Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-03-19
fnll compliance with all the

such trust and the full compliance with all the
terms and conditions of such judgmentvor decree.
Eighth-For the faithful performance and dis
charge OF any such trust, duty, obligation or SER
VICE so imposed upon, conferred and accepted by
any such corporation it shall be entitled to ASK de-
mand and receive such reasonable compensation
therefor as the same shall be worth, or such COM
pensatlon as may have been or may be fixed by the
contract or agreement Of the parties well as any
and all advances necessarily paid out and expended
in the discharge and performance thereof, and 10
charge legal interest on such advances unless 9TH
erwise agreed upon, and any compensation or COM
mission paid, agreed to be paid fer the negotia-
ton of any loan or the execution of any trust by
any such annuity, safe deposit and trust company,
shall not be deemed interest within the meaning
of any law of this state. Nor shall any excess
thereof any rate of interest permitted by the
laws of this state be decreed held in any court of
law equity to be usury.
Sec. 10 On any sum of money not less than one
hundred dollars 100000 which shall be collected
or received by any such CORPORATION in its capacity
of executor, administrator or guardian, upon
deposit under any order of any court of record,
interest shall be allowed by such company of not
less than at the rate of three 81 per cent an
nun in all cases where such money shall have re-
manned in the possession of such company for over
one year. for the period of such excess, aud
one % year until the said mon-
ey shall be duly accounted for and paid over.
And If the annual income of any minor or other
person for whose estate any such company shall be
guardian or trustee shall exceed the sum allowed
for, or which may be necessary for the support,
maintenance and educatlon of such ward. such sur
plus income shall be accumulated by said company
for the benefit of such infant by adding annual in
terest on such surplus a principal of not less
than the rate aforesaid.
Sec. II. No such corporation shall engage in
any banking, mercantile, manufacturing other
business, excent such as is hereby expressly
authorized. It shall not loan its funds,
monies capital. trust funds or other
property whatsoever, to any director, officer,
agent, or empoye thereof shall any such d-
rector, officer, agent. or employee become in any
manner indebted to said corporation by means of
any over-drah. promissory note, account, endorse
ment, guaranty or other contract whatsoever. aud
any such director, officer, agent. or employee. who
Shall become so indebted to said corporation shall
be deemed guilty of the crime of embeZzlement to
the amount of such Indebtedness, from the time
such indebtedness shall be created, and upon con
Viction thereof shall be punished in the manner
prescribed bv the laws of the state for the crime Of
embezzlement of a like amount. The execution
and delivery of the official bond required from such
officer, agent or employee shall not be considered
an indebtedness for the purposes of this section.
Sec. -. Any such corporation shall be subject
at all times to the further orders, judgments and
DEGREES of any court of record from which it shall
have accepted any trust appointment or commits
sion, as to such trust, and shall render to such
court such ltelnzed and verified accounts, state
ments and reports may be required by law
such court shall order in relation to such particular
trust II snail also be subject to The general JurlS
dlctlon and authority Of the district court of the
county in which the principal place of its business
is situated 1t shall render 60 the public examiner
a full and detailed annual account of its condition
| on or before the ----- day of ---n
each year, and such further accounts. either
relation
any particular investments, trusts, funds
or other business, the said public examiner may
| from time to time direct or request and a con-
densed statement of such annual account approved
by the public examiner, shall be published by said
corporation il public newspaper, printed and
published in the county in which its principal place
of business is located, and if none. then in such
newspaper the public examiner may direct.
Section 13. 1t shall be the duty of such public
examiner, at least once in six months, and as often
as he may deem necessary, to assume and exercise
over any such corporation, its business officers di-
conferred upon him over banks and other
moneyed corporations under the laws of
this state; and in the event of his
inability act in the premises, the state auditor
may discharge and perform all the duties of the
public examiner in relation to such corporation.
Sec. II. If it shall appear to the said public ex-
amlner or state auditor. from any examination
made by either of them, or from any report of any
examination made by them, that said corporation
has committed violation of its charter or of the
law or that il is conducting business in any unsafe
or unauthorized manner. he or either of them shall,
by an order under his hand and seal of Office aG-
dressed to such corporation, direct the discontinue
ance of such Illegal unsafe practices aud con-
! formity with the requirements of its charter
and of the law, and with safety
and security in its transactions And
! whenever any such corporation shall refuse or
neglect to make such report or account as may be
lawfully required, to comply with any such order
as aforesaid, or whenever ii shall appear TO the said
examiner to the state auditor acting for him. that
1t is unsafe ineXpedent for such corporation
to continue to transact business, he shall commune
| cate the facts to the attorney general who shall
thereupou be authorized in [Uol institute such pro-
ceedings against any such corporation as are now
| may hereafter be provided by law in the of
! insolvent corporations such other proceedings
! as the case may require.
J Approved March >.