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

Sec. 80. Whenever buildings ars included IN tho
valuation Of any real estate, upon which loan shall
sured by the nort&aEor In such company COM
panies the trustees shall Direct and the policy Of
insurance shall % duly assigned, or the loss made
ton and 1t shall be lawful for such corporation to
renew such policy Of insurance In the In any
or . they may elect
case the mortgaSor shall neglect to do so, and may
charge tho amount paid to the mortgasor. And all
corporation. for such rene wal or renewals, shall DO
paid by such mortgsgor to such corporation, aud
sns os lien the 50 re-
~ part OF the moneys secured to y paid by such
mortgage.
Sec 81. II shall be unlawful for anv savings
bank, directly indirectly, to deal trade il, real
estate in other for other purpose than
as authorized in section twentyseven OF this act to
deal or trade i'll dry goods, wares, merchandise
commodities whatever, except as authorized by the
terms OF this act and except such personal property
"a may be necessary III the transaction Of its bust
ness; and 1t shall be unlawful for any savings bank,
business Of such bank, to in any uanler engage In
the business in such bank, Or buying selling ex-
change, i'll the business of collecting protesting
prol.,issory notes or tne-bils of ex change.
Sec. 81. 1t shall be the duty Of tho trustees Of
every such corporation to regulate the rate of inter-
est or dividends upon the deposits Herewith i'll such
manner thar depositors shall receive nearly
may be, all the profits OF such corporation after de-
Quoting necessary expenses and reserving such
amount as the trustees may deem expedient
plus fund for the security Of depositors which, to
the amount of ten per cent OF their deposits. the
trustees Of any such corporation hereby author
lied gradually to accumulate and hold, to meet any
contingency Or loss i'll its business from the dep ecia
ton OF its securities or otherwise. Provided, how
that the trustees OF any srch corporutiou may
classify their dep,sitors according to the character,
and duration Of their dealings with the
pcraton aud regulate the interest or dividends al
lowed in such manner that each deposition shall
ceive the rateable proportion of interest or
dividends all others Of mis- class. 1t shall be nm
lawful Ior the trustees any savings bank to declare
allow interest any deposit for Il longer period
tnan the has been deposited, except that de-
posts made rot later than the third day OF any
month, withdraw, of the last three days OF
the month, may have interest declared Upon them
Tor the whole period month when so deposited or
withdrawn. No dividends or interest shall be de-
ciaed, credited paid. except by the authority of
vote Of the bca'd Of trustees, duly entered upon
their minutes, wlereoI shall! be recorded the ayes
aud nays up>n each vote, and whenever any divi-
bends or interests shall be declared and credited i'll
excess Of the interest or deposits earned and ap-
pearng the credit OF the corporation, the trustees
vo1ng tor such dividend shall be Jointly and severay
liable TO the corporation the amount OF such
excess declared and credited.
And 1t shall be the duty Of the trustees of any such
corporation, whose surplus amounts to ten per cent
of deposits at least III three years, to divide
eQuitably the accumulation beyond such authorized
surplus, dividend to deposors, i'll excess
OF the regular di, idnds hereinbefore authorized.
Sec. 49, In determining the per cent OF surplus
held by any savings bank, its inerespayng stocks.
notes and bonds, shall be estimated at their market
value; Its notes and bonds Oh which there are no
arrears Of interest for longer period than six
months shall be estimated at their face and its real
estate at above cost. Concerning suc!! stocks as
bonds or notes, or notes and mortgages; i'll
reaIs o. interest for six months more, and con-
corning al other investments not herein enumerated,
the public examiner shall determine the valuation OF
the same from time to time, from the hes lnfOrlna-
ton he obtain, and he may change the valuation
thereof, from time 10 time, according as ne may OBJ
tain other and further information.
Sec a. 1t shall be lawful for trustees OF such cor
poration, acting officers of the same, whose duteS
require and receive their regular and faithful! at
tendance at the institution, to receive such comeI-
sation in the opinion OF majority of tho board
OF trustees shall be jnst and reasonable: but such
majority shall be exclusive OF any trustee to whom
such compensation shall be voted.
Sec. IS. Every such corporation shall seni-an-
nualy bef re ths first day Of February IN each
year, make report in writing to the public examiner
and in such form as he shall prescribe, o. its condi
ton on the morning Of the first day OF January pre-
ceding.
