under this Act must be commenced within one year after the commission of the Act complained of.

§ 22. Should the courts declare any section of this Act unconstitutional or unauthorized by law, or in conflict with any other provision of this Act, then such decision shall affect only the section or provision so declared unconstitutional, and shall not affect any other section or part of this Act.

§ 23. All Acts and parts of Acts, in so far as they conflict with this Act, are hereby repealed.

§ 24. This Act shall be in force and take effect on January 1st, A. D. 1918.

FILED June 29, 1917.

This bill having remained with the Governor ten days, Sundays excepted, the General Assembly being in session, it has thereby become a law. Witness my hand this twenty-ninth day of June, A. D. 1917. LOUIS L. EMMERSON, Secretary of State.

BUILDING AND LOAN ASSOCIATIONS.

1. Amends section 8, Act of 1879.

§ 8. As amended, provides for examination of title by directors, and written opinion thereof.

(HOUSE BILL No. 99. APPROVED JUNE 25, 1917.)

AN ACT to amend an Act entitled, "An Act to enable associations of persons to become a body corporate to raise funds to be loaned only among the members of such association," in force July 1, 1879, as subsequently amended, by amending section eight (8) thereof.

SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly: That an Act entitled, "An Act to enable associations of persons to become a body corporate to raise funds to be loaned only among the members of such association," in force July 1, 1879, as subsequently amended, be, and the same is hereby amended, by amending section eight (8) thereof, so that the said section when amended, shall read as follows:

§ 8. The board of directors shall hold such stated meetings not less frequently than once a month, as may be provided by the by-laws. At which meeting the money in the treasury shall be offered for loan in open meeting, and the shareholders who shall bid the highest premium for the preference or priority of loan, shall be entitled to receive a loan of one hundred dollars for each share of stock held by said shareholders; the said premium bid may be deducted from the loan in one amount, or may be paid in such proportionate amounts or installments, and at such times during the existence of the shares of stock borrowed upon, as may be designated by the by-laws, of the respective associations: Provided, that any such association may, by its by-laws, dispense with the offering of its money for bids in open meeting, and in lieu thereof loan its money at a rate of interest and premium fixed by its by-laws, and either with or without premium, deciding the preference or priority of the applications for loans of its shareholders: And, provided, that no loan shall be made by said association except to its own members, nor in any sum in excess of the amount of stock held by such members borrowing, but

such shareholders may borrow such fractional part of one hundred dollars as the laws may provide. Good and ample real estate security, unincumbered, except by prior loans of such association, shall be given. by the borrower to secure the payment of the loan: Provided, that the board of directors shall require an examination of title and written opinion thereof; and may, in its discretion, require that such real estate security shall be accompanied by an abstract of the title of the property in question or a guaranteed title thereof or a certificate under the Torrens system: Provided, however, that the stock of such associations may be received as security, to the amount of the withdrawal value of such stock: And, provided, that the board of directors may by a twothirds vote of all its members temporarily invest the funds of the association in the treasury in excess of the demands of the shareholders in other securities, but such investment shall not exceed twenty per centum of the assets of the association. Any mutual building, loan and homestead association, which may have heretofore been incorporated under the laws of the State of Illinois, may avail itself of all the power conferred by this Act.

APPROVED June 25, 1917.

CO-OPERATIVE ASSOCIATIONS-ACT OF 1915 AMENDED.

§ 1. Amends section 17, Act of 1915.

§ 17. As amended, provides joint stock corporations previously organized may avail themselves of the provisions of the Act.

(HOUSE BILL No. 16. APPROVED MAY 10, 1917.)

AN ACT to amend an Act entitled: "An Act to provide for the incorporation of co-operative associations for pecuniary profit," filed July 8, 1915, in force July 8, 1915, by amending section seventeen (17) thereof.

SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly: That an Act entitled: "An Act to provide for the incorporation of co-operative associations for pecuniary profit," filed July 8, 1915, in force July 8, 1915, be, and the same is hereby amended by amending section seventeen (17) thereof, so that the said section when amended shall read as follows:

§ 17. All co-operative corporations and joint stock corporations, companies, associations, voluntary unincorporated associations or partnerships heretofore organized under prior statutes, or who shall be doing business as co-operative institutions with the objects enumerated in this Act, shall have the benefit of the provisions of this Act and be bound thereby, on filing with the Secretary of State a written declaration, signed and sworn to by the president and secretary, to the effect, that it or they, have by a two-thirds vote of its shareholders or its members, decided to accept the benefits of this Act and be bound by the same. APPROVED May 10, 1917.

CO-OPERATIVE ASSOCIATIONS SUBSCRIPTIONS OF STOCK.

§ 1. Amends section 2, Act of 1915.

§ 2. As amended, adds paragraph prohibiting commissions being charged for selling stock.

(HOUSE BILL NO. 26. APPROVED JUNE 14, 1917.)

AN ACT to amend an Act entitled, “An Act to provide for the incorporation of co-operative associations for pecuniary profit," filed July 8, 1915, in force July 8, 1915, by amending section two (2) thereof.

SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly: That an Act entitled, "An Act to provide for the incorporation of co-operative associations for pecuniary profit," filed July 8, 1915, in force July 8, 1915, be and the same is. hereby amended, by amending section two (2) thereof, so that said. section two (2) when amended shall read as follows:

§ 2. No person shall be permitted to subscribe for more than five shares of the capital stock of such association, nor shall any person be permitted to own or control more than five shares of the capital stock of such association. The shares of stock shall not be less than five dollars nor more than one hundred dollars a share, and subscriptions thereto shall be made payable to the association at such time or times and in such manner as shall be determined by the directors. No stock shall be issued except at its par value and no stock shall be issued in amount to exceed five hundred dollars to any one shareholder, except as hereinafter provided for in section 12 of this Act.

