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

Sec. so. whenever buildings are included In the
valuation of any real estate, upon which loan shall
be made by any such corporation, they shall he in
eured by the mortgagor In such company or COM
panies as the trustees shall direct, and the policy of
insurance shall be duly assigned, or the loss made
payable, its interests may appear to such corpora
ton; and 1t shall be lawful for such corporation to
renew such policy of insurance in the same or in any
other company or companies, as they may elect,
from year to year. for longer shorter term, in
the mortgagor shall neglect to do so, and may
charge the amount paid to the mortgagor. And all
the necessary charges and expenses paid by such
corporation, for such renewal or renewals, shall be
paid by such mortgagor to such corporation, and
shall be lien upon the property so mortgaged, re-
coverable, with interest, from the time of payment
as part of the moneys secured to be paid by such
mortgage.
Sec. 81. 1T shah be unlawful for any savings
bank, directly indirectly to deal or trade in real
estate in other for any other purpose than
authorized in section wentyseven of this act to
deal or trade in dry goods wares, merchandise or
commodities whatever, except es authorized by the
terms OF this act and except such personal property
as may be necessary in the transaction of its bust
ness; and it shall be unlawful for any savings bank
or any officer in his regular attendance upon the
business of such bank, to in any manner engage in
the business in such bank, or buying or selling ex
change, in the business of collecting protesting
pronissory notes or time-bils of exchange.
Sec. 80. 1t shall be the duty of the trustees of
every such corporation to regulate the rate of inter-
est dividends upon the deposits Herewith in such
manner that depositors shall receive, as nearly as
may be, all the profits of such corporation after de-
Quoting necessary expenses and reserving such
amount as the trustees may deem expedient a
plus fund for the security of depositors, which, to
the amount of ten per cent of their deposits, the
trustees of anynpch corporation are hereby author
lied gradually 70 accumulate and hold, to meet any
contingency loss in its business from the deprecia
ton OF its securities or otherwise. Provided, how
ever that the trustees of any such corporation may
classify their depostors according to the character
amount and duration of their dealings with the
poration and regulate the interest dividends al
dpp0citOP hal ra-
ceive the same rateabe proportion of interest or
dividends as all others of mis- class. 1t shall be
lawful for the trustees of any savings bank to declare
or allow interest on any deposit for longer period
than the same has been deposited, except that de-
posits made not later than the third day of any
month, or withdrawn on of thelast three days of
the month, may have interest declared upon them
for the whole period or month when so deposited or
withdrawn. No dividends or interest shall be de-
clared, credited or paid, except by the authority of
vote of the board of trustees, duly entered upon
their minutes, whereon shall be recorded the ayes
and nays upon each vote, and whenever any divi-
dends or interests shall be declared and credited in
excess of the interest or deposits earned and ap-
pearng to the credit of the corporation the trustees
voting for such dividend shall be jointly and severaly
liable to the corporation for the amount Of such
excess SO declared and credited.
And shall be the duty Of the trustees of any such
corporation, whose surplus cunts to ten per cent.
of its deposits at least in three years. divide
equtably the accumulation beyond such authorized
surplus, extra dividend to depostors, in
of the regular dividends hereinbefore authorised.
Sec So. In determining the per cent of surplus
held by any savings bank its nteres-paying stocks,
notes and bonds, shall be estimated at their market
value; its notes and bonds which there are no
arrears of interest for longer period than six
months shall be estimated at their face and its real
estate at not above cost. Concerning such stocks
bonds or notes. or notes and mortgages, in
rears o. interest for six months more, and con-
corning all other investments not herein enumerated,
the public examiner shall determine the valuation Of
the same, from time to time from the best irforma-
ton he can obtain, and he may change the valuation
thereof. according b.
tain other and further information.
Sec. 81. It shall be lawful for trustees of such cor
poraton, acting officers of the same whose duties
require and receive their regular and faithful at
tendance at the institution to receive such compen
sation as in the opinion of majority of the board
Of trustees shall be just and reasonable; but such
majority shall be exclusive Of any trustee to whom
such compensation shall be voted.
