court. Within ten days after the common council or the town board and the board of school trustees shall have been notified as in section 2 of the above entitled act, each body shall appoint two persons, also residents of such city or town, not otherwise appointed as members of such board, who shall become members of such public library board. The members so appointed by the common council or town board for the first appointment under this act shall serve for a period of one year, and after the first appointment all appointments made by the common council or town board shall be for a period of two years. The board of school trustees shall appoint its members for a term of two years, who may be from their own board. If the township advisory board of the township in which such library is located shall levy and collect two-tenths of a mill on each dollar of all the taxable property assessed for taxation in said township, as shown by the tax duplicate for the year immediately preceding the fixing of such levy, exclusive of the property of such city or town already taxed for said library, and collect and pay the same over to the treasurer of such city or town where such library is located, then in such case the township trustee shall, ex-officio, be a member of such public library board and such township trustee shall appoint one person, a resident of said township, not otherwise appointed, as a member of said public library board, who shall become a member of such public library board, and such appointment by such township trustee shall be for a period of two years, and all members of such public library board appointed as herein provided shall serve until their successors are appointed and qualified: Provided, That women may be eligible to appointment as members of such library board, and not less than three of the members appointed shall be women. The judge, common council or town board, the board of school trustees and township trustee in making the appointments, shall select persons of well known probity, integrity, business ability and experience, and who are fitted for the character of the work they are to perform, and who shall have resided for a period of not less than five years immediately preceding their appointment in the city or town for which they are appointed in the case of members appointed by the judge, common council or town board and school trustees, and in the township in the case of the member appointed by the township trustee as hereinbefore provided, and who shall not be less than twenty-five years of age at the time of appointment, and who shall serve without compensation for services. In case of vacancy on such board from any cause, it shall be the duty of the said judge, common council or town board, board of school trustees and township trustees to fill such vacancy occurring in the membership appointed by each respectively.

This section amends section 4988f, Burns' R. S. 1901.

4988g. Certificates, oaths.-4. All appointments to membership on the public library board shall be evidenced by certificates of appointment, duly signed by the judge as to members appointed by him, by the mayor or president of the town board, the president of the board of school trus

tees and the township trustees as to members respectively appointed by them, which certificates of appointment shall be handed to or mailed to the address of the appointee. Within ten days after receiving such certificates of appointment such appointees shall qualify by taking the oath of office before the clerk of the court that such appointee will faithfully discharge the duties as a member of the public library board to the best of his ability, and shall file such certificate, with the oath endorsed thereon, with the clerk of the circuit court of the county in which such library is to be established.

This section amends section 4988g, Burns' R. S. 1901.

4988j. Collecting subscriptions, levy of tax.-7. When such public library board shall have organized for the transaction of business, there shall be placed in its hands by the clerk of the circuit court the original subscription list, if any has been made, for the procuring of the levy of the tax as herein provided, and it shall be the duty of such library board to collect quarterly all money subscribed, as the same becomes due, as provided for in section one of this act, and pay the same over to the treasurer of such town or city, and to expend the same in the establishment, equipment, enlargement and management of a public library in the manner as provided for in section eight, which shall be open to and for the use and benefit of all the inhabitants of the city or town in which the same is located, and such library board may use such sum for the purchase of a building site and the erection of a library building as the board may decide. It shall be the duty of such library board to determine the rate of taxation that shall be necessary to establish, increase, equip and maintain the public library and certify the same to the common council or town board and the county auditor: Provided, That said levy shall not exceed one mill on each dollar of all the taxable property assessed for taxation in such city or town as shown by the tax duplicate for the year immediately preceding the fixing of such levy. When the assessment for such public library purposes shall be certified to the common council or town board and the auditor, by the public library board, the same shall be placed on the tax duplicate of such county and city or town and collected in like manner as other taxes are levied and collected.

This section amends section 4988j, Burns' R. S. 1901.

