Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1879-03-27
FINANCIAL.
10l


AN ACT to conform all savings banks institahons
for sayings to uniformity Of powers. hghts ~
liabilities, aud TO provide for the orgsnization g
,.gnss o:na, for tasr ,1Rss,iston nd f
b Il enacted By The Lesillsere Of tie shss e Nh,
section i. An saving. baa1s or instisuHoos Il
savings now existing or which may hereafter b -
ganized under and By virtue Of any hv Of this st1
the powers ana functions Of eorporations o.
and - such shall hays power:
l. To have psEpstual Succession BY ts eorpoalD
2. TO SUE snd be sued, complain and dsfend, 4.
any court Of law or equity.
To make and use common seal, which No.
psper snd y :ter te an - Q. -
as the business Of the cooperation may rsquirs.
of this state, or Of the United states for tAs as
agenent Of it, propsfty md the regulation Of -
6. To contract and b contracted with.
Z. To receive money On deposit, to tnvsst -
same, and further transact The business OF soyin
bank, as hereinafter provided.
the exercise Of the powers above enumerated -
given.
Sec. 2. Any number Of persons, not les th0
seven, may associste themselves together for To
purpose Of organizing savings bank in .ooord.na0
with the provisions OF this act, but the majority q
such number Of persona shall reside in tho ooun1
Sec 8. Such persons, under their hands anA
SEALS thsa execute certificate in which shall b -
forth:
i. The name assumed to DISTINGUISH such 49,.
ciaton. aud to be used in its deangs, which sh Ill b
in DO material respect similar to the name AnV
other savings bank organized and doing business =
this etate.
g. The place where its business is to DO transsca4
designating the particular city, town village, aa
Il IN any city, the ward in such city.
3. The name, residence-n in Any city, the st1oO
QNUlEer-OcCuO0tlOD r
each member Of such ASSOCIATION.
:. declaration that zach member Of such 8ooos
discharge the dudes OF trustee in such institution
when authorized according to the provisions Of IL
act.
Every trustee before entering upon his dutao1L
ehsI; execute bond to the State Of Minnesota, IN -
penal sum of five Thousand dollars, With two moso
snretes, to be s5proved by Of the judges Of To
bank may be situated, conditioned for the faithful
discharge of his duties az trustee aforesaid Sai4
bond shall be recorded in the Office OF thu a
deeds of the county in which said savings hzuk =
situated and then deposited in the Office of TIL
re1ary of state, and in case of breach Of tho rsd
tons OF such bond, any person aygrie7ed by such
said district court bring suit in his nail ana
The Judgment OF plaintiff in such action shah ne for
The amount OF damages he may show Tim elf Guided
to by reason OF such breach not exceeding tho
amount Of said md. and successive aions may b
brought by persons agErieved aforesaid until tho
penalty Of said bond is exhausted
plica,s and be acknowledged before ON OF lht0
atase authorized to take the acknoHi-I: -aens q
couveyauces o. real estate fox record aud shs WITH
IN sixty days OF such aGkn owtd:meD be Lird,
copy the ctice of the req ter OF dee Is OF thO
county wherein such savings bank is proposed to b
located, and one COPY ID the oce OF the auditor a
state.
Sec.5 notice of intention to organize Euoh
savings bank, shall be published at least week
for four weeks previous fling the certificate OF
socatioa. provided IL the last preceding section,
III at least OEe newspaper of the largest Circulation
published in the City. town or village wher. sItc6
savings bank ls proposed TO be located or, ,heEO
be no newspaper published in snch Village or town.
then in some Newspaper published III such county:
4 none in said county then in I'D iong county,
which notice shall specify the names of the prrossd
corporators, the name Of the proposed savings Dak
and location of the same forth in the ce.
hdcate of association: and If there is any ss1ia9s
bank or banss organized and doing business
In such county, copy OF such notice shall asoe seoG
to each snch savings bank organized and doing
Business, at least fifteen days before the fling Il
such certificate 1t association, az provided for II
the last preceding section.
