urer, state's attorney, surveyor, coroner and superintendent of schools, whose term of office respectively shall be two years. and except clerk of the court and superintendent of schools, no person shall be eligible for more than four years in succession to any of the above named offices. CHAPTER 38. [S. J. R. 52.] PROPOSING AN AMENDMENT TO THE CONSTITUTION. A JOINT RESOLUTION to Submit an Amendment to Paragraph 9, of Article 7, of the Constitution. Be it Resolved by the Senate, by and with the Concurrence of the House of Representatives of the State of South Dakota: § 1. QUESTION SUBMITTED.] That Paragraph 9, of Article 7. of the constitution of this state, be submitted to a vote of the qualified electors of the state at the next general election, for amendment, by adding thereto the following clause: "And may vote for any school officer at any election at which such school officer is to be elected. § 2. FORM OF BALLOT.] The form of ballot to be used in voting on said question shall be as follows: "Shall Paragraph 9 of Article 7, of the constitution be so amended as to give women the right to vote for any school officer at any election at which such school officer is to be elected," and with the words "yes," no," placed after the same. All electors desiring to vote in favor of such amendment, shall erase the word "no," and all electors desiring to vote against said amendment shall erase the word "yes" 6 § 3. CANVASSING OF VOTES.] The votes cast for and against said amendment shall be counted, canvassed and returned in the same manner provided by law for counting, canvassing and returning the vote cast for state officers. And if it shall appear from such returns and canvass of all the votes cast at said election that a majority of the electors voted against such amendment, said Paragraph 9 of Chapter 7, of the constitution, shall remain unchanged; but if it shall appear that a majority of the electors voted in favor of such amend ment, then Paragraph 9 of Article 7, of the constitution, shall be amended so as to read as follows: Sec. 9. Any woman having the qualifications enumerated in Section 1 of this article, as to age. residence and citizenship, and including those now qualified by the laws of the territory, may vote at any election held solely for school purposes, and may hold any office in this state, except as otherwise provided in this constitution, and may vote for any school officer at any election at which such school officer is to be elected. The legislature shall provide by law suitable means for carrying into effect this provision. CHAPTER 39. PROPOSING AN AMENDMENT TO THE CONSTITUTION. A JOINT RESOLUTION Proposing an Amendment to Section 4, of Article 21 of the Constitution of the State of South Dakota, Submitting the Same to the Vote of the People. Be it Resolved by the Senate, the House of Representatives Concurring Therein: § 1. AMENDMENT.] That Section 4 of Article 21 of the Constitution be amended so as to read as follows: "Sec. 4. EXEMPTIONS.] The legislature shall by general law limit and define the value and size of a homestead of each head of a family which shall be exempt from attachment or mesne process and from levy and sale on execution, and from any other final process issued from any court, except upon the foreclosure of a mortgage, or vendor's lien or liens for labor done or things furnished in the construction or repair of any building, erection or other improvement thereon; and shall also provide for such exemption of a reasonable amount of personal property." § 2. SUBMISSION.] The foregoing proposed amendment shall, if agreed to by a majority of the members of each house of the legislature, be submitted to a vote of the people at the next general election. CORPORATIONS. CHAPTER 40. [H. B. 227.] BUILDING AND LOAN ASSOCIATIONS. AN ACT Providing for the Formation of Co-operative Building and Loan Associations, and Prescribing Conditions for the Regulation and Management of all Such Associations Doing Business in this State. Be it Enacted by the Legislature of the State of South Dakota: § 1. NAME WHAT TO CONTAIN.] Any nine or more persons being of full age, two thirds of whom shall be citizens of this state, may form an association as provided in this act. All associations formed under the provisions hereof or that may hereafter comply with the same, as hereinafter provided, shall be known as co-operative building and loan associations, and the name of every such association shall contain as a part thereof either the words "building and loan association," "savings and loan association," or "savings association." § 2. OBJECTS.] The object and purposes of such associations shall be to encourage industry, frugality, home building and savings among their members; the accumulation of savings and the loan of such accumulations to their members, the purchase of real estate, the erection of buildings and the making of improvements thereon and on the lands of their members, and removing incumbrances therefrom, and the accumu.lation of a fund to be returned to such of their members as do not obtain loans, when they have accumulated a certain sum, or at any time when such members shall desire the same or the association shall desire to repay the same, and such association shall have power to accomplish said purposes. § 3. HOW INCORPORATED.] Such associations shall become incorporated by the said nine or more persons making. signing and acknowledging in the manner and form prescribed for the acknowledgment of deeds in this state, a certificate wherein shall be stated the name of said association, that the association is formed under and for the purpose prescribed in this act, the location within this state of its principal office or place of business, the amount of its authorized capital stock, the limit of the number of its