Little Falls transcript. [volume] (Little Falls, Morrison County, Minn.) 1876-1894, 1879-03-27

by the oath Of majority Of the trustees making
such examination, but nothing herein contained shall
be construed e prohibiting the trustees Of sny
such other times - they shall prescrib -
sec Is. All the assets Of any savings bank or asso-
o1aoa nov OF ths sns b.
assignee or receiver thereof in the first place to the
payment In full Of any sum or sums Of money do
hot to an smount eyoeeino that suthoized to be 40
deposited BY the provisions of section % Of this
and the foregoing provisions of this section shan
also extend and apply 20 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.
Ing association, individual banker. except savings
banks, to advertise or put forth sign as savings
bank or in any way to solicit or receive deposits as
sayings 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 oense shall be continued, to be sued for and
recovered in the name Of the people OF this State by
the district attorneys of the several countless in any
court having cognizance thereof for the use Of the
poor chargeabe to said county In which such oense
khall be committed.
SEQ. At. It shall be lawful for tho board Of truss
tees OF any savings corporation by resolution to be
incorporated in their bylaws, copy Of which shall
also be fled with the public examiner to reduce the
number of trustees named in the original charter of
such corporation, to number not ]. 50 than the
minimum named in this act, such reduction to be ef
fected gradually by the occurrence of vacancies by
DEATH resignation or forfeiture, until the number ID
reduced to seven or to such greater number as shall
be designated in the aforesaid resolution; 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
,ublic examiner, aud his consent in writing is OBJ
,ained thereto.
Sec. 4s. Whenever majority Of all the trustees
OF any such corporation shall, by resolution to be
entered upon their minutes, express desire and
the same may be effected in the following manner,
to-wit Notice of intention to apply to the public
ration, specifying the name thereof and the name TO
which 1t 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 cor
poraton to such name as has been agreed upon in
such resolution and publication, evidence of which
together with such application. If il shall appear to
the public examiner that it Is expedient and proper
that such change Of name 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 some day in the FUTURE not to exceed
thirty days from the date Of such the said
cuted in tpcate 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-
the Office Of the publio examiner. Thereupon, from
the date designated in such order for such change
of name to take effect, such corporation shall be
Known ana OoSCT1DoO Oy the name QoS1RQ8Lou III 6uCU
order, and by such name shall have all the rights
and powers to which It would be entitled II such
change had not been made; but such change
shall in any manner lessen impair any liability Of
such corporation incurred or existing at the time
such change Of name Rhau be made
Sec. 40. The powers, privileges, duties and IN
structons, conferred and imposed upon any savings
corporation whatever, by whatever name known, by
its charter act of incorporation, are hereby
abrigded enlarged modified, each particular
case may require in such manner that each and
a1o1h
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 acts of incorporation to the contrary not
outstanding. But nothing in this act shall be con-
strued to 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 were made transactions had nor to re-
qure the change of Investments for those named in
this act except the same can be done gradually by
the sale redemption of the securities SO invested
in, in such manner to prevent loss or embarTass
ment In the business Of such corporation, or un-
necessary loss injury to the borrowers on such
cErtes. And the investment hereafter in any such
secures not named in this act, or the amendments
hat may be made thereto, shall be deemed INSIDE
meanor on part Of tho trustees authorizing or Off
making the same, and such trustees or officers
shall be subject to the prosecutions and punish
ments prescribed by law for that ofense.
Sec so. All certificates other evidences Of de-
post made in pursuance Of the regulations and
usages Of any such corporation shall be binding
upon such corporation as though made under its
common seal.
Sec. 81. The misnomer of any such corporation In
any Decd grant, contract, conveyance or other in
strument shall not vtiate or impair the same if the
corporation be sufficiently described therein to ascer
tain the intention Of parties.
seo S. This act is hereby declared to be public
act and shall be construed favorably for every bene
fetal purpose therein contained but portion Of
this act shall apply to savings banks now 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
any Of them desire to organize hereunder.
Sec So AL acts and parts Of acts Inconsistent with
the provisions Of this act hereby repealed,
far as they may apply to banks now orpanized.
&c., "a. This act shall take effect and be in force
from and after its passage.
Approved March II, 1879.