LEGALIZATION OF CERTAIN SALES. § 1. Certain sales and legalized. conveyances (SENATE BILL No. 274. APPROVED JUNE 26, 1923.) AN ACT legalizing certain sales and conveyances of real estate. Be it enacted by the People of the State of Illinois, represented in the General Assembly: SECTION 1. In every case where a sale of real estate has been made by virtue of a decree, judgment or order of court in any partition suit and the proceedings in connection therewith were conducted in conformity with law in all respects except (1) that the guardian of the estate of any minor having a homestead estate or dower or other interest in the real estate so sought to be sold failed or refused to petition the court wherein such proceedings were pending for authority to assent in behalf of his ward to the sale of such minor's interest, (2) that the court failed or refused to enter an order so authorizing said guardian to assent to the sale of said minor's homestead, dower and any and all other interest in said real estate, and (3) that the guardian failed or refused to assent in writing in the proceeding for such sale pursuant to any such order, said sale is hereby legalized and the conveyance made pursuant to such decree, judgment or order if otherwise legal shall be valid and effective to convey to the purchaser the homestead estate, dower and any and all other interest of such minor in and to the real estate so conveyed. APPROVED June 26, 1923. CORPORATIONS. AGENCY AND LOAN CORPORATIONS-ACTS VALIDATED. § 1. Certain acts validated. (SENATE BILL No. 303. APPROVED JUNE 26, 1923.) AN ACT to validate certain acts and contracts of agency and loan corporations organized under "An Act in relation to corporations for pecuniary profit," approved June 28, 1919, in force July 1, 1919, as originally in force and as subsequently amended, known as "The General Corporation Act." SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly: That, whereas many agency and loan corporations have heretofore been organized under "The General Corporation Act," and it is now desired to confirm and effectuate the original legislative intent with respect to the powers of such corporations to conduct the business of real estate brokerage, the business of loaning money, and the insurancy agency business, and to remove all doubt with respect to the validity of the acts and contracts of such corporations done and made in the conduct of such businesses. All acts and contracts of such corporations heretofore done or made in the conduct of any of such businesses, if otherwise lawful, are hereby declared and made valid with like force and effect as if section 2 of said "The General Corporations Act" originally contained a proviso to the effect that agency and loan corporations organized under last mentioned Act might engage in the business of real estate brokerage, the business of loaning money, and in the insurance agency business, as provided in section 3 of last mentioned Act and subject to all the limitations, conditions, and restrictions in last mentioned Act imposed on agency and loan corporations, and as if said section 3 originally provided among other things that agency and loan corporations might be organized for the purpose of acting as agents and brokers for others in the purchase, sale, renting and management of real estate and leasehold interests, in the operation of the insurance agency business, and in the negotiation of loans on real estate and leasehold interests, and for the purpose of lending money on bonds or notes secured by mortgages or trust deeds on real estate or leaseholds or on the mortgage bonds of industrial or railroad companies or of any public service corporation or on any State, municipal, or quasimunicipal bonds, or for the purpose of buying, selling, pledging, mortgaging or otherwise dealing in any of such securities; and for the purpose of acting as trustee in connection with any of the foregoing securities, and for no other purpose. APPROVED June 26, 1923. AN ACT to amend section 145 of an Act entitled "An Act in relation to corporations for pecuniary profit." Approved June 28, 1919. In force July 1, 1919. SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly: That section 145 of an Act entitled "An Act in relation to corporations for pecuniary profit." Approved June 28, 1919. In force July 1, 1919, is hereby amended to read as follows: § 145. Copies of all articles of incorporation, and amendments thereto, or certificates of consolidation, merger or dissolution, or any paper lawfully filed, and certificates licensing foreign corporations, duly certified by the Secretary of State, shall be taken and received in all courts and places as prima facie evidence of the facts therein stated. A certificate from the Secretary of State under the great seal of the State of Illinois, as to the existence or non-existence of the facts relating to corporations which would not appear from a certified copy of any of the foregoing shall be taken and received in all courts and places as prima facie evidence of the existence or non-existence of the facts therein recited. No personal or financial liability shall attach to the Secretary of State for any mistake made in the issuance of any of the foregoing certificates. § 1. APPROVED June 29, 1923. CO-OPERATIVE ASSOCIATIONS FOR PECUNIARY PROFIT. 1. License-How obtained. § 10. Investing surplus. (HOUSE BILL No. 758. APPROVED JUNE 26, 1923.) AN ACT to amend sections I and 10 of "An Act to provide for the incorporation of co-operative associations for pecuniary profit,” filed July 8, 1915, in force July 8, 1915, as amended. Be it enacted by the People of the State of Illinois, represented in the General Assembly: SECTION 1. Sections 1 and 10 of "An Act to provide for the incorporation of co-operative associations for pecuniary profit," filed July 8, 1915, in force July 8, 1915, are amended to read as follows: § 1. That any five or more persons who may be desirous of uniting as mechanics, laborers, agriculturists, or in any other capacity in any co-operative association for the purpose of purchasing of or selling to all shareholders and others, all manner of groceries, provisions and any other articles of merchandise, for cash or otherwise, at wholesale or retail, at such reasonable prices over the cost thereof as will enable the members of such association to obtain or dispose of such commodities at the smallest practicable rate of cost and also, if desired, to manufacture any such articles of trade or merchandise such as flour, meal, boots, shoes, clothing, groceries and to vend same as aforesaid, or for the purpose of cultivating and raising vegetables, fruits or other products, or animals for food for said members or to vend same as aforesaid, or who may be desirous of engaging as shareholders in any association for