CHAPTER LXVI.

PROBATE COURTS.

Probate Judges may issue process and make rules.

Duty of sheriff.

Office and stationery.

AN ACT relating to probate courts.

Be it enacted by the Legislative Assembly of the Territory of New Mexico:

SECTION 1. That the judges of probate courts shall have full power and authority to issue whatever process may be necessary for the efficient discharge of their duties, and to make and publish rules and orders regulating the business and practice of their several courts, not inconsistent with the laws of this territory.

SEC. 2. It is hereby made the duty of the sheriffs of the severals counties of this territory, to serve and execute all process directed to them by said judges of probate in their respective counties, and shall be subject to fine and amercement as provided by law for the neglect or refusal to discharge the duties required of them; and it is hereby made the duty of the sheriff of each county, or his deputy, to attend the probate court of his county, under the direction of the judge thereof; and such sheriff shall receive for his services of process like fees as are now provided by law in similar cases emanating from the district courts.

SEC. 3. That the county commissioners of each county in this territory shall provide a suitable office for the accommodation of the probate judge of the county, and shall furnish all stationery, and such other things as may be necessary for the prompt discharge of the duties of said judges.

SEC. 4. This shall be in full force and effect from and and after its passage.

Approved February 24, 1887.

CHAPTER LXVII.

RELIEF--JARAMILLO.

AN ACT in reference to a judgment against Benigno Jaramillo.

WHEREAS, the territory of New Mexico, on the 3rd day of August, A. D., 1881, recovered judgment in the district court for the county of Santa Fé, in said territory, against Benigno Jaramillo, collector within and for the county of San Miguel, and the sureties on his official bond, as such collector, and,

WHEREAS, it appears that said Jaramillo was justly entitled to a credit and deduction of $1933.08 dollars, for amounts due for taxes, and charged to him, but not collected, which [fact he was unable to show at the trial, therefore,

Be it enacted by the Legislative Assembly of the Territory of New Mexico:

off.

SECTION 1. That the attorney general be and he here- Shall allow setby is authorized and directed to credit and allow to said Benigno Jaramillo, upon said judgment, the said sum of one thousand, nine hundred and thirty-three dollars, and eight cents, as of the date of said judgment, upon the payment by him, within thirty days from the date of the passage of this act, of the residue of said judgment, including all costs, and upon such payment, to enter satisfaction of said judgment.

SEC. 2. This act shall be in force from and after its passage.

Passed by both houses over the governor's veto.

CHAPTER LXVIII.

SAVINGS BANKS.

AN ACT providing for the organization of saving bank and trust associations.

General provisions.

What certificate to state.

Be it enacted by the Legislative Assembly of the Territory of New Mexico:

SECTION 1. Any number of persons, not less than three, may associate to establish savings bank and trust associations, upon the terms and conditions, and subject to the liabilities prescribed in this act, and the aggregate amount of the capital stock of any such corporation or association, shall not be less than thirty thousand dollars. Any such corporation or association organized under the provisions of this act, shall transact no business until at least fifty per cent. of its capital stock shall have been paid into the treasury of such corporation or association in cash, and until a certificate to that effect, under oath of the president and treasurer, shall be filed in the office of the secretary of the territory, and in the office of the probate clerk for the county where said corporation or association is located, nor shall said corporation or association continue to transact business beyond the period of one year, unless the capital stock of such corporation or association shall have been fully paid up in cash, and a certificate stating such fact, under oath of the president or treasurer, shall be filed in the office of the secretary of the territory, and in the office of the probat eclerk, aforesaid.

