Little Falls transcript. [volume] (Little Falls, Morrison County, Minn.) 1876-1894, 1879-03-27
this State OF Of the United States and copy Of the
hall also be notified OF any amendment o. change

t0oI6l0s
Sec. Is. Regular meetings Of tho board Of trus-
Sses shah be held often once IN each month, for
Nhe purpose of receiving the reports Of its oacers
end committees, and for the transaction Of other
business. quorum at any regular, special or ad-
3ourned meeting, shall consist Of not less than hve
trustees, Of whom the president shall Do cne except
where he is prevented from attending any meeting
BY unavoidable detention, when he may be repre-
sented In forming q quorum by the yice-president;
but less thsn quorum aaa nave
Sec. 10. Whenever trustee Of any savings bank
6hall hereafter become trustee officer, clerk or en-
ployee in any other savings bank, or upon his Dor
rowing directly indirectly, any of the funds Of
che savings bank Of which he Ia trustee, or becona-
ing surety or guarantor for any money borrowed
OF, or of loan made by, such savings bank or upon
his failure to attend the regular meetings Of the
board or to perform any Of the duties devolved upon
him az such trustee for six successive nenths with
such failure the Office Of such trustee shall there
upon Immediately become vacant; but the trustee
vacating his Office by failure to attend meetings, or to
discharge his duties may, in the discretion Of the
board, be elegible to reelection.
Sec. 20. The trustees of any such corporation
shall have the power to require from the officers:
for their fidelity and the faithful performance Of
their duty, as they shall deem necessary, and to tx
the salaries of such officers and agents. subject to-
the provisions OF this act.
Sec. q. No trustee Of any such corporation shall
have any interest whatever, direct or indirect, in
the gains or profits thereof nor such directly or
indirectly, receive pay or emoument for his serI
vices except hereinafter provided; and no trustee
or officer OF any such corporation shall, directly on
indirectly for himself, the agent partner of
Others borrow any Of it's funds or deposits, or in any
manner use the same, except to make such current
and necessary payments as are authorized by the
board of trustees shall any trustee officer Of
such corporation hereafter become an endorser on
surety, or become in any manner an obhgor for
Sborroweddby or loaned'of such corporation.
Sec %. It shall be lawful for any savings bank to-
receive ON deposit any sum or sums Of money that
may be offered for that purpose. by any person or
NV Qr6f nf
vest the same and declare, credit and pay dividends
thereon, hereinafter authorized and provided and
not otherwise.
Sec. %. The sums 30 deposited, together with any
dividends or interest credited thereto, shall be REL
paid to such depositors respectively, to their legal
representatives, after demand, In such manner and
Ut such times, and after such previous notice, and
under such regulations the board Of trustees shall
prescribe, which regulations shall be put in some
such corporation shall be transacted, and shall boz
printed in the pass-hooks, other evidence Of de-
post furnished by the corporation, and shall be evil
dence between the corporation and the depositors
holding the same, of the terms upon which tho de.
posts therein acknowledged are made. Provided,
that every such corporation shall have the right to
limit the aggregate amount which any one person or
society may deposit to such sum as they may deem
expedient to receive and may IN their discretion re-
fuse to receive deposit and may also at any time
return all or any part Of any deposit; but bylaw
regulation shall be adopted by said trustees 90 aa
to affect deposit previously made.
Sec. ~. Whenever any deposit shall be made by,
or IN the name Of any person being minor, or feI
male being or thereafter becoming married wo!
and benefit OF such depositor, and free
nsrqons the control xsa+ lien Of all
shan be paid, together with the dividends or interest
thereon to the person in whose the deposit shall
have been made and the receipt or scquittance OF
such minor or female shall be q valid and sufficient
release and discharge for such deposit any part
thereof, to the corporation. And whenever any de-
posit shall be made by any person in trust for anoth
e. and no other or further notice Of the existence
and terms of legal and valid trust shall have been
given in writing to the bank in the event Of the death
OF the trustee the same, any part thereof togeh-
or with the dividends or interest thereon, may be-
paid to the person for whom the said deposit was
ms~-
against any savings bank by husband to recover
Tor moneys deposited by his wife In her own name or
. Is ner own money, the wife may be examined and
unmarried woman. And in all actions against any
savings bank to for moneys on deposit there
husband or wife or otherwise, claiming tho same
who are not parties to the action the court In
which such action is pending. may, the petition of
sucn savings bank and upon eight days notice to the
plaintiff and such claimants make an order amend
ing the proceedings in said action, by making such
claimants parties defendant thereto; and the said
court shall fhereupon proceed to hear and determine
the rights and interests of the several parties to the
said action In and to said funds. The said funds or
deposits viii b are the subject of the said action
interest as other de oss of like amount to the credit
OF the action until final Judgment therein, and the
same shall be paid by such savings bank in accord
ance with the order of the court; or the deposit in
controversy may be put into court to await the final
determination of the action, and when so paid into
court, the corporation shall be stricken out the
time within which actions shall commenced, shall
have no application to actions broug by depos ors
their representatives Or assigns, against savings
banks for deposits made therein.
