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Board of direc

tors

months, which number shall not be less than six; the num-
ber of years, not more than forty, for which the corporation
is to continue, and the purpose for which it was formed.
Said statement shall be filed in the office of the secretary of
the territory, and a copy thereof, duly certified by the sec-
retary, filed in the office of the recorder of deeds in the
county where the business of such corporation is to be car-
ried on. Upon the filing with the secretary of the terri-
tory and recorder of deeds, the statement above provided,
the said corporation shall be deemed fully organized, and
shall be a body corporate and politic, for the period for
which it is organized; may sue and be sued; may have a com-
mon seal which it may alter or renew at pleasure, and shall
possess all other powers incident to do business.

SEC. 2. The corporate powers shall be exercised by a
board of not less than six directors. The officers of the cor
poration shall consist of a president, vice-president, secre- 0.2216!!
tary and treasurer, The board of directors shall be elected
annually at the annual meeting of the stock-holders; and / 1 /
all the officers of the corporation shall be elected by the board
of directors at such time as may be provided for in the by-
laws of the corporation. The secretary shall be the only
officer entitled to compensation, and in such amount as the
directors may designate by resolution. The treasurer shall
give a bond to be approved by the board of directors.

Sec. 3. The shares of stock of all corporations here- Shares of sbock. after incorporated under the provisions of this act, shall be not less than two hundred dollars each. The shares of any corporation heretofore or hereafter organized shall be deemed personal property, transferable upon the books of the company in such manner as may be provided by the bylaws, and subscriptions therefor shall be payable in such periodical installments, and at such time or times, as shall be determined by the by-laws; but no periodical payment V shall be made, exceeding two dollars on each share; and every share of stock shall be subject to a lien for the payment of unpaid installments and other charges in curred thereon under the provisions of the by-laws, and the by-laws may prescribe the form and manner of enforcing such lien. Said lien shall be prior to all other liens by attachment or otherwise. That new shares of stock may be issued in lieu of shares withdrawn or forfeited, and the stock may be issued in one or successive series, as may be

prescribed in the by-laws, and in such amount (not exceeding the total capital stock) as the board of directors may determine. Any stockholder wishing to withdraw from the said corporation, shall have power to do so by giving thirty

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Married women
may

become
stockhoiders

days' notice of his or her intention to withdraw, when he or she shall be entitled to receive the amount paid for dues and such interest thereon, or such portion of the profits thereon as the by-laws 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 corporation be applicable to the demands of withdrawing stockholders. without the consent of the board of directors, and no stockholder shall be entitled to withdraw whose stock is held in pledge for security. Upon the death of a stockholder, his . or her legal representatives shall be entitled to receive the full amount paid in by him or her on all shares pot borrowed upon or pledged to the association as collateral security, and six per cent. interest thereon, first deducting all charges that may be due on said stock; but no fines shall be charged to a deceased member's account from and after his or her decease, unless the legal representatives of such decedent assume the payment of the dues on the stock.

SEC. 4. Married women may become subscribers to the capital stock of such corporation, and hold, control, and transfer their stock in all respects as femmes soles, and their stock shall not be subject to the control of, or liable for the debts of, their husbands. Minors may become subscribers to and owners of stock by guardian or trustee, and such guardian or trustee may withdraw the stock of such minor as provided in section three of this act.

SEC. 5. Every such corporation shall lend its funds on real estate security only, and upon the terms and conditions, and in the manner which may be specified by its by-laws. Such corporation may, however, employ a portion of its capital stock, not exceeding fifty thousand dollars in amount at any one time, in the purchase of real estate and the erection of buildings thereon for rent or otherwise. It may

also purchase at any sale, judicial, public, or private, any real estate upon which such corporation may have or hold any mortgage, lien or other incumbrance, or in which it may have an interest, and the real estate so purchased it may sell, convey, lease or mortgage at pleasure to any person or persons whatsoever.

Sec. 6. The board of directors of the corporation shall hold stated meetings, at which the money in the treasury, if equal to one share of stock, shall be offered for loan in open meeting, and the share-holder who shall bid the highest premium for the preference or priority of loan shall be entitled to receive a loan to any amount equal to the number of shares of stock held by such share holder: Provided, a share-holder may borrow such fractional part of a share as

Shall loan on
real estate
security.

1 Anu

Loatis.

the by-laws may provide. Good and ample security shall be given by the borrower to secure the repayment of the loan, which security shall be unincumbered except by prior loans of the corporation. In case the borrower shall neglect to offer security or shall offer security that is not approved by the board of directors, by such times as the bylaws may provide, he or she shall be charged one month's interest," together with any expense incurred, and the money may be re-loaned at the next stated meeting In case of non-payment of installments of interest and fines by borrowing stockholders, for the space of six months, payment of principal and interest and fines, without deducting the premium paid or interest thereon, may be enforced by proceeding on the securities, according to the conditions and power of sale contained in the mortgage, or by suit in equity to foreclose the same. No loan shall be made by such corporation except to its own members, unless it shail happen at any time that there is no demand by any of its share-holders for the funds; then such funds may be loaned to others who are not share-holders.

