Separate Account to Be Kept.

Section 4. The State Treasurer shall keep a separate account between the Industrial Accident Fund and the Catastrophe Insurance Premium Fund, crediting the Catastrophe Insurance Premium Fund with all moneys by it paid into the Industrial Accident Fund and charging the Catastrophe Insurance Premium Fund with all amounts paid out for catastrophes as herein provided.

Use of Fund Limited.

Section 5. No money paid into the Catastrophe Insurance Premium Fund as herein provided shall ever be applied in any way other than by payments to the Industrial Accident Fund as herein provided. Penalty for Failure to Pay Premium.

Section 6. The inspectors appointed by the Treasurer under Section 4333 of the Wyoming Compiled Statutes of 1920 and acts amendatory thereof and supplemental thereto shall also act as inspectors for the purpose of enforcing the collection of the premiums due the State from employers operating coal mines. And in any case any such employer shall fail or refuse to pay the premium upon his monthly payroll as is required by this Act he shall be guilty of a misdemeanor and shall be punished by a fine of not more than Five Hundred ($500.00) Dollars and in addition to the said fine it shall be the duty of the Attorney General of this State to immediately bring suit in the name of the State in the District Court for the proper county, for the benefit of the Catastrophe Insurance Premium Fund, against such employer for the collection of such premium, and if a judgment for the recovery of such premium due be given in favor of the State for the use and benefit of the Catastrophe Insurance Premium Fund said judgment shall be for double the amount of the premium provided by this Act, together with costs.

Authority to Contract With Insurance Companies.

Section 7. The State Treasurer, should he deem it advisable, is hereby authorized and empowered to make contracts on behalf of the State of Wyoming and the Industrial Accident Fund with an insurance company or companies, to provide for payment into the Industrial Accident Fund by the insuring company or companies of a sum equal to the ultimate net loss which the Industrial Accident Fund has or shall sustain by reason of any catastrophe, all for the purpose of authorizing the State Treasurer to reinsure the said catastrophe risk with an insurance company or companies. The premium for any contract of reinsurance shall be paid by the State Treasurer out of the Industrial Accident Fund and charged against the account of the Catastrophe Insurance Premium Fund.

Every contract of reinsurance shall specify that the insuring company or companies reinsures the Industrial Accident Fund from loss by reason of catastrophes during the term of such insurance, within the limits as to amount expressed in the contract, and that the insuring company waives all right to question any award for claims. growing out of a catastrophe or claimed to grow out of a catastrophe, and that the insuring company will accept as final the awards made by the courts under the Wyoming Workmen's Compensation Law, and will abide by such awards, and will promptly repay to the Industrial Accident Fund all the payments made by it during the term of such insurance under catastrophe awards. Each contract shall also provide that the insuring company disclaims all right to appear in or contest any proceeding under the Workmen's Compensation Law. No

payment made out of the Industrial Accident Fund which is repaid to the Industrial Accident Fund by an insurance company shall be charged against the account of the Catastrophe Insurance Premium Fund or against the account of the employer in whose mine the catastrophe occurred.

Section 8. This Act shall take effect and be in force on and after April 1, 1925.

Approved February 28, 1925.

CHAPTER 160.

Original House Bill No. 29.

FOREIGN BUILDING AND LOAN ASSOCIATIONS.

AN ACT to regulate the admission of building and loan associations, savings associations and investment societies, organized outside of the State of Wyoming and having their principal place of business outside of said State, and providing for their examination by State Auditor and for penalties for violation of the provisions hereof, and to repeal Chapter 332, Wyoming Compiled Statutes, 1920.

Be It Enacted by the Legislature of the State of Wyoming:

Section 1. That Chapter 332, Wyoming Compiled Statutes, 1920, be and the same is hereby repealed.

Definition.

