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every officer, trustee, director, agent or employee of such corporation who directly or indirectly engages in any of the acts herein prohibited or assists such corporation to do any such prohibited act or acts is guilty of a misdemeanor and upon conviction shall pay a fine of not less than two hundred dollars ($200) or more than five hundred dollars ($500).

§ 4. The fact that any such officer, trustee, agent or employee shall be a duly and regularly admitted attorney at law shall not be held to permit or allow any such corporation to do the acts prohibited herein, nor shall such fact constitute a defense upon the trial of any of the persons mentioned herein for a violation of the provisions of this Act.

§ 5. Nothing contained in this Act shall prohibit a corporation from employing an attorney or attorneys in and about its own immediate affairs or in any litigation to which it is or may be a party, or in any litigation in which any corporation may be interested by reason of the issuance of any policy or undertaking of insurance, guarantee or indemnity, nor shall it apply to associations organized for benevolent or charitable purposes or for assisting persons without means in the pursuit of any civil remedy or the presentation of a defense in courts of law, nor shall it apply to duly organized corporations lawfully engaged in the mercantile or collection business or to corporations organized not for pecuniary profit.

Nothing herein contained shall be construed to prevent a corporation from furnishing to any person, lawfully engaged in the practice of the law, such information or such clerical services in and about his professional work as, except for the provisions of this Act, may be lawful, provided that at all times the lawyer receiving such information or such services shall maintain full professional and direct responsibility to his clients for the information and services so received. But no corporation shall be permitted to render any services which can not lawfully be rendered by a person not admitted to practice law in this State nor to solicit directly or indirectly professional employment for a lawyer.

FILED June 28, 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-eighth day of June, A. D. 1917. LOUIS L. EMMERSON, Secretary of State.

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AN ACT to amend an Act entitled, “An Act concerning corporations,” approved April 18, 1872, in force July 1, 1872, as amended by subsequent Acts, by amending section 1 thereof, and by adding new sections thereto to be known as sections 1a, 1b, and 1c.

SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly: That section 1 of "An Act con

cerning corporations," approved April 18, 1872, in force July 1, 1872, and Acts amendatory thereof, be amended and that there be added thereto certain sections to be known and designated as sections 1a, 1b and 1c, and which amended section and added sections shall read as follows:

§ 1. That corporations may be formed in the manner provided by this Act for any lawful purpose except banking, insurance, real estate brokerage, the operation of railroads, and the business of loaning money: Provided, that horse and dummy railroads, and organizations for the purchase and sale of real estate for burial purposes only, and corporations for acquiring, owning, erecting, leasing or operating only one building and the site therefore of not more than 80,000 square feet of land, hereinafter called building corporations may be organized and operated under the provisions of this Act: And, be it further provided, where such building corporation is organized for such purpose, that specific and definite description of the site for such building shall be given at the time the charter for such corporation is applied for: And, provided, further, that unless said site at the time said charter is granted is improved with a building worth not less than one-half the actual cash value of said site at such time, such corporation shall within the five (5) years next thereafter erect upon such site a building which shall not cost less than one-half of the full cash value of said site at the time said charter is granted, and in the event of its failure to build such building within the said five (5) years, the said corporation shall forfeit its right. to erect a building and shall be required to dispose of said site within six (6) months after the expiration of said five (5) years and cease its corporate existence: And, provided, further, that it shall be unlawful. for two or more building corporations organized hereunder to consolidate or for the stock of any building corporation organized hereunder to be owned, taken or held, directly or indirectly, by any foreign or domestic corporation or by any holding corporation, foreign or domestic.

And, provided, further, that corporations formed for the purpose of constructing railroad bridges shall not be held to be railroad corporations.

And, provided further, that corporations may be formed under this Act for the purpose of carrying on the real estate agency business. The real estate agency business within the meaning of this Act shall consist of acting as agent for others in the purchase, sale, renting and management of real estate and leasehold interests, and acting as agent for others in the negotiation of loans on real estate and leasehold estates, provided. that no corporations shall be formed under this Act for the purpose of acquiring or owning real estate except as specifically provided by this Act.

And, provided, further, that corporations formed for the purpose of lending money on bonds or notes secured by mortgages or trust deeds on real estate or leaseholds or on the mortgage bonds of railroad companies, or of any public service corporations, or on any State, municipal or quasi-municipal bonds, or for the purpose of buying, selling, pledging, mortgaging or otherwise dealing in any of the above named securities, such corporations being hereinafter called mortgage loan corporations, may be organized and operated under the provisions of this Act: Pro

vided, further, that nothing in this Act contained shall be so construed as to confer banking powers or privileges upon any such corporation.

And, provided, further, that no such mortgage loan corporation shall purchase or otherwise acquire, or loan money upon, the stock of any other corporation, whether organized under the provisions of this Act, or the laws of some other state.

And, provided, further, that it shall be unlawful for two or more mortgage loan corporations organized hereunder to consolidate or for the stock of any mortgage loan corporation organized hereunder to be owned, taken, or held, directly or indirectly, by any foreign or domestic corporation, or by any holding corporation, foreign or domestic.

§ 1a. Such mortgage loan corporations shall file with the Auditor of Public Accounts, during the month of January of each year, a statement under oath, of the condition of such company on the 31st day of December next preceding, which statement shall show the assets and liabilities. of the company. The said report shall be in such form and shall contain such additional statements and information as to the affairs, business and conditions of the corporation, as said Auditor may from time to time prescribe or require.

