proportion of the value of said property, and of the funds then on hand, or subsequently to accrue, belonging to such district to which such property is charged.

§ 65. If the trustees shall fail to observe the provisions of sections 63 and 64, in reference to the distribution of funds and property, they shall be individually and jointly liable to the district interested, in an action on the case, to the full amount of the damages sustained by the district aggrieved. When trustees have heretofore failed to make the distribution of property to districts, as provided in said sections 63 and 64 of this article, the district interested in the making of such distribution may, by its directors, request the trustees, in writing, to proceed to make such distribution; and said trustees shall proceed to make such distribution in the manner prescribed, and shall be liable, as herein stated, for neglect or failure so to do.

§ 66. The clerk of any board of trustees who shall fail, neglect or refuse to perform the duties imposed upon him by this article of this act, or any of them, within the time and in the manner prescribed, shall, for each offense, forfeit not less than ten (10) dollars, nor more than twenty-five (25) dollars, of his pay as clerk of the board of trustees and township treasurer, which forfeiture shall be enforced by the trustees.

§ 67. If any school district shall, for two consecutive years, fail to maintain a public school, as required by law to do, it shall be the duty of the trustees of schools of the township, or townships, in which such district lies, to attach the territory of such district to one or more adjoining school districts; and in case said territory is added to two or more districts, to divide the property of said district between the districts to which its territory is added, in the manner herein before provided for the division of property in case a new district is organized from a part of another district, and the action of the trustees in such case shall be final and binding. And the clerk of the trustees in such case shall file a copy of the record of the same, together with the map and list of tax-payers with the county clerk as in other cases of change of district boundaries.

§ 68. The majority of legal voters of a district lying in two or more townships may secure the dissolution of said district by petitioning the several boards of trustees of said townships, at their regular meeting in April, that each will add the territory belonging to said district, in its township, to one or more adjacent districts. Upon receipt of such petition or the returns of the election (in districts containing one thousand or more inhabitants) the several boards of trustees shall each make such disposition of the territory of said district as lies in its township, and they shall jointly make such division of property of said district between the districts to which its territory is attached, as is herein before provided in the case of the organization of a new district from a part of another district. The action of the trustees, in accordance with such petition or election, shall be final and binding: and the clerks of the several boards of

trustees, in such case, shall file a copy of the record of the same, together with the map and lists of tax-payers, with the county clerk as in other cases of change of district boundaries.

§ 69. The trustees of schools, elected as provided for in this article, shall be the successors to the trustees of school lands, appointed by the county commissioners' court, and of trustees of schools elected in townships under the provisions of "An act making provisions for organizing and maintaining common schools," approved February 26, 1841, and "An act to establish and maintain common schools," approved March 1, 1847, and "An act to establish and maintain a system of free schools," approved April 1, 1872. All rights of property, and rights and causes of action, existing or vested in the trustees of school lands, or the trustees of schools appointed or elected as aforesaid, for the use of the inhabitants of the township, or any part of them, shall vest in the trustees of schools, as successors, in as full and complete a manner as was vested in the trustees of school lands, or the trustees of schools appointed or elected, as aforesaid.

SECTION 1. The township treasurer appointed by the board of trustees of schools shall, before entering upon his duties, execute a bond with two or more freeholders, who shall not be members of the board, as securities, payable to the board of trustees of the township for which he is appointed treasurer, with a sufficient penalty to cover all liabilities which may be incurred, conditioned faithfully to perform all the duties of township treasurer in township No range No.... county, according to law; which bond shall be approved by at least a majority of the board, and shall be delivered by one of the trustees to the county superintendent of the proper county. And in all cases where such treasurer aforesaid is to have the custody of all bonds, mortgages, moneys and effects

.., in

denominated principal, and belonging to the township for which he is appointed treasurer, the penalty of said treasurer's bond shall be twice the amount of all bonds, notes, mortgages, moneys and effects; and shall provide for the faithful accounting for, and turning over, of all such bonds, notes, mortgages, moneys and effects as shall come into his hands while he may act as such treasurer, under such appointment, to his successor, when appointed and qualified, as herein provided, by giving bond. The penalty of said bond shall be increased from time to time, as the increase of the amount of notes, bonds, mortgages and effects may require, and whenever, in the judgment of the trustees or county superintendent, the security is insufficient. Any and every township treasurer appointed subsequent to the first, as herein provided, shall execute bond with security, as is required of the first treasurer.

The bond required in this section shall be in the following form, viz:

Know all men by these presents, that we, A. B., C. D., and E. F., are held and firmly bound, jointly and severally, unto the board of trustees of township..... ., range........, in said county, in the penal sum of

dollars, for the payment of which we bind ourselves, our heirs, executors, and administrators firmly by these presents.

In witness whereof we have hereunto set our hands and seals this.. day of .., A. D. 18.... The condition of the above obligation is such that if the above bounden A. B., township treasurer of township...

range in the county aforesaid, shall faithfully discharge the duties of said office, according to the laws which now are or may hereafter be in force, and shall deliver to his successor in office, after such successor shall have fully qualified by giving bond as provided by law, all moneys, books, papers, securities and property which shall come into his hands or control, as such township treasurer, from the date of this bond up to the time that his successor shall have duly qualified as township treasurer, by giving such bond as shall be required by law, then this obligation to be void; otherwise to remain in full force and virtue.

