Morris tribune. [volume] (Morris, Minn.) 1880-2000, 1883-05-30
90

AN ACT TO authorize the organization and incor-
poration of annuity. safe deposit and trust oota-
Be it enacted by the Legislature Of the State OF
Minnesota:
Section 1. Any number Of persons, not less than
fifteen 15), may associate themselves and become
incorporated for the purpose of transactlng busl-
ness os an annuity, safe deposit and trust company
upon complying with the provisions OF TINS act;
and any company SO formed, and its successors,
shall DO entitled to the rights and privileges, and
subject to the duties and obligations, herein pre-
scribed, and shall have perpetual succession.
Sec 2. The provisions of sections two W, three
(3l. four ~, seven "a, eight ISL nine (9, ten (lO)
and eleven 1 Of title one ID, chapter thirty four
(3Q Of the statutes of Minnesota. shall apply to
and be observed by persons organized under this
act, except as herein otherwise provided.
Sec. 5. The amount of the CAPITAL stock OF any
such corporation shall not be less than two hundred
thousand dollars $500 600. 0O), but the same may
be increased at any time by resolution OF two
thirds (23) of the directors to any amount not ex-
cesding two million dollars (S2, 900 OO); and
the shall be divided into shares OF one hun
bred dollars ($100 O0) each.
Sec. 4. No such corporation shall be authorized
to transact any business exercise any powers, as
such, until two hundred thousand dollars $500
OOOOO) of it's capital stock shall have been sub
scribed for and hundred thousand dollars
(SIOO, 900. 000) on account of said capital stock
shall have been actually paid in, invested and de-
posted as hereinafter provided. Said one hundred
thousand dollars shall be invested in bonds OF the
United States or of the State of minnesota, orin the
bonds Of other states which shall have the approval
of the state auditor public examiner, or ir bonds
or obligations of any incorporated city of the state
containing q population Of not less than
five thousand 5000 souls, which bonds
have not been issued bonus for
or purchase Of or subscription to any railroad or
other private enterprise, and whose total bonded
Indebtedness docs not exceed five 51 per centum OF
the then assessed valuation of the real and per-
sona property of such city; or In the bonds of any
organized county in this state, containing popu-
laton Of not less than ten thousand 100000 souls
which bonds have not been issued for any Of the
purposes aforesaid, and whose total bonded indebt
edness does not exceed five Isl per centum of the
then assessed valuation of the real and personal
property of such county or in bonds or pronissory
notes, secured by first mortgages or deeds of trust
upon uuincumbered real estate situated within this
state, worth double the amount Of the obligation SO
secured.
Sec. 5. Whenever any such corporation shall
have so invested one hundred thousand dol
lars t$100.000.0O) Of its paid in capi-
tai and shall assign. transfer and
deliver to the state auditor the said securities and
all evidences of such investments made, he shall
execute and deliver d certificate OF such deposit;
and thereupon the said corporation may commence
and carry on business under the provisions of this
act The state auditor and his successors shall hold
the said securities collateral security for the
depositors and creditors of said corporation. and
be lawfully imposed upon and accepted by such
corporation. Such corporation may, from time to
time, withdraw the said securities from said state
auditor, part thereof, upon their depositing
with him other securities of equal amount and value
and of the kinds specified in section four al that
an equal amount and value of such securities shall
ut all times during the existence of such corpora
ton rennaiE In the possession OF the state auditor
for the purposes aforesaid And until otherwise
ordered by court of competent jurisdiction, the
said state auditor shall pay ever TO such Corpora
ten the interest," dividends or ether income whioh