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class, may, by resolution, declare it essential or necessary to the interests of said city that so much of any such avenue as may be within the corporate limits of the city should belong to the city for the purpose of a public street; and thereupon if the company owning such avenue and the board of public improvements of the city are unable to agree upon the amount of compensation to be paid for so much of said avenue as lies within the city, the board of public improvements of such city and the company owning such avenue may submit the question of the amount to be paid for so much of such avenue as lies within the limits of such city to arbitration in the following manner, to wit: The board of public improvements of such city to select one disinterested person, the company owning such avenue to select another disinterested person, and these two (to] select the third disinterested person to act arbitrators, and all such arbitrators shall be resident freeholders of such city; and the amount agreed upon by these three arbitrators shall be binding on both such city and such company; and in case the arbitrator appointed by the board of public improvements of such city and the arbitrator appointed by such company cannot agree upon a third arbitrator, or all three of such arbitrators fail to agree on the amount to be paid for so much of such avenue as lies within the city limits, or in case the board of public improvements of such city, or the company owning such avenue, refuse to submit to arbitration the question of the amount to be paid for such part of such avenue as lies within the limits of such city, then the board of public improvements of such city may proceed to condemn and appropriate so much of such avenue as lies within the city limits, for public purposes, in the same manner in which other property is condemned and appropriated by municipal corporations, except that the resolution of such board of public improvements deeming it necessary to condemn shall take the place and stand in lieu of the resolution of council required by sections 2234, 2235, and 2236, Revised Statutes of Ohio. 87 0. L. 241.

$ 3826b. Issue and sale of bonds

When the amount of compensation to be paid for such avenue appropriated under the preceding section shall have been ascertained either oy agreement of the parties, by decision of the arbitrators or by the verdict of a jury in the proceedings instituted for the purpose, a fund shall be provided for the payment of such compensation together with the costs and expenses of such pro

ceedings as may have been had, by issuing the bonds of such city for the amount thus ascertained; and it shall be the duty of the board of public improvements of such city to issue said bonds. Said bonds shall be made payable at such time and shall bear interest at such rate not to exceed four (4) per centum per annum as said board of public improvements shall determine; said bonds shall be signed by the president of the board of public improvements and the mayor of such city, and be attested by the comptroller of such city, and shall be secured by a pledge of the faith of such city and a tax, which it shall be the duty of the council of said city annually to levy upon the taxable property of such city, and certify the same to the county auditor, upon a certificate to that effect from the trustees of the sinking fund of such city, as to the amount necessary to pay the interest thereon and to provide a sinking fund for the final redemption of said bonds. Said tax shall be in addition to the amount now authorized to be levied for municipal purposes. Said bonds shall be sold to the highest bidder by said board of public improvements at not less than their par value, after advertising the same for not less than four consecutive weeks on the same day of the week, in some newspaper of general circulation in said city. 87 O. L. 241. $ 3827, Officers of board of trade, chamber of commerce,

merchants' exchange, etc.The officers of an incorporated board of trade, chamber of com merce or merchants' exchange or other kindred association, shalı consist of a president, two vice-presidents, treasurer, secretary, and not less than ten directors, all of whom shall be members of the association, and be engaged in business at, or residents of the city or town where it is established; they shall be elected by ballot at the annual meeting of the association, and shall hold their office for one year; unless said association shall, by its by-laws provide a longer term for all or any of said officers, and until their successors are elected and qualified; the officers thus elected, together with said directors, shall constitute the board of directors of such association; provided, however, that any such association may provide for the election of not less than ten directors, as aforeasid, and by its by-laws authorize said directors to elect a president, two vice-presidents, a treasurer and a secretary, and such additional directors as may be necessary to complete the maximum membership of the board, all of whom shall be members of said association; the officers thus elected, together with said directors, shall constitute the board of directors of such association; and all other officers, agents or committees deemed necessary for the interest of the association, shall be elected or appointed in such manner and with such powers as may be provided by the by-laws of the association. And in like manner said association may have the power to provide for the trial, suspension, fine or expulsion of any of its members by the board of directors constituted as hereinbefore provided. And said association may make provision for the relief and support of the families and dependents of deceased members. 91 0. L. 108.

An inspector of tobacco appointed by a corporation under this section does not usurp the duties of inspectors under Chap. 6, Title V of the Revised Statutes. State v. Casey, 38 Ohio St. 555.

§ 3828. May appoint committees of arbitration

Such corporations may constitute and appoint committees of reference and arbitration, and committees of appeals, who shall be governed by such rules and regulations as may be prescribed in rules or by-laws for the settlement of such matters of reference as may be voluntarily submitted for arbitration by members of the association, or by other persons not members thereof. 63 v. 89, S 5; S. & C. 183.

