St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-05-07


be filed with the auditor of this state and re-
newed annually, together with statement
verified by the affidavit Of some oficer or
such association who has knowledge OF the
facts, showing all of the securities taken py
such association in such state at the time Of
the fling of such certificate, and in case any
securities taken in any such state are not de-
posted there, then the same shall be deposit
ted here, as required by this act.
SEC z. All interest and dividends and pre-
miumS which may accrue on securities held
by the state auditor, or such trust company
as provided for herein, and all dues OF
monthly payments which may become pay
able on stock pledged as security for loans,
the mortgages for which are SO deposited in
in accordance with the provisions Of this
act may be collected and retained by the as
ISOLATION depositing such securities or mort
cages, so long as such association remains
solvent, and faithfully performs all contracts
with its members. And when any mortgage
shall have been fully paid to said corpora.
ton, the same may be surrendered by said
state auditor, or under his order, upon filing
with him certificate of the register OF deeds
of the county where the real estate is sit.
uate, to the effect that the satisfaction of
such mortgage has been filed of record, or in
case no mortgage was taken then the af1i.
davit of the secretary or treasurer OF said
corporation showing Judgment. Any mort
gage upon which default has been made may
be Surrendered as aforesaid upon filing with
the state auditor an affidavit sworn to by the
president and secretary Of the association
owning the same, stating that such mortgage
is in default, and that it is withdrawn for the
purpose Of foreclosure.
SEC 8. No building or loan association or
ganized under the laws of any other state,
territory or nation shall do business in this
state unless such association shall nave Sc
curities of the value of one hundred thou-
sand dollars, and of the character mentioned
in this act on deposit in trust for all its mem
bers and creditors with some responsible
trust company, duly Incorporated under the
laws of such state or territory IN the Unlted
States, or with some authorized ofncer OF TINS
or some other state of the United States Ger
tificate of such deposit shall be made to the
auditor of this state, certifying the possession
of such securities. which shall not thereafter
be surrendered without the authority OF con-
sent of the auditor or other authorized officer
of the state or territory in which SAID COM
pany is Incorporated.
SEC. 8. Every building and loan associa-
ton organized under the laws Of any other
state territory or nation, shall, before COM
mencing to do business In this state:
First-File with the public, examiner OF
this state duly authenticated copy OF Its
charteror articles of Incorporation.
Seccnd-File with the public examiner OF
this state the certificate OF the authorized
officer of another state, showing that secur-
ties of the value Of one hundred thousand
dollars are on deposit with such state officer.
or duly incorporated trust company, in trust
for all the members and creditors OF such
building and loan association.
Third-File with the public examiner of
this state duly authenticated copy OF reso-
luton adopted by the board of directors OF
such association, STIMULATING and agreeing
that if any legal process affecting. such asso-
citation be served on such examiner, and
copy thereof be mailed, postage. prepaid, by
the party procuring the issue OF the same, or
his attorney, to said association, addressed to
itc Of
of such process shall have the same effect as
personal service on said association Ill this
state, and also an agreement that said assocl-
alton will not remove any action commenced
in any state court OF this state against the
same to the United States court. and will pay
every judgment that may be taken against 1t
upon auy such action within sixty days after
the final Judgment shall have been entered.
Fourth-Pay to the public examiner twen-
ty-five dollars as fees for filing the papers
mentioned in this section. fi'
Sec. 10. When process against or affecting
any foreign building and loan association is
served ON the public examiner, the same shall
be by duplicate copies, one OF which shall
and the other by him Immediately mailed,
postage prepaid, TO the home office OF said
association. So
SEC. H. The word process In this act
shall include any writ, declaration. summons
or order whereby any action, writ or pro-
shall be issued in or upon any action, suit
or proceeding authorized by law in this state.
SEC. II. Services of process according to
a stipulation provided in section OF this act
association filing such stipulation.
SEC. IS. When by the laws Of any other
state, territory or nation, any taxes, fines.
penalties, licenses, fees, deposits of money
or securities or other obligations or prohibit
lions are imposed on building and loan asso-
ato NJ nc t0fo 61Ici in,
other state, territory or nation, or upon their
agents therein, so long as such laws continue
in force, the same obligations and prohibit
lions Of whatever kind shall be imposed
upon all building and loan associations Of
such other state, territory or nation doing
business in this state and upon their agents
here.
Sec. IA. Any building and loan associa-
ton, organized under the laws OF any other
state or territory, that shall remove any action
of this state to the United States court, or
that shall fail to pay any judgment rendered
against 1t upon suit in any court Of this
state within sixty days after the rendition of
final Judgment in such case, or that shall fail
to make yearly statements to the public ex-
aminer, as hereinafter mentioned, or"state-
ments of the amount and value of its stock
held in this state as hereafter required, or to
pay the fees of [to] the public examiner as
provided in this act, or to do any other act re-
shall upon failure or violation of the proviS-
ions of this act have no right OF authority to
do or transact any business within the limits
of this state, and the public examiner shall
thereupon cause notice of the termination of
such authority to do business to be mailed to
such corporation and to be published In some
newspaper of general circulation at the capt.
tai of the state, and shall communicate the
facts to the attorney general of this state,
who shall institute such proceedings in the
matter as the case may require. Provided,
any such corporation may be again author
lied to commence business in this state upon
such terms as the public examiner may deem
just and proper, and upon full compliance
with the provisions OF this act.
SEC. Is. All building and loan associa-
tons hereafter Incorporated in this state
shall have an authorized capital of two mil
lions of dollars at the time of the incorpora.
ton. 41t-
Sec. 16. Any building and loan associa.
ton heretofore or hereafter incorporated
under the laws of this state may at any time
increase the amount Of its capital stock, Or
amend its articles of incorporation in any
other respect by vote of at least three
fourths Of its board of directors. Provided,
that no such increase shall be made unless
three-fourths of the capital stock previously
authorized has actually been issued and the
shall not exceed the amount issued previous
to the time of such increase.
Sec. II. Whenever any building and loan
association increases its capital stock or
otherwise amends its articles Of incOrpora-
ton, as provided in this act, copy Of the
resolutions of the board Of directors making
such increase or other amendment, duly veri.
fed by oath of the president and secretary Of
such association, shall be filed in the Office Of
the register of deeds of the county In which
the home Office of said association is located,
and in the Office of the secretary of state,
and be published four successive times in
some daily or weekly newspaper published at
the capital Of the state, or in the county
where the association has its home office.
Proof Of which such publication shall be
fled in the office of the secretary Of state.
SEC. Is. On or before the first day of Sep
TENDER in each year, every building and loan
association doing business in this or any
other state or territory shall deposit with the
public examiner a report Of Its affairs and op-
day Of June Immediately preceding Such
report shall be verified under oath by the