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

AA state Of the United States, and . copy Of the
same shall be transmitted to the public hammer, Who
shAn also be notified Of any amendment or change
therein.
Sec. Ia Regular meetings Of the board Of trus-
tees shall be held often once In each month, for
the purpose OF receiving the reports Of its officers
and committees, and for the transaction Of other
business. quorum at any regular, special or adj
tourned meeting, shall cousist Of not less than five
trustees, OF whom the president shall be enc, except
where he is prevented from attending any meeting
BY unavoidable detention, when he may be repro
oented tn forming quorum by tho vice president;
but lees than quorum shall have power to adjourn
from time to nle until the next regulsr meeting.
6ec ~. Whenever u trustee of any savings bank
shs hereafter become trustee, officer clerk or en-
ployee in any other savings bank, or upon his Dor
rowing, directly or indirectly, any Of the funds of
the savings bank Of which he is trustee, becom-
o. OF OF loan made by, such savings bank, upon
his failure to attend the regular meetings OF the
board. to perform any Of the duties devolved upon
him such trustee for six successive months, with
cut having been previously excused by the board for
such failure. the Office Of such trustee shall there
upon Immediately become vacant; but the trustee
vacatnc his office by failure to attend meetings, or to
dschars. his duties may. i'll the discretion Of the
board, be ele+ ible to \ reelection.
SEE. 90 The trustees Of any such CORPORATION
shall hsve the power to require from the officers,
clerks and agents OF the corporation such security
for their fidelity and the faithful performance of
their duty. as they shall ds>: necessary. and to ia
the salaries CT such officers AID agents, subject to
the provisions OF this act.
Sec. II. Y" trustee Of any such corporation shall
have any interest whatever direct or Indirect itA
the profits thereof nor such, directly CT
indirectly, any pay emou.neut for his SER
vices, hereinafter prcviled and no trustee
or rttcec o: any such corporation shall directly CT
indirectly. ol himself, the agent OR partner r
others, borrow of its funds or deposits, or i'll any
manner use the same. except to make such cure
AMI necessary payments authorized by tn
board OF nor shall any trustee or officer OF
such cor,aorI:iou hereafter become endorser or
moneyssb orsowed:,,y or loaneIot such COOPERATION
Sec ~. 1t shall be lawful for any savings bank to
receive ,ie osir any sums of money that
may he offered for that purpose, by any person or
persous, by c,-noration socie 5, and to in
vest the aud declare, credit, and pay dividends
thereon. as hereinafter authorized and provided aud
not otherwise
Sec. %. The sums deposited. together with any
dividends or interest credited thereto shall be II
paid 10 such epo>tors Respectively to their lega
representatives after demand IN such manner and
ct such times, and after such previous notice. and
under such regulations the board Of trustees shall
prescribe, which regulations shall be put in some
conspicuous lace II the room where the business OF
such corrsxasJn shall be transacted, and shall be
printed III the pass-hooks, other evidence Of de-
Posit furnished by the corporation, and shall be
dence between The corporation and the depostorS
holding the same, of the terms upon which the de-
posts therei.' acknowledged are made. Provided.
that every sca corporation shall have the right to
limit the aggregate amount which any one person or
society l.lsy deposit to such they msy deem
expedeLt to receive, and may in their discretion
fuse to receive deposit, and may also at any tine
return all or any part Of any deposit hut no bylaw
regulation sh.l be doptei b. said trustees,
to adecsa deposit previously made.
Sec % Whenever any deposit shah Be made by,
Or IL he Lam or any person being minor, or q te-
H,sle. being u thereafter becoming married wo-
msl:, the shall be held for the exclusive right
aud bene..: Of such depostor, and free
from the control or lien OF a!
persons whatsoever except creditors, and
shall be paid. together with the dividends crest
Thereon to tbs person in whose name the deposit shall
have been made, and the receipt acqulttance Of
-1ch miuor o. female snail be valid and sufficient
release aud discharge for such deposit. any part
thereof. to The corporation. And whenever any de-
post shall b. nsde by any person i'll trust for auoh
or and no other further notice OF the existence
AMI terms OF les&! and valid trust shall have been
given writing TO the bank, in the event OF the death
OF he trustee. the same or any part thereof togeth
or With the dividends interest thereon, may be
pail to tho person for whom the said deposit was
ms 10.