Sec. &c. Such report shall state the amount loaned
upon note AM, mortgage together with list Of ,ich
notes and mortgages and the location of the mort
gagged premises have not previously been reported,
and also list OF such previously reported as have
since been pad wholly or in part or have been fore
closed and the amount Of such payments respective
ly; the COST ,ar value, estimated market value Of all
stock in, estueuts designating each particular End
of stock; the amount loaned upon the pledge
Of securities, with statement of the securities hcd
collateral for such loans: also list OF all notes,
with the names Of the drawers and endorsers, the
dates when said notes made the length of time
they have to run, the amounts for which they are
drawn and the OF interest they BEAR at "hich
they discounted; also specifying all notes over
due and unpaid; the amount invested in real estate,
giving the cost of the same; the amount of cash
hand and deposit III banks or trust companies and
the amount deposited Ia each and such other in
formation as the public examiner may require.
Sec. 81. Such report shall also state all the hab-
ties of such savings corporations the morning of
the said first day of January the amount due to de-
pOsOrs, which shall include any dividend to be cred
tied to them for the six months ending on that day,
and any other debts claims against such corpora
| ton which are may be a charge upon its
Such report shall also state the amount deposited
during tie year previous, and the amount Withdrawn
during the period the whole amount of inter-
est or profits received or earned and the amount of
dividends credited to depcsitrrS together with the
amount OF each semi annual credit CT interest and
the amount of interest that may have been credited
at other than selni-annual periods; the number of
accounts opened or reopened, the number of &C
counts closed during the year, and the number of
open accounts at the end Of the year, and such
other information as may be required by the State
examiner.
Sec. 49, Such report shall be verified by the oath
of the principal officers of the institution and the
statement of assets shall be verified by the oath OF
majority of the trustees who examined the same ptT
suant to the requirements of section A of this act
and any wlful false swearing in regard to such re-
ports in regard to any reports made to the public
examiner pursuant to the provisions of this act shall
be deemed perjury, aud be subject to the prosecu-
tons and punishments prescribed by law for that
otfense.
Sec 80. If any savings bank shall fail to furnish
to the public examiner any report or statement re-
CURED by this act at the time required, it shall
forfeit the sum of one hundred dollars per day for
ayed withheld; and the said public examiner may
maintain action in his name Of Office to recover
snch penalty, and when collected the shall be
paid into the treasury of the State, and be applied to
defraying, far possible, the expens.s entailed
in examining savings banks; but the pubic exami-
may, for sufficient cause, extend the time for
making such report, not exceeding thirty days.
Sec. ~. No such corporation shall hereafter be
required to make any annual other report to the
mayor or the conmonalty of any city, nor to the
board of supervisors of any county, to any other
officer authority whatsoever except in this
provided and required shall they be subject to
the inspection or supervision of any local officer or
board III any matters pertaining to the business and
dealings Of such corporation.
Sec. A. 1t shall be the duty Of the public e1amin-
er, or before the first day Of February in each
year. to communicate to the legislature statement
Of the condition of every such corporation from
which report has been received for the preceding
year. also the name and location OF savings corpora
tons authorized by him during the previous year,
with the date Of their incOrt Grafton, and particularly
designating those incorporated at any time which
have commenced business during the previous year.
Sec. A. 1t shall be the duty Of the public examiner
at least once in each year, and much ofener he
may deem proper, either personally or by some COM
Petent person PERSONS to be appointed by him, to
visit and examine every savings corporation in this
State. The public examiner shall also have power in
like manner to examine any such corporation, when
ever in his judgment, Its condition or management
is such to render examination of it's affairs
essary expedient. The said public examiner, and
every such examiner shall have power to administer
an oath to any person whose testimony may be re-
quired on any such examination, and to compel the
appearance and attendance Of any such person for
the purpose of such examination, by summons, sub
pBns or attachment, in the manner now authorized
in respect to the attendance of persons witnesses
in the courts Of record of this State: and al books
and papers which it may be deemed necessary to
anime by the public examiner, or the examiner or
examiners 10 appointed, shall be Produced, and their
production may be compelled in like manner.
Sec. IS. whenever It shall appear to the said pub
Lie examiner from any examination made by him,
or from the report Of any examination made to
ton, pursuant to the requirement Of sections IS, Sc
and 81 Of this act, that any such corporation has
committed any violation Of It's charter or Of law, or
ia conducting Its business and affairs in unsafe
unauthorized manner, he shall, by order under
his hand and SEAL direct the discOntinuSnce Of such
Illegal and unsafe or unauthorized PRACTICES and
atrct canfnruotY with tho reQUireuepta of the law