§ 1b. The Auditor of Public Accounts shall have power and authority and it shall be his duty to visit and examine annually, any mortgage loan company doing business under this Act, and to compel a compliance with the provisions of law governing it as he may by law exercise in relation to trust companies.

§ 1c. Any violation of any of the provisions of this Act relating or pertaining to mortgage loan corporations shall subject the party violating the same to penalty of one thousand ($1,000.00) dollars for each offense.

FILED June 26, 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-sixth day of June, A. D. 1917.

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AN ACT to provide for the incorporation of associations for the purpose of owning certain classes of real estate and defining and limiting the powers of such corporations.

SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly: That any number of persons, not

less than ten (10), all of whom shall be citizens of the United States and residents of the county in which the principal office of the company to be incorporated is to be located, may form a corporation to own lands for the purpose of improvement by the company, by the erection of residences thereon, to be sold or leased by said company.

§ 2. No company organized under this Act shall own any property in any county except the one in which its principal office is located and any conveyance to or any contract by such company concerning any real estate in any other county shall be void.

§3. No company organized for the purpose of owning and improving lots therein shall hold any lot unimproved for a greater period than five years or any improved lot for a longer period than fifteen years and no lot shall be considered improved unless there is upon it a building or buildings of double the value of such a lot, nor shall any company organized under the provisions of this Act at any time own, possess or hold title to unimproved lots or lands in excess of forty acres.

§ 4. That in case any corporation organized under this Act and authorized by this Act to hold real estate shall hold any real estate contrary to the provisions of this Act, or for a greater period than provided by this Act, it shall be the duty of the State's attorney of the county in which said land is situated, to proceed by information in the name of the People of the State of Illinois against such corporation in the Circuit Court of the county in which such lands so held as aforesaid shall be situated and such court shall have jurisdiction to hear and determine such fact and to determine the value thereof and to order the sale of such land or real estate at such time and such place, subject to such rules as the court may establish. The court shall tax as the fees of the State's attorney such sum as shall be reasonable and the proceeds of such sale after deducting said fees and costs of proceeding shall be paid to such corporation.

§ 5. No person not a resident of the county in which the principal office is located shall hold stock in any company incorporated under this Act unless such stock is acquired by inheritance or bequest and no person not a resident of such county shall be a director or officer of any such corporation.

§ 6. Three or more of the ten or more persons authorized to form a corporation hereunder, persons desiring to form a corporation under this Act shall make a statement under their hands duly acknowledged before some officer in the manner provided for the acknowledgment of deeds, setting forth:

1st. The name of the proposed corporation.

2nd. The object for which it is formed.

3rd. Its capital stock.

4th. The number of shares.

5th. The location of its office.

6th. The duration of the corporation not exceeding 99 years. Which statement shall be filed in the office of the Secretary of State. If said statement complies with the provisions of this Act, the Secretary

of State shall issue to such persons a license as commissioners to open books of subscription to the capital stock of said company.

§ 7. As soon as may be after the capital stock is subscribed, and within six months from the date of such license, the commissioners shall convene a meeting of the subscribers for election of a board of directors, and such other business as may come before them, ten days' notice thereof shall be given by U. S. mail unless waived in writing, stating the time, place and object of such meeting, and at such meeting every subscriber shall have the right to to vote by ballot in person or by proxy for the number of shares subscribed by him for as many persons as are to be elected directors or to accumulate such shares and give to one candidates as many votes as the number of directors multiplied by the number of shares of stock shall equal or to distribute them on the same principle among as many candidates as he may choose and such directors shall not be elected in any other manner. The directors shall be elected until the first Tuesday in February following and on all subsequent elections, for one year and until their successors are elected and qualified. All subsequent elections shall be held at the annual meeting on the first Tuesday of February each year.

§ 8. A majority of the commissioners shall make a complete report under oath, giving:

The names and residences of and number of shares subscribed by each stockholder.

The names and residences of the directors elected.

The amount paid on capital stock by each subscriber, in cash. The amount paid on the capital stock by each subscriber in property, describing the property and the fair cash value thereof.

Which report shall be filed with the Secretary of State. If said report shows a compliance with this Act, the Secretary of State shall thereupon issue a certificate of complete organization of said corporation, making a part thereof a copy of all papers filed in his office in and about the organization of the corporation and authenticated by his hand and the seal of State and the same shall be recorded in the office of the recorder of deeds of the county where its office is located, within ninety days of its date. Upon such copy being filed, as aforesaid, the company shall be considered fully organized and may proceed to do business.

§ 9. Corporations formed under this Act shall sue and be sued; may have a corporate seal. They may borrow money and pledge and mortgage their property to secure payment thereof and have and exercise all the powers necessary to carry into effect the purposes for which they were formed; provided, however, that no company organized under this Act shall incur indebtedness in excess of the capital actually paid in, and in case such indebtedness shall at any time exceed the capital stock actually paid in, the officers and directors of such company shall be personally liable to the creditors whose obligations are incurred in excess of the paid up capital stock, for such excess and such officers and directors may be sued jointly or severally therefor by any such creditor.

§ 10. The corporate powers of the companies shall be exercised by a board of directors, the number to be not less than three as determined

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