Morris tribune. [volume] (Morris, Minn.) 1880-2000, 1883-05-30

authorize said company 10 collect the same for its
own benefit.
Sec. 6. All the corporate powers Of such com
pany shall be exercised by board OF directors Of
not less than nine 49, nor more than twenty-seven
(2O, in number: aud such officers and agents as
they shall elect appoint minority Of such
directors must be citizens of this state and each
director must own at least ten t1O) shares or the
capital stock. The articles of association shall
state the names and places OF residence OF the first
board of directors, of whom the first one-third
tl3) thereof shall serve for three 90 years;
the second one-third C0 thereof shall
for two 10Y years and the balance thereof shall
serve for one ~ year from the date fixed for the
commencement Of such corporation. In case any
Of the persons 50 named shall net become stock
holders to the amount required to qualify, or If
they shall fail refuse to qualify from any cause,
the directors who shall SO qualify may elect quail
fed stockholders to I'LL such vacancies, and there
after at each annual meeting OF the stockholders,
directors shall be elected TO servo three CD years
in place of those whose terms shall then expire.
Sec 7. The annual election shall be held at the
Office of the company upon day to be fixed by the
articles of association, and notice Of which meeting
shall be given by publication ct least ten (lo) days
prior to said date in public newspaper printed and
published at the county seat of the county in which
such company has its principal place OF business.
In case of failure to elect on that day day
to which such annual meeting may be adjourned,
the directors whose regular terms do not then ex-
pire shall proceed to elect such member of direc-
tors may have failed of election, who shall with
them constitute the board OF directors. Any va
canCy in the olice of director be filed by the
board until the next annual election.
Sec. 8. The board Of directors shall at their
annual meeting elect from their own number
president and vice president, and they shall also
appoint secretary and such other officers ard
agents they may find necessary to the transaction
OF the business of the company. They shak define
the general powers. authority and duty Of such Off
GERS and employees by bylaws or resolutions,
fix the conditions, form and amount of
their bonds, and approve the same; but
no such officer, agent or other empoye
from whom a bond shall be required by the direc-
tors, shall enter upon the discharge of his duties
until ne shall have entered into bond TO the cor
poraton, conditioned for the honest and faithful
discharge of bis duties in such sum. conditions and
sureties as may be approved by the directors Nor
until such bond so approved, has been filed in the
office of the state auditor.
Fec. .. AHy such corporation so organized and
authorized to transact business, shall have all the
general powers and privileges of a corporation
the same are declared in title eight 81 Of chap
ter thirty-four 3d. Of the statutes of Minnesota;
and in addition thereo shall have power ana author
First To acquire. purchase, own, hold, Use
and improve, and for hat purpose to
mortgage, lease, sell "rd convey such
may be necessary for the convenient transaction
of its business, and for the and occupation OF its
officers, agents and employees, and the safe keeping
OF its assets, deposits and property held in trust
Any estate or interest in real estate which such cor
pOraton shall acquire under by virtue of the
foreclosure OF any deed of trust mortgage or other
security, or by the compromise, compromising or
settlement of any obligation Or security or other
wise in the course OF its legitimate business, wheth
eF as owner or trustee, IL may continue 20 own.
mold, Use, Occupy lease, bargain, sell and convey
the same, as the directors may deem best for the
Interests OF SGCn company OF the particular
tate trust to which the sauna belongs. And to
that end il may become 2 purchaser at any fore
closure sale, sale uncer decree or judgment, TO
which it is q party trustee otherwise
But no part of its capital accu-nuations, deposits
trust funds, property, or securities owned or ned
by such company IN trust or otherwise, shall be
Invested in real estate, except hers;n authorized,
unless the same is done under and by virtue of
Nr m
which Shall confer special power and authority so
to do, and then only with and to the extent of the
monies or funds thereby provided and belonging TO
such particular trus. and for tie general transac-
ton OF its business to make and deliver and in ike
to accept and receive all necessary and
proper Deeds cOpveyances, mortgages. leases, and
other contracts and writings obligatory, and to
have aud exercise all necessary rights, franchises,
muninens. estate powers and privileges necessary to
that end and such corporation is authorized to loan
money and funds, ana secure such loan b7 mortgage;
and shall have power to sell and assign such
cages and other securities of such corporation, AID
to convert them into cash other Sc curitles.
