Daily globe., 1879-04-11


be based upon such examination and shall be verified
by the oath Of majority OF the. trustees making
such examination, but nothing herein contained shall
savings bank from requiring such examinations It
such other times g thsy shall prescrib %
seo AS All the assets OF any sayings bank or asso-
come insolvent, ahall be applied by the directors,
assignee reoeser thereof in the first place to the
payment in full OF any SUM or sums of money de-
not to amount exceeding that authorized to be SO
deposited by the provisions Of section % Of this act
and the foregoing provisions Of this section shall
deposits Of savings corporations as authorized by
this act, subject however, to any preference in pay
ment declared and provided in the charters Of such
trust companies respectively.
SEQ. 46. It shah not be lawful for any bank, bank
ing association, individual banker. except savings
banks, to advertise or put forth sign as savings
savings bank; and any bank, banking association, or
individual banker, who shall offend against these
provisions, shall forfeit and pay for every such Of
fenso the sum Of one hundred dollars for every day
such ofense shall be continued, to be sued for and
recovered in the of the people of this State by
the district attorneys of the several countless In any
poor ohargeable to said county in which such oense
shall be committed
Sec. At. It shall be lawful for the board OF trus
tees Of any savings corporation, by resolution to be-
incorporated in their by-aws copy of which shall
also be filed with the public examiner, to reduce tho
number of trustees named in the original charter OF
minimum named In this act such reduction to be eff
fected gradually by the occurrence of vacancies ny
death, resignation or forfeiture, until tho nnher s
reduced to seven to such greater number as shall
be designated in the aforesaid resolution; OF the
number of trustees may be increased to amy number
designated in resolution for that purpose where
reasons therefor shown to the satisfaction OF the
public examiner, aud his consent in writing IL OBJ
tanned thereto.
Sec. 48. Whenever majority Of all the trustees
OF any such corporation SHALL by resolution TO be
rod 6rY0r1 fnoirv nrfo RI aud
purpose to change the name of such corporation
the same may be effected in the following manner,
to-wit Notice Of intention to apply to the pnbiic
aminer for leave to change the name Of suck coro-
ration, specifying the name thereof and tho na,ne TO
which it is proposed to change the same, shall be
published as required in section five of this act.
After such publication, application may be made to
the public examiner to change the name of such
poration to such name as has been agreed upon in
must be made satisfactory to the public examiner,
together with such application. If it shall appear to
the public examiner that it is expedient and proper
that such change Of name be made, he shall by an
order, under his hand and seal Of office, direct and
authorize such change Of corporate name to be made
and designate some dsy in the future not to exceed
change shall take effect. Such order shall be exc
uted in plcste one fled In the office of the register
of deeds In the county in which such corporation is
located; one copy shall be transmitted to the corpo
ration affected thereby, and one copy shall be fled in
the Office of the public examiner. Thereupon, from
the date designated in such order for such change
known and described by the name designated in such
order, and by such name shall have all the rights
and powers to which 1t would be entitled If such
change had not been made; but no such change
shall in any manner lessen or impair any liability Of
such corporation incurred or existing at the time
such change Of name shall be made.
Sec. 49. The powers, privileges, duties and in
btructions, conferred and imposed upon any savings
corporation whatever, by whatever name known, by
tits charter act OF incorporation, are hereby
hbrigded, enlarged or modified, each particular
m in m
every such charter act of incorporation shall be
made to conform to the provisions Of this act and to
and each and every such savings corporation shall
possess the powers and privileges and be subjectto to
the duties and restrictions and liabilities conferred
md imposed by this act anything in their respective
wthstanding. But nothing in this act shall be con-
trued to affect the legality Of investments hereto
fore made or of transactions heretofore had pur-
to any provisions of law in force when such
Wesments were made or transactions had, nor to re-
qure the change of Investments for those named in
this act, except the be done gradually by
the sale redemption of the securities SO invested
jim, in such manner as to prevent loss embarrass
nent in the business Of such corporation, or un-
necessary loss or injury to the borrowers such
curties. And the investment hereafter in any such
secures not named in this act or the amendments
that may be made thereto, shall be deemed misde-
neanor on part of the trustees authorizing off,
GERS making the same, and such trustees officers
shall be subject to the prosecutions and punish
fnents prescribed by law for that offeDse.
Sec. 80. AL certificates or other evidences of de-
post made in pursuance of the regulations and
|usages of any such corporation shall be as binding
upon such corporation as though made under its
common seal.
Sec. 81. The misnotner Of any such corporation in
any decd, grant, contract conveyance or other in
srument, shall not vitiate impair the same if the
corporation be sufficiently described therein to
tain the intention Of parties
Sec. So. This act is hereby declared to be public
act and shall be construed favorably for every bene
tical purpose therein contained, but portion OF
hov,
and operation in the State Of Minnesota which banks
may be continued under the laws applicable to such
before the passage of this act unless they
any Of them desire to organize Hereunder.
Sec. So. All acts and parts of acts inconsistent with
the provisions of this act hereby repealed
far as they may apply to banks now organized.
Sec. "a. This act shall take effect and be In force
| from and after it's passage.
Approved March II, 1879.