The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1885-03-26

00CUY.
tiles from said state auditor, or any part thereof
upon their depostting with him other securities
OF equa! amount and value, and OF the kinds
specified IN section four ~. 20 that an equal
amount and value of such securities shall at al
times during the existence Of such corporation
remain In the possession Of the state auditor for
the purposes aforesaid: and until otherwise
diction. the said state auditor shall
pay over to such corporation tho interest,
dividends, or other income which he shall COL
the said company to collect the same for its own
SEC. s. That subdivision first Of section nine
w OF said act be and the same IL hereby amended
First--To acquire, lease. purchase, own, hold.
use, use ana Improve, and for that purpose MORTGAGE
sona property as nay be necessary for the the con-
venient transaction Of its business and for the
use and occupation OF its officers, agents, EN-
and property held in trust, any estate or interest
IN real estate, which such corporation shall
acquire under or by virtue Of the foreclosure Of
any deed OF trust MORTGAGE or Other security. or
OF any OBLIGATION. or security or otherwise. In
the course Of its legitimate business. whether as
owner or trustee 1t may continue to own, hold,
use, occupy, lease. bargain, sell and convey the
same. as the directors may deem best for tho in
terests OF such company or Of the particular es-
tate or trust to which the Same belongs
Judgment to which it is party o. trustee
or otherwise But no part Of its cap
properly, secarltie s0' owned or fuh hed
by such company in trust or other
wise. shall be invested In real estate, except as
herein authorized. unless tho same is done under
and by virtue of particular contract, agreement
or other instrument which shall confer special
power and authority so to do and then only
with and to the extent OF the moneys or funds
thereby provided and belonging to such partic-
uar trust: and for the general transaction OF it's
business to make and deliver, and in like man
ner to accept and receive all necessary and proper
DEEDS. conveyances mortgages, leases and other
contracts and writings OBLIGATORY and to have
iand] exercise all necessary rights, franchises
sary to that end, and such corporation is author
secure such loans by mortgage; and shall
nave nave power pow to purchase notes bonds. mort,
TO sell and assign such notes, bonds, mortgages,
and other evidences Of indebtedness and other
securities, and to convert them into cash or
other securities, and to insure owners of real
estate mortgages and others interested in real
estate from loss, by reason Of defective titles.
liens and incumbrances.
section nine 90 Of said act be and the same is
hereby amended 80 as to read:
n, IhirdmTo It. take. accept and hold on de;
or personal property whatsoever: which
any state. county,, city or town OFF,
poration. public or private. or private
person. shall be authorized or required by law or
otherwise to deposit in q bank or other safe de-
post, or to pay into or deposit in any court Of
record Of this state. And whenever anv state.
county, city or town officer or any railroad or
other corporation, public or private, or any ex-
ecutor, administrator. or guardian, assignee, re-
ceiveI, trustee or person acting in trust capac-
lty OF whatsoever nature, any indiv dual,
Shall be authorized or required by law o other
wise to pay into deposit in any court of record
AtafN n hor do inc ia
IN writing, stock other securities. or personal
property whatsoever, the same may instead
porat1on organized and acting under this act,
which shall be designated for that purpose by
the court. into which said moneys, bonds in
struments in writing, stocks or other securities
and personal property, would otherwise DO
authorized or required to be paid or deposited.
Whenever any executor, administrator, guar
acting in any trust capacity whatsoever, shall
deposit any moneys. bonds, Instruments in writ
ing, stocks or other securities. or any personal
property whatsoever. belonging to his trust with
any corporation, organized and acting under this
act aud shall take the receipt Of such corpora
ton therefor, he and his sureties shall thereafter
pc relieved and discharged from all liability
therefor until the same shall again be delivered
by said corporation to him or to his successors.
SEC :. That the eighth subdivision Of section
nine 80 Of said act be. and the same is hereby
amended by adding to said eighth subdivision,
at the end thereof, the following words:
Ninth. g? It shall be lawful for any such cor
poration which has made the deposit and re-
ceived the certificate of the State auditor as
provided in section five ~ OF said act to be-
come the ASSIGNEE under any assignment for the
benefit OF creditors, or to act as receiver, to
accept under said act, whether conferred by
any person, corporation or court. with
out "o, giving g,,S any bond or other security:
under the laws of this State, to enable
natural person to execute any such trust 1t
shall also be lawful for any such trust company
dertaking, FOX or on behalf OF any person or per-
sons Or corporation, in any suit action or special
proceeding In any court In this State where q
bond or undertaking shall be necessary under
the laws Of this State, or in any other matter,
municipal or otherwise, where bond or UNDER
taking shall be required. without any other
bondsman or surety, and without justification
or qualification. In case where bond, or new
sureties to q bond, may be required by a judge
OF any probate court of this State, from an
executor, administrato5, guardian or other
trustee, or by the judge OF any other court
OF record, or by the provisions of any
statutes from this State from any person acting
or TO- act as assignee, receiver or in any other
estate or fund is so great that the judge of the
court having jurisdiction OF the proceedings in
which such bond new sureties shall be re-
quired, deems it inexpedient to require security
in the full amount prescribed by law, he may
direct that any securities for the payment OF
tied subject to the order OF such trustee. execu-
tor. administrator guardian, assignee, receiver,
or other person acting i'll a trust capacity, coun-
t te by judge of said court, with any
tied to do business under this act. After
such deposit has been made. said Judge
may fix the amount OF the bond with respect to
the value OF the remainder only OF such estate
or fund.
A security thus deposited shall not be With
drawn from the custody Of said trust company
and no person other than the proper officer Of
the trust company shall receive or collect any
OF the principal or interest secured thereby
without the special order Of a judge of said
court, duly entered in the records OF such court
Such an order can he made in favor OF the
trustee appointed only where an additional
bond has been given by him or upon proof that
mehts. distribution or otherwise that the
penalty OF the bond originally given
yin be- sufficient in amount to satisfy
penalty thereof If the security so withdrawn is
also reckoned IN the estate or fund
SEC 8. That section ten (1O) Of said act be,
and the same Is hereby amended so as to read:
Section TO- Any sum of money not less than
one hundred 400 dollars, which shall be COL
lected or received by any such corporation in its
capacity of executor, administrator or Guardian
or upon any deposit under any order Of any
court OF record, and which money shall not be
required for the purposes OF such trust, or is
date OF such collection. receipt or deposit. shall
be invested by such corporation - soon rs prac-
ticabe. and in such securities AZ arc mentioned
the reasonable charges and disbursements Of
said corporation In the premises, shall be &C.
counted for and paid over as a part of such
trust: and the net Accommodations Of such inter-
est and profits thereon shall likewise be invested
and reinvested as part of such principal and
such investments shall be received and allowed
by the probate or other court, In the settlement
of such trust.
SEC. 8. This act shall take effect and be in
force from and after It's passage
Approved March 5, 1885.
AN ACT for an act relating to foreign corpora-
tions doing business In this State
of Minnesota:
SECTION !. Where. by the general or special laws
Of this State, relating or in any way appertain-