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


after the close OF said period Of six 6)
months. and shall be verified by the secretary
ana president or vice president of the associ-
ton, and within thirty t5)l DAYS a statement
of the assets and liabilities shall be published
at least once in some newspaper In the city
or town where the associations principal
place OF business is. and a copy of such semi:
annual report verified by the secretary shall
be tiled with the public examiner within ten
uW days after the printing thereof Pro.
vided, that all such statements herein re-
quiret, TO be mads shall be uniform and in
accordance with form to be prescribed
therefor by the public examiner. and shall
correctly show the proportion which the en-
tire expenses OF the association for the term
association for that term And provided fur
ther. that all reports required of building and
loan associations organized under the laws Of
this state and doing general business are
associations doing doing business in this
state. and ell the provisions of this act re-.
latlng 10 such reports, the fling thereof aud
the fees therefor shall apply to such foreign
building and loan associations,
II any such association shall fail to furnish
to the public examiner of the state any re-
port required by this act at the time so re-
quired it shall forfeit the sum Of twenty-five
dollars $50 for every day such report shall
be delayed or withheld. and examiner may
maintain an action in his name of Office to
recover such penalty, and the same shall be
paid into the treasury of the state and APP
piled 10 the expenses Of the department Of
said examiner. After receiving such annual
fepor. the public examiner. il satisfied that
eueh corporation has compiled with all lthel
PROVISIONS OF this act and is entitled to do
business In this state. shall Issue his certif-
cate stating the compliance with such pro-
Vision ana that such corporation is entitled
to dc business IN this state, which certificate
shall be In force for the period Of one ~
year unless sooner resclnded as provided In
thls act, The public examiner shalT also
Issue such certificate to a domestic corpora
To ISYES has - T.
regard to Its articles Of incorporation. and
the deposit OF securities and In all other re-
specss except the filing of said report which
commence CONNIE e. business ct some Intervening
also be issued to any foreign CORPORATION
authorized to do business in this state after
complying with the. conditions Of section Q
OF THIS act and shall be in force until the
tlme herein required for such annual report
SEC: 10. 1t shall be the duty of such public
examiner, at least once in each year. and as
often as he may deem necessary. to assume
and exercise over every building and loan
association Incorporated under the laws Of
this state, Its business, officers directors and
employees. all the power and authority con-
fcrred upon him over banks and other mon
eyed corporations under the laws OF this
state, provided he shall not have the power
to suspend the operations Of any such asso-
e GA except in the manner provided in
lie examiner shall have the same supervision
and control over the business, within this
state, OF other corporations of like kind tn.
corporased under tho laws Of other states,
state. Upon the completion of any exam
tnation OF any association made by said pub
Ac examiner or under his direction, the az,
ISOLATION SO examined shall pay to said ex.
aminer fee to be determined as followS
viz, Tor the first one hundred thousand dol.
lars {s1Do,0 Of assets. q fee Of ten dollars
(s10). and for each additional one hundred
thousand dollars lSl00,0 Of assets, or ma
a foo ~ GuA
dollars (S5). ~
SEQ: %. !fit shall appear to said public
examiner from any examination made BY
made by him or from the annual report
Aforesaid. that said corporation Is violating
its charter, or the law, or that 1t Is conduct
Ing business In an unsafe: Unauthorized or
under his hand and seal Of office addressed
TO such corporation, direct conformity with
the requirements Of Its charter and Of tho
refuse or neglect to make such report or ac-
count as may DO lawfully required. or to com.
ply with such order as Aforesaid, the public
examiner shall file statement In writing
with the attorney general setting forth the
facts or particulars in which such ALLEGED
violation or refusal consists, which statement
shall be prima facie evidence Of such viola.
lation or refusal, whereupon the attorney
general shall institute such preceedinGl
against any such corporations as are now, OF
may hereafter be provided by law In the caxS
OF 1nsolvent corporations, or such other pro-
Il SUCH shoi have Seea or1 Ane
lied under the laws Of any other state or ter.
ritoV. said attorney general shall. upon ~
ceiving such communication, II in his jud9.
ment the facts in the case are sufficient to
warrant such action. give notice to such cor.
poranon that 1t IL no longer authorized to do
business In this state, by depositing such
stamped, addressed to said corporation at it,
principal Office III the state where incorporat-
cd and thereupon said corporation shall
cease to have any rights IN this state and
manner as provided In section fourteen CO
Of this act. '5 = s
SEQ. 81. AL officers Of sny building and
doing business In this state, who sign or en-.
dorse CHECKS, or handle any funds of such
association, shall give such bonds or fidelity
insurance for the faithful performance Of
euire, 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
such bond shall b fled; provided, that tho
public examiner may require Of any associa-
ton at any time such increase of said bond
or additional security thereto or such increase
for the protection Of the members. The
penalty for the failure Ct any association to
file and maintain the bonds or policy az re.
quired by the provisions Of this section shall
be hne Of one hundred dollars ($lOO) for
each day such association transacts 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 pro-
lection OF the members OF such association
and shall be enforcible by any member when,
over the cause OF action shall accrue thereon.
SEC. %. The name building and loan as
social!on," as used In this act, shall include
all corporations, societies. organizations OF
associations doing saving and loan or invest
ment business on the building society plan,
,sei mutual M or otherwise and whether
fixed time in advance or not.
Sec. %. ANY officer, director or agent OF
any foreign building and loan association. or
any other person whatever, 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 to a res
ident Of this state any stock Of such associs-
ton while such association shall not havS
had the eaFi6cate OF the public examiner
authorizing IL to do business in this state az
herein described. or has not deposited as 70.
CURED by this act securities Of the value and
at the time herein prescribed or before said
association has complied with all the pro-
visions Of this act, or when said association
shall have been notified and required TO dig
continue business in this state as hereinhe-
! fore provided, shall be guilty Of a INSIDE
meanor, and upon conviction thereof shall
be punished by fine Of not less than one
hundred dollars (SllD) nor more tnan 6vs
hundred dollars (s5ooj, or by imprisonment,
! of not less than ten Qo) days, nor more than
six (G) months or both such fine and I'M
prIsonment III the discretion Of the court
+ SEQ. e. 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 Issue or
knowingly cause to be sold or issued TO any
person not resident OF the county 10 which
the home Office of said association Is located,
or in the counties Immediately adjacent
thereto, any stock OF said association while
said association does not have on deposlt
with the public examiner or some loan and
trust CON pany. as required BY this act So
curities of the value and at the time herein.
after prescribed, or while such association
shall not have certificate Of the public e1-
sminer authorizing 1t to do business as herein
prescribed, shall be guilty Of misdemeanort
and upon conviction therefor shall be pun
ished By q fine OF not less than one hundred
dollars $500, and not more than five hunE
dred dollars $500. or by Imprisonment Of
not less than ten (1ol days. nor more than six
(6) months, Or both such fine and imprison.
ment in the discretion Of the court B
SIC % ANY nremium for lnans pnada hY