Little Falls transcript. [volume] (Little Falls, Morrison County, Minn.) 1876-1894, 1879-03-27
FINANCIAL.
1O4

Be enacted by the Legislature of the State OF Mn
Section i. All savings banks or institution. "a,
savings now existing, which may hereafter be Or
gained under and by virtue of any law OF this ts$a
are hereby declared to be corporations possessed a
the powers and functions of corporations generally.
and as snch shall have power:
!. 10 have perpetual succession by its corporate
2. To sue and be sued, complain and defend IN
any court OF law or equity.
8 To make and use common SEAL which may
% amxed by making an impression directly on tho
paper, and alter the same ct pleasure.
:; 10 appoint such officers, managers and agents
as the business of the corporation may require.
o: TO make bylaws not inconsistent with the laws
OF this State, Of tho United ststes for tho man
agement of its property and the regulation Of IL
s. To contract and be contracted with.
.. 10 receive money on deposit, to invest tho
Same, and further transact the business Of savings
bank, as hereinafter provided.
8. To exercise any corporate powers necessary 70
the exercise of the powers above enumerated and
given.
Sec. 2. Any number Of persons, not less thsn
seven, may associate themselves together for The
purpose Of organizing savings bank In accordance
with the provisions Of this act but the majority q
such number of persons shall reside In the county
where the proposed bank shall be located.
Sec. 8. Such persons, under their hands and
forth:
1. The name assumed to distinguish such asso.
citation and to be used in its de ngs, which shall bs
III no material respect similar to the name of any
this State.
g. The place where its businessts to be trans.ctsd
designating the particular city, town Or village, a.
If in any city, the ward in such city.
s. The name, residence-H in any city, the stzess
and number-occupahon and postofice address q
each member OF such association.
4. declaration that each member Of such asso.
citation will accept the responsibilities, and faithfully
discharge the duties OF trustee in such institution,
when authorized according to the provisions Of th6
Every trustee before entering upon his duties.
shall execute bond to the State of Minnesota in Tho
penal sum of FIVE thousand dollars, with two moro
surees, to DO approved by of the judges Of to
district court Of the district in which such SAVINGS
bank may be situated conditioned for the faithful
discharge OF bis duties as trustee aforesaid SaS4
bond shall be recorded in the Office of the registse a
deeds Of the county in which said savings bank q
situated, and then deposited in tho Office Of the
Rotary of state, and in case of breach of the cond
tons Of such bond, any person sggreved by such
breach may upon leave grated by the said judge q
said district court bring suit in his name, and
the Judgment Of plaintiff In such action shall be to-
the amount Of damages he may show himself entitled
to by reason OF such breach not exceeding tho
brought by persons aggrieved a. aforesaid until tho
penalty Of said bond is exhausted.
Sec. 4. Such certificate shall DO executed In du-
pcate and be acknowledged before officer Of this
State authorized to take the acknowledgment Of
conveyances of real estate for record aud shall With
IN sixty days Of such acknowledgment, be filed, one
copy in the Office of the regi ter OF deeds Of tho
county wherein such savings bank is proposed to b
located, and one copy in the Office of the auditor Of
state.
Sec. s. notice Of intention to organize such
savings bank, shall be published at least once q weak
for four weeks previous fling the certificate Of -.
socatiOn as provided in the last preceding section,
in at least one newspaper of the largest Circulation
published in the city, town village where such
savings bank is proposed to be located or, if there
be no newspaper published in such village or town.
then in some newspaper published in such county;
If none In said county then in adjoining county.
which notice shall specify the of the proposed
corporators the name of the proposed savings bank
and the location of the same set forth in the cer.
tfcate of association and If there is any savings
bank or banks organized and doing business
In such county, copy Of such notice shah also be sent
to each such savings bank organized and doinR
business, at least fifteen days before the filing Of
such certificate If association, as provided for In
tho last preceding sechun.
Sec. 6. Upon the receipt Of any such certificate
OF association at the Office of the auditor Of state
If the same is in due form and duly executed %.
cordng to the provisions of sections three and four
of this act aud is accompanied by evidence salts
factory to the auditor of state Of the proper pubca-
ton and service, in good faith of the notice n.
