Stevens County tribune. (Morris, Minn.) 1877-1880, 1879-03-20
FINANCIAL.
1O4

efficient protection Of depositors in such In
statutions.
Be it enacted by the Legislature Of the State Of MIN
nesOta:
Section 1. ALI savings banks or institutions for
savings now existing, which may hereafter be
gained under and by virtue of any Law of this State
hereby declared to be corporations possessed At
the powers and functions of corporations generally.
and as such shall have power:
l. To have perpetual succession by its corporate
name.
2. To sue and be sued complain and defend, I'm
any court OF Jaw or equity.
8 To make and use common seal, which may
be afxed by making an impression directly on the
paper, and alter the same at pleasure.
4. To appoint such officers, managers and agents
as the business of the corporation may require.
5. To make bylaws not inconsistent with the laws
Of this State Of the United States, for the
agement Of its property and the regulation of it1
affairs.
s. To contract and be contracted with.
z. To receive money deposit, to invest the
same and further transact the business Of savings
bank, as hereinafter provided.
8. To exercise any corporate powers necessary 70
the exercise Of the powers above enumerated ana
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 Of
such number of persons shall reside in the county
where the proposed bank shall be located.
Sec. 8. Such persons, under their hands and
seals, shall execute certificate in which shall be se4
forth:
l. The name assumed to distinguish such asso.
citation and to be used in its de Iings which shall b
in material respect similar to the name of any
other savings bank, organized and doing business In
this state.
O. The place where its business is to be transacted
designating the particular city, town village, AMI
If in any city, the ward in such city.
3. The name, resdence-f in any city, the stress
and number-occupaton and postofice address a
each member of such association.
4. declaration that each member Of such asso-
citation will accept the responsibilities, and faithfully
discharge the duties OF trustee In such institution
when authorized according to the provisions of THU
act
Every trustee before entering upon his dutiea
shall execute bond to the State of Minnesota In the
penal sum of five thousand dollars, with two more
surees, to be approved by of the judges of tho
district court of the district in which such savings
bank may be situated, conditioned for the faithful
discharge Of his duties as trustee aforesaid. Said
bond shall be recorded in the Office of the register a
deeds of the county in which said savings bank %
situated and then deposited in the Office of the SEQ.
rotary of state and in case of breach of the condS
tons of such bond, any person aggrieved by such
breach may upon leave grated by the said judge q
said district court bring suit III his own name, and
the Judgment of plaintiff in such action shall be for
the amount Of damages he may show himself entitled
to by reason of such breach not exceeding the
amount of said bond, and successive actions may b
brought by persons aggrieved aforesaid until th0
penalty of said bond is exhausted.
Sec. 4. Such certificate shall be executed In du-
plcate and be acknowledged before officer Of this
State authorized to take the acknowledgment Of
conveyances of real estate for record aud shall with
in sixty days of such acknowledgment, be fled, ono
copy in the Office of the regi ter of deeds Of the
located and one copy in the Office Of the auditor Of
state.
Sec 5. notice of intention to organize such
savings bank, shall be published at least y weak
for four weeks previous to filing the certificate of
ISOLATION, provided in the last preceding section
In at least newspaper of the largest circulation
published in the city, town village where such
savings bank is proposed to be located Or If there
be no newspaper published in such village town,
then in some newspaper published IN such county.
if none in said county then in adjoining county,
which notice shall specify the names of the proposed
corporators, the name of the proposed savings bank
and the location OF the same, as set forth IN the car
dfcate of association; and If there is any savings
bank or banks organized and doing business
in such county, copy of such notice shah also be sent
to each such savings bank SO organised and doing
business, at least fifteen days before the filing Of
such certificate Of association provided for In
the last preceding section. o.
