Page images
PDF
EPUB

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.

[ocr errors]

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

any disrict or districts named in the proposal should vote adversely thereto. All elections held hereunder shall be conducted in the same manner as general irrigation districts, elections are required by law to be conducted.

Filings With County Clerk.

Section 3. Whenever any two or more irrigation or drainage districts shall have voted to co-operate with one another under the provisions of this Act, the respective commissioners thereof shall file in the office of the clerk of the court having jurisdiction of the district proceedings, a certified copy of the minutes of the election proceedings, including a copy of the election notice. From and after the filing of such certificates, the operation and maintenance of the respective irrigation or drainage, or irrigation and drainage works of said districts shall be under the exclusive management and control of a Board of District Managers, as hereinafter particularly provided. No informality in these certificates, or in the records of which they are a copy, shall affect the validity of any such election, if in fact the same was held in substantial compliance with this Act.

District Managers.

Section 4. The Board of District Managers shall be composed of as many members as there are districts to be represented, and a majority of its members shall constitute a quorum. The commissioner in each district who has longest served the district as such commissioner, shall be the member of the Board of District Managers from such district. In case of death, resignation, disability or absence of any district manager, the commissioner from his district who is next in seniority of service shall act as district manager in his stead. Where there is no seniority in service among the commissioners of any district, they themselves shall determine the order in which they shall successively serve as members of the Board of District Managers. If the commissioners of all of the associated districts shall at any time so order, the Board of District Managers may thereafter be composed of two commissioners from each district, but in such case the vote upon any question before the board shall be by districts, each district being entitled to cast one vote by its representatives or representative present.

President of Board.

Section 5. The presidency of the Board of District Managers shall devolve successively upon the representatives of the respective districts, and the order of succession shall be determined in the first instance by lot. The first president shall hold office until the first day of the next succeeding December, and succeeding presidents shall hold office for terms of one year each. In the absence of the president, or in case of his death, resignation or inability to act, his duties shall be discharged by the commissioner from his district who would be entitled to act in his stead, under the provisions of the preceding section. The president shall preside at all meetings of the board. He may vote upon all questions, and, in case of tie, shall also cast the deciding vote. He shall perform such other duties as may be imposed upon him by law, or the order of the board.

Secretary.

Section 6. The Board of District Managers shall appoint a secretary who may or may not be one of their number. Such secretary

shall hold his position at the pleasure of the board, and shall perform such duties as may be imposed upon him by law, or order of the board. Treasurer.

Section 7. The Board of District Managers shall appoint the treasurer for each of the associated districts. The same person may be the treasurer of two or more districts, and may also be secretary of the board. The funds of the associated districts shall not be comingled, however, but shall in all cases be separately kept and accounted for.

Name.

Section 8. At its first meeting, the Board of District Managers shall adopt a name which shall be formed by prefixing to the phrase "board of district managers," some word or words different from any used for a like purpose by any other board within the same judicial jurisdiction. A certificate of the adoption of such name shall be filed promptly with the clerk of the court, or clerks, of the courts, having jurisdiction of the several district proceedings.

Power of District Managers.

Section 9. In the operation, maintenance, preservation and repair of the constructed works of the associated districts, and in the assessment, levy, collection and disbursement of district revenues for such purposes, and for the payment of the principal and interest on outstanding indebtedness, the board of district managers shall succeed to and possess all the powers and be charged with all the duties of the commissioners of the several districts which it represents. All other powers of the commissioners of such districts shall be possessed and retained by them, unimpaired, including those relating to uncompleted district works, or such additions to or extensions of such works as require a revision or modification of assessed benefits. Whenever necessary in the discharge of its duties, the board may use the name and corporate seal of any district which it represents, always indicating, however, in some appropriate manner, that the signature and seal have been affixed by the board.

Duties of District Managers.

Section 10. It shall be the duty of the Board of District Managers so to control and conduct the affairs of the districts under their jurisdiction that each shall bear its just portion of the burdens and receive its just share of the benefits resulting from co-operating management. Accurate and detailed accounts of the amount and cost of labor and material used in the work of each district shall be separately kept, so far as practicable, and whenever labor or material is used for the common benefit of two or more districts, a just apportionment of the cost thereof shall be made between or among the districts benefited, and, in each such case the records of the board shall be made to show clearly the basis of such apportionment. Apportionment of Expense.

Section 11. In the operation and maintenance of the works under its charge, the Board of District Managers shall, as far as practicable, avoid a duplication of labor and equipment. It shall have no power, however, to purchase machinery, tools or other equipment on account of any district, without written authority from two of the commissioners from such district, and it shall have no power to purchase machinery, tools or other equipment on the joint account of two or more districts, without written authority from two of the

« PreviousContinue »