§ 3829. May require bonds from officers

Such corporations may receive and require of and from their officers, whether elected or appointed, good and sufficient bonds for the faithful discharge of their duties and trusts, which bonds shall be conditioned and made payable as prescribed by the bylaws of the corporations, and may be sued [on], and the money collected and held for the use of the party injured, or such other use as may be determined upon by the corporation, and the president, a vice president, or the secretary of any such corporation, may administer such oaths of office as may be prescribed in its by-laws. 63 v. 89, S 6; S. & S. 183.

$ 3830. May appoint inspectors, etc.-

Every inspector, gauger, weigher, or measurer appointed by any such association shall be recognized as a legally appointed officer, for the duties pertaining to his position, in the city and county wherein the association is located, and shall be subject to all the provisions and penalties of the laws relating to such officers; and the certificate of such appointee as to his official acts shall be evidence, and binding upon the persons interested. 63 v. 89, $ 9; S. & C. 183.

$ 3830a. Inspectors, gaugers, etc., may appoint deputies

Every inspector, gauger, weigher, or measurer appointed by any board of trade or chamber of commerce heretofore or hereafter organized in this state, may appoint one or more deputies to be approved by the board of directors or board of officers of such board of trade or chamber of commerce, and the said inspector, gauger, weigher, or measurer may take from his deputy a bond, with sureties, conditioned for the faithful performance of the duties of the appointment, but in all cases said inspector, gauger, weigher, or measurer shall be responsible for his deputy's neglect of duty or misconduct in office. 80 O. L. 98.

$ 3831. Other like associations may have benefit of these

provisionsAny board of trade or chamber of commerce heretofore organized in this state may avail itself of the privileges and powers, in whole or in part, conferred by the three preceding sections, by making a certificate of its adoption thereof, under its seal, and attested by the signatures of its president and secretary, which shall be filed in the office of the secretary of state, and when so filed shall confer all the privileges and powers so defined. 63 v. 89, $ II; S. & S. 184.

$ 3832. May purchase or lease grounds and borrow

money, Any such incorporated association may purchase or lease suitable grounds and erect thereon such buildings as the board of directors deem proper for the interest of the association. And such association may lease any portion of such building, that is not occupied or needed for its immediate use, and such incorporated association shall have power, for the purpose mentioned in this section, to borrow money and execute and sell or otherwise dispose of its bonds or other obligations, secured by a mortgage of its property or otherwise. 84 O. L. 33.

[Secs. 3833, 3834, 3835a, 38356, 3835C, 3835d, 38350, 3835f,

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38358, 3835h, 38351, 3835), and 3836, were repealed in 88 O. L. 469. Sec. 3835 was repealed in 83 0. L. 116.]

The following notes to sections 3833 to 38358, relate to the laws in force prior and up to May 1, 1891, when they were repealed (88 Ohio St. 469):

The fact that a member of such association holds a greater number of shares than is allowed by its by-laws, but not in excess of the number limited by the statute, is no defense against the claim which the corporation has against him on account of such shares; and such associations are not required to ascertain the use to which a member, who obtains a loan on his stock, intends to apply the money. Hagerman v. Building Association, 25 Ohio St. :36.

Such corporation, under the act of May 9, 1868 (65 v. 173), may, by its by-laws, assess and collect a reasonable fine, from a member of the association, for default in the payment of his stated dues; but can not assess or collect more than one fine for the non-payment of the same stated due; and there is no power conferred upon the corporation to levy, assess, or collect a fine for any default in the payment of interest, Ib.; Building Association v. Gallagher, 25 Ohio St. 208; but when the law under which the association is organized allows a greater rate of interest than the general law, it is not usury to take such greater rate. Lucas v. Building Association, 22 Ohio

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St. 339.

The advancement of money by an association to its members, as provided in the act of February 21, 1867 (64 v. 18), is not the exercise of banking powers; and such associations are not authorized to charge interest on the premiums allowed for precedence in taking loans, the money actually advanced being the basis for the computation of interest. Building Association v. Gallagher, supra.

When a loan is advanced to a member on his stock, it is within the capacity of the corporation to take security from such member, by mortgage, or otherwise, for the payment of fines, as well as stated dues, which may be lawfully assessed on account of such stock. Hagerman v. Building Associationi, supra.

The payment of stated dues and fines can not be resisted by a member on the ground that the by-laws of the association have not been adopted by a vote of the members or directors, when it appears that they have been recorded, acted upon, and enforced as the by-laws of the association. Ib.

After the breach of the condition of a mortgage given to secure the pay. ment of stated dues, interest, and loans advanced, and fines, the decree in an action to foreclose should be confined to the amount of such dues, interest and fines then due and unpaid. Ib.

An association incorporated under the act of May, 1868 (65 v. 137, 173), has not the power to refuse to loan its funds to its members; nor to establish such rules and regulations, or so conduct its business, as to prevent the loan of its funds to a member who bids the highest premium therefor; nor to borrow money for the purpose of lending it; nor to divide or distribute its funds among its members in advance of the distribution at the winding up of the corporation; nor to traffic in shares of its own stock. State v. Building Association, 35 Ohio St. 258.

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