Daily globe., 1879-04-11


same shall be transmitted to the public examiner, who
shall also be notified of any amendment or change
therein.
Sec. H. Regular meetings of the board of trus-
tees shall be held as often once in each month"; for
the purpose of receiving the reports OF Its officers
and committees, and for the transaction of other
business. quorum at any regular, special or adj
Eourned meeting shall consist of not less than FIVE
Hustees, of whom tho president shall be enc, except
where he is prevented from attending any meeting
by unavoidable detention, when he may be repre-
sented In forming quorum by the vice-president;
but less than quorum shall have power to adjourn
from time to time, or until the next regular meetins
Sec. 1S. Whenever trustee of any savings bank
shall hereafter become trustee, officer clerk 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 surety or guarantor for any money borrowed
OF, or of loan made by, such savings bank upon
his failure to attend the regular meetings Of the
board to perform any of the duties deyolved upon
him as such trustee for six successive months with
out having been previously excused by the board for
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
Of the ehe
for their fidelity and the fnithful performance Of
their duty, as they shall deem necessary and to fix
the salaries Of such officers aud agents. subject to
the provisions Of this act.
Sec II. No trustee of any such corporation shall
have any interest whatever, direct Indirect I'M
The gains or profits thereof, nor as such directly or
Indirectly receive any pay or emolument for his SER
or officer of any such corporation shall, directly or
Indirectly for himself as the agent or partner Of
others borrow any Of its funds or deposits or III any
manner use the same, except to make such current
and necessary payments as authorized by the
board of trustees; shall any trustee officer of
such corporation hereafter become endorser
surety, or become in any manner an obgor for
eyssourIoweiSby or loaIed*of such corporation.
Sec %. 1t shall ba 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 societies, and to in
vest the same, and declare, credit and pay dividends
thereon, hereinafter authorized and provided, and
not otherwise.
Sec. 2s. The sums 80 deposited, together with any
dividends or interest credited thereto shall be REL
paid to such depositors respectively to their legal
representatives, after demand, in such manner and
st such times, and after such previous notice, and
under such regulations as the board of trustees shall
prescribe, which regulations shall be put in some
conspicuous place i'll the where the business of
such corporation shall be transacted, and shall be
printed in the pass-hooks, other evidence of de-
posit furnished by the corporation and shall be evil
dence between the corporation and the depcsitors
holding the same, Of the terms upon which the de-
posits therein acknowledged made. Provided,
that every such corporation shall have the right to-
limit the aggregate amount which any person
society may deposit to such sum as they may deem
expediert to receive, and in their discretion re-
fuse to receive deposit, and may also at any time
return all oHeny part of any deposit but bylaw
regulation shall be adopted by said trustees so as
to affect deposit previously made.
Sec. d Whenever any deposit shall he made by
Or IN tho nalau of any person being minor, fe
lzae, being or thereafter becoming married wo-
man, the same shall be held for the exclusive right
from the control or lien Of all
persons whatsoever, except creditors, and
thereon to the person in whose name the deposit shall
aave been made and the receipt acquittance of
ach minor or female shall be valid and sufficient
release and discharge for such deposit or any part
IlerGOf, CORPORATION. Ia.
post shall be made by any person in trust for anoth-
or, and no other or further notice of the existence
and terms OF legal aud valid trust shall have been
giveu in writing to the bank in the event of the death
Of the trustee the same, or any part thereof togeth-
sr with the dividends or interest thereon, may be
paid to tho parson for whom the said deposit was
xnads.
