Daily globe., 1879-04-11
General Laws Of Minnesota for 1s79.--Omc1al

Gen
SEQ. 50. Whenever buildings ars Included In the
valuation Of any real estate upon which loan shall
sured by the mortgagor in such company or COM
psnes as the trustees shall diroct, and the policy oil
insurance shall be duly assigned OF the loss made
ton; and it shall be lawful for such corporation %
renew such policy Of insurance In the Same or In any
other company or companies, 40 they may elect,
case the mortgagor shall neglect to do SO, and may
charge the amount paid to the mortgagor. And al
the necessary charges and expenses paid by such
corporation, for such wal, renewals, shall be
paid by such mortgagor to such corporation and
shall be lienupon the property SO mortgaged, re-
coverabe, with interest, from the time Of payment
as part of the moneys secured to be paid by such
mortgage.
Sec. 81. 1t shall be unlawful for any savings
bank, directly or indirectly, to deal rtrade in real
estate in other any other purpose than
as authorized In section twentyseven 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 busi-
ness and 1t shall be unlawful for any savings bank,
or for 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, or in the business Of collecting or protesting
promissory notes or time-bills of exchange.
Seo 3d. It shall be the duty of the trustees OF
every such corporation to regulate the rate of inter-
est OF 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 as sur
pfas fund for the security of depositors, which, to
the amount Of ten per cent of their deposits, the
trustees OF any such corporation are hereby author
lied gradually to 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
amount and duration Of their dealings with the cor
porahon and regulate the interest or dividends al
lowed in such manner that each depositor shall re-
ceive the same rateable proportion of interest or
dividends as all others Of his Glass; 1t shall be un-
lawful for the trustees of any savings bank to declare
or allow interest on any deposit for longer period
posits made not later than the third day Of any
month, or Withdrawn 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 interest shall be de-
cared, 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
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 it shall be the duty Of the trustees Of any such
corporation, whose surplus amounts to ten per cent.
Of its deposits at least in three years. to divide
equitably the accumulation beyond such authorized
SURPLUS an extra dividend to depostors in excess
of the regular dividends hereinbefore authorized.
Sec. SO. In determining the per cent Of surplus
held by any savings bank it's interestpayng stocks
notes and bonds shall be estimated at their market
value; its notes and bonds on which there are no
arrears of interest for alonger period than six
months shall be estimated at their face and its real
estate at not above cost. Concerning such stocks
bonds notes, notes and mortgages, are in
rears o. interest for six months more, and con-
corning all other investments not herein enumerated
the same from time to time, from the best informa-
ton he obtain, and he may change the valuation
thereof, from time to time, according as he may OBJ.
tain other and further information.
Sec. "a. It shall be lawful for trustees of such
poradon, acting as officers of the same, whose duties
require and receive their regular and faithful at
tendance at tho instution to receive such compen-
saticn as in the opinion of majority of the board
Of trustees shall be just and reasonable; but such
such compensation shall be voted.
SEQ. 49, Every such corporation shall semi-an-
nually before the first day of February in each
year. make report IN writing to the public !e examiner
ton on the morning of the first day Of January pre-
ceding.
Sec So. Such report shall state the amount loaned
upon note and mortgage, together with list of such
notes and mortgages and the location of the mort
gagged premises as have not previously been reported
and also list of such previously reported as have
since been paid wholly in part or have been fore
closed, and the amount of such payments respective
ly; the cost par value estimated market value of al
STOCK investments QeSl&na0ng eacn particular kind
| of stock; the amount loaned upon the pledge
of securities with statement of the securities held
collateral for such loans; also list of all notes
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 arc
drawn and the rates of interest they BEAR which
due and unpaid; the amount invested in real estate
giving the cost of the same; the amount Of cash OF
hand and deposit in banks or trust companies
| the amount deposited in each, and such other in
formation q a m
SEQ. 81. Such report shall also state all the abili
ties OF such savings corporations on the morning o
the said first day Of January the amount due to de
positors which shall include any dividend to be cred
tied to them for the six months ending on that day
and any other debts or claims against such Corpora
ton which are or may be charge upon it's assets
Such report shall also state the amount deposited
during the year previous, and the amount withdraw
during the same period the whole amount of inter
est or profits received or earned, and the amount
dividends credited to depositors together with tn
the amount of interest that may have been credited
| at other than semi.annual periods; the number o
accounts opened or reopened, the number of &C
open accounts at the end Of the year, and sucl
| other information as may be required by the Stat
| examiner.
Sec. So. Such report shall be verified by the oat
the two principal officers of the institution and th
statement Of assets shall be verified by the oath Of
majority Of the trustees who examined the same pun
suant to the requirements OF section A of this act
/ II
ports In regard to any reports made to the publ
examiner pursuant to the provisions of this act sha
be deemed perjury, and be subject to the prosecu
lions and punishments prescribed by law for tha
SEQ. 80. If any savings bank shall fail to furnis
| to the public examiner any report or statement re
forfeit the sum of one hundred dollars per day 70
every day such report or statement shall be 80 dc
layed or withheld; and the said public examiner ma
maintain an action in his name Of Office to recove
such penalty, and when collected, the Same shall b
paid into the treasury Of the State and be applied
defraying, SO far as possible, the expenses entae
In examining savings banks; but the public exam
ner may, for sufficient cause, extend the time fo
making such report not exceeding thirty days.
Sec. 40. No such corporation shall hereafter b
required to make any annual or other report to th
mayor or the commonalty Of any city. nor to tn
board OF supervisors of any county, nor to any othe
officer or authority whatsoever except as in this &C
provided and required nor shall they be subject t
the inspection or supervision of any local officer
board, in any matters pertaining to the business an
dealings of such corporation.
Sec. Il: It shall be the duty Of the public examin
er, on or BET ore the first day of February in eacl
year, to communicate to the legislature statemer
OF the condition OF every such corporation fro1
which report has been received for the precedin
year, also the name and location Of savings corpors
tons authorized by him during the previous yea1
with the date Of their and PARTICULAR
es,snommg n tnose incorporated At any time who
Sec. ~. 1t shall be the duty Of the public exsmin.
at least once in each year, and much oftener as
may deem proper, either personally or by some CON
petent person or persons to be appointed by him,
visit and examine every savings corporation In thi
State. The public examiner shall also have power
Like manner to examine any such corporation, whe1
ever, in his Judgment, its condition or manageme1
Is such as to render examination Of s affairs ne<
essary or expedient The said public examiner, an
every such examiner shall have power to administe
an oath to any person whose testimony may be +,
quired on any such examination, and to compel th
appearance and attendance of any such posson fc
the purpose Of such examination, by summons sui
poena Or attachment, in the manner now authorize
II respect to the attendance of persons as wtnesse
and papers which it may be deemed necessary to 8.
anime by the public examiner, or the examiner {
examiners 80 appointed, shall be produced, and the
production may be compelled In like manner.