New Ulm weekly review. [volume] (New Ulm, Minn.) 1878-1892, 1891-04-29
citations doing generalbusinoss," the same

Of Minnesota: = s. ,II1t'7. 4 :.
SECTION l. That chapter two hundred and
thfrty-six tss6} Of the General Laws Of one
IN lusand eight hundred and eighty-nine
tlsS9), is hereby amended TO read as follows:
Whenever any number Of persons, not less
than ten (lo}. desire to be Incorporated as
building and loan association, for the pur-
pose Of accommodating the savings and funds
OF It's members and lending them only the
funds go accumulated. they shall make and
execute a written declaration to that effect
execution Of deeds Of real estate, to entitle
the same to record. Said declaration shall
state the name OF such association. its prin-
! cipal place Of business, which shall be with
mulated. the time of Its duration. the names
and places OF residence of such persons, and
that 1t Is organized under this act for the
eeu!ed. said declaration shall be filed and re.
corded in the office OF the secretary Of state,
whereupon such officer shall issue. a
copy Of such declaration nnder his
forth tho time AID place of ding
and recording the. eot in his office, which
declaration ana certificate shall thereupon
deeds Of the county where said association is
located. and published once in daily or
weekly newspaper printed and published
and Of general circulation In said county,
Upon plying With the fersagons REQUIRE;
| of such publication In the Office OF the secre-
| tary OF state, the persons executing such
| declars ton. their associates and successors
SEQ. 3. The name shall not'bs the same a.,
| 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
uct shall be enHted to use name emoody-
| ing either said combination OF y ords, proVid-
| ing that associations now existing may con-
| ttnua their present names. S{'% '<.t,
SEQ. 8. The directors OF such association
shall adopt by laws for its government and
! therein describe the manner IN which Its
| business shall be transacted which bylaws
| shall be couformabie 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 once, ana copy
| thereof ana any amendments thereto, duly
| certified by the president and secretary OF the
| association shall, Immediately upon Its adop.
| ton. be filed in the office Of the public exam
| liner. The directors may amend said bylaws
! 1T 50 long as such amendments are not IN
conflict with the provisions OF this act or tho
laws Of the state.
| ready done so, shall, before its next annual
! election after the passage Of this act divide
its board of directors by. resolution thereof
into three classes, consisting OF an equal
| the term Of office Of tho first class shall ex-
| pire at the end OF ono 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 posrd IL elected there shall bs
| elected number Of directors equal to those
whose terms Of ONCE expire At TIA! tt time. snd
for the term Of three Cs) years. and qaA theiE
| SUCCESSORS are elected and qualified.
sKo4. For every loan made, q nots. non.
negotiable, or bond. secured by first mort
gage on real estate, shall be given. which 50.
curi,y shall be in double the value Of the
loan and satisfactory to the directorA and
| shall be- accompanied BY transfer ana
pledge Of the shares Of the borrowers to tho
association. The shares so pledged shall be
held BY the corporation as collateral security
for the performance Of the conditions OF said
note Or bond and mortgage; provided, that
the shares, without other security. may, In
the discretion Of the directors be accepted As
security for the loans for an amount not ex-
ceedin9 their withdrawal value. as provided
by this act Stockholders who have borrowed
ity, and who. have pledged their stock, or
| sny portion thereof. as collateral thereto, a.
| provided herein, shall not be entitled to have
the value Of such stock applied on the mort
Is more than three i3) months in arrears, IN
less the same has reached withdrawal age
~ fixed BY this act and when such stock has
reached that age the withdrawal value
ever the STOCK il three (s) months In A.
SEC. s. Any such association may purchase
At any sale public or private. any real estate
upon which 1t may have a mortgage, judg.
ment lien or other incumbrance. or in which
1t may have any interests. and may sell, con-
| yer, lease or mortgage the same at pleasure
any person ana may sss1re
building or buildings requisite for the con-
venient transaction Of its business, and from
portions of which not required for Its own
use revenue may be derived: the cost OF
exceed five (5) per cent OF It's assets; pro
vided that any such association may aeauire
any leasshold Interest necessary Tor the
transaction OF Its business. a.
SEQ. 6. Every building and loan assocfa-
ton heretofore or hereafter incorporated un-
der the laws. OF this state and governed by
! this act shall deposit and keep wi the state
treasurer, or with duly chartered trust com.
pany of this state, approved by the public e1-
aminer in trust for all its members and cred.
itors. all mortgages or other SECURITIES re.
celved BY 1t In the usual course OF Its bust
ness. When deposited with trust company.
such company shall certify to the public ex::
aminer tho possession Of such securities, and
the Same shall not ke surrendered without
the authority and satction OF said public ex-
amiser Provided, shat every. such corpora
ton heretofore orgsnized not having or own
ing mortgage or other securities to the
amount OF twenty.6ye thousand dollars (S25.-
0oo) shall deposit with the state treasurer a.
ties so owned and deposited, the sum Of
twenty-five thousand dollars (Ssa00o), and
every such associs-lon hereafter organ.
lied under this act shall deposit and
as aforesaid, securities OF the value OF
twenty-five thousand dollars (s25,00o) before
commencing to do business. The securities
bonds or treasury moi es Of the United States,
or national bank stocks. or the bonds OF this
state. or Of any other state OF tho 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
like character arc substituted therefor. or
when the same shall have been paid or are
required for foreclosure or suit. and 1t shall
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 ~ the laws OF
all securities taken In such state, ter-
organized under the laws Of this
state, and subject to the provisions Of this
act, and othsr 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-
| Ce1S0 IQo Sims Ill huCu btdtCs bofl1VOIy w
nation under The laws thereof, for the bene-
| fit Of It's members and creditors, and 70 this
end, upon. the presentation to the public ex-
SIMMER Of a duly autEen ticxscd copy Of q
resolution Of the board of directors Of any
such association, having on deposit with the
| state treasurer or duly chartered trust COM
pany securities in excess Of twenty-five thou
sand dollars fSs5.00W demanding the transfer
and specifying the securities TO be transferred
| or the amount thereof to any other state ter.
ritory OF nation Tor the purpose Of enabling
| such association to comply with the laws
thereof, 1t shah be the duty Of tbs public ex-
aminer 70 cause such transfer aH SIC t. be made
| borne By the association requiring the
same. and receipt shall be taken
By the officer or trust company max
| Ing the transfer. end filed and kept In
| the ONCE from which the securities are trans
! ferred in lieu thereof. But the securities kept
| on deposit in this state By any such ascot.
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 ($s5 OOO): and in every case where So
| curities taken in another state, territory or