The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1891-05-07
Citations doing a general bnsiness i. n, saro.

thlrty-s1x C.3G) Of the General Laws Of one
.nsmsand eight hundred and eighty-ninc
llsSy), ~ hereby amended to read as follows
tba heneyer any number Of persons, not less
tnan ten (lO(, desire 10 be Incorporated as a
Duiluing and loan association, tor the pur.
pose OF accommodating the savings and funds
OF its members and lending them only the
iunds SO accumulated, they shall make and
IN me form now provided by statute for the
execution e; OF deeds of real estate, to entite
the same to record. Said declaration shall
state the name Of such association, lis prin
IN his state. the limit Of capital to be accu.
muiated, the time of its duration. the names
ana places of residence of such persons, and
t mails ~ is organized under this act for the
aopnG IS. herein expressed; When, SO ,ex'
corded in the office OF the secretary Of state
Whereupon such officer shall issue a
copy, of such declaration nnder his
certificate er, in proper form, setting
a aGn recc nn time ana R Rs OF w es
declaration and certificate shall therenpon
be recorded in the Office Of the register OF
deeds Of the county where said association is
located and published once in a daily. o!
and Of general Calculation in said county
Upon complying with the foregoing require
ments and upon filing all affidavit of proof
OF such publication in the office OF the secre
tary Of state the persons executing such
declaration, their associates and successors
shall become corporate body.
SEC. 9. The name shall not be the same as
nor too closely resemble, that in use by any
existing corporation established under the
laws of this state, The words building, and
association shall form part Of the same
and no corporation not organized under this
act shall be entitled to use a name embody
Ing either said con, bination Of words, provid
q q OF M mo ~ nov,
unue their present names.
SEC. 3. The directors OF such association
shall adopt by: laws for its government and
therein describe the manner in which it,
shall be conformable to the provisions Of this
act and the laws of this state. and at all times
be open to the Inspection of all members OF
the association at its home Office, and copy
thereof and any amendments thereto duly
certified by the president and secretary of the
association. shall, Immediately upon it's adop
tlon be filed in the office of the public exam.
lner The directors may amend said bylaws
from time to time in such manner as they see
mt SO long as such amendments are not in
laws of the state.
Every such association, which has not al
ready done so, shall, before its next annual
election after the passage of this act, divide
1ts board of directors by resolution thereof
into three classes, consisting Of an equal
number in each class, as nearly as may be;
the term of office of the first class shall ex-
plre atthe end of one year from and after
the next annual election: of the second class
at the end OF two years, and Of the third class
at the end of three years; and at each sue
ceeding annual election after the one at
which the full board is elected there shall be
elected number of directors equal to those
whose terms of Office expire at that time. and
for the term Of three ca years. and until their
successors are elected and qualified.
SEo4. For every loan made, a note. non
negotiable, or bond. secured by first mort
curity shall be in double the value of the
loan and satisfactory to. the directors, and
shall be accompanied by transfer and
pledge of the shares Of the borrowers to the
association. The shares so pledged shall be
held by the corporation as collateral security
note or bond and mortgage; provided, that
the shares. without other security, may, III
the discretion of the directors, he accepted as
security for the loans for on amount not ex-
by this act. Stockholders who have borrowed
money of an association on real estate secur-
ity, and who have pledged their stock, or
any portion thereof, as collateral thereto, as
provided herein, shall not be entitled to have
the value of such stock applied on the mort
gage debt where the payment of such stock
is more than three (3) months in arrears un-
less the same has reached a withdrawal age
as fixed by this act and when such stock has
reached that age the withdrawal value
thereof shall be applied on said debt when
ever the stock is three 60 months in ar
rears.
Sec. 5. Any such association may purchase
at any sale. public or private. any real estate
upon which it may have a mortgage, judg.
ment, lien or other incumbrance. or in which
it may have any interests, and may sell, con-
vey, lease or mortgage the same at pleasure
to any person or persons ana may acquire
~ 49, 0Dt@ s.~
building or buildings requisite for the con-
venieut transaction of its business, and from
portions of which not required for its own
use a revenue may be derived: the cost OF
such building and lot or lots in no case to
exceed five (5) per cent OF its assets; pro.
any leasehold interest necessary for the
transaction of it's business.
SEC. 6. Every building and loan assecia-
ton heretofore or hereafter incorporated un-
this act shall deposit and keep with the state
treasurer. or with duly chartered trust com.
pany Of this state, approved by the public ex-
aminer. in trust for oil its members and cred.
itors. all mortgages or other securities re-
ceived by it in the usual course Of its bust.
ness. When deposited with trust company,
such company shall certify to the public ex-
aminer the possession of such securities. and
the same shall not be surrendered without
the authority and sahction of said public ex-
ton heretofore organized not having or own
ing mortgage or other securities to the
amount OF twenty-five thousand dollars (S25.-
0OO) shall deposit with the state treasurer ad.
ties SO owned and deposited, the sum Of
twenty-five thousand dollars (S25, 5000, and
every such associS-lon hereafter organ
lied under this act shall deposit aud
as aforesaid securities of the value Of
twenty-five thousand dollars (S25,0oO) before
commencing to do business The securities
mentioned in this proviso shall consist of
bonds or treasury notes of the United States,
or national bank stocks. or the bonds of this
state, or of any other state of the United
States, or Of any solvent city. county or town
OF this state. or Of any other state of the United
States, having the legal authority to issue the
same; and such securities may be Withdrawn
from time to time when mortgage securities
of corresponding value shall be deposited as
provided in this act, or when securities of
like character are substituted therefor, or
when the same shall have been paid or are
be the duty of the public examiner from time
to time to examine such association to ascer-
tain whether or not it's securities are de-
posted as required by this act: Provided,
that whenever required by the laws of
any other state. or territory, or, nation,
all securities taken in such, state" ter
ritory or nation. by any: association
organized Under the laws .:of this
STATE, ana SUBJECT TO the PROVISIONS OF stnlS
act and other securities sufficient to allow
such association to enter ana do business in
SUCH state, territory or nation. may be de-
posted with some officer authorized to re-
ceive the same in such state. territory OF
nation. under The laws thereof, for the bene-
fit Of its members and creditors, and to- this
end, upon the presentation to the public ex-
aminer Of duly authenticated copy Of "a
resolution of the board Of directors of any
such association, having on deposit with the
state treasurer or a duly chartered trust com.
pany securities in excess of twenty-five thou
sand dollars ($25,00Ol demanding the transfer
and specifying the securities to be transferred
or the amount thereof to any other state, ter
ritory OR nation for the purpose Of enabling
such association to comply with the laws
thereof, it shall be the duty of the public ex-
aminer to cause such transfer to be made.
The expense Of making such transfer shall be
borne by the association, requiring the
same and receipt shnl] be taken
by the officer or trust company max
ing the transfer. and filed and kept in
the Office from which the securities are trans
ferrcd in lieu thereof. But the securities kept
on deposit in this state by any such associ-
alton as required by this act shall at no time
be reduced in amount by such transfer or
otherwise, below twenty-five thousand dol
lars ($25,0O0): and in every case where Sc.
curities taken in another state, territory or
nation are deposited in such state, territory
or nation or when other securities are re.