to such person, agent, firm or corporation shall be revoked, and the same shall be null and void.

Section 7.

All acts and parts of acts inconsistent with the pro

visions of this Act are hereby repealed.

Approved March 6th 1899.

HOUSE BILL NO. 52.

An Act entitled an Act to Amend Section IV of an Act entitled an Act, to provide for the organization, regulation and inspection of Buildings and Loan Associations, and to repeal Sections 770, 771, 772, 773, 774, 775, 776, 777, 778, 779, 780, 781, 782, 783, 784, 785, 786, 787, 788, 789, 790, 800, 801, 802, 803, 804, 805, 806, 807, 808, 809, 810, 811, 812, 813, 814, 815, 816, 817, 818, 819, 820, 821, 822, 823, 824, 825, 826, 827, 828, 829, 830, 831, 832, 833, 834, 835, 836, 837, 838, 839, 840, 841, 842, 843, 844, and 845 of the Civil Code of Montana, approved March 7th, 1897.

Be it enacted by the Legislative Assembly of the State of Montana:

Section I. That Section 4 of an Act entitled an to provide for the organization, regulation and inspection of Building and Loan Associations, and to repeal Sections 770 to 790 inclusive, and Sections 800 to 845 inclusive, of the Civil Code of Montana, approved March 4th, 1897, shall be amended to read as follows:

Section 4. Such corporation shall have power to issue stock to niembers on such terms and conditions as the Constitution and ByLaws may provide. To assess and collect from members and depositors such dues, fines, interest and premium on loans made, or other assessments as may be provided for in the Constitution and By-Laws. Such dues, fines, premiums or other assessments shall not be deemed usury although in excess of the legal rate of interest. To permit members to withdraw all or part of their stock deposits at such time and upon such terms as the Constitution and By-Laws may provide; Provided, that no charge or fee shall be made against any member who withdraws his stock after having given thirty days' notice of such withdrawal. Provided also, that no fine of any description shall be made upon the par value of such stock, or upon the declared dividends, because of such withdrawal. Any member who withdraws his stock.

or whose stock is matured, shall be entitled to receive all dues paid in and all dividends declared, less fines imposed for non-payment of dues and less a pro rata share of all losses, if any have occurred, and no other fine or assessment shall be made against such stock, provided, that any member who withdraws, within sixty days, shall be entitled to receive the full amount paid in, less ten per cent, and any sum which he may have received from the company. To cancel shares of stock upon which all payments have been withdrawn, or upon which loans have been cancelled and re-issue them as new stock. To issue stock to minors and permit the same to be withdrawn as other stock and the receipt of such minor shall be a valid acquittance if his rights have been fully secured to him. To acquire, hold, incumber and convey such real estate and personal property as may be necessary for the transactions of its business or necessary to enforce or protect its securities. To borrow money not exceeding twenty per cent of its assets and issue its evidence of indebtedness therefor. To make loans to members and depositors on such terms, conditions and securities as may be provided in the Constitution and By-Laws. To cancel such loans and release the securities on such terms as the board of directors may provide. But any may have his loan cancelled upon the following terms to-wit: After the premium for one year has been paid, and also the premium and interest up to the date or cancellation, the borrower shall pay the sum actually borrowed, less the dues paid and the dividends credited. He shall pay also any fines or other assessments required by the Constitution and By-Laws. To invest the money of the association in city, county or State warrants and bonds. loan money to other Building and Loan Associations. To accumulate from the earnings and invest as the Board of Directors may determine a reserve fund for the payment of contingent losses. To make such annual or semi-annual distribution of the earnings (after paying expenses and setting aside a sum for the reserve fund as hereinafter provided), as the Constitution and By-Laws may prescribe. To increase or decrease its authorized capital or the face value of its shares at any time by a majority vote of its directors, and a certificate of such action shall be made by the president and secretary and duly filed with the Secretary of State. To dissolve the corporation when its continuance shall be deemed by a majority vote of its members to be no longer desirable, subject, however to the vested rights of its members. To provide by constitution adopted by its members, and by-laws

Το

adopted by its Board of Directors, for the proper exercise of the powers herein granted and the conduct and management of its affairs. All such other powers as are necessary and proper to enable such corporation to carry out the purpose of its organization. •

Section 2. All Acts and parts of Acts in conflict with this Act are hereby repealed.

Section 3. This Act shall take effect and be in force from and after its passage.

