Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1879-03-27
FINANCIAL.
1O4

AN ACT to conform all savings banks Or Institutions
for savings to uniformity of powers, nghts and
liabilities, and to provide for the organization Of
savings banks, for their supervision, md for to
more efficient protection Of deposltors in such II
situations.
Be it enacted by tho Legislature of tho State Of Mn
Section l. AL savings banks or institutions feg
savings now existing or which may hereafter BIO a.
ganized under and by virtue of any law Of this stato
are hereby declared to be corporations possessed q
the powers and functions Of corporations generally.
and - such shall have power:
name.
2. To sue and be sued, complain and defend, h
any court Of law equity.
To make and use common seal, which nna1
DO affixed by making an impression directly on 10
paper, and alter the sa,ne at pleasure.
4: To appoint such officers, managers and agents
as the business of the corporation may require.
6. 10 make bylaws not inconsistent with tho lAWD
OF this State, Of the United States for the man
AFFAIRS.
s. To contract and be contracted with.
Z. 10 receive money on deposit, to invest ~
same, and further transact the business Of savinD
bank, ss hereinafter provided.
D. 10 exercise any corporate powers neoessaD =
the exercise OF the powers above enumerated an4
given.
Sec. 2. Any number Of persons, not less than
seven, may associate themselves together for Tho
purpose Of organizing savings bank in accordance
with the provisions Of this ACT but the majority q
suca number Of persons shall reside in the county
where the proposed bauk shall be located.
Sec 3. Such persons, under their hands anA
seals shall execute certificate in which shall be ~
forth:
l. The name assumed to distinguish such asso.
cation. and be used in its de lings, all III b
ia 10 material respect similar to the any
Other savings baok, organized and dong business b
this state
Q. The place where its business to be transacted,
Designating tha particular city, town o. village, AA6,
i; i. city, the warl in SUCH city.
3. The naue, rssilence-if il aay city, the sers0
and nn,i1er-occnpation and postoiace address q
"a u nlsolber OF such ASSOCIATION.
4. declaration that each member Of such 1850
ciaton Will accept the RESPONSIBILITIES and aith.ullY
discharge the duties Of in su:n institution,
Every tr,stee before entering upon his duties.
cha: execute bond to the S.ae Of Nh .eaota, IN th0
p=sl SUN Of tive thousand to:ars, vt two InoDO
surees, TO be we'd by Of the judges 81 tho
di.tr.S court CT the istrlc' in which such wings
oarE my BE- s.:lated, conditioned for the faithful
f:sc!1arge Of his duties "a tru.te: afra>l lid
bond stall be recordei III the Office o. III. AZ
,ieed' Of the co1a." in which said saw .g5 '',s 70
s.;atel aui 'h.n deposited in the oDc- of xeo-
re,Ary Of state, aud III case G: breach tf ~. ,dt
t:ons ct su n bond, any !'.r:on ayg:-vel - -uch
o1ea,a ni1y upou leave era tea ~ the SAD j J. OF
lid d strict court brng il his ,.a-1.. and
he ingr,cn' Of plaintiff III suca act, s,.s ioe
he amount OF damages he snow El Elf lied
to by o: su:h br"a.ti not -x"e:l! the
ano:.Ht Of SAID b md, AID successive nay b
br 't:th1 by i,e7son5 asSre:ed Il: aforesaid Unit rhs
pen ity OF said bond j. exhausted.
$ -. /. Sncl ctrrinra;a >h. DE execl:ad dur
2i!c.;e ai.d be acknowledged before =: his
ta@- .,ih"rizei to acsno".:.s: u
conv"Tauces o. r.l estate fol record I'D with.
l.. sixty days OF a;l::l akin ,sd ncI;, y" III, NJ
cry :e ..th..e OF The re-, OF DE- IF tho
cou.lty where. such savi IS h,s is ,o> j 10 b
!o2tec, AID uLe coi; IL thc oice OF the .I.t,r OF
;;ite.
= Secs. notice Of intayltion to organic such
,- bank, sha'! e p.: iaa>, ING .reek
fer four previous Hing the t:ate as
s'a'i,:l provided 10 ;he las. reca ing -rton,
'bshed IN the c.IT. town vila..; VIII. -'lch
savings nanii is prop >ed be ]vca. OF. ;:1ero
oe 10 "ewsparer puo-tsle IN sl:n wage OF t1En,
:llon in Newspaper lubtished y. oh e. .:llty:
in said county t.en il az - ing comfy,
Which notice shall specify the tn pr Ia<ed
corpcrators, the name Of the propoe ri sai-gS Oank
and location OF tire same, set forth il si'.
