebtedness. Sec. 9. Capital stock. Amount to be subscribed and amount to be actually paid in. Affidavit to be filed. Corporations to advertise only their actually paid in capital. Penalty. Sec. 10. Reserve to be kept on hand. Auditor to investigate and take charge. Sec. 12. Auditor to investigate affairs of corporations at least twice a year. Special Sec. 13. Sec. 16. Misappropriation of funds or false entry in report of officers. Penalty. Corporation may be depository of territorial moneys. Limitation on amount. Sec. 18. Each stockholder entitled to one vote on each share of stock held. May vote by proxy. Sec. 19. Officers of board directors. Powers and privileges. Sec. 20. Sec. 21. Sec. 22. Articles of agreement. Corporation. May purchase or lease real estate. Sec. 23. Building and loan associations To furnish secretary of territory with satis- Sec. 24. Directors of building and loan association to be directors of new corpora- Sec. 25. Sec. 26. Sec. 27. New corporation may make loans on shares of stock outstanding at time of Dividends. How declared. Sec. 28. General incorporation law. How applicable. Be it enacted by the Legislative Assembly of the Territory of New Section 1. Any fifteen or more persons a majority of whom are residents of this territory, who shall have associated themselves by articles of agreement, in writing, as provided by this act, for any purposes included under this act, may be incorporated under any name or title designating such business. The articles of agreement shall set out: First, the corporate name of the proposed corporation, which shall not be the name of any other corporation heretofore incorporated in this territory for similar purposes, or an imitation of such name. Second, the name of the particular city or town and county in which the business of the corporation is to be carried on. Third, the amount of the capital stock of the corporation and the number of shares into which it is divided; the amount of capital stock actually subscribed in good faith at the time of filing such articles, which amount of capital stock actually subscribed shall not be less than two hundred and fifty thousand dollars ($250,000.00); and said articles shall further state that one hundred thousand dollars ($100,000.00) ་ of the capital stock so subscribed has been actually paid up in lawful money of the United States, and is in the custody of the persons named as the first board of directors or control. Fourth, the name and place of residence of the several shareholders and the number of shares subscribed by each. Fifth, the number of the board of directors or control, and the names of those elected; if more than five, the class to which each belongs, and the term of office of each class. Sixth, the number of years the corporation is to continue, which in no case shall exceed fifty years. Seventh, the purpose for which the corporation is formed. Sec. 2. The articles of agreement shall be signed and acknowledged by the parties thereto before the secretary of the territory or some officer competent to take acknowledg ment of deeds and filed in the office of the secretary of the territory. A copy of such articles of agreement, duly certified by the secretary of the territory, shall be filed in the office of the territorial auditor of public accounts and in the office of the probate clerk in the county in which the place of business of the corporation is to be located. Sec. 3 Corporations may be created under this act for any one or more of the following purposes: First, to receive money in trust, and to accumulate the same at such rate of interest as may be obtained or agreed upon, or to allow such interest thereon as may be agreed, not exceeding in either case the legal rate; to receive upon deposit for safe keeping money and personal property of every description; to guarantee special deposits, and to own and control a safety vault and to rent the boxes therein. Second, to accept and execute all such trusts and perform such duties of every description as may be committed or transferred to them by order, judgment or decree of any of the courts of record of this territory, or of any other territory, or of any state, or of the United States, or of any foreign state or government. Third, to take, accept and hold, by order, judgment or decree of any court of this territory, or of any other territory, or of any state, or of the United States, or of any foreign state or government, or by gift, grant, assignment, transfer, devise or bequest of any person or corporation any real or personal property in trust, and to execute and perform all such legal and lawful trusts in regard to the same, upon the terms, conditions, limitations and restrictions, which may be declared, imposed, established or agreed upon in and by such order, judgment, decree, gift, grant, assignment, transfer, devise or bequest, and to execute as principal or surety and to guarantee against loss any principal or surety upon any |