the conducting of a general agricultural or horticultural business, or any combination of the two for the purpose of growing or producing general or special agricultural, horticultural, orchard, garden, nursery or dairy produce, or for the manufacture and sale, or the sale, or the purchasing of or dealing in any of the commodities in this section mentioned either at wholesale or retail, either for the use of such shareholders or for sale to other persons, or who may be desirous of becoming interested in other like associations—may become incorporated for that purpose by making a statement to that effect under their hands and seals duly acknowledged before some officer authorized to take acknowledgements, setting forth the name of the proposed association, its capital stock, its locations, and duration of the association and the particular branches of business which it intends to prosecute, which statement shall be filed in the office of the Secretary of State. The Secretary of State shall thereupon issue to such persons a license as commissioners to open books for subcription to the capital stock of such association at such time and place as they may determine. § 10. At any regular or special meeting, legally called, an association organized under this Act or as a co-operative association under the General Incorporation Act may, by a majority vote of its members invest not to exceed twenty-five per cent of its paid-up common stock and reserve fund in the capital stock of any corporation or other co-operative association; and any association organized under this Act or organized as a co-operative association under the General Incorporation Act, which is a member of, and is selling its products to or through or buying products from or through another association. organized under this Act, or as a co-operative association under the General Incorporation Act, may hold stock in such latter association to any amount which is necessary in order that continuous capital may be raised for such latter association from its member associations, based in amount upon the volume of business transacted by such member associations with said association: Provided, however, that ten days' notice has been previously given to each shareholder, stating in said notice the purpose of the meeting. APPROVED June 26, 1923. FOREIGN EXCHANGE AND TRANSMISSION OF MONEY AN ACT in relation to the buying and selling of foreign exchange and the transmission or transfer of money to foreign countries. Be it enacted by the People of the State of Illinois, represented in the General Assembly: SECTION 1. After the first day of October 1923, it shall be unlawful for any person, firm or corporation other than governmental departments or offices, or corporations organized under the general banking laws of this State, or of the United States, to engage in the business of transmitting or transferring money to foreign countries, or buying and selling foreign money, or receiving money on deposit to be transmitted or transferred to foreign countries, without having a license to engage in such business, issued by the Auditor of Public Accounts. § 2. Application for such license verified under oath by the applicant shall be made to the Auditor of Public Accounts on blanks prepared and furnished by him shall; (1) State the name and address of the applicant and the address. or addresses at which such business is to be conducted, and, if the applicant is a natural person, his age, which shall not be less than twenty-one years. (2) Contain proof of the good moral character of the applicant (if applicant is a natural person) or of the members of the firm or of the officers of the corporation or unincorporated company making the application, in the form of an affidavit, signed by at least five householders who shall be citizens of this State, and sworn to before a notary public or other officer authorized to administer oaths, on forms to be prescribed by the Auditor of Public Accounts. (3) Be accompanied by a fee of one hundred dollars ($100). (4) Be accompanied by a bond of the applicant with a solvent and responsible surety company, approved of by the Auditor of Public Accounts and authorized to do business under the laws of this State as surety thereon, in the sum of twenty-five thousand dollars ($25,000). Said bond shall be conditioned that licensee will pay all final judgments recovered against him growing out of the conduct of the business herein specified during the period for which the license is issued, and shall by its terms inure to the benefit of the person recovering any such judgment and shall provide that suit may be brought in any court of competent jurisdiction, upon such bond, by the owner of any such judgment. Upon the receipt of any such application and bond in proper form, together with the required license fee, the Auditor of Public Accounts shall issue to such applicant a license to engage in such business. Such license shall be effective for one year from and including the date of issuance and may be renewed from year to year upon application made as above provided. Upon application for the renewal of any license a renewal fee of twenty-five dollars ($25.00) shall be paid. In case a license is permitted to lapse, application for license and payment of license fee shall be made as in an original application. If any licensee shall desire to change its place of business, or to transact business at other places than such as are named in its application, said licensee shall apply in writing to the Auditor of Public Accounts for permission so to do, and shall not transact business at any other place than that specified in its application, until written permission is granted by the Auditor of Public Accounts. § 3. Every person, firm or corporation so licensed shall, whenever any foreign money, checks or drafts are received by it for exchange, transmission or transfer, or domestic money, checks or drafts are received for the purchase of foreign money or for transmission or transfer, give to the person delivering or depositing such money, a receipt in the name of the licensee, with the name and address of the office or place of business of such licensee printed thereon. Such receipt shall state the date when such money, check or draft is received, the amount thereof, and the amount and denomination of the money purchased, delivered, or agreed to be transmitted or transferred, the name of the person, firm or corporation to whom such money is to be delivered, transmitted or transferred and where payable; and the amount of his charge or commission. Such licensee shall forward or transfer to the person designated to receive the same all moneys received for transmission within three days after the receipt thereof. The licensee shall keep a copy of every such receipt in a |