New Ulm weekly review. [volume] (New Ulm, Minn.) 1878-1892, 1891-04-29

held by them Of the stock Of said association
outside such counties, and SO long as 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 statements By
ton, shall subject such person to all the pen
altles prescribed In sec ton "a of this .eot
Provided; further, that nothing in this SEQ.
tlon shall be so construed to prevent the
bona fide sale or transfer Of the individual
stock Of any member of such association.
SEC. "a. Every sncn association shall b
assessed FOR and pay taxes upon Its Office
1urn1ture and fixtures and all real estate as-
CURED IN the course of its business.
SEC. IS. Tho amount standing to the
credit OF each member Of any such associa-
t1on. upon Its books, shall be considered and
held as the individual credit Of such men,
Der, and each member shall list the shares
held by him for taxation at their real value
IN money In the county Of his residence, the
same as other credits are listed, except shares
upon which loans nave been made or money
advanced by the association. -
SEC. 81. 1t shall be the duty Of sveryE >
association not incorporated under the la ', .
OF this state to make and forward to the pub
lie examiner upon the first Gay Of May in
RsSe Of
and owned by residents Of this state, together
with the place Of residence Of every such
stockholder except those having loans as
provided in the foregoing section, and 1t
shall be the duty Of said public examiner to
make out and forward to the county auditors
of the proper counties q 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 assessors Of
each town in his county having such stock.
holders with the names Of such stockholderg,
and the value Of their stock as given IN such
@ Ia 70 Fnrf !, ~
SEC. 81. Any such association shall have
authority to consolidate with one OF moro
other corporations organized for the same
purpose, upon such terms as may be agreed
upon when such consolidation shall be
deemed advisable by majority vote Of Its
members, and to transfer to such consoli.
dated corporation Its entire assets, subject to
the vested right of its members.
SEE IS. All securities, cash, mortgages,
certificates, bonds, notes, receipts, state
ments and records heretofore deposited with
or received by the state auditor pursuant to
law shall, upon the passage Of this act, b
treasurer, who shall receive the same, and
who, with his sureties, shall be liable for the
safe keeping thereof. The treasurer shall
deliver up, such securities only upon the
Tsa Of h p sd al ssea stsep
such association heretofore required to be
deposited with the state auditor shall here
after be deposited as in this act provided:
Upon filing any mortgage, tho treasurer shall
and upon withdrawal OF The same be shall
receive fee OF ten Q0) cents therefor, to be
paid by tho association 10 filing OF with
drawing it.
SEQ. SO. The public examiner aud state
treasurer respectively shall retain all the fees
by this act provided to be paid to them or
either Of them in lieu Of any allowance for
clerk hire made necessary by the extra labor
i'm i'm posed by this act and they are respectively
and execute any and all orders, releses or
other papers which the state auditor was hero.
tofore authorized to make or execute in the
premises.
SEC. 40. At least thirty (Sa) days prior to
any annual or special meeting Of the stock.
holders Of any such association governed by
this act notice stating the time and place
OF sosn meeting ETH sha 30 IN the
ton, directed to each member to his address
Ns the same appears at such time on the
books Of the association, and when so de-
posted. postage prepaid, shall be deemed a
ing. and there. shall be attached to and ac-
company such notice any proposed amend
ment or amendments to the artclas Of In
corporation Of sny such sssos1suo and
elected at such meeting. ANY amend
ment 80 proposed and Of which such
notice shall have been duly given
may be adopted at such meeting by the vote
voting thereat ANY member Of such asscci-
alton entitled to vote at such meeting may
vote n person or by proxy; but NO person
shall be appointed such proxy who ahal not
reside in the same county where tbs stock.
holder SO appointing him resides at the time
OF such appointment, except that stockhoid-
ers residing outside Of this state may appoint
proxies residing In any county In this state:
and no person shall be appointed proxy in
any case whe is, at tho time, an otdcer, agent
or empleye Of any such aesociaMea; aad no
person shall hold proxies to exceed Ave hun
bred votes for any such meeting.
Upon all questions to be voted spen at
such nesting the vote shall be taken by call
Ing tho roll Of persons entitled to vote thereat
with the number of votes which each is en-.
titled to cast and the vote shall be by writ
ten or printed ballot, tho form for which
may be prescribed By the board of directors
SEC, Al. This act shall take effect and DO
IN force from and after June l, A. D. 1891,
and any or all acts or parts Of acts incon-
siatent herewith are hereby repealed.
Approved April 20, 1891.