Second-To take, accept and hold, b; the order,
judgment or decree Of any court of record Of this
state Of other STATE or OF the courts ef rec
ord of the United States, or by GIFT, grant, assign
ment. transfer, devise. legacy or bequest, from or
with anv public private corporation or persons
whomsoever, any real estate or personal property,
upon trusts created in accordance VITA or which
shall not conflict with the laws Of this state of
the United States and'to execute and perform any
and al such legal and lawful trusts in regard 10 the
restrictions which may be declared, imposed, sstaO-
Hghed by OF agreed upon in and by such order.
judgment, decree gift, grant assignment transfer,
devise, legacy or b6Guest- 10 accept from and
execute for, or on behalf of, trusts for
married women, in respect to their seuar-
ate property, real or personal, and
te-nuptial settlement, or otherwise TO act
agent for them in the management OF such prop
erty. To act agent for the purpose OF transfer
ring issuing, registering or counterslgnng the Ger
t1cates OF STOCK bonds, coupons or other evidences
OF debt of any corporation, association, person,
city, county, State other authority, receive
and pay out monies in redemption OF the bonds,
coupons or other evidences of Indebtedness of
such public or private corporations or persons.
Ihlrd-To take, accept and hold on deposit or for
safe keeping any and all monies bonds stocks or
other securities or personal property whatsoever
which any state county, city or town officer in
anv railroad or other corporation, pubic or pri-
vata, private person, shall be authorized or
CURED by law or otherwise to deposit in bank or
other safe deposit
Fourth-To act as trustee, assignee or receiver in
ali cases where it shall be lawful for any court CT
record, officer, corporation or person to appoint a
trustee assignee or receiver, and to be appointed,
commissioned and act as administrator of any
tate, executor of any last will and testament Of any
deceased person, and as guardian of the person or
estate of minor or minors, or OF the estate OF
any lunatic, imbecile, spendthrift habitual drunk
ard other person DISC uaIited or unable from
cause to manage their estate
And it shall and may be lawful for any probate
court, surrogate or orphans court or other court
of record having jurisdiction OF the estate and wills
or of other persons under guardianship, either
within or without this State, to appoint and COM
mission any such corporation which holds the
certificate OF the state auditor, showing that it is
entitled to transact business in this State the
executor of any last will and testament trustee
of any trust uudsr any will, the administrator
of the estate of any decsdent the guardian of
the person and estate of any N nor or OF the estate
of aay imbecile, luratic, spendthrift, habitual
drunkard, other person disqualified or unable
from any cause to manage his or her estate. in all
cases where, under the laws of this State, such
court could lawfully appoint and commission any
natural person such executor, administrator,
guardian, trustee: and in all such no bond
other security, oath other quaf cation shall
be necessary to enable such corporation to accept
such appointments and trusts.
Fith-To act as tho general agent and attorn ey in
fact for any public private corporation person
in the management and control of real estate or per-
scual properly Its sale or conveyance IN the nego-
tiation of and sale of mortgages other securities
the satisfaction and discharge of record of such
mortgages or other securities, the collection of
rents payment OF taxes, and generally to act tor and
represent corporations or persons under powers
and letters Of attorney in all respects as natural
person could do.
Sixth-The directors of any such corporation
shall have discretionary power to invest all monies
received by it on deposit or in trust, in such
personal securities as are not hereinafter ex-
sponsible to the owners or cestui que trust
of such moneys for the validity, regu-
larity, quality, value and genuneness of all
such Investments and securities at the time the said
investments are so made, and for the safe keeping
of the evidences and securities thereof. But any
special direction, agreement or trust is imposed
upon made or conferred in and by the order, judg
meut or decree of any court, or by the terms and
conditions Of any last will and testament or other
document, contract or deed. conveyance or other
written instrument as to the particular manner in
which, the particular class kind of securities,
funds or property, whether real personal, tho
same shall be invested in, then the said corpora
ton shall follow and out such order Judgment,
decree or other appointment, contract, deed, con-
veyance, or other written instrument. And in such
case. such company shall not be held liable