SEC. 2. Such persons shall, under their hands and seals, make a certificate, which shall specify:

First, The name assumed to distinguish such corporation or association, and to be used in all its dealings:

Second, The principal place where the business of such corporation or association shall be carried on, designating a particular county, city or town, at which place such corporation or association shall keep an office for the transaction of its business:

Third, The amount of the capital stock of such corporation or association, and the number of shares into which the same is divided:

Fourth, The names and places of residence of the stockholders, and the number of shares held and owned by each of them, respectively:

Fifth, The period at which such corporation or asso

ciation shall commence and terminate:

Sixth, The names and places of residence of the several directors and officers, and the number of shares of the capital stock of such corporation or association owned and held by each of such directors and officers, who shall fill their office and act as directors until the time fixed by the by-laws of such corporation or association for the regular annual election of directors next ensuing.

on.

SEC. 3. Such corporation or association, when so or- What may loan ganized, shall have power to conduct the business of receiving money on deposit and allowing interest thereon, and of buying and selling gold, silver, coins of all kinds, uncurrent money; of loaning money upon real estate or personal property, and upon collateral, personal or live stock security, at a rate of interest not exceeding that allowed by law; and also of buying, selling and discounting negotiable and unnegotiable paper of all kinds, as well as all kinds of commercial paper, and also of buying and selling the bonds and stocks of this or any other territory or state, or of the United States; also the bonds or other evidences of indebtedness, of any county, city, town or school district, in this or any other territory or state, legally authorized to issue such bonds or evidences of indebtedness; and for all loans and discounts made, such corporation or association may receive and retain, in advance, interest thereon.

SEC. 4. Such corporation or association, shall also have power to issue its own evidence of indebtedness, and negotiate the same to an amount not exceeding ninety per cent. of the aggregate loans made and held by such corporation or association, and secured by mortgages or deeds of trust upon real estate, as hereinafter authorized; Provided, however, that this section shall not be construed so as to empower such corporation or association to issue notes for circulation.

Issue evidence of indebtedness.

powers.

SEC. 5. Any such corporation or association shall also Incidental have and exercise such incidental powers as may be necessary to carry out the purposes of its organization, and transact its business; to elect from their members, not exceeeding nine, a board of directors, who may choose

Transfer of stock, when invalid.

Dividends, when declared.

Stock, increas

ing or diminishing.

out of their number, a president and a vice president, and appoint a cashier or treasurer, teller or such other officers and agents as their business may require, and as may be provided for by their by-laws; and remove such officers and agents at pleasure, and appoint others in their places. Each share shall entitle the owner to one vote, and stockholders may vote in person or by proxy, duly authorized in writing.

SEC. 6. No transfer of stock of any corporation or association formed under this act shall be valid as against such corporation or association, so long as the registered holder thereof shall be liable, either as principal debtor, surety or otherwise, to the corporation or association for any debts which shall be due and unpaid, nor in such case shall any dividends, interest or profits be paid on such shares, so long as such liabilities continue, but all such dividends, interest and profits shall be retained by the corporation or association and applied to the discharge of such liabilities, and no stock shall be transferred upon the books of any corporation or association, without the consent of the majority of the directors, while the registered holder is indebted to the corporation or association.

SEC. 7. The board of directors of such corporation or association may, in January and July, of each year, declare a dividend, if such dividend has been earned, provided such corporation or association be fully solvent without such earnings proposed to be divided, but they shall not declare a dividend at any time when the capital of such corporation or association shall have become impaired to such an extent that it is not worth, in good resources, the full amount paid in after the payment of all liabilities, and until the provisions of this act contained respecting the surplus fund shall have been fully complied with. And any officer or director of such corporation or association who shall assent to declaring and paying a dividend whilst the capital stock is so impaired, shall be personally liable to the creditors of the corporation or association to the amount of his proportion of the proposed dividend, if any losses occur by reason of the payment of such dividend; when the capital stock shall have become impaired to the extent of twenty-five per cent. thereof, by reason of bad loans, or otherwise, then such corporation or association shall cease to do business, unless such capital stock shall have been made good by assessment, within sixty days or reduced equal to the impairment, in the manner provided in the next section.

SEC. 8. The capital stock of such corporation or association may be increased or diminished, by complying with