[Senate File No. 20.] CHAPTER 16. AN ACT to enable associations of persons to become bodies corporate Be it enacted by the Legislature of the State of Corporations to estate, etc. SECTION 1. That any number of persons, not hold real exceeding twenty may associate themselves together and become a corporation as provided in chapter sixteen (16) of the Compiled Statutes of Nebraska for 1887, commencing at section one hundred and twenty-three (123) of said chapter, entitled "Corporations," for the purpose of acquiring and holding real estate, issuing and negotiating bonds thereon, and borrowing money for the use of the members of said corporation; Provided, That no person shall become a member of said corporation unless such person shall be the owner in his own right in fee simple of at least forty (40) acres of land situated in the county in which such corporation may be formed; Provided further, That the bonds so issued shall not bear a greater rate of interest than seven per centum per annum. of member SEC. 2. Each member of such corporation Requirements shall convey to said corporation by good and ship. sufficient warranty deed, clear of all incumbrance, at least forty (40) acres of land situated in the county in which such corporation may be formed, and that the land so conveyed shall constitute the capital stock of said corporation. Shares of stock. Assessment of stockholders. SEC. 3. That each member of said corporation, in consideration of the land so conveyed by such member, shall receive paid up shares of stock of said corporation to the value of the land so conveyed, and the value of such land shall be ascertained by the appraisement of disinterested appraisers, said appraisers to be appointed and the appraisment conducted in such manner as may be provided by the constitution and by-laws of such corporation. SEC. 4. Such corporation shall be empowered and authorized to levy, assess, and collect from its respective members such sums of money as may be deemed necessary to pay the interest that may accrue on the bonds so issued and money so borrowed, and to enforce the collection and payment of the same by such laws as they may adopt; Provided, That no person shall hold more than ten (10) shares in his own right, such shares not to exceed two hundred ($200) dollars each. Approved March 24, 1891. [House Roll No. 214.] CHAPTER 17. Amending secs. 165 and 166, AN ACT to amend sections one hundred and sixty-five (165) and one hundred and sixty-six (166) of chapter sixteen (16) of the Com piled Statutes of Nebraska, entitled “Corporations,” and to repeal said original sections. Be it enacted by the Legislature of the State of SECTION 1. That sections one hundred and chap. 16, Comp. sixty-five (165) and one hundred and sixty-six Stats., 1889. (166) of chapter sixteen (16) of the Compiled Statutes of Nebraska, entitled "Corporations," be amended so as to read as follows: of benevolent, fraternal or Section 165. All organizations known as sub-Incorporation ordinate lodges of the Ancient Free and Accepted charitable and Masons, all organizations known as subordinate ganizations. lodges of the Independent Order of Odd Fellows, and Farmers' Alliance, and Knights of Labor, and also the organization known as the grand lodge Knights of Pythias of Nebraska, together with such subordinate lodges of said grand lodge Knights of Pythias of Nebraska, within this state, as have been or may hereafter be established and chartered by said grand lodge, all organizations known as the subordinate granges to the Nebraska State Grange, all organizations known as Good Templars, which have been or may hereafter be regularly chartered by the respective grand lodges or bodies of the several orders or organizations in the state of Nebraska, and also the organization known as the Grand Army of the Republic, Department of Nebraska, together with such posts of said Grand Army of the Republic within this state as have been, or may hereafter be established and chartered by said department, and all organizations known as subordinate lodges of the order of Bohemian Benevolent Society C. S. P. S., and the Bohemian Roman Catholic Benevolent Society C. R. K. P. J. of Nebraska, and the auxiliary societies of the Woman's Christian Temperance Union, the Brotherhood of St. Andrew's, as have been or may hereafter be established, be and they are hereby inorporated, and shall be hereafter entitled to all the rivileges and rights incident to bodies corporate Name and powers. Repealing clause. so long as they retain their respective organizations and charters aforesaid. Section 166. All subordinate lodges of Masons, Odd Fellows, Knights of Pythias, Good Templars, and all subordinate granges, the Farmers Alliance, and Knights of Labor, all posts of the Grand Army of the Republic, and Bohemian Benevolent Association C. S. P. S., the Bohemian Roman Catholic Benevolent Society C. R. K. P. J., and Woman's Christian Temperance Union, the Brotherhood of St. Andrew's shall be known by the name and title designated in their several respective charters, as issued by the said grand lodges, department, or organization, by which name they shall be capable of suing and being sued, pleading and being impleaded in the several courts of this state the same as natural persons, and shall have power to hold and convey real estate and personal property, and do all things usually done by corporations. SEC. 2. That sections one hundred and sixtyfive (165) and one hundred and sixty-six (166) of chapter sixteen (16) of the Compiled Statutes of Nebraska, entitled "Corporations," as now existing, be and the same are hereby repealed. Approved April 6, 1891. House Roll No. 103.] CHAPTER 18. N ACT to compel railroad companies to name their stations the same as the city or village in which located, and to fix a penalty for a failure so to do. Be it enacted by the Legislature of the State of road station. SECTION 1. All railroad companies operating Name of railines of railway in this state shall, on a petition igned by a majority of the legal voters of such ity or village to the railroad company, call any tation located in any city or village the same as he corporate name of said city or village, and the ame thereof shall be prominently exposed to pubAc view. Penalty for fail with act. SEC. 2. Any railroad company failing to com-ure to comply ly with the provisions of this act shall be guilty f a misdemeanor, and upon conviction thereof hall be fined in a sum not less than one hundred $100) dollars nor more than five hundred ($500) Collars. Approved April 3, 1891. |
