company accruing to the shareholder; Provided that any such company or association not accepting deposits shall be assessed and shall pay taxes only upon thirty-three and one-third per cent of the par value of the outstanding capital stock.

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

Approved March 3, 1923.

CHAPTER 94.

Senate File No. 87.

CONSTRUCTION OF DRAINAGE WORKS BY UNITED STATES

UNDER CONTRACT WITH DRAINAGE DISTRICTS.

AN ACT providing for construction of drainage works by the United States under contract with Drainage Districts, issuing of bonds and appointment of Commissioners.

Be It Enacted by the Legislature of the State of Wyoming:

Power of District to Enter into Contract with United States.

Section 1. Any drainage district organized under the provisions of Chapter 76, Wyoming Compiled Statutes, 1920, and all acts amendatory thereof or supplementary thereto, through its commissioners, shall have power to enter into contracts with the United States for the construction, operation and maintenance of any drainage or other works authorized to be done under the provisions of said statutes and authorized under any act of Congress heretofore or hereafter enacted, providing for or permitting such a contract on the part of the United States, after said contract has been first submitted to the qualified electors of said district at an election held for that purpose, and at which a majority of the qualified electors present and voting has voted in favor of making such a contract.

Bonds

Section 2. The commissioners may secure the indebtedness incurred by the district in such a contract as provided for in Section 1 of this act, by issuing bonds of the district in such form, terms and denominations as may be fixed by the Secretary of the Interior in carrying out the provisions of any act of Congress heretofore or hereafter enacted providing for or permitting such a contract on the part of the United States and the acceptance and deposit or sale of bonds of the district by the United States; said bonds may be delivered to the United States and held by it or, when deemed desirable or when the appraised value of the land in the district is double the bonded indebtedness, sold by the United States, and the net proceeds received from the sale of said bonds applied to the liquidation of the contract indebtedness of the district to the United States.

Appointment of Commissioners by Secretary of the Interior.

Section 3. When a majority of the lands within the district are unentered public lands, a majority of the commissioners of the district, who shall be residents of the State, may be appointed by the Secretary of the Interior, and shall be subject to removal from office by him and any vacancy so created may be filled by further appointment by the Secretary of the

Interior. Commissioners thus appointed by the Secretary of the Interior shall hold office until such time that the unentered public lands within the district constitute a minority of the total area, after which they shall be appointed or elected as otherwise provided by Chapter 76, Wyoming Compiled Statutes, 1920, and all acts amendatory thereof or supplementary thereto; if a majority of the commissioners of the district are so appointed by the Secretary of the Interior, then the remaining commissioners shall be appointed or elected at large within the entire drainage district for terms of two years each, which terms however shall be limited to and expire on the first Tuesday in July next following the date when the unentered public lands within the district constitute less than a majority of the total acreage within the district, after which the commissioners shall be appointed or elected in the same manner and for the same terms as provided for in the case of first appointment or election of commissioners under the said statutes.

Power of District.

Section 4. Except as otherwise provided in this Act, Drainage Districts organized under the provisions of Chapter 76, Wyoming Compiled Statutes, 1920, and contracting with the United States under authority of this Act, shall be organized, administered and have the same powers, duties and obligations as provided for in said Chapter 76, Wyoming Compiled Statutes, 1920, and all acts amendatory thereof or supplementary thereto. Section 5. This Act shall take effect and be in force from and after its passage.

Approved March 3, 1923.

CHAPTER 95.

Senate File No. 45.

PERMANENT PLAN BUILDING AND LOAN ASSOCIATIONS.

AN ACT providing for and concerning the formation, regulation and conduct of permanent plan domestic building and loan associations.

Be It Enacted by the Legislature of the State of Wyoming:

Organization.

Section 1. Permanent plan building and loan associations, organized for the purpose of raising funds by collection of dues or stated payments from its members to be loaned among its members, may be incorporated under the provisions of Section 5037 of Chapter 323, Wyoming Compiled Statutes, 1920, concerning private corporations, and all the rights, privileges and powers, and all the duties and obligations of such associations and the officers and stockholders thereof shall be as provided in said Chapter 323, Wyoming Compiled Statutes, 1920, to the extent that such provisions are applicable to such associations, except as provided in this act.

