Little Falls transcript. [volume] (Little Falls, Morrison County, Minn.) 1876-1894, 1879-03-27
General Laws Of Minnesota For 1s79--Ofhcia,l
SEQ. 50. Whenever buildines .re ,nolud,d in i

ii: % NsOA
Sec. 80. Whenever buildings are included in the
valuation Of any real estate. upon which loan shall
surod by the mortgagor In such company or COM
panies - the trustees shall direct, and the policy Of
insurance shaa bs duly assigned or the loss made
ton and 1t shall be lawful for such corporation to
renew such policy OF insurance in the same or in any
other company or companies, ~ they may elect
from year to year, for longer shorter term in
case the mortgsgor shall neglect to do SO, and may
charge the amount paid to the mortgagor. And all
corporation, for such renewal or renewals, shall DO
paid by such mortgagor to such corporation, and
shall be q lien upon the property mortgaged, re-
rs part Of the moneys secured to be paid by such
Sec. 81. 1t shall be unlawful for any savings
estate in any other or for any other than
as authorized In section twentyseven of this act to
deal or trade in dry goods, wares, merchandise or
terms of this act and except such personal property
may be necessary In the transaction of it's bust
ness and it shall be unlawful for any savings bank,
for any officer in his regular attendance upon the
business of such bank, to in any manner engage in
the business in such bank, or buying or selling ex-
change, or in the business Of collecting protesting
promissory notes or time-bills Of exchange.
everv to e rat 81 OF
est or dividends upon the deposits therewi in such
manner that depositors shall receive, as nearly as
may be, all the profits Of such corporation after de-
Quoting necessary expenses and reserving such
amount as the trustees may deem expedient sur
plus fund for the security of depositors which, to
the amount of ten per cent. of their deposits the
trustees Of any such corporation hereby author
lied gradually to accumulate and hold, to meet any
contingency loss in its business from the dep,eca
ever, that the trustees of any such corporation may
classify their depositors according to the character
amount and duration Of their dealings with the cor
porstion and regulate the interest dividends al
lowed In such manner that each depositor shall re-
celve the same rateable proportion Of interest or
dividends as all others of his Glass; 1t shall be
lawful for the trustees of any savings bank declare
or allow interest on any deposit for longer period
than the same has been deposited, except that de-
posits made not later than the third day of any
month, or withdrawn of thelast three days of
the month, may have interest declared upon them
for the whole period or month when deposited or
withdrawn. No dividends or interest shall be de-
cared, credited or paid except by the authority of
vote Of the board of trustees, duly entered upon
their minutes, wheroon shall be recorded the ayes
and nays upon each vote, and whenever any divi-
dends or interests shall be declared and credited in
excess OF the interest or deposits earned and ap-
pearng to the credit of the corporation, the trustees
voting for such dividend shall be Jointly and severaly
liable to the corporation for the amount Of such
excess 80 declared and credited.
And II shar be the duty Of the trustees Of any such
corporation, whose surplus cunts to ten per cent.
Of its deposits at leasnce in three years, to divide
equitably the accumulation beyond such authorized
surplus, as an extra dividend to deposors in excess
of tho regular dividends hereinbefore authorized.
Sec SO. In determining the per cent of surplus
held by any savings bank, it's interestpayng stocks,
value; its notes and bonds on which there are no
arrears of interest for longer period than six
months shall be estimated at their face, and its real
estate not above COST Concerning such stocks as
bonds notes, notes and mortgages, as are in
rears o. interest for six months more, and con-
corning all other investments not herein enumerated,
ohon1 fhov oF
the same, from time to time, from the best iEforma
ton he can obtain, and he may change the valuation
thereof from time to time according as he may OBJ
tain other and further information.
Sec. "a. It shall be lawful for trustees of such cor
porstion, acting officers of the same, whose duties
require and receive their regular and faithful at
sation as in the opinion Of majority of the board
of trustees shall be just and reasonable but such
majority shall be exclusive of any trustee to whom
such compensation shall be voted.