Sec. 6. Upon the receipt Of any such certificate
OF association, at the office of the auditor Of state
II the same is IN due form and duly executed 40.
cording to the provisions of sections three and four
of this act and Is accompanied by evidence salts
factory to the auditor of state of the proper pubca-
ton and service, in good faith, of the notice
qured in the last preceding section, he shall forth
with endorse the same over his official signature
"hled for examination" with the date Of such en-
dorsement
Sec Z. If such certificate shah not be In form ana
substance required by section three of this act,
shall not be duly and properly acknowledged, Is 70.
quired by section four of this act, shall not be
companed by evidence satisfactory 10 the auditor Of
state, Of the publication and service In good faith
cordng to the intent and purpose of this act Of the
notice required by section nve OF this act, the auditor
of state snail refuse TO file such certificate until tia
same shall be amended, in conformity to the pro-
visions Of this act And it shall be the duty Of tho
auditor of state, upon filing said certificate to FORTH
with notify the attorney general and public examiner
of the State of the filing of such certificate, and of
meeting to be held in said auditors Office, at
time within twenty days thereafter, and it shall be
the duty Of said auditor attorney general and pHbo
examiner to meet at the time and place in said notice
set forth, to consider said certificate.
Sec 8. And 1t shall be the duty of said officers.
and they, majority of them, shall have power, in
regard to any certificate of association filed, to
ascertain from the best sources Of information at
their command:
1. Whether greater convenience of access to q
savings bank will be afforded to any considerable
number of depositors by opening savings bank at
the place designated in such certificate.
2. Whether the density Of population, In the
neighbour God designated for such savings bank and
in the surrounding country, affords reasonable
promise of adequate support to the enterprises.
8. Whether the responsibility, character and gen.
eral fitness fo9 the discharge of the du,ic a;per-
tanning to such trust of the persons named in such
certificate, such as to command the confidence
OF the community in which such savings bank is pro-
posed to be located.
sec g. If the said officers, or a majority Of them,
shall be satisfied, from their knowledge, from in.
formation gained, concerning the several points
named in the last preceding section, that the organ
lzaton of savings bank, pro osed III such GER
thcate, will be a public benefit, they shall within
sky days after the same has been filed by them
for examination issue under their hands and official
Seals certificate of authorization to the persons
named in such certificate, or to them or to por-
ton of them, together with such other
persons, IS q majority of those named in
such certificate of association shall in writing sp-
prove; which such certificate issued shall author
lie the parsons named thereon to open Office for
the deposit of savings designated in the certificate
OF association, subject to the provisions of this act
Provided however, that person shall be named In
such certificate of authorization who shall not have
duly made and acknowledged the declaration pre-.
scrbed in subdivision four of section three of this act
Sec. 10. The pubic examiner shall transmit such
certificate OF authorization to the register of deeds
lied is to be located who shall file the same and at
tach to the certificate of association previously
MED, relating to the organization of such savings
oank. and the public examiner shall also file duph
cate copy of such certificate in his own Office.
Sec IL. II the said officers shall not be satisfied
that the establishment of savings bank Rs proposed
In any certificate of association fled Is expedent
and desirable, the 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 such savings bank Is proposed to be located
that they refuse to issue certificate of authorization
for such savings bank which notice shah forthwith
be filed by the register of deeds with the certificate
OF association of such savings bank.
Sec. ID. Upon the fling of any certificate Of
authorization OF savings bank hereinbefore pro-
sors shall thereupon and thereby be duly and lawful.
" constituted body corporate and polite, and shall
De vested with all the powers and charged with an
the liabilities conferred and imposed by this act
Sec. lS Before any savings bank so incorporated
shall be authorized receive deposits such corpora
ton shall transmit to the public examiner the name,
residence and postofAce address of each Of the
officers of such savings bank, and the place where
its business is to be carried designating the
by street and number when practicable.
Sec. II. Any savings bank so incorporated that
shall not organize and commence business within
one year after the certificate of authorization Of the
same has been fled, 90 hereinbefore provided, shall
forfeit ts rights and privileges corporation un-
der this act but the public examiner may for satis-
factory cause to him shown, extend the term within
which such organization may be effected and such
business commenced, but not fora longer period
than one year; and the order, % extending