shares, and the time for which it is to exist, the names and residences of the subscribers and the number of shares of its capital stock subscribed by each, the number of its directors and the names and residences of those who are selected as directors who shall hold their office until the next annual election or until their successors are elected and qualified. Said certificate shall be filed and recorded in the office of the secretary of state, and upon such certificate being so filed the secretary of state shall issue letters patent in the usual form incorporating the subscribers into a body corporate by the name chosen, which letters patent shall be recorded in the office of the register of deeds of the county. where said association is located. § 4. DIRECTORS OR TRUSTEES-DUTIES OF.] The officers of the association shall consist of a board of directors or trustees of not less than five (5) nor more than thirteen (13), who shall be members of the association, and such board shall elect a president, vice-president, socretary and treasurer and such other officers as may be authorized by the by-laws. The duties and compensation of the officers, their terms of office, the time and manner of their election, and the time of regular meetings of the officers and shareholders, shall be determined by the by-laws, except that the board of directors may determine each year the compensation of the treasurer and secretary. Special meetings of the officers and shareholders may be called and held as provided by the by-laws. Each shareholder, not in arrears for dues, shall be entitled to one vote at all meetings of the shareholders for each share of stock owned by him or held by him as trustee. All officers shall hold office until their successors are duly elected and assume the duties of their office. No association shall expire from neglect on its part to elect officers at the time prescribed by the by-laws. § 5. CAPITAL STOCK.] The authorized capital stock of such association shall be divided into such number of shares of such par value as shall be provided for by the articles of association or the by-laws, and shall be paid in at such times, amounts, and at such places as the by-laws shall provide. Every share of stock issued by such association shall be subject to a lien for the payment of unpaid installments, fines, taxes and other charges incurred thereon under the provisions of the articles of association and by-laws, and the by-laws may prescribe the form and manner of enforcing such lien. New shares of stock may be issued in lieu of shares withdrawn or forfeited. The stock may be issued in one or more successive series in such amounts as the board of directors or stockholders may determine, and any stockholder wishing to withdraw the amount paid in by him to such association shall have the right to do so by giving thirty (30) days notice of his intention to so withdraw, when such stockholder shall be entitled to receive the amount paid in and such proportion of the profits as the bylaws may determine, less all fines and other charges; 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 also that no stockholder shall be entitled to withdraw whose stock is held as security for a loan. Upon the death of a stockholder, his legal representatives shall be entitled to receive the full amount paid on his stock and legal interest thereon, after deducting all charges against said stock. No fines shali be charged to a deceased member's account from and after his decease, unless the legal representatives of such member assume the future payments on the stock. The authorized capital stock of such association may be increased by a two-thirds vote of the board of directors, a certified copy of a resolution of the board of directors authorizing such increase being filed with the secretary of state. § 6. MEETINGS FUNDS HOW DISPOSED OF.] The officers of the association shall hold stated meetings at which the moneys in the treasury shall be offered for loan in open meeting, and the stockholder who shall bid the highest premium for the preference or priority right of loan shall be entitled to receive a loan equal to the par value of the shares of stock held by him; Provided, That good and ample security shall be given by the borrower to secure the repayment of the loan. In case the borrower shall neglect to offer security that is approved by the board of directors within such time as the by-laws prescribe, such member may be charged with one month's interest upon the amount of the loan so bid for, and a fine not to exceed one ($1.00) dollar per share, together with any expense incurred, and the money shall be resold at the next regular meeting. In case of non-payment of any installment of dues, interest, premiums, fines, insurance, taxes or other sums due from the borrower to the Association for the space of six (6) months after such delinquency occurs, the whole sum loaned, together with the unpaid premium bid therefor, and all interest, fines, insurance, taxes and dues on stock pledged for said loan, shall become due and payable and may be at once collected for the full period for which the same were contracted to be paid. $ 7. REPAYMENT OF LOANS.] Any borrower may voluntarily repay a loan at any time by the payment of the principal sum borrowed, together with the interest to the date of such repayment, and such per cent of premium per annum as may have been bid for the preference or priority right to such loan, together with any fines or other charges that may be due by such borrower at the time of the repayment, and in case the amount of premium bid for the priority right to such loan be deducted in advance, and the repayment thereof is made before the expiration of the eighth year after the organization of the association, there shall be refunded to such borrower one |