§ 2. Every township treasurer shall provide himself with two well bound books, the one to be called a cash book, the other a loan book. He shall charge himself in the cash book with all moneys received, stating the charge, when, from whom, and on what account received, and credit himself with all moneys paid or loaned, stating the amount loaned, the date of the loan, the rate of interest, the time when payable, the name of the securities; or, if real estate to be taken, a description of it.

He shall also enter, in separate accounts, moneys received and moneys paid out, charging the first to debit account, and crediting the latter as follows, to- wit:

First-The principal of the township fund, when paid in and when paid out.

Second-The interest of the township fund, when received and when paid out.

Third-The common school fund and other funds, when received from the county superintendent and when paid out.

Fourth-The taxes received from the county or town collector, for what district received, and when and what purpose paid out.

Fifth-Donations received.

Sixth-Moneys coming from all other sources; and in all cases entering the date when received, and when paid out. And he shall also arrange and keep his books and accounts in such other manner as may be directed by the State or county superintendent or the board of trustees. He shall also provide a book, to be called a journal, in which he shall record, fully and at length, the acts and proceedings of the board, their orders, by-laws and resolutions. And he shall also provide a book, to be called a record, in which he shall enter a brief description of all notes or bonds belonging to the township, and upon the opposite page he shall note down when paid, or any remarks to show where or in what condition it is, as in the following form, viz.:

All the books and accounts of the treasurer shall at all times be subject to inspection of the trustees, directors or other persons authorized by this act, or by any committee appointed by the voters of the township, at the annual election of trustees, to examine the

same.

§ 3. Township treasurers shall loan, upon the following conditions, all moneys which shall come into their hands by virtue of their office, except such as may be subject to distribution. The rate of interest shall not be less than five per cent. nor more than seven per cent. per annum, payable annually, the rate of interest to be determined by a majority of the township trustees at any regular or special meeting of their board. No loan shall be made for less than six months, nor more than five years. For all sums not exceeding two hundred dollars loaned for not more than one year, two responsible sureties shall be given; for all sums over two hundred dollars, and for all loans for more than one year, security shall be given by mortgage on real estate unincumbered, in value forty per cent. more than the amount loaned, with a condition that in case additional security shall be at any time required, the same shall be given to the satisfaction of the board of trustees for the time being: Provided, that nothing herein shall prevent the loaning of township funds to boards

of school directors, taking bonds therefor, as provided in section 1, article IX, of this act. [As amended by an act approved April 24, 1899]

§ 4. Notes, bonds, mortgages and other securities taken for money or other property due, or to become due, to the board of trustees for the township, shall be payable to the said board by their corporate name; and in such name, suits, actions and complaints, and every description of legal proceedings may be had for the recovery of money, the breach of contracts and for every legal liability which may at any time arise or exist, or upon which a right of action shall accrue to the use of such corporation. Provided, however, that notes, bonds, mortgages and other securities in which the name of the county superintendent, or the trustees of schools are inserted, shall be valid to all intents and purposes, and suit shall be brought in the name of the board of trustees as aforesaid. The wife of the mortgagor (if he is married) shall join in the mortgage given to secure the payment of money loaned by virtue of the provisions of this act.

§ 5. Whenever there is a surplus of funds in the treasurer's hands belonging to any school district, the treasurer may loan the same for the use and benefit of such district, upon the written request of the directors of said district and not otherwise; and all such loans shall be on the same conditions as are prescribed in this article for the loaning of township funds.

§ 6. The township treasurer shall, on or before the 30th day of June, annually, prepare and deliver to the county superintendent of his county, a statement, verified by his affidavit, showing the exact condition of the township funds. Said statement shall contain a description of the securities, bonds, mortgages and notes belonging to the township, giving names of securities, dates, amounts of loans, rate of interest, when due, and all data by which a full understanding of the condition of the funds may be obtained. The county superintendent shall preserve such statement for the use of the township.

§ 7. Mortgages to secure the payment of money loaned under the provisions of this act, may be in the following form, viz:

range.

..and State of..

I, A. B., of the county of. ...do hereby grant, convey and transfer to the trustees of schools of township. ...in the county of.. ....and State of Illinois, for the use of the inhabitants of said township, the following described real estate, to wit: (Here insert premises), which real estate declare to be in mortgage for the payment of.. dollars loaned to me and for the payment of all interest that may accrue thereon to be computed at the rate of.... ..per cent per annum until paid. And 1 do hereby covenant to pay the said sum of money in..... years from the date hereof, and to pay the interest on the same annually, at the rate aforesaid. I further covenant that I have a good and valid title to said estate, and that the same is free from all incumbrance, and that I will pay all taxes and assessments which may be levied on said estate, and that I will give any additional security that may at any time be required in writing by said board of trustees; and if said estate be sold to pay said debt, or any part thereof, or for any failure or refusal to comply with or perform the conditions or covenants herein contained, I will deliver immediate possession of the premises.