4988m. Tender of library, appointing board.-10. If any city or incorporated town in this state where a library of the value of an amount equal to the amount of money that would be derived from a tax levy of three-tenths of a mill on each dollar of valuation of the taxable property within such city or town assessed for taxation, as shown by the preceding tax duplicate of said city or town, is already established and maintained under the existing laws of this state, and whenever the managing board of such library already so existing and maintained shall tender the ownership, custody and control of said library free of expense to such public library board for the use and purpose of a public library, as contem

plated by this act, which tender of custody and control thereof shall be evidenced by a certificate issued by the managing board thereof and filed in triplicate with the clerk of the circuit court of the county wherein said city or town is located, with the clerk of said city or town and the secretary of the board of school trustees in the manner and form as prescribed in the certificates of popular subscription contained in section two of this act, which certificate shall show the value of such library, a public library board shall be appointed as in the manner as set forth in this act, except such board shall be appointed only when the common council or town board have decided by a majority vote of the members thereof to accept such library and to levy annually and collect a tax as other taxes are levied and collected and not to exceed one mill on each dollar of valuation of taxable property of such city or town, as herein specified. Said council or town board shall certify its said decision of acceptance, attested by the clerk of said city or town, and the mayor of such city or president of such town board, to the judge of the circuit court and the secretary of the said board of school trustees, whereupon said judge, city council or town board and board of school trustees shall proceed to appoint said public library board in the manner and form and to all intents and purposes as is done by the voluntary levy of such tax by the council or town board, or the popular subscription filed with the clerk of the court as hereinbefore provided.

CHAPTER 36.

CORPORATIONS-LOAN AND DEPOSIT COMPANIES.

Section numbers to notes refer to Revised Statutes of 1901.

Sections omitted have not been construed since 1901.

SEC.

5002a. Reducing capital stock.

SEC.

5002b. Action legalized, notice.

[Acts 1905, p. 199. In force March 4, 1905.]

5002a. Reducing capital stock.-1. That the capital stock of any loan and trust and safe deposit company may be decreased at any time provided the board or directors shall pass a resolution declaring that such decrease is advisable and calling a meeting of the stockholders to take action thereon; the meeting shall be held upon such notice as the by-laws provide and in the absence of any such provision upon ten days' notice given personally or by mail, and provided further that no reduction of the capital stock of any such company shall be made until the auditor of state has been notified before the call for the meeting of stockholders to consider the proposed reduction. When so notified he shall cause an examination to be made immediately of the books, property effects and liabilities of such corporation and may also examine its officers and employes under oath. From the result of such examination he shall determine the value, in his judgment, of such property and effects above the debts and liabilities for this purpose, not considering capital stock as a liability, and certify the same in writing, together with his consent or refusal to consent to such reduction; and the amount so certified shall be presented to and read to the stockholders present at such meeting. It shall require the vote of three-fourths of the stockholders to authorize such reduction. No reduction will be allowed which will reduce the capital stock below the amount certified and consented to by the auditor of state, neither shall the capital stock of any such corporation whose office is located in a city of over fifty thousand (50,000) inhabitants be reduced at any time below one hundred thousand ($100.000) dollars, nor that of any such corporation whose office is located in a city of between twenty-five thousand (25,000) and fifty thousand (50,000) inhabitants be below fifty thousand ($50,000) dollars, nor that of any such corporation whose office is located in a city of less than twenty-five thousand (25,000) be below twenty-five thousand ($25,000) dollars.

5002b.

Action legalized, notice.-2. The reduction of its capital stock heretofore made by any loan and trust and safe deposit company is hereby fully legalized, provided such reduction was approved or authorized at a regular annual meeting of the corporation where 75 per cent. of the stock of the corporation was represented and where such reduction was approved or authorized by the unanimous vote of all the stock represented, and provided further that the auditor of state after an examination of the affairs of such corporation as provided in section 1 herein shall have consented to such reduction, and provided also that a notice of such reduction of capital stock shall be published for three successive weeks in a daily or weekly newspaper, published in the city or town where such loan and trust and safe deposit company is located, and certificate showing that the capital stock has been reduced and acknowledged by a majority of the board of directors before some officer authorized to take acknowledgments of deeds, shall be filed in the office of the secretary of state and a duplicate thereof filed and recorded in the miscellaneous record in the recorder's office of the county where the principal office of such corporation in this state is located.