Sec. +. Upon the receipt OF any such certificate
Of association. at the office of the auditor OF stat
ii the same is in due form and duly executed ~
cordng to the provisions of sections three and foW
Of this act, and IL accompanied by evidence ss4iD
factory to tho auditor of state Of the proper pubh-
nou and service, In good faith, Of the notice ~
quired i'll the last preceding section, he shall forth
With endorse the same over his Official signature
'dled for examination" with tho date Of such On
dorsement.
u II
Substance ~ required By section three Of this aok a
shall not be duly and properly acknowledged - n,
qired by section four Of this act ehall not be -.
conpanted by evidence satisfactory to the auditor q
state Of publication and service TN good faith %.
ccrding to the intent and purpose Of this ac Of -
notice required by section i've Of thu set the suR
same shan be amended, in conformity to tho peo-
visions Of this act. And ii shal be the duty Of To
auditor Of state upon fling said certificate, to forth
With notify the attorney general and public examinae
~ QfAfA n md M
meeting to be held IN said auditors Office at Soma
time within twenty days thereafter, and it shan b
examiner to meet 1t the time and place In said noao
set forth, to consider said certificate.
Sec. .. And it shall be tho duty OF said ofRceg2
regard 70 any certificate Of ASSOCIATION so lied, =
ascertain from the best sources Of information q
their command:
savings bank viii ~ afforded to any considerable
number Of depos:tors by opening savings BANK q
The place designated IN such certificate.
2. Whistler tho density of population. in the
neighborhood designated for such savings bank and
in the surrounding country; affords a reasonable
promise Of ADEQUATE support to the enterprise.
eral fitness for the discharge Of the dute, srasr-
tanning 10 such trust of the persons named III snch
certincate, such - to command the confdanoo
G: the community in which SUCH savings bank II Pc
Sec. 3. If the said officers, . majority Of thss
shall be satisfied, from their knowlegde, or from b
formation gained, concerning tho several PodnlD
named in the last preceding section, that the orB
tzaeon Of savings bank, Is pro osed tn such o.
dncate, viii be . pubic benefit, they shall witiaA
sixty days after the same has been filed by the@
for examination, issue under their hands aud Official
seals, certificate of authorization to the persons
named in such certificate, or to them or to POI.
ton of them, together with such oshse
pereons, - . majority Of those named h
such certificate of association, shall in writing aR
prove; which such certificate issued shall aNth0ls
lie the prsons named thereon to open An oflee fce
OF association, subject to the provisions of this ee
Provided, however, that no person shall be named u
such certificate of authorization who shall not have
duly made and acknowledged tho declaration Pr
scbed in subdivision four Of section three of this 90
Sec. 10. The public examiner shall transmit such
certificate of authorization to the register Of dee
OF tho county in which the savings bank 80 author.
lied is to be located, who shall file the Same and e.
tachi to the certificate Of association previously
filed, relating to the organization Of such savings
bank. and the public examiner shall also file dur1p
cato copy Of such certificate In his own Office.
Sec. IL. II the said officers ehal not be satisAs4
that tho establishment Of saving. bank Is proposed
In any certificate of association fled, Ia expedie84
and desirable, the public examiner shall, within
sixty days after the filing Of such certificate by him,
give notice to tho register of deeds of the county b
which such savings bank - proposed to be locased,
that they rofuss to issue certificate of authorzao0
for such savings bank, which notice shah forthwith
be filed by tho register Of deeds with the oezcas
Of association Of such savings bank
Sec. IL. Upon the hiing OF any *rtfcses a
authorization Of ssvings bank herenbeforo ERo.
vided the persons named therein and their snoosc
sors shall thereupon and thereby be duly and lAvfu
" constituted body corporate and poltic, and sha
be vested With III the powers aud charged with u
tho liabilities conferred and imuosea by this oct.
SEQ - Before any savings bank 30 Incorporates
shall be authorised 10 receive deposits, such
on shah transn,it to the public examiner the mama
restdence and postosnce address Of each Of -
ofaoere ofsucl savinss bank, and the place whsEo
it, business tsto be carried on, Designating the so
By street. and number when practicable.
+ See. a. Any savings bank 30 Incorporated thAe
shan not organize and commence business within
one year After the certificate Of authorization OF the
same has been 6led, hereinbefore provided chan
forfeit IT. rights aud privileges 40 corporation M
der this act; but the public examiner may, for s.
factory causs TO hun shown, extend ths term Within
business commenced, but not for longer period
than one year; and the order, % extending
such tAfIn. shall be : unlor his hAya2