No commission shall be directly or indirectly charged, secured, or collected for selling stock in such association, and any person, firm or corporation, charging, receiving or procuring, directly or indirectly, any such commission, shall be guilty of a misdemeanor, and upon conviction thereof, shall be fined not less than five ($5) dollars, nor more than one hundred ($100) dollars.

APPROVED June 14, 1917.

FEES.

§ 1. Amends section 1, Act of 1895.

§ 1. Fees.

(SENATE BILL No. 383. FILED JUNE 29, 1917.)

AN ACT to amend Section 1 of an Act entitled, "An Act regarding fees for the incorporation and the increase of capital stock of companies and corporations in this State," approved June 15, 1895, in force July 1, 1895, as subsequently amended.

SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly: That Section 1 of an Act entitled, "An Act regarding fees for the incorporation and the increase of capital stock of companies and corporations in this State," approved June 15, 1895, in force July 1, 1895, as subsequently amended, be and the same is hereby amended so as to read as follows:

§ 1. That all companies and corporations hereafter organized under the laws of the State of Illinois, before they shall be permitted to file any papers in the office of the Secretary of State, or make any ap

plication for the purpose of becoming incorporated, shall pay to him fees as follows: All companies having a capital stock of $2,500 and under shall pay the sum of $30; and all companies having a capital stock of over $2,500, and not over $5,000 shall pay the sum of $50; and all companies having a capital stock of over $5,000 shall pay in addition to the said sum of $50, the sum of $1 for each $1,000 of capital stock over $5,000. All corporations at present organized and doing business under the laws of this State, or that may be hereafter organized, shall pay a fee in addition to all other fees at present required by law, the sum of $1 for each $1,000 of increase of such capital stock: Provided that no company now incorporated, or which may be hereafter incorporated under the laws of this State, shall acquire a franchise by increase of capital stock over $2,500 and not over $5,000, for a less sum than $50, and over $5,000, in addition to the said sum of $50, the sum of $1 for each $1,000 increase of capital stock, and $1 for filing certificate of such increase: And provided, further, that this Act shall not apply to corporations incorporated under the law providing for the incorporation of homestead associations and building and loan associations, nor to religious corporations, nor corporations not for pecuniary profit: And provided, further, that any company or corporation, being a public utility as defined in section 10 of an Act entitled, "An Act to provide for the regulation of public utilities," approved June 30, 1913, in force January 1, 1914, shall file its papers in the office of the Secretary of State and shall pay to the Secretary of State, the fees herein provided upon such amount of stock as shall be authorized by the Public Utilities Commission, or any other commission which may by law be empowered to pass upon and authorize the issuance of stock before the issuance thereof in any amount by such corporation, and for each subsequent increase of stock authorized by such commission, such public utilities corporation shall pay to the Secretary of State, fees at the same rate before the issuance thereof in any amount; and provided, further, that said public upon the renewal or extension of the charter of any public utility, said public utility shall, before renewal or extension of its charter, pay to the Secretary of State, fees on its outstanding capital stock at the rate herein before provided.

FILED June 29, 1917.

This bill having remained with the Governor ten days, Sundays excepted, the General Assembly being in session, it has thereby become a law. Witness my hand this twenty-ninth day of June, A. D. 1917. LOUIS L. EMMERSON, Secretary of State.

AN ACT to amend an Act entitled, "An Act to regulate the admission of foreign corporations for profit to do business in the State of Illinois," approved May 18, 1905, in force July 1, 1905, as subsequently amended.

SECTION 1. Be it enacted by the People of the State of Illinois[,] represented in the General Assembly: That an Act entitled, "An Act to regulate the admission of foreign corporations for profit to do business in the State of Illinois," approved May 18, 1905, in force July 1, 1905, as subsequently amended, be and hereby is amended by adding thereto five additional sections to be numbered 5a, 5b, 5c, 5d and 5e, respectively which shall read as follows:

5a. Every foreign corporation heretofore or hereafter admitted to do business in the State of Illinois under the provisions of any statute, other than insurance companies, building and loan companies, and surety companies, in addition to its charter or articles of incorporation, shall keep on file in the office of the Secretary of State a duly authenticated copy of each and every instrument amending its charter, and every foreign corporation other than insurance companies, building and loan companies, and surety companies, heretofore or hereafter admitted to do business in this State under any foreign corporations statute that increases or which has increased the proportion or amount of its capital stock represented in the State of Illinois, shall file a statement showing such increase with the Secretary of State and pay the same fees as are paid by domestic corporations upon increases in capital stock.

5b. It shall be the duty of the Secretary of State to propound interrogatories from time to time to officers of such foreign corporations doing business in this State to ascertain the proportion of capital stock actually being represented by property located and business transacted in the State of Illinois, which proportion shall be determined by averaging the percentage of the total business of the corporation transacted in Illinois with the percentage of the total tangible property located in this State. If no tangible property is used in the business of the corporation, the proportion of capital stock represented shall be determined with reference only to the percentage of the total business of the corporation transacted in Illinois. In the event that the foreign corporation making application for license has capital stock of no par value, its shares for the purpose of fixing the license fee shall be considered to be of the par value of one hundred dollars ($100) per share.

5c. Whenever it shall appear from the statement filed by any such foreign corporation, or from answers to interrogatories propounded by the Secretary of State that the proportion of the capital stock of such foreign corporation represented in the State of Illinois is greater than