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

state as building Or loan associations shall
comply with and be subject to all the pro-
Visions of this got within sixty days after its
passage, and, shall be entitled to al the
privileges and benefits thereof without rem
Provided, That all such companies or asso::
Citations incorporated prior to the passage OF
this act not having at tho time thereof &C.
sand dollars may have until November /,
A. D. 1880, in which to make the full de-
post of said sum, as provided IN section. six
Of this act: but all such associations shall de-
post all their securities during said time as
| provided in said section.
SEC. 3d. This act shall not apply to any as
seciatiOn organized under the laws OF this
state, which confines Its loaning and bust
ness opefations wholly t9 its county and the the
| vided, That any such association heretofore
incorporated which desires to hereafter con.
fine its business to adjacent counties as afore-
said, may file with the public examiner e; :, 9.
the names of those holding and the amount
held by them of the stock Of said association
outside such counties and SO long a. such
| association thereafter confines Its sales OF
| stock within the limits aforesaid it shall not
| be subject to the provisions hereof, and any
| sales Of stock outside the limits Of said coun-
| ties made after filing Of such statement by
| any officers, director or agent OF any such as
6OCldtlOll, SIldu subject SUCH pcTSOu W I'LL tuO
penalties prescribed in section "a of this act.
| Provided. further, That nothing IN this Sec
| ton shall be so construed to prevent the bona
fide sale or transfer of the individual stock Of
any member Of such association.
Sec. So. Every such association shall be
| assessed for and pay taxes upon its office
| furniture and fixtures, and all real estate ac-
| quired in the course of its business, and every
stakeholder in such association shall be as.
sessed and pay taxes upon the shares held
| by him therein, the value of which said
| shares, for the purpose Of taxation, shall be
| fixed at the withdrawal value thereof. as
| provided in section twenty seven OF this act,
| except in cases of such associations the stock
| of which heretofore or hereafter issued shall
! mature at o fixed time mentioned in section
| twenty seven of this act and the value OF the
| shares in any such association of all stock so
| issued as aforesaid for the purpose of taxa
| ton shall be fixed upon the basis Of the ag-
| gregate amount paid in by member, togeth.
| er with interest thereon at the rate OF SIX (6)
| per cent per annum computed on annual
| rates.
SEC. So. 1t shall be the duty of the secre
| tary of every such association incorporated
| under the laws of this state to make out and
| transmit to the auditor OF every county in this
| state in which said association shall have
| shareholders on the first day of May in each
| year statement containing the names OF
| every person holding stock IN such assocla,-
| ton in such county, and the amount and
| value Of the respective shares of such stock
| fixed in this act, and any failure to comply
| with the provisions of this section. by any
| such association, shall be deemed sufficient
| cause for proceedings under this act for for
| fixture Of the charter of the association so
| offending. The books and papers of every
| such association shall also be open, at all
| convenient times, for inspection by any as
| SCISSOR desiring to make examination thereof
| for purposes of taxatlen: Provided, that no
| report shall be required under this section
| nm MI &c
| loan, so long as the amount of such loan ex-
! ceeds the withdrawal value of such stock as
! fixed in this act, and when it shall exceed
| such value then only as to such excess.
SEC. 81. Itshall be the duty of every such
| association not incorporated under the laws
| of this state to make and forward to the pub
| lie examiner upon the first day OF May IN
| each year, a statement containing the names
| and the withdrawal value of all its stock
| held and owned by residents of this state,
| together with the place of residence OF every
| such stockholder, except those having loans
| or [as] provided in the foregoing section, and
| 1t shall be the duty Of the said public exam
| liner to make out and forward to the county
| auditors of the proper counties statement
| of the stock held by them. And it shall be
| the duty of the said county auditors upon
! receiving the statements provided for IN this
| and the foregoing sections, to furnish the as
| SCISSORS of each town in his comfy having
| such stockholders with the names of such
| stockholders and the value of their stock as
| given in such statements, for the purpose OF
assessment
SEC. 33. The public examiner shall receive
and retain all the fees mentioned in this act,
and the same shall be in lieu of any allow
ance of clerk hire made necessary by the
extra labor required by the provisions of this
act.
Sec. 80. At least thirty days prior to any
annual or special meeting of any such assO-
citation, a notice stating the time and place of
such meeting shall be deposited in the post
Office at the headquarters of such association
directed to each member at his address as
the same appears at the time on the books of
the association and when so deposited, post
age prepaid, shall be deemed legal and suf-
ficient notice of any such meeting and there
shall be attached to and accompany such no
tice any proposed amendment or amend
of such association and statement OF any
officers to be elected at such meeting, and
any member of any such association, entitled
to vote at any such meeting, may vote in per
son or by proxy; but no person shall be APP.
pointed such proxy who shall not reside III
the same county where the stakeholder SO APP
pointing resides at the time of such appoint
ment, except that stockholders residing out
side the state may appoint proxies IN any
county in this state. And no person shall be
appointed proxy in any case who is at the
time an officer, agent or employe OF any such
association, and no person shall hold proxies
to exceed five hundred votes for any such
meeting.
SEC 40 This act shall take effect and be
in force from and after its passage.
Approved April %, 1889.