Morris tribune. [volume] (Morris, Minn.) 1880-2000, 1883-05-30
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such trust and the full compliance with all the
terms and conditions OF such judgment or decree.
Eighth--kOr the faithful performance and dis
charge OF any such trust, duty, Obligation or SER
vice so Imposed upon, conferred and accepted by
such corporation, it. shall be entitled 10 ask de-
mand and receive such reasonable compensation
therefor as the snail be worth, or such COM
pensatIon as may have been or may be fixed by the
contract or agreement of the partes well as any
and all advances necessarily paid out and e2peno6d
in the discharge and psrfo thereof, and 10
charge legal interest such advances unless 9TH
erwise agreed upon, and any compensation or COM
mission paid, agreed to be paid, for the negotla-
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 over any rate Of interest permitted by the
laws of this state be decreed held IL any court OF
law or equity to be usuTy.
Sec. 10. On any sum Of money not less than one
hundred dollars (1IOU.OU) which shall be collected
or received by any such corDoration in it's capacity
Of executor, administrator guardian, or upon any
deposit undGr any order Of any court Of record,
interest shall be allowed by such company Of nos
less than at the rate of three 81 per cent per
mum in all cases where such money Snail haze re-
NAMED in the possession Of such company for over
ons year, for the period Of such excess, and
which interest shall continue after suck
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 such company shall bs
guardian or trustee shall exceed the sum allowed
for, or which may be necessary for the support,
maintenance and education Of such ward, such sur
plus income shall be accumulated By said cornDGly
for tho benefit Of such infant by adding annual in
teTest such surplus new principal of net less
than the rate aforesaid
Sec. II. No such corporation shall engage in
any banking, mercantile, manufacturing or other
business, except such as is hereby expressly
Authorized. It shall not loan its funds,
monies capital, trust funds or other
property whatsoever, to any director. ofticeers
agent, or emDoye thereof nor shall any sUcl d.
rector, officer, agent, or employee become IL any
manner indebted 10 said corporation by means Of
any over-draft, Dro-nssory nOt8, account, endorse
rnent guaranty or o'her contract whatsoever ard
any such director officer, agent. or employee, WHO
shall become so iudeb6d 70 said corporation shall
be deemed guilty Of the crime Of embeZZement TO
the amount of such indebtedness, from the time
such indebtedness shall be created, and upon
victlon thereof shall be punished IL tue manner
prescribed bv the laws Of the state for the crime Of
einDeZZlenenJ OF Ike amount The execution
and delivery Of the c1ciaI bond required frcu such
officer, agent or empOve, shall not be considered
al Indebtedness for the purposes Of this section.
Sec. Il. ANY sucn corporation shall be subject
at al times 10 the further ORDERS judgments AMI
DEGREES Of any court Of record from which ! a.ie!
l2ve accepted any trust, appointment or commit
sion, such t-uot, and shall render TO S3cl
court SUCH i.emjZed and verified accounts, state
ments ana reports as may be required by law or as
such court shall order n relation to such particular
ttIst. Ii shaL also he subject 10 the genera. jurs
dicloC and authority # the district court Cf he
county in which the principal pace Of its business
IS situated. il shall render 20 the public examiner
full and detailed annual account OF lis condition
each year, and such further accounts, el,les
total or partial, or in relation .
any particular investments, trusts, funds
or other business as the said public examiner may
from time TO time direct or request, and con-
densed statement OF such annual account, approved
by the public examiner, shall he published o. sal
CORPORATION il a public newspaper, printed and
published the county in wnlch its principal pacs
Of business is located, and If none. then n such
newspaper as the pubic examiner nay direct.
Section g. Ii shall be The duty q saca public
examiner, at least CQce in SIX E-olt. and as ott@l
lie may deem necessary, to assume and CLs -lso
over any such corporation its business oflceEs, ii
reCtCrS and elnpOyes. ali the power and authority
conferred upon A-2 over D...45 aA1 other
ncuey2d corporations under .a7 Laws of
this state: and in ms event OF lis
may discharge and perform al Ne 1u'les Of the
public examiner in relation TO such CORPORATION.
Sec IA. If it shall appear TO the SAID public oy-
arnller or state aCultOr from any examination
examination made " them tIIat ssio corporation
has committed & violation Of Is gLlr'rr or o. the
law, that II is conducting bus IL any unsafe
utLcrlZei manner, he or +-l-T Of tne-l shall,
by order under his hand ana ses! Of office, ad-
dressed to such corporation, d.re-t re dis 21tinU
a1ce of such illegal or UNSAFE practices and cor"
formity with the reqUireIeLts Of is Chatter
and of the law, and with safety
and security IL is transactions. And
whenever any such corporation shall refuse or
lawfully required, to comply VIII any s,,cu OEleT
as aforesaid, or whenever il shall appear The sad
examiner TO the state auditor act1g tr n, u:
il is unsafe peCeut EOT SI.C4 CORPORATION
TO continue transact business, he slal. EonlnuE
cate the facts TO the attorney general, WIG sna..
thereupOD be authorized IN LtU institute sUc. pro
CeeQingS against any such corporation
or may hereafter be provided ny law IL The cass q
inSolvent corporations, O. sucn oIhsC proceedings
The case may require.
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