Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-04-11
FINANCIAL.
1oA


IN ACT to conform all savings banks or institutions
for savings to uniformity Of powers. rights ana
liabilities, and to provide for the organization OF
savings banks, for their supervision, and fof the
more efficient protection of depositors In SUCH In
stituhons.
it enacted by the Legislature of the State OF Min
nesOta:
Section i. All savings banks or institutions for
awnings now existing or which may hereafter be Or
.anzed under and by virtue Of any law Of this state
re hereby declared to be corporations possessed Of
he powers and functions Of corporations generally,
md as such shall have power:
l. To have perpetual succession by its corporate
lame.
2. To sue and be sued, complain and defend, IN
any court OIL or equity.
g To make and use common seal, which may
,e affixed by making an impression directly on the
paper, and alter the same at pleasure.
4. To appoint such officers, managers and agents
rs the business of the corporation may require.
s. To make bylaws not inconsistent with the lava
# this State of the United States for the man
lgement Of its property and the regulation OF It's
lffars.
6. To contract and be contracted with.
z. To receive money deposit, to invest the
,ame and further transact the business of savings
bank, as hereinafter provided.
8. To exercise any corporate powers necessary 70
he exercise of the powers above enumerated and
given.
Sec. 2. Any number Of persons, not less than
seven, may associate themselves together for the
purpose of organizing savings bank In accordance
with the provisions Of this act, but the msjory OF
such number of persons shall reside in the county
where the proposed bank shall be located.
Sec. g.. Such persons, under their hands ana
SEALS shall execute certificate in which shall be set
forth:
1. The name assumed to distinguish such 1850
citation. and be used in its dealings, which shall be
In no material respect similar to the name Of any
other savings bank organized and doing business In
this State.
q The place where its business is to be transacted
designating the particular city, town village, and,
II in any city, the ward in such city.
g. The name, residence-if in any city, the street
and number-occupation and postof6ce address OF
each member of such association.
4. A 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 this
act
Every trustee before entering upon his duties,
shall execute bond to the State of Minnesota, in the
penal sum of five thousand dollars with two or more
suretes to be approved by one of the judges Of the
district court of the district in which such savings
bank may be situated conditioned for the faithful
discharge of his duties trustee aforesaid Said
bond shall be recorded in the Office of the register OF
deeds of the county in which said savings bank Is
situated and then deposited In the office OF the sec
rotary of state, and in of breach of the cond
tons of such bond, any person aggrieved by such
breach may upon leave granted by the said judge of
said district court bring suit in his own name, and
the Judgment of plaintiff in such action shall be for
the amount Of damages he may show himself entitled
to by reason of such breach not exceeding the
amount Of said bond, and successive actions may be
brought by persons aggrieved as aforesaid until the
penalty of said bond is exhausted.
Sec. 4. Such certificate shall be executed In du-
picate and be acknowledged before an officer Of this
State authorized to take the acknowledgment OF
conveyances of real estate for record, and sha with
in sixty days of such acknowledgment be filed, one
copy in the Office of the register of deeds OF the
county wherein such savings bank is proposed to be
located, and 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 week
for four weeks previous to fling the certificate of
ISOLATION provided in the last preceding section,
in at least newspaper of the largest circulation
published in the city, town or village where such
savings bank is proposed to be located, Or 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 an adjoining county,
which notice shall specify the names of the proposed
corporators, the name of the proposed savings bank
and the location OF the same, as set forth in the GER
hfcate Of association; and if there is any savings
in such county, copy of such notice shall also be sent
to each such savings bank so organized and doing
business at least fifteen days before the filing of
such certificate of association, as provided for In
the last preceding section.
Seo. 8. Upon the receipt Of any such certificate
Of association, at the Office Of the auditor Of state
il the same is In due form and duly executed &C.
cordng to the provisions of sections three and four
of this act, and is accompanied by evidence salts
factory the auditor of state Of the proper pubHca
ton and service, in good faith, Of the notice re-
quired in the last preceding section, he shall forth
with endorse the same over his official signature
"fled for examination, with the dste of such en-
dorsement.