Capital Stock-Certificate of Stock-Classes of Stock-Withdrawals.

Section 2. The capital stock named in the articles of incorporation of any such associations shall be deemed to refer to the authorized capital thereof. At least five per cent of the authorized capital shall be subscribed before any such association shall commence to do business. The par value of each share shall not exceed the sum of two hundred dollars, and shall be paid in by the stockholders in regular, equal and periodical payments, at

such times and in such amounts as shall be specified in the by-laws, or by the payment of a gross sum in advance in cash as prepaid or paid up stock. Stock known as fully paid or paid up stock may be issued bearing a fixed rate of interest or dividend, to be determined by the Board of Directors from time to time, and shall be redeemable at the option of the association after one year upon such notice as is provided in the by-laws, and withdrawable upon such terms as may be provided in the by-laws. Stock known as permanent reserve fund stock may be issued upon the majority vote of the Board of Directors, and such form of certificate or evidence of ownership of the same may be issued as the Board of Directors may determine, provided, that the amount of such stock shall be specified in the by-laws and pass books of the association. Such stock shall guarantee to all other classes of stock in such association such a rate of interest or dividend as may be determined by the Board of Directors, and also the expenses of the association, and shall be entitled to such dividends as provided by the by-laws, or as the Board of Directors may determine. Such permanent reserve fund stock shall not be subject to withdrawal and shall not be redeemable until all the claims of the holders of all other classes of stock in the association and the claims of all creditors shall have been first fully paid and satisfied.

Powers.

Section 3. Any such association shall have the powers provided for in the general laws of this state relating to the creation and regulation of private corporations and in addition thereto shall have power, subject to the terms and conditions contained in the articles of incorporation and bylaws, to issue stock to its members, to assess and collect from its members reasonable membership fees, withdrawal fees, dues, premiums and fines; to permit its members to withdraw any or all of their stock deposits upon equitable terms; to hold and convey such real and personal property as shall be necessary for its accommodation and the transaction of its business, such as shall be mortgaged in good faith by way of security for debts duly contracted, such as shall be conveyed to it in satisfaction of debts previously contracted in the course of its dealings, such as it shall purchase at sales under judgments, decrees, or mortgages held by it, or shall purchase to secure debts due to it; to make loans to its members upon ample real estate or personal property security, unincumbered except by prior loans from the association, or upon the stock of such associations to the extent of its withdrawal value; to make annual or semi-annual distributions of its earnings, and to do all other things that may be necessary to effect its purposes and conduct its authorized business.

By-Laws.

Section 4. The Board of Directors of such associations shall have power to make By-laws for the management of such associations, which shall specify: The terms and plans of becoming and continuing a member, and of withdrawal; the plan of making loans, distributing profits, equalizing losses, providing for payment of expenses, and of providing a fund with which to pay losses, and such other rules as may be deemed proper for the conduct of the business of such associations, not inconsistent with the laws of this state.

Bonds of Officers.

Section 5. The secretary and such other officers and employees as the By-laws or the Board of Directors, by resolution, may require, before entering upon their duties, shall give good and sufficient bonds for the faithful performance of the same, and for the safe keeping and proper application of all money or property coming into their hands, and the same shall be approved

by the Board of Directors. All such bonds shall be increased or additional sureties required by the Board of Directors when the same becomes necessary to protect the interests of the association or its members, but no director shall be accepted as a surety on such bonds and the directors shall be individually liable for loss to the association or members caused by their failure to comply with the provisions of this section.

Payments Withdrawals.