Approved Mar 3rd 1899

SENATE BILL NO. 61.

An Act authorizing and directing the Governor of the State of Montana to correct, and cause to be corrected, any and all errors, mistakes and misdescriptions, in any deeds or conveyances of any and all property conveyed to the State of Montana, for the use and benefit of any public institution belonging to the State; and also authorizing and directing the Governor to make any and all necessary conveyances in the name of the State, which may be found necessary to carry into effect the provisions hereof.

Be it enacted by the Legislative Assembly of the State of Montana:

Section I. That the Governor of the State of Montana is hereby authorized, empowered and directed to correct, and cause to be corrected, any and all errors, mistakes and misdescriptions, in any and all deeds, and conveyances of property to the State of Montana, for the use and benefit of the public institutions of the State. And in order to carry into effect the provisions hereof, the Governor as aforesaid, is hereby authorized, directed and empowered to make any and all necessary and proper deeds or conveyances for and on behalf of and in the name of the State of Montana, which may be by him found necessary in order to correct any errors, mistakes and misdescriptions above referred to.

Section 2. This Act shall take effect and be in force from and after its passage and approval.

Approved Feb 28 1899

SENATE BILL NO. 36.

An Act to Amend Section 3996, Title XV, Chapter I, article I, of the Civil Code of the State of Montana, relating to negotiable instru

ments.

Be it enacted by the Legislative Assembly of the State of Montana : Section I. That Section 3996, Title XV, Chapter I, Article I, of the Civil Code of the State of Montana, be amended so as to read as follows:

Section 3996. A negotiable instrument may contain a pledge of collateral security, with the authority to dispose thereof, also a provision for reasonable attorney fee or both.

Section 2. All acts and parts of Acts inconsistent herewith are hereby repealed.

Approved March 3rd 1899.

SENATE BILL NO. 91.

An Act To Provide for The Filing of Contracts, Notes And Instruments For The Sale Of Personal Property Where Title Is To Remain In The Vendor Until Purchase Price Is Paid.

Be it enacted by the Legislative Assembly of the State of Montana: Section I. All contracts, notes and instruments for the transfer or sale of personal property where the title is stipulated to remain in the vendor until the payment of the purchase price, or some part thereof, shall be in writing and the original or a true copy thereof certified by the County Clerk and Recorder shall be filed with the county clerk and recorder of the county wherein the property is situate, otherwise any such contract, note or instrument is void as to a purchaser or mortgagee of such property prior to such filing.

Section 2. The County Clerk and Recorder shall keep an index record of all such contracts, notes or instruments, filed in his office and shall note the payment and satisfaction thereof upon the request of the vendor, or his duly authorized agent or attorney. A fee of fifty (50) cents shall be paid for every such instrument filed.

Section 3. Upon receipt of the purchase price the vendor shall cause the clerk and recorder to enter satisfaction and discharge the

obligations of such contract, note or instrument, and a failure for thirty (30) days to cause such satisfaction to be made shall render the vendor liable for any actual damage sustained by any person by reason thereof.

Section 4. This Act shall be in full force and effect from and after its passage and approval.

Approved March 3rd 1899.

SENATE SUBSTITUTE FOR HOUSE BILL NO. 20.

An Act to Amend Sections 2585 and 2588, Chapter III, Title IV, Part IV, Division III, of the Civil Code of the State of Montana, relating to the legal rate of interest.

Be it enacted by the Legislative Assembly of the State of Montana : Section I. That Sections 2585 and 2588, Chapter III, Title IV, Part IV, Division III, of the Civil Code of the State of Montana be amended to read and shall be numbered as follows:

Section 2585. Unless there is an express contract in writing fixing a different rate, interest is payable on all moneys at the rate of eight per cent (8%) per annum, after they become due on any instrument of writing, except a judgment, on an account stated, and on moneys lent or due on any settlement of accounts from the date on which the balance is ascertained, and on moneys received to the use of another and detained from him, In the computation of interest for a period of less than one (1) year, three hundred and sixty-five (365) days are deemed to constitute a year.

Section 2588. Interest is payable on judgments recovered in the Courts of this State, at the rate of eight per cent (8%) per annum, and no greater rate, but such interest must not be compounded in any maner or form.

Section 2. All acts and parts of Acts in conflict herewith are hereby repealed.

Section 3. This Act shall take effect and be in full force from and after its approval.

Approved Feby. 28th, 1899.