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1887

How stockhold

leased from

mortgage.

tors, upon first transferring the shares entitled to him or her in advance to the intended purchaser (if such transfer shall be necessary) and then obtaining from him or her a bond and mortgage of the same premises and on the same terms for the amount due to be given to the Association, and such mortgagor shall then be liable to pay all the dues and interest respecting the said advance, and the Directors shall then grant to the original mortgagor a release from all further liability in respect thereto at his or her cost or charges, he or she having paid all the dues and fines that may be due the Association.

SEC. 6. Should any stockholder desire to have his or her ers' property re- property discharged from the mortgage or a release and surrender of other securities before the series to which his or her stock belongs or the Association shall have terminated, he or she shall be allowed to do so upon paying into the hands of the Secretary and Treasurer such sum of money as will at the rate of premium at which said money may be sold produce the same monthly payments of interest as such stockholder had been previously paying on his or her advance; Provided, Such sum shall be in no case less than the net amount actually received by him or her; and provided further, That no release shall be given until the money paid shall actually be sold and the security offered for the same shall be approved by the Board of Directors, and all the costs of executing pipers connected with the said redemption of the mortgaged premises paid by the said stockholder or purchaser of the money.

When stock

holder entitled release of Mort

to immediate

gage, &c.

Failure to elect

officers not to dissolve the Association.

SEC. 7. Any stockholder shall be entitled to an immediate release of his or her mortgage or other securities who shall deposit in the hands of the Treasurer the full amount due on his or her bond and mortgage, and he or she shall also be entitled to a return of the premiums, advanced on the sale and re-investment of the said money, or his or her stock may remain unincumbered.

SEC. 8. That no corporation or association, created under this act, shall cease or expire from neglect on the part of the corporators to elect officers at the time mentioned in their charter or by-laws, and all officers elected by such corporation shall hold their offices until their successors are duly elected. SEC. 9. Any loan or building association incorporated by this act, or accepting the same under section 12 of this act, is Association au hereby authorized and empowered to purchase, at any Sheriff's thorized to pur- or other judicial sale, or at any other sale, public or private, at sheriff's or ju- any real estate upon which such association may have or hold any mortgage, judgment, lien or other encumbrance as ground rent, or in which said association may have any interest, and the real estate so purchased, or any other that such association may hold or be entitled to at the passage of this act, to sell,

chase property

dicial sales.

1887

thorized to deal

Married women

may be mem

bers of the Association.

convey, lease or mortgage at pleasure, to any person or persons whatsoever, and all sales of real estate heretofore made by such associations to any person or persons, not members of the association so selling, are hereby confirmed and made valid. SEC. 10. All such corporations shall have full power to pur- Association auchase lands, and to sell and convey the same, or any part in real property. thereof, to their stockholders or others in fee simple, with or without the reservations of ground rents, but the quantity of land purchased by any one of said associations hereafter incorporated shall not in the whole exceed fifty acres, and in all cases the lands shall be disposed of within ten years from the date of the incorporation of such associations respectively. SEC. 11. It shall be lawful for any married woman of full age, to hold stock in any of such Building and Loan Association, and, as such stockholder, she shall have all the rights and privileges of other members, including the right to borrow money from said association and bid premiums therefor, and shall also have the right and power to secure such loan by transferring her said stock or other securities to said association from which the same was borrowed, or by executing bond and mortgage upon her separate real estate to secure said loan ; Provided, however, That the husband of such married woman Husband join in the execution of such bond and mortgage, and that such into married woman shall also have the right to sell, assign and bond and morttransfer her said stock or withdraw the same by joining the husband in such transfer or withdrawal, and it shall be lawful for any such association to collect loan ma e to such married woman, including the dues, interests, premiums and fines, as loans made by such associations to other members as are now by law collected, and such stock and interest in such stock shall not be liable for the debts of any husband of such married woman.

SEC. 12. All Building and Loan Associations heretofore attempted to be incorporated under the provisions of any law, shall be entitled to all the privileges, immunities, franchises and powers conferred by this act, upon filing with the Secretary of State a certificate of their acceptance of the same in writing, under the duly authenticated seal of said association, signed by its present officers, which certificate shall be accom panied by a copy of the constitution and by-laws of such association, and upon such acceptance and approval thereof by the Governor he shall issue letters patent to said corporation, reciting the same.

gage.

join

Other Building ciations may accept provisions

and Loan Asso

of this act.

rations formed

SEC. 13. Any number of persons may associate themselves How associaand become incorporated under this act, and to that end notice tious or corpoof the formation of such a corporation shall be published for under this act. four consecutive weeks in some newspaper convenient to the

1887

Letters patent, and what to contain.

Capital stock and par value of shares to be sworn to.

Powers of asso

by-laws, &c.

principal place of business, at the end of which time a meeting
shall be held, by laws and regulations adopted, officers elected,
and application shall then be made to the Governor of the
State for letters patent, in which shall be set out :-

First (1). The name of the proposed corporation.
Second (2). The general purpose of the same.

Third (3). The place in which business is to be transacted.
Fourth (4). The time for which it is to exist.

Fifth (5). The names and residences of the subscribers thereto, and the number of shares subscribed by each.

Sixth (6). The number of Directors, the names and residence of those chosen for the first year.

Seventh (7). The officers selected for the first year.

Eighth (8). The amount of capital stock of the corporation, and number and par value of shares, which certificate shall be sworn to by at least three Directors, and, accompanied with a copy of the by-laws and regulations, shall be filed in the office of Secretary of State and of the Clerk of the Circuit Court of the county in which the business is to be done; and when examined and found to be in proper form and within the purpose of the class of corporations specified in the act, letters patent shall be issued.

