Same. or convey real estate in any other case or for any other purpose; and all real estate described in subdivision three of this section, must be sold by the corporation within five years after the title thereto is vested in it by purchase or otherwise. Fifth-No corporation must purchase, own, or sell personal property, except such as may be requisite for its immediate accommodation for the convenient transaction of its business, mortgages on real estate, bonds, securities, or evidences of indebtedness, public or private, gold and silver bullion, and United States Mint certificates of ascertained value, and evidences. of debt issued by the United States. Sixth-No corporation must purchase, hold, or convey bonds, securities, or evidences of indebtedness, public or private, except bonds of the United States, of the State of California, and of the counties, cities, or cities and counties, or towns of the State of California, unless such corporation has a capital stock or reserved fund paid in, of not less than three hundred thousand dollars. SEC. 2. This Act shall take effect and be in force from and after its passage. [Chap. 318.] AN ACT TO ADD SECTION ELEVEN HUNDRED AND [Approved March 11th, 1874.] The People of the State of California, represented in SECTION 1. There is hereby added to the Civil Code a new section, to be placed after section eleven hundred and sixty-four, to be numbered eleven hundred and sixty-five, which shall read as follows: fees. Section Eleven Hundred and Sixty-five. The Re- Recorder's corder must, in all cases, indorse the amount of his fee for recordation on the instrument recorded. [Chap. 244.] AN ACT TO AMEND SECTION TWELVE HUNDRED AND [Approved January 29th, 1874.] The People of the State of California, represented in SECTION 1. Section twelve hundred and seventyfive of the Civil Code is hereby amended to read as follows: Section Twelve Hundred and Seventy-five. A testamentary disposition may be made to any person capable by law of taking the property so disposed of, except corporations other than those formed for scientific, literary, or solely educational purposes, cannot take under a will, unless expressly authorized by statute. SEC. 2. This Act shall take effect and be in force from and after its passage. [Chap. 43.] Who may take by will. AN ACT TO AMEND THE CIVIL CODE BY ADDING A [Approved March 18th, 1874.] The People of the State of California, represented in SECTION 1. The following is added as a new section to said Code, and must be inserted in said Code after Charitable, etc., bequests. section thirteen hundred and twelve, and designated thirteen hundred and thirteen: Section Thirteen Hundred and Thirteen. No estate, real or personal, shall be bequeathed or devised to any charitable or benevolent society or corporation, or to any person or persons in trust for charitable uses, except the same be done by will duly executed at least thirty days before the decease of the testator; and if so made, at least thirty days prior to such death such devise or legacy and each of them shall be valid; provided, that no such devises or bequests shall collectively exceed one third of the estate of the testator, leaving legal heirs, and in such case a pro rata deduction from such devises or bequests shall be made so as to reduce the aggregate thereof to one third of such estate; and all dispositions of property made contrary hereto shall be void, and go to the residuary legatee or devisee, next of kin, or heirs, according to law. SEC. 2. This Act shall take effect on and after its passage. [Chap. 304.] |