tifcAte OF association: aud If there is any savn4s
bank or banhs orga.:zed a:u doing business
In such county, copy Of such notice shall also be sent
to each stlcu savings bank 50 organized AMI doing
b iS.n-s-, ~ least fifteen days betre the fling Of
i;h Certificate # associalipu provided foC IN
IT,. last pre-" e:.illg sect IN
% association at the Office Of the auditor CT state,
il the same ie in due form and duly executed 10.
ending to the provisions OF sections three and four
:,t this ac and is accompanied by evidence salts
s.corv TIA auditor of Of the proper pubica-
:.,u a, service, in good faith. OF the rotice ~
luIed i'll the last preceding section, he shal forth
':hled for examiaa6on,' with tho date Of such en-
d,.senoent
Sec Z. If such certificate shall not be in form and
Substance required by section three OF this sc a
shah not be duly and properly acknowledged,
9uired by section four Of this act shall not be
copalted by evidence satisfactory to the auditor d
ccrdng to the intent aud purpose of this act, OF Tho
notice required by section i've Of this act the suitoe
of state snail refuse to file such certificate until Tho
same shall be amended, In conformity to the pro-
7isiops Of this act. And it shall he the duty of Tho
auditor OF state upon filing said certificate to forth
With notify the attorney general and public examiner
~ 3oR~
meeting to be held in said auditors Office at eomo
time within twenty days thereafter and it shall b
the duty Of said auditor, attorney general and pablo
examiner to meet ut the time and place In said notes
set forth, to consider said certificate.
Sec 8. And it shall be the duty Of said ot3cerA
and they, majority Of them, shall have power in
ascertain from the best sources OF information q
their command:
i. Whether greater convenience of access to =
savings bank will he afforded to any cons aerable
number of depos;tors by opening savings BANK 1t
he place designated in such certificate
2. Whether the density OF population. in the
in the surrounding country; affords r'asonable
promise Of adequate support t" the enteri7i:e.
}. Whether tho responsibility, cha ,acte. 4i;I gen.
eral fitness for the discharge Of the cusi- s.>aer-
tanning such trust, of the persons na4ei Ia such
certificate, are such as to command the confidence
G. the community in which sucn savings bank is pro.
posed to lie located.
Sec. Q. If the said officers or ajority OF them,
shall be satisfied, from their knowlegde or from in
formation gained, concerning the several points
named in the last preceding section that the organ
hfcate, will be . public benefit, they shall within
sky days after the same has been fled by them
for examination issue Under their hands aud Official
seals. certificate of authorization to the persons
named in such certificate, or to them or to poe-
ton Of them, together with such osheR
persons, as . moi or;ty OF those nanen IN
*rove; which such certificate issued shall author
lie the parsons named thereon to open an of>e for
the deposit Of savings desgnated in the crtilcao
OF association, subject to the provisions Of this eo
Provided. however, that person shall be named IN
such certificate of authorization who shall not have
duly made and acknowledged the declaration pro.
scribe in subdivision -four Of section three # this ac
Sec. 10. The public examiner shall transmit such
certificate OF authorization to the register Of deeD
Of the county in which the savings hank so author
lied to be located, who shall file the aud at.
tach it to the certificate Of association previously
filed, relating to the organization of such savings
bank. and the pnhlic examiner shall also file dupr
cate copy Of such certificate III his Office.
Sec. IL. Ii the said officers ehal not be satisfied
that the establishment Of savings hank as proposed
in any certificate OF association fled, il e1peient
and desirable tue public examiner shall. within
sixty days after the filing Of such certificate by him,
give notice to the register of deeds of the county In
which snch savings bank is proposed to be located,
that they refuse to issue certificate of authorization
for such savings bank, which notice shall forthwith
be filed by the register of deeds with the certificate
OF association Of such savings bank
Sec. IL. Upon the filing of any Certificate OF
authorization of savings bank as herenbefore pro.
vided, the persons named therein and their
sors shall hereupon and thereby be duly and lawful
" constituted body corporate and nolltic and shan
be vested with al the powers aud charged with a
the liabilities conferred and IMPOSED by this ACT
Sec IT, Before any savings bank incorporated
shall be authorized to receive deposits, such corpora
on shall transmit to the public examiner the naanes
residence and postotice address Of each Of the
officers of such savings bank, and the place where
its business is to be carried designating the same
by street aud number when practicable.
Sec. II. Any savings bank so incorporated thaE
shall not organize aud commence business within
ono year after the certificate Of authorization Of the
same has been fled, hereinbafore provided. shall
forfeit its rights aud privileges corporation
der this act; but the public examiner may, for suits
factory cause to him shown, extend the term within
which such organization may be effected and such
business commenced, but not for longer period
than one year; and the order, 50 extending
such term, shall be under his hand