Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-03-19
90
AN ACT 70 authorize the organiZatio

AN ACT to authorize the organization and incor-
poration of annuity, safe deposit and trust COM
panes:
Be it enacted by the Legislature of the State of
Minnesota:
Section l. ANY number of persons. not less than
fifteen 15), may associate themselves and become
incorporated Tor the purpose of trausacting bust
ness as an annuity, safe deposit and trust company
upon complying with the provisions of this act:
and any company so, formed, and its successors;
shall be entitled to the rights and privileges and
subject to the duties and obligations, herein pre-
scrbed. and shall have perpetual succession.
Sec. .. The provisions of sections two ~, three
49,. four "a, ca, eight ~, nine (9, ten 90
and eleven@1D of title one d. chapter thirty -four
(3p of the statutes of Minnesota, shall apply to
and be observed by persons ORGANIZED under this
act, except as herein otherwise provided.
Sec. ). The amount of the capital stock or any
such corporation shall not be less than TWO hundred
thousand dollars 5000, 900. 0O). but the same may
thirds (3 of the directors, to any amount not ex-
ceeding two million dollars 49,, 100000 O0; and
the same shall be divided into shares of one nun
bred dollars $4,000 each.
Sec. 4. Nc srch corporation shall be authorized
to transact business or exercise any powers, as
such, until two hundred thousand dollars $780,
100000 of its capital stock shall have been sub
scribed for and one hundred thousand dollars
| (S10000O.000) 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 of the State of Minnesota or in the
bonds OF other states which shall have the approval
of the state auditor or public examiner, in bonds
obligations of any Incorporated city OF the state
| containing a population of not less than
| five thousand 5000 souls, which bonds
| have not been issued bonus for
or purchase of, subscription to any railroad or
! other private enterprise, and whose total bonded
Indebtedness does not exceed five 81 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-
lation of not less than thousand 100000 souls,
which bonds have not been issued for any of the
purposes aforesaid, and whose total bonded indebt-
edness does npt exceed five Isl per centum of the
| then assessed valuation of the real and persona
property of such county; in bonds or promissory
notes, secured by first mortgages or deeds of trus
upon unincumbered real estate situated within this
state. worth double the amount OF the obligation Sc
| secured.
| Sec. 3. Whenever any such corporation shall
have so invested one hundred thousand dol
lars (S100,000.00 of its paid in CAPT
| tai and shall assign. transfer ant
deliver the auditor the said securities and
all evidences of such investments made, he shall
| execute and deliver certificate of such deposit
| and thereupon the said corporation may commerce:
and carry on business under the provisions of this
act The state auditor and his successors shall hole
| the said securities a collateral security for Ink
depositors and creditors of said corporation, anC
for the faithful execution of any trusts which
be lawfully imposed upon and accepted by sucl
corporation. Such corporation may, from time tt
time, withdraw the said securities from said STATE
auditor, or any part thereof upon their depositins
with him other securities of equal amount and valu
and of the kinds specified in section four az so tina
| an equal amount and value of such securities shall
at all times during the existence of such corpora
ton remain in the possession of the state audito
for the purposes aforesaid. And until otherwis
| ordered by court of competent jurisdiction, tn
| said state auditor shall pay to such corpora
ton the interest dividends, or other income whic