Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1879-03-27
General Laws of Minnesota for 1879--Ofacial

aminer for the tirst Of January In each yosr, shall
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 Al
such other times rs they shall prescrib .
Sec. As. All the ssses OF any savings bank or asso-
citation now or hereafter organized, that shall be-
come insolvent, shan DO applied by the directors,
assignee, reCver thereof in tho first place to the
payment IN Nan Of Any sam or GUMS OF money de
posted therewoh by any savings corporation, but
not III amount exlseding that authorized to be SC
deposited by tho provisions Of section II of this act
and the foregoing provisions of this section shat
also extend and applyto trust companies receiving
deposits of savings corporations as authorized by
this act, subject, however, to any preference IN pay
men declared and provided in the charters OF such
trust companies respectively.
Sec. 49, IT shall not be lawful for any bank, bank
ing association, individual banker. except savings
banks, to advertise or put forth Sign as savings
bank in any way 10 solicit or receive deposits III
savings bank; unu any bank, balk association, OF
individual tanker, who shall Offend against thes:
provisions, shall forfeit ard Pay tov every such Of
1cnse the sum Of hundred do lars for every Gay
such olense shall be- continued. to DO sued for and
recovered in the name of the people of this state, 10y
tho district attorneys OF the several countess III any
court having crgnlZance thereof for tho use OF tilt
CnarSCabo to SAID county III winch sucn o1euss
shall DO committed.
Sec. II. 1t shall be lawful for the board Of trus
tees of any savings corporation ny resolution 10 %
incorporated in their bylaws, copy OF which shal
also ue filed with the public examiner to reduce TIT
number of trustees named i'll tho Original charter OF
such corporation, to a number not 81 than tht
minimum name III this act, such reduction to De Ell
fected gradually by the occurrence of vacancies =!
death. resignation forfeiture, until the n mDer
reduced to seven, TO shch greater number rs sal
be Ges snated in the aforesaid resolution; or tht
number Of trustees may be increased to any number
designated IN q resolution for that purpose where
REASONS therefor shown to the satisfaction OF the
public examiner, and his consent Ii writing Is CD
tanned thereto.
Sec As. Whenever majority Of all the trustees
of any such corporation SHALL by resolution to be
entered upon their minutes, express u desire an.i
parposr to change the name of such corporation
the may be effected in the following lHaune",
towt: Notice Of Intention to apply to the pubc eX-
alrner for ave to change the name Of such corpo
ration, specifying the name thereof, and the name to
which it Is proposed to change the same. shall be
published as required in section tive Of this act.
After such publication application may be luade to
the public examiner TO change the name OF s.ch cor
poration to such name as has been agreed EpOn in
such resolution and publication, evidence Of which
must be made satisfactory to the public examiner,
together with such application. If it shall appear to
the public examiner that it is expedlent and proper
that such change Of I:ane 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 day in the future, not to exceed
thirty days from the date Of such order when the said
change shall take effect. Such order shall be exc
cuted in tripcate filed in the Office of the register
of deeds il the county in which such corporation if
located; copy shall be transmitted to the corpo-
ration affected thereby and one copy shall he filed III
the Office of the public examiner. Thereupon, from
the date designated in such order for such change
OF name to take effect, such corporation shall be
known and described by the name designated i'll s'lct
order, and by such name shall have ell the rights
and powers to which it would be entitled it such
change had not been made; but no such change
shall any manner lessen or impair any liability OF
such corporation incurred or existing at the time
such change Of name shall be made.
Sec -. The powers privileges, duties and In
structions, conferred and imposed upon any savings
corporation whatever, by whatever name known, by
its charter or act Of incorporation, are hereb!
!.brigGeu, enlarged modified, as each particular
case may require, in such manner that each and
every such charter act Of incor Grafton ehal bt
ae to conform to the provisions Of this act, and tc
such amendments may be made thereto
!1l.d each and every such savings corporation shall
ossess the powers and privileges and be subject tc
khe duties aud restrictions and liabilities CONFERRED
ld imposed by this act, anything Ill their respective
charters acts OF incorporation to the contrary not
understanding. But nothing in this act shall be con
I.:rued to affect the legality of investments hereto
!, re made or of transactions heretofore had pr1r
uant to any provisions of law in force when such in
vestn,ents we're made, or transactions had nor to re-
uire the change Of investments for thosa named Ii
this act except as the be done gradually b!
the sale or redemption of the securities invested
n, in such manner as to prevent loss or embarrass
Eneut IN the business of such corporation, or un
necessary loss injury to the borrowers such Sc
i.rites. And the investment hereafter i'll any suck
SECURES not named III this act, or the amendments
Thar may be made thereto shall be deemed misde
Ineanpr Tart of the trustees authorizing or 9th
shall be subject to the prosecutions and punish
nnents prescribed by law for that ofense.
Sec. so. AL certificates or other evidences Of de
nost made i'll pursuance of the regulations ane
,l>ages of any such corporation shall be binding
upon such corporation as though made under iti
common seal.
Sec. 81. The misnomer Of any such corporation il
any deed grant, contract, conveyance or Other in
strument, shall not vitiate Unfair the same, If the
corporation be sufficiently described therein to ascer
tain the intention of parties
Sec 20. This act is hereby declared to be public
and shall be construed favOraDly for every bene
hc;aj purpose therein contained, but no portion Of
this oct shall apply to savings banks now in existence
and operation in the State of Minnesota, which banks
ua;; be continued under the laws applicable to such
banks before the passage of this act, unless they
any of them desire to organize Hereunder.
Sec So AL acts and parts of acts inconsistent witt
the provisions of this act are hereby rave 81
far they may apply to banks now organized.
Sec. "a. This act shall take effect and lie III force
from and after its passage.
Approved March II, 1879.