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

Sec. IL. Regular meetings OF the Doaru OF trus-
tees shall be held often once in each month"; for
the purpose of receiving the reports OF Its officers
and committees, and for the transaction of other
sonrned meeting, shall consist Of not less than tve
trustees of whom the president shall be cne except
where he is prevented from attending any meeting
by unavoidable detention, when he may be repre-
scented In forming quorum by the Wce-president;
but less than quorum shall have power TO adJourne
nom time 10 tinle or until the next regular meeting.
Sec. 10. Whenever u trustee of any savings bank
uhall hereafter become trustee, officer clerk or en-
ployee in any other savings bank, or upon his bor-
rowing, directly or indirectly, any OF the funds OF
the savings bank of which he is trustee, or becom-
ing q surety or guarantor for any money borrowed
Of of loan made by, such savings bank, or upon
his failure to Gtteld the regular meetings OF the
board perform any Of the duties deyolved upon
him as such trustee tor six successive months, with
such failure, the office Of such trustee shall there
upon Immediately become vacant; but the trustee
vacating his Office by failure to attend meetings, or to
discharge his duties may, in the discretion of the
board, be elegible to reelection.
Sec. 20. The trustees of any such corporation
shan have the power to require from the officers,
clerks and agents of the corporation such security
for their fidelity and the faithful performance of
their duty, they shall deem necessary, and to fix
the salaries of such officers and agents, subject to
the provisions of this act.
Sec. 81. No trustee of any such corporation shall
have any interest whatever, direct indirect, In
the gains profits thereof, such, directly or
indirectly, receive any pay emolumenr for his SER
vices except hereinafter provided and no trustee
or officer of any such corporation shall directly or
indirectly for himself, the agent partner of
Others borrow any of it's funds deposits, or In any
manner use the same, except to make such current
and necessary payments authorized by the
board OF trustees nor shall any trustee or officer of
such corporation hereafter become an endorser or
surety, or become in any manner an obhgor for
SDorrowedSby or loaned"of such corporations
Sec y. 1t shall be lawful for any savings bank to
receive on deposit any sum or sums of money that
may be offered for that purpose, by any person or
persons, by corporation societ and to in
vest the same, and declare, credit and pay dividends
10 hare aft nllthD and dad and
not otherwise.
Sec. %. The sums so deposited, together with any
dividends or interest credited thereto shall be re-
paid to such depostors respectively or their legal
representatives, after demand, in such manner and
at such times and after such previous notice, and
under such regulations the board of trustees shall
prescribe, which regulations shall be put in some
conspicuous lace in the where the business of
such corporation shall be transacted, and shall be
printed IN the paSs-h0okS, other evidence of de-
post furnished by the corporation, and shall be evil
dence between the corporation and the depositors
holding the same, of the terms upon which the de-
posts therein acknowledged are made Provided,
that every such corporation shall have the right to
limit the aggregate amount which any one person or
society may deposit to such sum as they may deem
expedIent to receive, and may in their discretion re-
fuse to receive deposit and may also at any time
return all any part of any deposit; but no bylaw
regulation shall be adopted by said trustees 90 as
to affect deposit previously made.
Sec. n Whenever any deposit shall be made by,
or IN the mann of any person being minor, fe-
male, being or thereafter becoming u married woI
A01 the same Sna De held Tor the exclusive right
Sna oeneht OF such depositor, and free
from the control lien of all
persons whatsoever, except creditors, and
snaH De paid together with the dividends or interest
thereon the person in whose name the deposit shall
have been made, and the receipt or acuuittance of
such minor or female shall be valid and sufficient
release and discharge for such deposit, any part
thereof, to the corporation. And whenever any de-
post shall be made by person in trust for anoth
or, and no other further notice of the existence
and terms OF legal and valid trust shall have been
given N writing to the bank in the event of the death
OF the trustee the same or any part thereof togeth
or with the dividends or interest thereon, may be
paid to the person for whom the said deposit was
Sec 20. In all actions in any court OF this State
against any savings bank by a husband to recover
Tor moneys deposited by his wife in her name or
as her own money, the wife may be examined and
TESTIFY as witness in like manner as If she were an
unmarried woman. And in all actions against any
savings Dank TO recover for moneys deposit there
with, II there be any person or persons, whether
husband or wife otherwise claiming the same
VINO are not parties to the action the court in
Wcn such action is pending, may the petition of
SUCH savings bank and eight days notice to the
plaintiff and such claimants, make an order amend
ing the proceedings in said action, by making such
claimants parties defendant thereto; and the said
court shall thereupon proceed to hear and determine
tne rights and interests of the several parties to the
SAID action il and to said funds. The said funds or
deposits viii are the subject of the said action,
may remain with such savings bank upon the same
ne as other de oss OF like amount to the credit
same shall be paid by such savings bank in accord.