Sec Z If such certificate shall not be In form and
substance required by section three of this act
shall not be duly and properly acknowledged, as re
qured by section four of this act, shall not be
companied by evidence satisfactory to the auditor Of
state the publication and service In good faith
cordng to the intent and purpose OF this act OF the
notice required by section five of this act the auditor
of state snail refuse to file such certificate until the
same shall be amended, in conformity to the pro-
visions of this act. And 1t shall be the duty OF the
auditor of state, upon filing 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 III said auditors office, at some
time within twenty days thereafter, and it shall be
the duty of said auditor, attorney general and public
examiner to meet at the time and place in said notice
set forth, to consider said certificate.
Sec 8. And it shall be the duty of said of6cers
and they, majority of them shall have power, In
regard to any certificate of association fled, tl
ascertain from the best sources of information a
their command:
l. Whether greater convenience of access to
savings bank will be afforded to any considerable
number of depositors by opening savings bank .
| the place designated In such certificate.
2. Whether the density of population, In thu
neighborhood designated for such savings bank, ant
/ in the surrounding country, affords reasonable
promise Of adequate support to the enterprise.
8. Whether tue responsibility, character and gen
eral fitness for tho discharge Of the duties apper
tanning to such trust of the persons named in sucl
| certificate, are such as to command the confidence
of the community in which such savings bank Is pro
posed to be located.
-
shall be satisfied from their knowledge, or from In
i formation gained, concerning the several point
named in the last preceding setdon that the organ
tifcate, will be public benefit, they shall With
sixty days after the same has been filed by theI
for examination, issue under their hands and ofcis
named in such certificate, or to them or to pc,
tion Of them, together with such othe
| persons, as majority of those named
/ such certificate of association, shall in writing q
prove; which such certificate 80 issued shall autho
lie the persons named thereon to open an Office fo
the deposit Of savings as designated in the cercat
Of association, subject to the provisions Of this &C
Provided, however, that no person shall be named
such certificate Of authorization who shall not hav
duly made and acknowledged the declaration pr
scrbed in subdivision four of section three OF this &C
Sec. 10. The public examiner shall transmit SUE
certificate of authorization to the register of dec
of the county in which the savings bank 80 aatho
lied is to be located who shall file the same and
ftach it to the certificate Of association previous
filed, relating to the organization of such savin
bank, and the public examiner shall also file . dup
3 cate copy of such certificate in his own Office.
Sec. II. If the said officers shall not be sat1sf
i, that the establishment of savings bank propoe
in any certificate of association fled, is expedite
y | and desirable, the public examiner shall, with
give notice to the register of deeds of the county
which such savings bank is proposed to be locate
that they refuse to issue certificate OF authorzah
= for such savings bank, which notice shall forthwi
be filed by the register of deeds with the cerfc,
of association Of such savings bank.
. Sec. Il. Upon the filing of any certificate
authorization Of savings bank as hereinbefore p
vided, the persons named therein and their succs
sors shall thereupon and thereby be duly and lawf
ly constituted body corporate and potic and sh
be vested with all the powers and charged with
the liabilities conferred and imposed by this act
IN Sec. 13. Before any savings bank 80 incorpors
shall be authorized to receive deposits, such corpo
ton shall transmit to the public examiner the mai
" residence and postofice address OF each Of
a. officers of such savings bank, aud the place VIII
its business is to be carried designating the
by street and number when practicable.
III Sec. "A. Any savings bank SO incorporated
ut shall not organize and commence business wit
one year after the certificate Of authorization Of
Of same has been fled, as hereinbefore provided, 81
On forfeit its rights and privileges corporation
al der this act; but the public examiner may, for ..
ts factory cause to him shown, extend the term vii
az which such organization may be effected and o
on husiness commenced but not for longer pei