Sec g. In all actions IN any court OF this State
against any caviugs bank by husband to recover
FOR moneys deposited by his wife in her name
Is er OWL money, the wife may be examined AMI
tesli! q witness in like as If she were
u married woman. And in all actions against any
SAYINGS bank to recover for moneys deposit there
with. if there be any person PERSONS whether
husband or wife or otherwise, claiming the same
fund.- who not parties to the action, the court il
which such action is pending may, the petition of
eucA savings oank and upon eight days notice TO the
plaintiff and such claimants, mako order amend
Ing the proceedings in said action, by making such
claimants parties defendant thereto; aud the said
court shall thereupon proceed to hear and determine
the rights and interests of the several parties the
said action III and to said funds. The said funds OF
deposits WIFI \ are the subject Of the said action
may remain with such savings bank upon the same
interest as other de osits 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; the deposit in
controversy may be put into court TO await the final
discrimination OF the action, and when so paid into
court the corporation shall be stricken out as the
party TO such action; and the statutes limiting the
time within which actions shall De commenced, shall
have application actions brought by depos o~s,
their representatives assigns, against savings
tsnks for deposits made therein.
Sec IS. 1t shall be lawful for the trustees OF any
ha RI nitc1&
only follows, cu-wit:
l. In the stocks. or bonds, interest bearing
notes, obi cations of the United States, those
Cor which the faith of the United States is pledged
tor the payment Of the interest and principal.
2. In the stocks or bonds Of any State IL tn:
Union hat has not within ten years previous to ak
ing such investme by such corporation, detaulted
IN the payment Of part OF either principal or in
ter-st any debt authorized by any legislature Of
such State rou-racted and OF the State of Min
ne= GA issued since 100.
g. In til stocks or bonds Of any city, county,
town, village ssho distric: of thu States Of Min.
nesoa, Wisconsin anu Iowa, issued pursuant to the
authority Of any said States, in any interest
bearing oUig zion. IS el by the city or county IL
which such b.N', si.a'l b. situated.
4. III notes sec'1"~l by mortgage on unincum-
bered real i'll the States OF Minnesota,
Wisconsin AMI Iowa. = ID worth at least twice the
amount ioa1e! ttercon. bus not to exceed seventy
per cent Of in wO:e ,i,unt of the moneys of the
bank shall l,e loaned or invested, but the
loan is min 'rovetl or unproductve real estate,
the amount loaned thereon shall not be more than
thirty per cent- OF It's actual value and investment
In any bond and mortgage shall be made by any saw
tngs oanE, except upon the renort OF a committee
charged III duty Of Investigating the same and
who shall certify to the value of the premises mort
gase1, TO ie raortgaged, according to their best
Judgment, and such report shall DO fled and pre-
served among the records Of the Institution.
&. If the money held by any such corporation
cannot be conveniently invested in any all Of the
modes herein esore prescribed, it may loan not
ceediug o,,o-:olrth part Of the amount thereof on
persona! securities, with at !sa two suretes. Pro-
vided that such loans shall not be for longer time
idol thar that
personal security shall be made by any one person,
co-partDershir association, or corporation to an
amount exceeding five thousand dollars.
Sec. p. II shall be lawful for any such corpora
ton to purchase, hold Or convey real estate only as
follows:
l. A plot wherein is erected or may be erected
building or buildings requisite for the convenient
transaction of it's business and from portions of
which not required for its use revenue may be
derived. The cost of such building or buildings and
lot in to exceed fifteen per cent. OF the net
surplus of snch corporation.
2. Such shall have been purchased by It at
sales upon the foreclosure Of m ortgsges owned by
such corporation or upon Judgment or DEGREES OBJ
tanned rendered for debts due in settlements
effected to such debts and all such real e.
sold by such corporation within five years ter tho
sha be vested in it, unless upon application by
tend the time within which such sale shall DO made;
and it shall be lawful for any such corporation, with
the approval in writing, and under the seal Of the
limits Of any city Or town wherein It may be- estsb-
hahed; snd in ehecttng such change Of location,
such corporation owning banking house and Lot,
may purchase such additional plot under the provt
visions Of subdivision Of this section % tho cor
po1ation may require; and such banking house and
lot previously owned and occupied shall be sold,
provided In subdivision two of this section, concern-
ing real estate acquired in satafacaon Of debts.
see 49, II ahan be the duty Of the trustees of any
such corporation, as soon q practicable to invest the
moneys deposited with them in tho securities named
In tho twentysixth section Of this act, except that
for tho purpose Of meeting current 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 deposits with such corpors-
ton, and the same may be kept on hand, or on de-
post in any bank banking association in the State
Of Minnesota, organized under any law or laws Of the