SEC. 14. All building and loan associations authorized by ciations as to this act shall have power to alter and amend, ordain, establish and enforce such by-laws and regulations as may be deemed necessary and expedient for the management of the affairs and government of said corporations.

Associations al

ready organized

and existing not

affected by this law.

emies and In

SEC. 15. That nothing in this act shall be so construed as to interfere with or to require any change in the rules, constitution, by-laws or management of any building and loan association heretofore organized and now existing in this State in accordance with any law thereof.

Approved May 31, 1887.

CHAPTER 3710-[No. 30.]

AN ACT to Provide for the Incorporation of Colleges, Academies and
Institutions of Learning.

Be it enacted by the Legislature of the State of Florida:

SECTION 1. Whenever three or more citizens of the State of Colleges. Acad- Florida, persons in good repute, shall associate themselves stitutions of together for the purpose of organizing, establishing and conLearning-how ducting any college, academy or institution of learning, they

incorporated.

shall, upon complying with the requirements of this statute, be a body corporate and politic, and shall have power to sue

1887

and be sued, to plead and be impleaded, to maintain perpetual succession by a corporate name, to have and use a corporate seal, to alter the same at pleasure, to purchase, receive and hold to themselves and their successors forever any lands, tenements, rents, goods and chattels of what kind soever which Powers after inmay be purchased by or be devised or given to them for the corporated. use of such college, academy or institution of learning, and to lease, sell, mortgage or otherwise encumber or dispose of the same in such manner as shall seem most to the advantage of such college, academy or institution of learning.

SEC. 2. Previous to commencing any business except their Articles of inown organization, it shall be the duty of the persons so asso- corporation. ciating themselves to adopt articles of incorporation, which

shall set forth:

1st. The name and purposes of the corporation and the place where such college, academy or institution of learning is to be established.

2d. The amount and number of shares of the capital stock, if any, and the terms and conditions upon which it is to be paid in.

3d. By what officers the business of the corporation is to be conducted.

A copy of the articles of incorporation shall be filed with Where articles the Secretary of State and in the office of the County Clerk to be filled. of the county in which such college, academy or institution of learning shall be established, and the corporate existence of every such corporation shall date from the time of the filing of such articles of incorporation.

A notice of the creation and purposes of such corporation Notice. shall be published in some newspaper within the county for at least four successive weeks.

corporation

SEC. 3. Any such corporation may alter or amend its articles Articles of inof incorporation by a vote of three-fourths of its members at may be amend a meeting held for that express purpose, and such amendment ed or alteration shall be filed and notice published in the same manner as the original articles of incorporation.

SEC. 4. The persons so associating and incorporating them

selves shall elect annually from among their number at least Board of Trusthree persons, who shall constitute a Board of Trustees, in tees. whom shall vest the executive authority of the corporation.

Board of Trus

SEC. 5. The said Board of Trustees shall appoint from their Powers of number a President and Vice-President, and shall select a tees. suitable person or persons to act as Secretary and Treasurer; they shall have power to appoint and remove such officers, professors, teachers, agents and servants as they may think proper for the management and safe-keeping of the property and funds, and the proper conduct of such college, academy

1887

Quorum.

Trustees may receive sub

or institution of learning; to require proper bond and security of any of them, and to make any and all such rules, regulations and by-laws, not inconsistent with the Constitution and laws of the United States and of the State of Florida, as they may think necessary for the welfare and good management of such organization.

A majority of such board shall constitute a quorum for the transaction of business, and any vacancies occurring from any cause whatever shall be supplied in such manner as shall be prescribed by the by-laws of the corporation.

SEC. 6. The said Board of Trustees shall have power to scriptions, &c. take, receive, sue for and collect subscriptions for the benefit of such college, academy or institution of learning, and every subscriber shall be entitled to a voice in the affairs of the corporation proportionate to the amount by him or her subscribed Powers and land paid, and shall be liable for the indebtedness of the corporation only to an extent equal to the amount unpaid upon his or her subscription.

bility of sub

scribers.

Limit of indebtedness.

Practitioners of

have certificate.

SEC. 7. No corporation incorporated under the provisions of this chapter shall incur indebtedness which shall amount at any one time to a sum greater than two-thirds of the value of property owned and controlled by such corporation.

Approved June 7, 1887.

CHAPTER 3711-[No. 31.]

AN ACT to Provide for the Appointment of a Board of Examiners, and to Regulate the Practice of Dentistry in the State of Florida.

Be it enacted by the Legislature of the State of Florida:

SECTION 1. That from and after the passage of this act it dentistry must shall be unlawful for any person to engage in the practice of dentistry in the State of Florida unless said person shall have obtained a certificate from a board of dentists duly authorized and appointed under the provisions of this chapter to issue certificates.

Board of examaminers.

SEC. 2. That the Board of Examiners shall consist of five (5) dental graduates or practitioners of dentistry appointed by the Governor; Provided, That said graduates or practitioners have been practicing in the State of Florida for a term of not less than three (3) years. Said Board shall be appointed to serve two years. The Governor shall have power to fill all vacancies in said Board for unexpired terms.

SEC. 3. Be it further enacted by the authority aforesaid, That Powers and du- it shall be the duty of this Board: First. To meet annually, or ties of Board of oftener at the call of any three of the members of said Board;

Examiners.

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