SEC. 7. A borrower may replace a loan at any time, Repayment of and in case of the repayment thereof before the expiration of the eighth year after the organization of the corporation, there shall be refunded to such borrower one-eighth of the premium paid for every year of the said eight years then unexpired; and in case of recovery of loans by process of law or foreclosure under the power of sale in the mortgage the excess recovered beyond the amount required to pay the loan, with interest, charges, fines, costs and attorneys' fees, shall be returned to the borrower from whom the money was collected, or his or her legal representatives.

Sec. 8. Every such corporation shall terminate except Termination of for the purpose of settling its affairs, whenever alt its shares Д ^ have been redeemed by loans or advances thereon, or

whenever the funds and property of the corporation shall be sufficient to pay upon the unredeemed shares the value thereof, as fixed by the by-laws of such corporation, filed in the office of the secretary of the territory. No members of such corporation shall be allowed to vote, when in arrears, for interest, dues or fines, or upon any question affecting the claim of such corporation against him or her.

SEC. 9. All corporations heretofore incorporated un- Legalizing assoder the laws of the territory of New Mexico, for the purpose of accumulating and loaning funds to its members, or that have been so accumulating and loaning funds to its members, as building and loan associations, are hereby recognized and confirmed as legal and valid corporations from

ciations heretofore

organ: ized.

liter

their date of incorporation, and all contracts made between them and their inembers, all loans made, at whatsoever premium, discount or interest, and all securities taken for such loans are hereby declared legal, valid and binding on all parties concerned or affected thereby. No premiums bid for priority of loan of any corporation organized under the provisions of this act, or any premiums bid for priority of loan under any building and loan association heretofore organized for the purpose of accumulating and loaning funds to its members, or any fines or interest on such premiums, shall be deemed usurious, or subject to the provisions of chapter 2, sections 1732 to 1739, of the compiled laws of the territory of New Mexico, and all such premiums incorporated in the notes given by the members of such corporation, and all rines assessed against its members, in accordance with the by-laws, may be collected according to law.

SEC. 10. This act shall take effect and be in force from and after its passage.

Approved February 14, 1887.
Sceliano 11-12-18-11 addid.

CHAPTER X.

CONVEYANCES.

An Act in relation to the recording of written instruments

affecting real estate.

Conveyances

shall be recorded.

Shall be notice.

Be it enacted by the Legislative Assembly of the Territory

of New Mexico:

SECTION 1. All deeds, mortgages, United States patents and other writings affecting the title to real estate, shall be recorded in the office of the probate clerk of the county or counties in which the real estate affected thereby is situated.

SEC. 2. Such record shall be notice to all the world of the existence and contents of the instruments so recorded from the time of recording.

SEC. 3. From and after the 1st day of January 1888, no deed, mortgage or other instrument in writing, not recorded in accordance with the first section of this act, shall affect the title or rights to, in any real estate, of any purchase or mortgage in good faith, without knowledge of the existence of such unrecorded instruments.

Conveyances not

recorded shall not affect title.

:

SEC. 4. The time of the recording of an instrument Time of recordshall be the time of its deposit in the office of the probate clerk and his entry thereof in the reception book as herein provided. It shall be the duty of every probate clerk immediately on the receipt for record of any deed, mortgage or other writing affecting the title to real estate, to enter the same by the name of the grantor, mortgagor or other person whose title is affected thereby, in a proper book, alphabetically arranged, to be known as the reception book, together with the date, hour and minute of such record. Any probate clerk failing to make such entry immediately, shall be punished by a fine of $100, and shall also be liable for damages to any person injured by such neglect to the extent of such injury.

Sec. 5. The records of deeds and of mortgages shall Recordpashaall be be kept in separate books. The index thereof shall contain in addition to the names of graptors, mortgagors, grantees and inortgagees, the date of record of each instrument; and they shall be arranged under the proper alphabetical heads in the chronological order of record.

Sec. 6. Probate clerks shall be entitled to receive as Probate clerk's fees for searching their records and certifying the result, five cents for each year for each name searched against for deeds, and the same for mortgages, and twenty-five cents for a search for judgments or for mechanic's lien.

Sec. 7. It shall be the duty of each probate clerk to Duty of clerk. keep a copy of this act, in English and Spanish, conspicuously posted in his office; and to keep a similar copy of the first three sections thereof posted in the court room of his county during the sessions of the district court in the

books.

fees.

year 1887.

SEC. 8. All acts and parts of acts in conflict with this act are hereby repealed.

Sec. 9. This act shall take effect on the first day of March, 1887.

Approved February 24, 1887.

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