Sec. rs. It shall be lawful for the trustees Of any
savings bank to invest the moneys deposited therein
only az follows, to-wit: y
notes, obligations Of the United St ties, or those
for which the faith of the United States is pledged
for the payment of the interest and principal.
2: In the stocks or bonds Of any State tho
Union that has not within ten previous to max
ing such investme by such corporation, defaulted
IN the payment Of any part of either principal in
terest of any debt authorized by any legislature Of
such State to be contracted and of the State of Min
neaota issued since 1861.
3. In tho stocks or bonds of any city, county,
town, village school district Of the States of Min
authority of any law of said States, in interest
bearing obligation issued by the city or county In
which such bank shall be situated.
bored real estate situate N the States Of Mnnesota
Wisconsin and Iowa, aud worth at least twice the
amount loaned thereon, but not to exceed seventy
per cent of the whole amount of the moneys of the
bank shall be so loaned or invested but in case the
Ran is on unimproved unproduchve real estate,
the amount loaned thereon shall not be more than
thirty per cent of its actual value and no investment
IN any bond and mortgage shall be made by any saw
tngs bank, except upon the repoEt of q committee
charged with the daty Of investigating the same aud
gagged, or to be mortgaged, riding to their best
judgment, and such report shall be filed and pre-
served among the records Of the Institution.
8. If the money held by any such corporation
cannot be conveniently invested in any or all Of the
modes hereinbefore prescribed. may loan not ex-
seeding one-fourth part OF the amount thereof on
az 1ea fypao Dpo-
vded, that such loans shall not be for longer time
than one year: provided further, that no loan upon
personal securitytAhsl be made by any one person,
oo-partnership, association, or corporation to an
smount exceeding'h'e thousand dollars.
Sec. 81. 1t shall be lawful for any such corpora
to purchase, hold or convey real estate only as
! !. plot whereon is erected or may be erected,
building or buildings requisite for the convenient
transaction of it's business, aud FROM portions OF
which not required for it's own u.e, revenue may be
derived The cost of such building or buildings and
lot in to exceed fifteen per cent. Of the net
surplus Of sue corpo,atlon.
| 2. Such as shall have been purchased by it at
sales upon the foreclosure # m ntgages owned by
such corporation upon Judgment or deer 90 OBJ.
Ained rendered for debts due to it, or in settlements
effected to secure snch dehts aud all such real e.
sold by such corp ,ration within five years after the
same shall lie vested in it. uness upon application BY
the board of trustees, the public examiner shall ex-
tend the time within which such sale shall be made;
snd it shall be lawful for any such corporation with
the approval in writing, and under the seal Of the
public examiner to onaHg' its location, within the
limits OF any city or town wherein it may be estab-
hshed and in ettecing such change Of location,
such corporation owning banking house and lot,
may purchase such additional plot under the provt'
visions Of subdivision one of this section the
poration may require; aud such banking house and
lot previously owned and occupied shall be sold,
provided in subdivision Two OF this section concarn-
ing real estate acquired IN satisfaction Of debts.
Sec 49, 1t shall be the dyty Of the trustees Of any
such corporation, rActicabe. to invest the
moneys deposited with them IN the securities named
In the twenty-sixth section Of this act except that
for the purpose Of meeting rent payments and
expenses In excess of the receipts, there may be
kept available fund of not exceeding ten per cent.
Of the whole amount of depus t. with such corpo,a-
lion, and the same may be kept on hand, or on de-
post In any bank or banking association in the State