Sec. IS. Every such corporation shall semi-an-
nualy, or before the first day Of February in each
year, make report in writing to the public examiner
and in such form as he shall prescribe, of its cond
ton on the morning of the first day of January pre-
ceding.
Sec IS. Such report shall state the amount loaned
upon note and mortgage, together with list of sueh
notes and mortgages and the location of the mort
gagged premises have not previously been reported
and also list of such previously reported have
since been paid wholly in part have been fore
closed, and the amount of such payments respective
y; the cost par value, estimated market value of all
stock investments designating each particular kind
OF stock; the amount loaned upon the pledge
of securities, with statement of the securities held
with the names of the drawers and endorsers, the
dates when said notes were made, the length of time
they have to run, the amounts for which they are
drawn, and the rates of interest they bear which
they were discounted; also specifying all notes over
due and unpaid; the amount invested in real estate,
giving the cost of the same; the amount of cash
hand and deposit in banks or trust companies and
the amount deposited IN each, and such other in
formation as the public examiner may require.
Sec. 81. Such report snail also state all the habil
ties of such savings corporations on the morning of
he said frGt of he amor 6naf 0
postors, which shall include any dividend to be cred
tied to them for the six months ending that day,
and any other debts claims against such corpora
ton which are may be charge upon its assets.
Such report shall also state the amount deposited
during the year previous, and the amount withdrawn
during the same period; the whole amount of inter-
est profits received earned, and the amount of
dividends credited depositors, together with the
amount of each semiannual credit of interest, and
the amount of interest that may have been credited
at other than sem-annual periods; the number of
accounts opened or reopened, the number of &C
counts closed during the year, and the number Of
open accounts at the end of the year, and such
other information as may be required by the State
examiner.
Sec. 49, Such report shall be verified by the oath
of the two principal officers of the institution and the
statement of assets shall be verified by the oath of
majority of the trustees who examined the same pur-
suant to the requirements of section A of this act;
and any wllful false swearing in regard to such re-
ports or in rega to any reports made to the public
examiner pursuant to the provisions of this act shall
be deemed pei jury, and be subject to the prosecu-
offense.
Sec. 80. If any savings bank shall fail to furnish
to the public examiner any report or statement re-
quired by This act, at the time so required, II shall
forfeit the sum of hundred dollars per day for
every Gay such report or statement shall be so de-
layed withheld; and the said public examiner may
maintain an action in his name Of Office to recover
such penalty and when collected, the same shall be
paid into the treasury of the State and be applied to
defrayng, 80 far as possible, the expenses entailed
in examining savings banks; but the pub ic exsmi-
ner may, for sufficient cause, extend the time for
making such report not exceeding thirty days.
Sec. 40. No such corporation shall hereafter be
required to make any annual or other report to the
mayor or the comm onalty of any city, nor to the
board of supervisors of any county, to any other
officer or authority whatsoever except in this act
PROVIDED ana required, nor shall they be subject to
the inspection or supervision of any local officer
board, in any matters pertaining to the business aid
dealings OF such corporation.
Sec. Al. 1t shall be the duty Of the public exami1-
er, on or before the first day of February in each
year, to communicate to the legislature statement
OF the condition of every such corporation from
which report has been received for the preceding
year, also the and location of savings corpora
tons authorized by him during the previous year.
with the date Of their incor grafton, and particularly
designating those incorporated at any time which
have commenced business during the previous year.
Sec. A. Ii shall be the duty Of the public examiner
at least each year, and much oftener he
may deem proper, either personally or hy some COM
peent person or persons to be appointed by him, to
visit and examine every savings corporation In this
st te. The public examiner shall also have power in
like manner to examine any such corporation, when
ever in his Judgment, Its condition or management
Is such to render examination of its affaire
essary expedient. The said public examiner, and
every such examiner shall have power to administer
an oath to any person whose testimony may be re-
quired on any such examination, and to compel the
appearance and att ndance OF. any such person for
the purpose of such examination, by summons sub
poena or attachment, in the manner now authorized
in respect to the attendance of persons witnesses
in the courts of record Of this State; and all books
and papers which it may be deemed necessary to
anime by the public examiner, the examiner or
examiners appointed, shall be reduced, and their
production may be compelled In like manner.
Sec. 43. Whenever 1t shall appear to the said pub