SEQ. IS. Every such corporation shall semi-an-
nually, before the first day of February in each
year, make report in writing to the public examiner
and in such form as he shall prescribe, of it's cond.-
ton on the morning of the first day Of January pre-
ceding.
Sec. So. Such report shall state the amount loaned
upon note and mortgage together with list of such
notes and mortgages and the location of the mort
gagged premises have not previously been reported.
and also list Of such previously reported as have
since been paid wholly in part or have been fore
closed, and the amount Of such payments respective
"; the cost par value estimated market value of all
stock investments designating each particular kind
OF stock; the amount loaned upon the pledge
of securities with statement of the securities held
collateral for such loans: also list Of all notes,
with the names of the drawers and endorsers, the
dates when said notes were made, the length of time
they have to run, the amounts for which they are
drawn, and the of interest they bear at which
they were discounted; also specifying all notes
due and unpaid the amount invested in real estate,
giving the cost of the same: the amount Of cash OH
hand and deposit in banks or trust companies and
the amount deposited each, and such other in
formation as the public examiner may reluire.
Sec. 81. Such report snail also state all the labili
ties of such savings corporations on the morning OF
the said first day OF January the amount due to de-
positors, which shall include any dividend to be cred
tied to them for the six months ending that day,
and other debts or claims against such corpora
ton which are or may be charge upon its assets.
Such report shall also state the amount deposited
during tie year previous, and the amount withdrawn
during the same period; the whole amount OF inter
est profits received earned, and the amount of
dividends credited to depositurs together with the
amount of each semi annual credit of interest, and
the amount Of interest that may have been credited
at other than semi-annual periods; the number of
accounts opened reopened, the number Of
counts closed during the year, and the number of
open accounts at the end Of the year. and such
other information as may be required by the State
examiner.
Sec. 50. Such report shall be verified by the oath
of the two principal officers Of the institution and the
majority Of the trustees who examined the same pur-
suant to the requirements Of section A OF this act;
and any wllful false swearing In regard to such re-
ports or In regard to any reports made to tho public
examiner pursuant to the provisions Of this act, shall
be deemed pei jury, aid be subject to the prosecu-
tons aud punishments prescribed by law for that
ofense.
Sec. &c. If any savings bank shall fail to furnish
to the public examiner any report or statement re-
qured by This act. at the time so required, 1t shall
forfeit the sum OF one hundred dollars per day for
every Cay such report statement shall be 60 de-
layed or withheld and the said public examiner may
maintain an action in his name Of Office to recover
shave che t1
Paid into the treasury of the State and be applied
defraying, far possible, the expense eltaied
in examining savings banks; but the pub ic exami-
ner may, for sufficient cause, extend the time for
making such report, not exceeding thirty days.
Sec. 40. No such corporation shall hereafter be
required to make any annual or other report to the
mayor or the commonalty of any city, to the
board Of supervisors of any county, to any other
officer or authority whatsoever except in this act
provided and required, shall they be subject to
the inspection or supervision Of any local officer or
board, In any matters pertaining to the business aid
dealings OF g. Oh corporation.
Sec. II. 1t stall be the duty Of the public examin-
er. on or before the frat day Of February in each
year, to communicate to the legislature statement
OF the condition OF every such corporation from
which 3 report hah been received for the preceding
year, also the name and location of savings corpora
tons authorized by him during the previous year,
with the date Of their incor oraCn, and particularly
designating those incorporated at any time which
have commenced business during the previous year.
Sec. ~. Ii shall be the duty of the public examiner
ut least once III each year. aud as much oftener as he
may deem proper, either personally or ny some COM
petent person or persons, to be appointed by him. to
visit and examine every savings corporation i'll this
te. The public ex aminer shall also have power in
like manner to examine any such corporation, when
ever in his Judgment, Its condition or management
is such to render examination Of its Affairs
eseary or expedient. The said pnbc examiner, and
every such examiner shall have power to administer
sn oath to any person wi testimony may be re-
quired on any such examination, and to compel the
appearance and att ndance Of any such person for
The n mel ava m nv 9I1l,.
poena attach ent, Ii the manner now authorized
IN respect to the attendance of persons witnesses