Section 6. A borrower may repay a loan at any time upon duly complying with the provisions of the charter and by-laws in relation to the payment of loans; and any stockholder wishing to withdraw from the association shall have power to do so after thirty-six monthly payments have been made, by giving thirty days' notice of his intention to withdraw, when he shall be entitled to receive the amount paid in by him and such interest thereon, or such proportion of the profits thereon, less all fines and other charges, as the by-laws may determine; provided, that at no time shall more than one-half of the funds in the treasury of the association be applicable to the demands of withdrawing stockholders without the consent of the Board of Directors, and that no stockholder shall be entitled to withdraw whose stock is held by the association for security. Upon the death of a stockholder, his legal representative shall be entitled to receive the full amount paid in by him on all shares not borrowed upon or pledged to the association as collateral security, and legal interest thereon, after deducting all charges that may be due on the stock; but no fines shall be charged to a deceased member's account from and after his decease, unless the legal representative of such decedent assume the future payment of the dues.

Loans.

Section 7. Loans shall be made to members only, and shall be evidenced by a promissory note, secured by mortgage or trust deed on real estate or personal property. The rate of interest, premium and the conditions upon which loans are made, shall be fixed from time to time by resolution of the Board of Directors. The Board of Directors may determine the terms and conditions under which loans may be repaid before maturity. Loans may be made upon stock of the association after one year, not to exceed ninety per cent of the withdrawal value of such stock without other security. The Board of Directors may negotiate any of the securities of the association for the purpose of raising money to be loaned to the members. Loans will be awarded in an equitable way for the benefit of all stockholders.

Permanent Plan.

Section 8. Associations organized under the provisions of this act shall be entitled to take advantage of the provisions of Chapter 331, Wyoming Compiled Statutes, 1920, relating to Building and Loan Associations, Serial Plan, to the extent that such provisions are applicable to Permanent Plan Building and Loan Associations.

Examination Fee - Suspension of Charter.

Section 9. All associations organized under the provisions of this act shall be examined annually by the State Examiner of the State of Wyoming, or his assistants and shall pay into the Treasury of the State of Wyoming an annual fee of twenty-five dollars to cover the cost of such examination. The State Examiner shall report the condition of such association to the Governor with his recommendations and if the said association is found to be in an unsafe condition, its charter may be suspended until the matters complained of by the State Examiner have been remedied.

Saving Clause.

Section 10. Any association heretofore incorporated under the laws of the State of Wyoming whose articles of incorporation are in substantial compliance with this act shall be entitled to the benefits and subject to the provisions thereof without re-incorporation, or may amend its articles to conform with the provisions of this act.

Section 11. This act shall take effect and be in force from and after its passage.

Approved March 3, 1923.

CHAPTER 96.

Senate File No. 3.

RELIEF FOR HOLDERS OF CONTRACTS FOR PURCHASE OF STATE LANDS. AN ACT for the relief of holders of contracts for the purchase of State and School Lands. Be It Enacted by the Legislature of the State of Wyoming:

Definition.

Section 1. Unless the context shows that another sense was intended, the word "person" in this act includes a co-partnership and a corporation, plural as well as singular, feminine gender as well as masculine; also the word "assignor" shall include not only immediate but remote assignors, and any and all mesne assignors.

Purchase of Portion of Land Contracted For.

Section 2. Any person who contracted for the purchase of State or School lands prior to January 1, 1923, or who was prior to said date assignee in good faith of any such contract or contracts, where no arrears existed in relation to said contract in payment or payments of principal or interest on January 1, 1919, shall have the right to apply the aggregate of all payments of principal made to the State by himself or by his assignors, to the purchase of any sub-division of the land described in said contract or contracts, or any of them that he may designate, subject to appraisal and approval by the State Land Board, and subject to the determination by the said Board of the question whether or not the designated lands can be sold separate and apart from the other lands in said contract or contracts without detriment to the State. A reasonable rental value shall be charged during the time of possession, and the holder of said contract shall have the right to set off against such rental value, but not against any part of the principal or of the purchase price, the aggregate of all interest payments made on such contract by the said holder and his assignors during the time for which said rental value is computed.

Notice of Commissioner of Public Lands.

Section 3. Any person who shall desire to take advantage of the provisions of this act shall on or before July 1, 1923, notify the Commissioner of Public Lands, in writing, of his desire so to do, in which notice he shall specify and describe the contract or several contracts held by him, together with the land or lands described in each of the same, and shall also designate that portion of the land on the price of which he elects to have applied the aggregate amount of all payments of principal made by him and his assignors on said contract or contracts.