SEQ rs. In all actions In any court OF this State,
against any savings bank by husband to recover
Tor moneys deposited by his wife in her own name,
rs her own money, the wife may be examined and
testify as Witness in like manner If she were an
unmarried woman. And in all actions against any
savings bank to recover for moneys deposit there
with, II there be any person persons, whether
nlsband or wife or otherwise, claiming the same
Fund, who are not parties to the action the court in
such savings bank and upon eight days notice to the
plaintiff and such claimants, mako an order amend
ing the proceedings in said action, by making such
claimants parties defendant thereto; and the said
court shall hereupon proceed to hear and determine
the rights and interests of The several parties to the
SAID action IN and to said funds. The said funds OF
may remain with such savings bank upon the same
interest as other de- osits Of like amount to the credit
OF the action until final Judgment therein, and the
5ame shall be paid by such savings bank in accord.
ance with the order Of the court; the deposit in
controversy may be put into court to await the final
st aesetmauon nm OF the action, and when SO paid into
party to such action; and the statutes limiting the
time within which actions shall be commenced, shall
haye no application to actions brought by depos ors
shelr representatives or assigns, against savings
banks for deposits made therein.
Sec 26. It shall be lawful for the trustees Of any
only as follows, to-wit:
/, In the stocks, or bonds, or interest bearing
notes, obligations of the United States, or those
for which the faith of the United States is pledged
tor the payment of the interest and principal.
Union that has not within ten years previous to max
ing such investment by such corporation, defaulted
IN the payment of any part of either principal in
ouch State to be contracted, and Of the State Of Min
nesota issued since 1860
8. In the stocks or bonds of any city, county
town, village school district of the States of Min
nesoa, Wisconsin and Iowa, issued pursuant to thu
authority Of any law of said states in any interest
bearing obligation issued by tho city or county Ii
which such bank shall be situated.
4. In notes secured by mortgage on nnincunl-
bered real estate situate in 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 SO loaned or invested but in the
the amount loaned thereon shall not be thar
thirty per cent of its actual value; and Investment
IN any oono and mortgage shall be made by any saw
tngs bank, except upon the report of a committee
charged with the duty of Investigating the same and
who shall certify to the value of the premises mort
gagged or to be mortgaged, according to their best
judgment, and such report shall be filed and pre-
served among the records of the institution.
8. If the money held by any such corporation
cannot be conveniently invested in any or all of tn,
modes herenbefore prescribed, it may loan not ex
ceeding one-fourth part of the amount thereof OF
personal securities, with at least two sureties. Pro-
yided, that such loans shall not be for longer tim
than one year provided further, that no loan upol
personal security shall be made by any one person
co-partnership, association, corporation to al
amount exceeding five thousand dollars.
Seo a. It shall be lawful for any such CORPORA
follows:
l. A plot whereon is erected or may be erected
building or buildings requisite for the convenien
transaction Of its business, and from portions O
which not required for its own revenue may b.
derived. The cost of such building buildings aut
lot in to exceed fifteen per cent, of the ne
surplus OF such corporation.
2. Such as shall have been purchased by it a
sales upon the foreclosure of mortgages owned b,
such corporation or upon Judgment or decrees OBJ
tained rendered for debts due or in settlements
effected to secure such debts, and all such real es
tate mentioned in the last preceding clause shall b
sold by such corporation within five years after tn,
same shall be vested in it, unless upon application b,
the board M OF trustees the public examiner shall ex
and 1t shall be lawful for any such corporation will
the approval in writing, and under the seal Of the
public examiner, to change its location, within tn.
limits Of any city town wherein it may be estab
hshed; and in effecting such change OF location
such corporation owning banking house aud lot
may purchase such additional plot under the proyi
visions Of subdivision of this section as the cor
poration may require; aud such banking house an{
lot previously owned and occupied shall be sold, a.
provided In subdivision two of this section concern
ing real estate acquired in satisfaction OF debts.
SEQ. %. It shall be the duty Of the trustees Of an,
such corporation soon practicable to invest th
moneys deposited with them in the securities named
IN tha twenty-sxth secdon of this act, except tha
for the purpose of meeting current payments ant
expenses se in excess Of the receipts, there may b
Kept an available fund Of not exceeding ten per cent
OF the whole amount Of deposits with such corpora