amount at any one time, in the purchase of real estate and the soever. $ 500. 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 shareholder 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 shareholder: Provided, A shareholder may borrow such fractional part of a share as 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 by-laws may provide, he or she shall be charged one month's interest, together with any expense incurred and the money may be reloaned 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 shall happen at any time that there is no demand by any of its shareholders for the funds; then such funds may be loaned to others who are not shareholders. Repayment loans. $501: A borrower may replace a loan at any time, 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 eight years then unexpired; and in case of recovery of loans by process of law or foreclosure under the power of sale in the deed of trust or mortgage the excess recovered beyond the amount required to pay the loan with interest, charges, fines, costs and attorney's fees shall be returned to the borrower from whom the money was collected or his or her legal representatives: Provided, That when a borrower shall pay monthly the premium bid for priority of loan, said borrower shall not be entitled to have re- Feb. 28. funded to him any portion of the premium so paid. $502. Every such corporation shall terminate, except for the purpose of settling its affairs, whenever its shares in each and every series thereof 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 C. 108, L. 89, § 4: Termination of corporation. Feb. 28. - C. 108, L. 89, § 5; value thereof, as fixed by the by-laws of such corporation, which said by-laws and all amendments of the same shall be filed in the office of the secretary of the territory and the recorder of deeds in the county where the business of such corporation is carried on, within thirty days after adoption. 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. Legalizing associations heretofore organized. $ 503. All corporations heretofore incorporated under 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 their date of incorporation; all contracts made between them and their members, all loans made, at whatsoever premium, discount or interest, and all security taken for such loans are hereby declared legal, valid and binding on all parties concerned or affected thereby. No interest or premium paid on a loan of any corporation organized under the provisions of this act, no premium or interest paid or agreed to be paid on a loan made by any building and loan association heretofore organized for the purpose of accumulating and loaning funds to its members, no fines or charges assessed under the by-laws of such corporation, shall be deemed usurious or subject to the provisions of sections two thousand five hundred and forty-eight to two thousand five hundred and fifty-five, and all such interest and premium incorporated in notes given to such corporation, and all fines and charges assessed against its members in accordance with its by-laws, may be collected according to law. $504. The secretary of every association incorporated or doing business within this territory shall, within twenty days after the close of each fiscal year of such association, file with the secretary of the Territory of New Mexico a statement under oath of the receipts and expenditures of such association for such year, its assets and liabilities, the number of shares of its capital stock issued, withdrawn and in force in each series of stock during such year; also the number of shares of stock loaned upon each series of stock. Such statement shall also be verified under oath by at least three members of such association not officers thereof. It shall be the duty of the secretary of the territory whenever five or more stockholders of any such association request in a statement of facts made and sworn to by the same, or whenever he shall deem it expedient so to do in person or by one or more persons to be appointed by him for that purpose, not officers or agents of or in any manner interested in any such association doing business in this territory, except as stockholders, to examine into the affairs of any such association incorporated in this territory or doing business by its agents in this territory, and it shall be the duty of the officers or agents of any such association doing business in this territory to cause their books to be opened for the inspection of the secretary of the territory or the person or persons so appointed, and otherwise facilitate such examination so far as it may be in their power to do; and for that purpose the secretary, or person or persons so appointed by him, shall have the power to examine under oath the officers and agents of such association relative to the business of any such asssociation, and when the secretary of the territory shall deem it for the best interests of the public so to do he shall publish the result of any such investigation in one or more newspapers of general circulation published in this territory, and annually on or before the first day of January in each year the secretary of the territory shall report to the governor the financial condition of all such associations doing business in this territory: Provided, That said association shall not be subject to any expense in any manner by reason of such examination or publication. C. 108, L. 89, § 7; Feb. 28. Business to be closed when assets § 506. And whenever it shall appear to the said secretary of the territory from such examination, that the assets of such insufficient." association, incorporated or doing business in this state [territory], are insufficient to justify the continuance in business of any such association, he shall communicate the fact to the attorney general, whose duty it shall then become to apply to the district court of the county in which the principal office of said association shall be located, for an order requiring it to show cause why the business of such association shall not be closed, and the court shall thereupon proceed to hear the allegations and proofs of the respective parties, either in open court or upon a reference to a master in chancery, and in case it shall appear to the satisfaction of the said court that the assets and funds of said association are not sufficient as aforesaid, or that the interest of the public requires, the said court shall decree a dissolution of the said association and a distribution of its effects. Id. § 8. Reasonable compensation to audit § 507. Any such association may allow reasonable compensation to its auditing committees for their services as ing committee. such, and may for the legitimate purposes of such association, on a vote of a majority of all its directors, borrow money in anticipation of payment of dues. Id. § 9. Boundaries. Representation in legislature. 569 571 372 Boundaries remain C. L. 1865, chap. 42, § 508. The boundaries of the several counties in this territory shall remain as heretofore established and known, except the County of Socorro. § 509. The County of Socorro shall be divided by a line running east and west from the eastern to the western boundary of this territory, which line shall pass through the center of Laguna in the Jornada, and all the territory south of that line shall constitute a new county, to be called the County of Dona Ana, and the seat of justice and place of holding court shall be Dona Ana until changed by law. as established. § 1; Jan. 6. 1852. Boundary of Socorro county. Id. § 2. Division of territory into nine coun § 510. The Territory of New Mexico shall be divided into nine counties, named as follows: The County of Taos, the ties. County of Rio Arriba, the County of Santa Fe, the County of San Miguel, the County of Santa Ana, the County of Bernalillo, the County of Valencia, the County of Socorro, and the County of Dona Ana. § 511. The boundaries of the County of Taos are as follows: On the south, from the first house of the town of Embudo, on the upper side, where the Canon of Picuris terminates, drawing a direct line toward the south over the mountain of Bajillo at the Town of Rincones, until it reaches the front of the last house of Las Trampas, on the south side; from thence drawing a direct line toward the east, dividing the mountain, until it reaches the junction of the rivers Mora and Sapello, and from thence to the boundary line of the territory; from the above mentioned house of Embudo, drawing a line toward the north over the mountain, and dividing the Rio del Norte in the direction of the Tetilla de la Petaca; from thence taking a westward direction until it terminates with the boundary line of the territory; and on the north by all the and belonging to the Territory of New Mexico. Id. § 3. Boundaries of Taos county. Id. § 4. |