Section 2. Every corporation, company or association now doing business or who may in the future do business in this State and having for a part of the title or name the words, "Loan and Building Association," "Savings and Loan Association," "Building Association," "Building and Loan Association," or "Co-operative Bank," "Savings and Investment Company," and every corporation, company or association whose stock or savings certificates are payable by any accumulating fund in regular or stated periodical installments, shall, if organized or incorporated in any state or territory other than Wyoming, be known as a foreign building and loan association. Foreign associations or companies doing business by collecting monthly installments or dues for the accumulation of funds out of which to loan to the contributors or non-contributors money, on real or personal property, fall within the language of this section.

Qualification to Transact Business.

Section 3. It shall not be lawful for any foreign building and loan association, directly or indirectly, to transact any business in this State without first filing in the office of the State Auditor of this State a statement sworn to by the president and secretary of the association, which statement shall show the name and locality of the association, when organized, and an itemized account of its actual financial condition showing assets and liabilities, receipts and disbursements for the past twelve months, including also therein an itemized statement of its expense account. Said statement shall further show the amount and number of shares subscribed, the number cancelled and withdrawn during the past year, the number of shares actually in force at the date of the statement, the amount of real estate loans in force in Wyoming, and the total number of shares in force in this

State, the amount of money accumulated in Wyoming, and all such other information touching its affairs as the said State Auditor may require; provided, however, that no such association shall be admitted save and except upon written recommendation and statement by the State Auditor, the same to be filed and preserved in his office, to the effect that such association is solvent and conducting its affairs compatible with prudent business principles, and when such recommendation and statement is made the State Auditor may issue a certificate of admission to such association upon the payment to him of the sum of Fifty Dollars, which shall be covered into the State Treasury in the same manner as other fees received by such officer. Foreign associations now doing business in this State shall file with the said State Auditor a certified copy of the laws of the state, territory or government under which it is incorporated, relating to or authorizing the incorporation of such association and also the laws of such state, territory or government pertaining to the regulation, government or control of building and loan associations, both foreign and domestic, and of its charter or articles of incorporation and of its constitution and by-laws and all amendments thereto, and shall appoint an agent for service of process as provided by the laws of the State of Wyoming relating to foreign corporations.

Renewal of Statements.

Section 4. The statements required of foreign building and loan associations shall be renewed annually on the first day of April, and shall be made at such other times as the State Auditor may require and such associations shall pay to the State Auditor upon filing each annual statement a fee of ten dollars.

Reciprocity.

Section 5. When by the laws of any other state, territory or government under which such foreign association may be incorporated, any taxes, fines, penalties, licenses, fees, deposits of money or securities or other obligations or prohibitions are imposed on building and loan associations as defined in this Act, which are organized under the laws of this State, as a condition to their admission and transaction of business therein, then so long as such laws continue in force, the same obligations and prohibitions of whatever kind, shall be imposed upon all such foreign building and loan associations of such state, territory or government doing business in this State, and upon their agents in this State to the extent that the same may be in excess of the requirements imposed upon such foreign associations by the provisions of this Act and whenever the laws of any state, territory or government operate to virtually prohibit and make impossible the carrying on of business by a solvent association, organized under the laws of the State of Wyoming, in such state, territory or government, then it shall be unlawful for any association, organized under the laws of such state, territory or government, to carry on business within this State; whether such virtual prohibition be effected by the requirements of filing bonds or other undertakings, or by requiring the reorganization of any association organized under the laws of this State, or by requiring any association organized under the laws of this State to change its form of contract, or by any other means effecting such virtual prohibition; (provided that provisions of this section shall not apply to any foreign building and loan association now admitted to do business in this State that has made loans to its members in this State aggregating the sum of Five Hundred

Thousand ($500,000.00) Dollars or more as shown by the records of the Auditor of this State). It shall be the duty of the State Auditor to enforce the provisions of this Act and to collect all fees which may become payable thereunder and to pay the same over to the State Treasurer in the same manner as in the case of other fees collected by him.

Examination.

Section 6. It shall be the duty of the State Auditor to make an examination of each foreign building and loan association and to conform the statement filed in his office at least once a year. The expense of such examination shall be paid to the State Auditor by the Association examined, such expense of examination to be in addition to the license fees deposited with the State Auditor.

Failure to File Statement-Penalty.

