Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-03-19


authorize said company to collect the same for its
| own benefit
| Sec 6. Ali the corporate powers of such COM
oany shall be exercised by board OF directors of
not less than nine 90, more than twenty
| l27, in number; and such officers and agents as
| they shall elect or appoint majority of such
directors must be citizens of this state and each
director must own at least ten (10) shares of 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
nt13J thereof shall serve for three ~ years;
| the second one-thrd 90 thereof shall
serve for two (2l and the balance thereof shall
serve for one ID year from the date fixed for the
commencement of such corporation. In case any
| of the persons named shall not 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 oua
fed stockholders to fill such vacancies, and there
after at each annual meeting of the stockholders.
directors shall be elected to serve three ~ years
| in place OF those whose terms shall then expire.
Sec z. 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 at least ten (10) days
prior to said date in public newspaper printed and
published at the county scat of the county in which
such company has its principal place of business.
In case of failure to elect on that day or day
| to which such annual meeting may be adjourned,
the directors whose regular terms do not then
pire shall proceed to elect such member of direc-
| tors as may have failed of election who shall with
! them constitute the board of directors Any va
cancy in the office of director may be filed by the
board until the next annual election.
| Dec. o.. Inc DOafu OF directors snail at tnelr
l. annual meeting elect from their own number
president and vice president, and they shall also
| appoint secretary and such other officers and
agents as they find necessary to the transaction
| of the business of the company. They shall define
the general powers, authority and duty of such Off
| GERS and employees by bylaws or resolutions
! their bonds. and approve the same: but
| no such officer, agent or other employe
| from whom bond shall be required by the direc-
tors, shall enter upon the discharge of his duties
until he shall have entered into bond TO the cor
| poration, conditioned for the honest and faithful
discharge of his duties, in such sum- conditions and
| suretes may be approved by the directors. Nor
| until such bond so approved, has been filed in the
| office of the state auditor.
| Sec. 9. Any such corporation so organized and
authorized to transact business, shall have all the
genera! powers and privileges of n corporation as
the same declared in title eight Isl of chap
ter thirtyfour (34, of the statutes of Minnesota
| ity:
First: To acquire. purchase, own, hold, Use
mortgage, lease sell and convey such
real estate and personal property as
may be necessary for the convenient transaction
OF It's 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 interest in real estate which such
/ poration shall acquire under or by virtue of the
foreclosure OF any deed OF trust mortgage other
security, or by the compromise, compounding or
settlement of any obligation or security, or other
wise in the of its legitimate business wheth
er as owner or trustee, it may continue to own,
mold, use, occupy, lease, bargain, sell and convey
the same, the directors may deem best for the
interests OF such company, or of the particular
tate or trust to which the same belongs. And to
! that end it may become purchaser at any fore
closure sale, sale under decree or judgment, to
| which 1t is party as trustee or otherwise
But part of its capital, Accommodations, deposits,
trust funds property, or securities, owned or held
b. such company in trust, or otherwise shall be
invested in real estate except as herein authorized
| unless the is done under and by virtue of a
particular contract agreement, or other instrument,
which shall confer special power and authority
to do, and then only with and to the extent of the
monies or funds thereby provided and belonging 70
such particular trust: and for the general
ton OF its business to make and deliver, and in like
| manner to accept and receive. all necessary and
proper deeds, conveyances mortgages. leases, and
other contracts and writings obligatory and to
have and exercise all necessary rights, franchises,
munimens, estate powers and privileges necessary to
that end and such corporation is authorized to loan
money and funds, and secure such loan by mortgage
and shall have power to sell and assign such mort
cages aud other securities of such corporation, and
10 convert them into cash or other securities.
Second-To take, accept and hold, b the order.
Judgment or decree Of any court of record of this
state of any other state of the courts of rec
ord of the United States, or by gift, grant, assign
ment, transfer, devise, legacy or beQuest, from
with any public or private corporation or persons
whomsoever, any real estate or personal property,
upon trusts created in accordance with which
shall not conflict with the laws OF this state or Of
the United States, and to execute and perform any
and all such legal and lawful trusts in regard to the
same, upon the terms, conditions, limitations and
lighed by or agreed upon in and by such order,
judgment, decree, gift, grant, assignment transfer,
devise, Legacy fo OF 0e0ues TO accept from ana f
married women, in respect to their seDar-
ate property, real personal, and
| ante nuQtal settlement, OF otherwise TO act as
agent for them in the management of such prop
erty. To act agent for the purpose of transfer
ring, issuing, registering OF countersignng the GER
ttcateS of stock, bonds coupons other evidences
of debt of any corporation, association, person,
city, county, State other authority, to receive
al and pay out monies in redemption of the bonds,
coupons ore other evidences Of indebtedness of
such public or private corporations or persons.
ThIrd-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
any railroad or other corporation, rublic or pri-
vae, or private person, shall be authorized or re-
CURED by law or otherwise to deposit in bank or
| other safe deposit.
Fourth-To act as trustee, assignee or receiver in
all where it shall be lawful for any court of
trustee, assignee receiver, and to be appointed,
| commissioned aud act administrator of any es-
tate, executor OF last will AID testament of any
deceased person, and as guardian of the person or
estate of any minor or minors, of the estate of
any lunatic imbecile, spendthrift, habitual drunk
ard or other person disqualified or unable from a.
, cause to manage then 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
of decedens, or OF the persons orestates of Minors
| or of other persons under guardianship, either
| within 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, as the
executor of any last will and testament trustee
of any trust under any WILL or administrators
of the estate of any decedent the guardian of
the person and estate of any nor, of the estate
| OF any imbecile, lunatic, spendthrft, habitual
, | drunkard, or other person disqualified unable
from any 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 qualif cation shall
be necessary to enable such corporation to accept
! such appointments and trusts
Efth-To act as the general agent and attorney in
fact for any public private corporation person
in the management and control Of real estate per-
sonal property, its sale conveyance in the nego-
ation 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 and
represent corporations or persons under powers
and letters of attorney in all respects as natural
: person could d.
Sixth-The directors of any such corporation
shall have discretionary to invest all monies
received by 1t on deposit in trust in any such
personal securities not hereinafter ex-
pressly prohibited; and 1t shall be held re-
5 sponsibe to the owners cestui que trus,
( OF such moneys for the validity, regu-
arty quality, value and genuneness of all