St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-05-07
Citations, except in the manner provided In
the next succeeding section.

U.
lic examiner from any examination made by
him or from any report of any examination
made by him or from the annual report afore-
said that said corporation is violat.
is It's eon shaasI q business inc aM any aa
safe, unauthorized or dishonest man,
ner, he shall, by an order under his hand and
seal of office addressed to such corporation,
direct conformity with the requirements OF
ever such corporation shall refuse or neglect
to make such report or account as may
be lawfully required, or, to com
ply with such order as aforesaid, or when
ever it shall appear to the said examiner that
1t is unsafe or inexpedient for any such cor
poration to continue to transact business, he
shall communicate the facts to- the attorney
general, who shall thereupon be authorized
to institute such proceedings against, any
such corporations as are now or may here
after be provided by law in the case Of insol-
vent corporations, OF such other proceedings
as the occasions may require. Ana II sucn
corporation shall have been organized under
the laws of any other state or territory, the
said attorney general shall upon receiving
such communication, if in his judgment the
facts in the case are sufficient to warrant
such action, give notice to such corporation
that it is no longer authorized to do business
in this state, by depositing such notice In the
postoffice properly sealed and stamped, adj
dressed to the said corporation atits principal
Office in the state where incorporated, and
have any right in this state, and said notice
may be published in the same manner as pro-
vided in section fourteen of this act. :,
SEC. 81. All officers OF any building and
loan association governed by this act and
doing business in this state who sign or en-
dorse checks. or handle any of the funds Of
such association, shall give such bonds or
fidelity insurance for the faithful perform
ance Of their duties as the board of directors
may require and no such officer shall be
deemed qualified to enter upon the duties OF
his Office until his bond is approved by the
board of directors and the public examiner,
with whom such bonds shall be filed; pro-
vided, that the public examiner may require
of any association at any time such increase
of said bond or additional suretieS thereto,
or such increase of said insurance as he may
deem necessary for the protection OF the
| members. The penalty for a failure of any
| association to file and maintain the bonds or
| policy, as required by the provisions of this
| section, shall be fine of one hundred dollars
(S10O) for each day such association trans
| acts business after such bond has become due
| under the provisions of this act. Said bond
or policy shall be held in trust for the benefit
| and protection of the members of such asso-
| ciation and shall be enforceable by any mem
| Der whenever cause of action shall accrue
| thereon.
SEC. 90 The name Building and Loan
| Association" as used in this act, shall in
| clude all corporations, societies, organiza-
| tons or associations doing saving and loan
| ciety plan. whether mutual or otherwise, and
| whether issuing certificates of stock which
! mature at time fixed in advance or not.
SEC. %. Any officer, director or agent OF
| any foreign building and loan association, Or
| any other person whomsoever, who shall, in
| this state, solicit subscriptions to the stock
of such association, or who shall sell or issue,
| or knowingly cause to be sold or issued 10 a
| resident of this state any stock OF such asso-
| citation while such association shall not have
| had the certificate of the public examiner
| authorizing it to do business in this state as
herein prescribed, or has not. deposited, as
required by this act. securities OF the value
! and at the times herein prescribed. or before
! said association has complied with all the
| provisions of this act, or when said associa-
| zion shall have been notified and required to
| discontinue business in this state, as herein
before provided shall be guilty of q INSIDE
| meanor, and, upon conviction thereof, shall
| be punished by fine of not less than one
| hundred dollars nor more than five hundred
! dollars or by imprisonment of not less than
| ten days nor more than six months, or both
| such fine and imprisonment, in the discretion
| Of the court.
Sec. "a. Any officer, director or agent Of
| any building and loan association incorpo-
| rated under the laws Of this state, or any
| other person whatever, who shall sell or is
sue or knowingly cause to be sold or issued,
| to any person not resident of the county in
| which the home Office of said association is
| located, or in the counties Immediately ad-
/
/ while said association does not have on de-
| post with the state auditor. as required by
| this act, securities of the value, and at the
| time herein prescribed, or while such associa-
| ton shall not have the certificate of the pub
| lie examiner authorizing it to do business as
herein prescribed, shall be guilty of mis-
demeanor, and upon conviction therefor
shall be punished by fine Of not less than
one hundred dollars, and not more than five
hundred dollars, or by imprisonment of not
Or both such fine and imprisonment, in the
discretion of the court.
SEC. %. Any premiums taken for loans
made by any association governed by this act
shall not be considered or treated as interest
nor render such association amenable to the
laws relating to usury.-
Sec. 26. Every such association hereto
fore organized under the laws of this state
or incorporated under this act are hereby
prohibited from hereafter creating or issuing
any preferred or non-cOntributing stock. but
this section shall not prevent the issue Of diff
ferent series of stock.
not been declared forfeited in such associa-
ton and whose share or shares are not
pledged upon a loan may withdraw such
share or shares from the association at any
time after one year by giving at least sixty
days notice in writing TO the secretary of his
Intention to do so. Upon receipt Of such no
tce the same may be considered withdrawal
by such person and the association may with
in sixty days dispose of said stock and the
member shall assign the same for that pur-
pose. At the end of said sixty days the associa-
ton shall pay to the member so surrendering
as follows: If said stock is not more than
two years old all amounts paid in by such
member upon such stock, except the sum
paid as membership fee and fines. and the
amount set apart upon such shares by said
association as an expense fund, which eX-
pense fund however shall not exceed the
amount fixed in this act: If such stock is
tyVn
Der upon such surrender shall receive in ad-
dition to the amount above specified at least
three-fourths of all profits standing to the
credit of such shares Provided, that not
ments received by such association for any
month shall be used to pay Withdrawals with
out consent of the board Of directors. Pro-
yided, further, that the foregoing provisions
in relation to Withdrawals shall not apply to
any association heretofore organized under
the laws of this state which has issued shares
of stock that natures at a fixed and definite
time, nor shall the provisions OF sections %,
citation, but all stock hereafter issued by any
such association shall have printed upon the
back of every certificate, in large type, these
words: "This stock has no surrender value.
and cannot be Withdrawn until it fully ma
lures" But this provision shall not be SO
construed as to authorize any association
heretofore or hereafter organized, except
| such as have heretofore adopted that system
and issued such stock, from issuing any
stock that shall mature at a fixed and definite
time.
SEC. %. Whenever any such association
shall declare any of its stock forfeited for
non compliance of the holder with any Of its
bylaws or regulations. the said stock shall,
if one year old. be sold by said association at
monthly meeting thereof TO the highest
bidder; and it is made the duty of such asso-
citation at any such sale to bid in the stock so
offered at its then withdrawal value, and
thereupon said stock shall be Cancelled; but
| if higher bid is received, the person max
ing the highest bid shall have such stock as
signed to him. and upon such sale said asso-
citation shall pay to the member SO FORGETTING
his stock the withdrawal value thereof, as
fixed in section tWentY-seVen of this act, less