ance with the order of the court or the deposit in
controversy may be put into court await the final
oeterm1natim of the action, and when so paid into
court, the corporation shall be stricken out as the
party to such action; and the statutes limiting the
Tune within which actions shall commenced, shall
nave no application to actions broug by deposi o~s
tnelr representatives or assigns, against savings
banks for deposits made therein.
Sec IS. 1t shall be lawful for the trustees Of any
savings DanK 10 invest the moneys deposited therein
only az follows to-wit:
l. In the stocks, or bonds, or interest bearing
notes, or obligations of the United st tes or those
for which the faith of the United States is pledged
Tor the payment OF the interest and principal.
2. In The stocks bonds OF any state IN the
Union hat has not within ten years previous to max
ing such lnvestne by such corporation, defaalted
In the payment of any part of either principal
terest of any debt authorized by any legislature of
such State to contracted and of the State of Min
nes ota issued since 1861.
B. In ths stocks or bonds of any city, county,
town, village school district of the States of Min
nesota, Wisconsin and Iowa issued pursuant to the
authority of any law of said States, in any interest
bearing obligation. issued by the city or county in
which such bank shall be situated.
4. In notes secured by mortgage on unincum-
Dered real estate situate the States of Minnesota,
Wisconsin and Iowa. and worth at least twice the
amount loaned thereon, but not to exceed seventy
per cent OF the whole amount of the moneys of the
bank shall be 50 loaned or invested but in the
loan is on unimproved unproductive real estate,
the amount loaned thereon shall not be more than
thirty per cent of its actual value; and investment
IN any bond and mortgage shall be made by any
tngs bank, except upon the report of committee
charged with the duty of investigating the same. and
VINO shall certify to the value of the premises mort
gagged, or to be mortgaged, riding to their best
Judgment and such report shall be filed and pre-
served among the records of the Institution.
s. If the money held by any such corporation
cannot be conveniently iuve ted in any all of the
modes hereinbefore pres ribbed. it may loan not ex-
ceeding one-fourth part of the amount thereof on
personal securities, with at lea two sureties. Pro-
vided that such loans shall not be for longer time
than year provided further, that loan upon
personal security shall be made by any one person.
eo-partnership, association, or corporation to an
amount exceeding five thousand dollars.
Sec. 27. 1t shall be lawful for any such corpora
ton to purchase, hold or convey real estte only as
follows:
l. plot wherein is erected or may be erected,
building or u1tings requisite for the convenient
transaction OF its business, and from portions OF
which not required for its own revenue may be
derived. The of such building or buildings and
lot in to exceed fifteen per cent. of the net
3. Such as shall have been purchased by it at
sales upon the foreclosure Of m Itgages owned by
such corporation upon jud yment or decrt es OBJ
tanned rendered for debts due to it. in settlements
effected to such debts, aud all such real es-
tae menlpnso "a .ne 4s st the %e
same shall be vested in it. uness upon application by
the board of trustees the public examiner shall ex-
tend the time within which such sale shall be made;
and it shall be lawful for a1y such corporation, with
the approval in writing, and under the seal Of the
public examiner, to cnang' its location, within the
limits of any city or town wherein it may be estab.
Hshed; and in effecting such change Of location,
such corporate on owning banking house and lot,
may purchase BucD aQOluODal plot unucE the prONe
visions of subdivision of this section as the
poration may require; aud such banking house and
lot previously owned and occupied shall be sold, as
provided IN subdivision Two of this section, concern
ing real estate acquired in satisfaction Of debts.
&c., %. It shall be the dsty Of the trustees Of any
such corporations practicable. to invest the
moneys deposited with them in the securities named
IN the twenty section of this act, except that
for the purpose of meeting current payments and
expenses In excess of the receipts, there may be
kept available fund of not exceeding ten per cent
of the whole amount of depos t. with such corpora