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

amtner for the nrst OF January m each year. shau
be based upon such examination, and shah be verified
by the oath OF . majority of the trustees making
such examination but nothing herein contained shall
be construed as prohibiting the trustees of any
savings bank from requiring such examinations at
such other times % they shall prescrib g
Sec. As. AL the assets Of any savings bank or asso
citation now or hereafter organized, that shall be-
come insolvent, shall be applied by the directors,
assignee, receiver thereof in the first place to the
payment In full of any sum or sums of money de-
posted Herewith by any savings corporation, but
not to amount exceeding that authorized to be
deposited by the provisions of section % of this act;
and the foregoing provisions of this section shall
also extend and applyto trust companies receiving
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.
Sec. 46. 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, or in any way to solicit receive deposits as
savings bank and any bank, banking association or
individual banker, who shall offend against these
provisions, shall forfeit and pay for every such Of
Tense 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 counties, i'll any
court having cognzance thereof, for the use of the
poor chargeable to said county in which such ohense
shall be committed.
Sec. At. 1t shall be lawful for the board of trus-
tees of any savings corporation, by resolution to be
incorporated in their bylaws, copy of which shall
also be filed with the public examiner, to reduce the
number of trustees named in the original charter OF
such corporation, to number not l. ss than the
minimum named in this act such reduction to be eff
fected gradually by the occurrence of vacancies by
death, resignation forfeiture, until the number is
reduced to seven to such greater number as shall
be designated in the aforesaid resolution; or the
number of trustees may be increased to any number
designated in q resolution for that purpose where
therefor shown to the satisfaction of the
public examiner, and his consent III writing IS OBJ
tanned thereto.
Sec. IS. Whenever majority of all the trustees
OF any such corporation shall by resolution to be
entered upon their minutes, express desire and
purpose &c change the name of such corporation
the same may be effected in the following manner,
towit: Notice of intention to apply to the public
aminer 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 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
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 expedient and proper
that such change of name be made he shall by
order under his hand and seal of Office, direct and
authorize such change of corporate to be made
and designate some 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
Gated in trpcate one filed 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 filed in
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 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. 40. The powers, privileges, duties and IN
structions, conferred imposed upon any savings
corporation whatever, by whatever name known, by
its charter or act of incorporation, hereby
abrigded, enlarged or modified, as each particular
case may require, in such manner that each and
every such charter or act of incorporation shall be
made to conform to the provisions of this act and to
such amendments as may be made thereto;
and each and every such savings corporation shall
possess the powers and privileges and be subject to
the duties and restrictions and liabilities conferred
and imposed by this act, anything in their respective
charters or acts incorporation to the contrary not
withstanding But nothing in this act shall be
strued affect the legality of investments hereto
fore made. or of transactions heretofore had pur-
to any provisions of law in force when such in
vestments made, transactions had, to
quire the change of investments for those named in
this act except the same can be done gradually by
the sale or redemption of the securities invested
in in such manner as to prevent loss or embarrass
ment IN the business of such corporation or I'M
necessary loss injury to the borrowers on such Sc
curites. And the investment hereafter in any such
secures not named in this act, or the amendments
That may be made thereto, shall be deemed INSIDE
meanor part of the trustees authorizing or Off
GERS making the same, and such trustees officers
shall be subject to the prosecutions and punish
ments prescribed by law for that offepse.
Sec 80. All certificates 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 misnomer of any such corporation In
any deed, grant, contract conveyance or other in
strument shall not vitiate impair the same, if the
corporation be sufficiently described therein to ascer-
tain the intention Of parties.
Sec. So. This act is hereby declared to be public
act and shall be construed favorably for every bene
fetal purpose therein contained, but no portion Of
this act shall apply to savings banks in existence
and operation in the State of Minnesota, which banks
may be continued under the laws applicable to such
banks before the passage of this act, unless they or
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 81. This act shall take effect and be In force
from and after its passage.
Approved March IL, 1879.