CURED in the last preceding section he SHAH forth
with endorse the same over his official signature
"hled for examination with the date OF such en-
sec 7. If such certificate shall not be in form and
substance as required by section three of this aot
shall not be- duly and properly acknowledged 3 ~
companied by evidence satisfactory to the auditor Of
state Of the publication and service In good faith 10.
notice required by section 1--WE Of this aot the auditor
Of state snail refuse to file such certificate until tho
same shall be amended. In conformity to the pro-
visions of this act And it shall be the duty of the
auditor Of state, fling said certificate to forth
with notify the attorney general and public examiner
Of the State of the filing Of such certificate, and Of
meeting to be held in said auditors Office, at some
time within twenty days thereafter, and it shall b
the duty of said auditor attorney general and public
examiner to meet 1T the time and place in said notice
set forth, to consider said certificate.
Sec 3. And it shall be the duty of said officers,
and they, a majority of them shall have power in
regard to any certificate of association so fled to
nf inf Of
their command:
l. Whether greater convenience Of access to q
savings bank will be afforded to auy considerable
number Of depositors by opening savings bank at
the place designated in such certificate
2. Whether the density of population, in tho
in the surrounding country, affords reasonable
promise of adequate support to the enterprise.
8: Whether the responsibility, character and gen.
eral fitness for the discharge of the duiie a,,,er-
tanning to such trust, OF the persons named in such
certificate, such rs to command the confidence
OF the community in which such savings bank pro-
posed to Ee located.
Sec 9. If the said officers, or majority Of them,
shall be satisfied, from their knowlegde, from in
formation gained concerning the several points
named In the last preceding section, that the organ
zs6on OF q savings bank, as pro osed III such car
thcae, will be public benefit, they shall within
sky days after the same has been filed by them
for examination, issue under their hands and official
seals, certificate of authorization to the Persons
named In such certificate, to them or to . por-
non OF Them together with such 9ths,
such certificate of association, shall in writing sp-
prove; which such certificate 30 issued eha author.
lie the persons named thereon to open an Office fo1
the deposit of savings designsted in the certificate
OF association, subject to the provisions Of this act
Provided, however, that no person shall be named n
such certificate Of authorization who shall not have
duly made and acknowledged the declaration pro.
scbed in subdivision four Of section three Of this sot
Sec. 10. The pubic examiner shall transmit such
certificate OF authorization to the register Of deeds
Of the county in which the savings bank 80 author
lied is to be located, who shall file the same and at
tach it to the certificate Of association previously
filed, relating to the organization Of such savings
bank. and the public examiner shall also file dup.
cate copy Of such certificate in his own office.
Sec. IL. If the said officers shall not be satisfied
In any certificate of association filed, is expedient
and desirable, the public examiner shall, within
sixty days after the filing Of such certificate by him,
give notice to the register Of deeds of the county In
which such savings bank IL proposed to be located,
that they refuse to issue certificate Of authorization
for such savings bank, which notice shall forthwith
be fled by the register Of deeds with the certificate
Of association of such savings bank
Sec -. Upon the fling of any certificate Of
vlded, the persons named therein and their success
sors shall thereupon and thereby be duly and lawful
y constituted body corporate and poltic and sha!!
be vested with all the powers and charged with an
the Liabilities conferred and IMPOSED by this act.
Sec ID. Before any savings bank so incorporated
shan be authorized to receive deposits such corpora
don shall transmit to the public examiner the name,
residence and postoface address Of each Of the
ofacers OF such savings bank and the place where
Its bnsiHess 10 to be carried on designating the
by street and number when practicable.
Sec. IA. Any savings bank so incorporated that
shall not organize aud commence business within
ono year after the certificate Of authorization Of the
same has been fled, as hereinbafore provided shah
forfeit its rights and privileges q corporation un-
der this act; but the public examiner may, for salts
factory cause to him shown, extend the term within
which such organization may be effected and such
business commenced, but not fort longer period
than one year; and tho order, 50 extending
such term shall be under bis hand
and seal, and shall be transmitted to
the register Of deeds of tho county In which such
savings bank il to be located who shall dle the same
together with the certificate Of assocation and tho
certificate Of authorization Of sucn savings bank.
Sec. Is. The persuns named tn the cartifcata of