Section 7. Upon the failure of such association to make and file its annual statement on or before the first day of April of each year, the State Auditor shall revoke its license and thereafter until such statement is made, it shall be deemed to be doing business unlawfully in this State. When the State Auditor shall have good reason to doubt the solvency of any foreign building and loan association, investment association, or society doing business in this State and when he is not fully satisfied with the certificate of the president and secretary or other like officer, he shall proceed to make an examination of such association (in the manner provided by the insurance laws of this state), and should he find that it has made fraudulent or untrue statements or that it is conducting its business in an irregular manner, or if he shall be of the opinion that any such association in this state is conducting its business fraudulently or is not in good faith carrying out its contracts with its members or stockholders in this State, or if the contracts, shares or savings certificates be sold under misrepresentation or if it shall appear that such association is otherwise violating the provisions of this Act, he shall report the same to the Attorney General who shall thereupon commence proceedings by writ of quo warranto, against such association requiring it to show cause why its license to do business in this State should not be revoked. And any such foreign association which shall carry on its business without a license shall be deemed to be doing business unlawfully.

Information on Contracts, Certificates and Pass Books.

Section 8. All foreign building and loan associations as defined by this Act doing business in this State that guarantee the time of maturity of their contracts, shares or stock certificates shall show upon their contracts, shares or stock certificates, and upon their literature and pass books the following:

(a) The time of maturity of their contracts, shares or stock certificates.

(b) The time in months in which a member may withdraw; the withdrawal value of each savings certificate, savings contract or share of stock at the end of the first year and each year thereafter, printed on the face or back thereof.

(c) Whether or not they guarantee a maturity in months and days; if so, specify the time in months and days.

(d) If a mutual association, that does not guarantee, state approximate time at which shares or savings certificates will mature, based upon the past and present net earnings distributed to the mem

bers' book accounts. Such maturity shall be calculated on the number of payments specified in their contracts.

Violation-Penalty.

Section 9. Any person doing business or soliciting or attempting to do business in this State for any foreign building and loan association which shall not at the time have fully complied with the provisions of this Act shall be deemed guilty of a misdemeanor, and upon conviction thereof, shall be fined in any sum not exceeding one thousand dollars, or imprisoned in the county jail not more than thirty days or both such fine and imprisonment in the discretion of the court. Section 10. This Act shall take effect and be in force from and after its passage.

Approved February 28, 1925.

CHAPTER 161.

Original Senate File No. 43.

CO-OPERATION OF IRRIGATION OR DRAINAGE DISTRICTS.

AN ACT authorizing any two or more incorporated irrigation or drainage districts to co-operate in the operation and maintenance of their respective systems, prescribing the means by which the provisions of this Act may become available to such districts; providing for a Board of District Managers, who shall have exclusive control of such operation and maintenance in districts operating hereunder; fixing the powers, duties and method of selection of such board; and indicating the manner in which a withdrawal from the co-operative arrangement may be effected.

Be It Enacted by the Legislature of the State of Wyoming:

Authority to Co-operate.

Section 1. Whenever two or more incorporated irrigation or drainage districts desire to co-operate in the operation and maintenance of their respective systems of irrigation or drainage works, they may do so by availing themselves of the provisions of this Act, as hereinafter more particularly provided.

Election.

Section 2. The commissioners of any such district may, and, upon written request of not less than ten land owners thereof, shall, at any time, submit to the qualified electors thereof the question as to whether or not they desire their district to co-operate with any other district or districts named, in the operation and maintenance of their respective systems under the provisions of this Act. Such question may be submitted at any general district election, or at a special election duly called for the purpose, notice of which shall have been given as required by law in case of general elections in irrigation districts. In every case, the notice of election shall state briefly but clearly the question to be submitted, naming the district or districts with which it is proposed to co-operate. The vote shall be by ballot, and a majority of the votes cast shall determine the question. If more than two districts are involved in the proposal, the electors shall in like manner determine the district or districts, if any, with which they desire their district to co-operate, in the event they do not desire to co-operate with all the districts named in the proposal, or in the event that