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

same may be surrendered to II upon ding
with the depository the affidavit Of the prest-
dent or wee president and secretary OF any
such association that such Indebtedness has
been paid in full. which affidavit shali pc
first presented to the public examiner and oy
him approved. And any mortgage upon
which default has been made may be surren-
dsFsa a. afo,sssid TO, upon . nce
mortgage is Withdrawn for the purpose OF
foreclosure Of suit
SEC, g. No building and loan association
territory or nation, shall do business In this
state unless such association shall have Sc
curities OF the value of one hundred thou
sand dollars (Si0l0o1). and of the character
all its members and creditors with some re-
sponsible trust company duly incorporated
under the laws of such state or territory in
tue United States. or with some authorized
United States. Certificates Of such deposit
shall be made to the public examiner of this
state, certifying the possession Of such secur-
tiles, which shall not thereafter be surren-
oered without the authority or consent of the
public examiner or other authorized officer
OF the state or territory in which said compa-
ny is incorporated. -.-..+, an
Sec. 9. Every building and loan associa-
alton organized under the laws Of any other
state, territory or nation shall. before
commencing to do business in this state.
nrst fle with the public examiner OF this
state duly authenticated copy OF its char
ter Or articles OF interpretations: second, file
with the public examiner Of this state the
certificate Of the authorized officer of an
other state, showing that securities to the
tSl0aoo0) are on deposit with such state
ohcer or duly incorporated trust com pany III
trust Tor all the members aud creditors Of
sIch building and loan associations; third.
file with the public examiner Of this state
duly authe nticated copy OF a resolution
adopted by the board Of directors of such as
sociatlon. stipulating and agreeing that il
any an legal process tfecting such association
be served on such examiner, and q copy
thereof Do mailed postage prepaid by tho
party procuring the issue Of the same. or his
attorneys. to said association. addressed to
Ing of such process shall have the same ef-
rect as personal service on said association
IN this state, and also an agreement that sad
association will not remove any action COM
against ths same to the United States
court and viii pay every Judgment
that may be taken against II upon
any any such action within sixty tes) DAYS
after the final Judgment shall have been en-
twenty-five dollars ts25) as fees for filing
papers mentioned in this section.
SEC. 10. When process against OF affecting
any foreign building and loan association IS
served on the public examiner the same shall
pc by duplicate copies, one Of which shall be
fled in the ONCE Of the public examiner, and
the other by him immediately mailed, postage
alton.
SEQ; Il. Tho word ..proc,6i' in this act
shall include any writ DECLARATION, summons
or order whereby any action, writ or proceed
issued in or upon any action suit or proceed.
Ing authorized by law in this state.
Seq Il: Service Of process according to
stipulation provided in Section Of this act
sosiation fling such stipulation.
SEQ. ID When By ths laws Of any other
s.ste' territery or 1saen; any ta5es, anes,
are imposed on building and loan associa-
ttous Of this state doing business in such
other state, territory or nation. Or upon their
agents therein. so long as such laws continns
Of whatever kind, shall be I'm Sosed upon al
building and loan associations OF such other
state. territory or nation. doing business in
ss 'a Any sf Sald hsI Ian
organized under the laws Of any other state
or territory that shali rsmevs any aehon that
.hal be eenmenesd against 1t In court Of
shall is to M pay sny 5aasn. SS' 1ss % nsi
against 1t upon suit In any court Of the state
within sixty (so) days altar the rs1eition Of
final Judgment ~ such case. or fhst shall
examiner as hereafter mentioned. or state.
ments Of the amount and value OF its stock
held in this state a. hereafter required or to
thS fsss OF tho gudbe
eulred in this act to be dens and performed,
shall upon violation Of the provisions Of this
act have no right OF authority to do or trans
act any further business IN this state. ead the
tice OF determination OF such authority 70 do
business to be mailed to such corporation
and to b published in some newspaper
Of general circulation a. the capital Of this
attorney general of this state, who shall in
stitute such proceedings In the matter - the
case may require. Provided, any such cor
mence business In this state upon such terms
as the public examiner may deem tuSt and
proper. and upon rnu compliance WIN the
provisions Of this act
SEQ, Is. All building and loan asvocsations
hereafter incorporated in this state shall
have an authorized capital Of two million
dollars 5000, o0O at the time of the incor-
poration. Every share OF capital stock issued
by any such association shall be of the par
value of one hundred dollars (slOo), bu. this
provision shall not be construed to forbid the
issue by any such association Of paid.np Ger.
tihcates for lesa amount in liquidation Of
drawn Before reaching its maturity period.
PROVIDED, that such paid-up certificates shall
be certificates Of indebtedness only. and tho
stock in liquidation Of which certificates are
cancelled -
SEQ. ID. Any building and loan sssoc,a-
ton heretofore or hereafter incorporated
under the laws OF this state may at any time
vote Of at least lbrse-fouIths Of its board of
directors. Provided. that no such increase
shall be made unless three ourths OF the
capital stock previously authorized has actu-
ally been issued ana the amount Of increase
made ct any one time shall not exceed the
amount Issued previous to the time Of such
increase. Any amendments Of the articles
of incorporation of any, such association in
any other respect shall be done at all annual
meeting BY o two-thirds vote 81 stock repre-
scented, and voted OF such annual meeting on
the question Of such amendment or amend
ments and only upon the notice hereinafter
provided TO be given
Sec. II. Whenever any building and loan
association increases Its capital stock, or 9TH
erwise amends its articles Of incorporation as
provided in this act a copy Of the resolution
Ing such increase or other amendment duly
verified by oath Of the president ard secre-
tary of such association. shall be fled In the
Office Of the register Of deeds OF the county
in which the home Of said association is To-
Gated and in the once Of the secretary Of
state, and he published four successive times
In son some daily OF Tsssly newspaper published
where the a:seeistion has It's home office.
Proof of which publication ahatl 10 fled in
ths Office Of the secretary OF staee.
SEC. H.. In each year every building and
loan association organized under the la Is OK
Z this state and doing BUSINESS In this or any
other terrttors shsA, withIn thirty (3s) days
after the end Of the reax for which its report
10 its Stockholders is made, deposit with the
public examiner an annual report of its af.
faire and operations for said year. Such re-
port shall be verified under oath Of the presi-
dent and secretary or by three directors OF
the association and shall contain the follow
= ing information: First the amount Of author
lied capital. and the par vaiue Of each share
Of stock; Second, the number Of shares sold
cancelled and withdrawn during the year.
Fourth. the number Of shares In force
at tho end of tho year. Fifth, detailed
statement of the receipts and disbursements
during the year. sixth. a detailed statement
Of the assets and liabilities at the end Of the \
year, Such report shall also show the total 4
amount received AZ dues on stock under
each separate class or Kind Of stock and all
deductions therefron for expenses, with
drawals, cancellations, forfeitures, refunded
or otherwise and the amounts. IL any. Of
such profits credited to stock or SUBJECT 10
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