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
ton. and within thirty (3)l DAYS q statement
OF the assets and liabilities shall be published
~ east once IN some newspaper In the city
or town where the associations principal
place OF business Is. and q copy of such semi
annual report verified by the secretary shall
pc tiled with the public examiner within ten
tiW days after the printing thereof Pro-
Sloed, tnat all such statements herein re-
CURED 10 be made 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-
are expenses OF the association for the term
reported bears to the gross earnings of said
association for that term. And provided fur
ther. that all reports required of building and
loan associations organized under the laws Of
this Stale and doing general business arc
also required OF all foreign building and loan
associations doing doing business in this
state. and ell the provisions Of this act re-.
iatng 10 such reports. the filing thereof and
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-
CURED II shall forfeit the sum Of twenty five
collars (S?o) for every day such report shall
tie 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
said examiner. After receiving such annual
report, the public examiner. if satisfied that
suen corporation has complied with all lthe1
PROVISIONS Of this act and is entitled to do
business In this state. shall Issue his certif.
cate stating the com pliance with such pro-
vision ana shat such corporation is entitled
70 90 business III this state, which certificate
snail De IN force Tor the period Of one ~
this act. The public examiner shall also
issue such certificate to domestic corpora.
ton which has complied with the law in
Tegafd 10 Its articles Of Incorporation. and
spects except the filing of said report, which
commence business at some Intervening
perioa IN any year. Such certificate shall
also De issued to any foreign corporation
com plying with the. conditions of section Q
OF this act and shall be in force until the
Ime nereln required for such annual report
SEC: le. 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
ana exercise over every building and loan
association Incorporated under the laws Of
this state, Its business, officers directors and
se oaLp9y alI the power and authority con-
eyed corporations under the laws OF this
state, provided he shall not have the power
70 suspend the operations Of any such asso-
clatlon, except in the manner provided In
the next succeeding section. And such pub.
Tic examiner shall have the same supervision
and control over the BUSINESS, within this
state, OF other corporations of like kind In.
territories or nations, doing business in this
state Upon the completion of any exam.
ination OF any association made by said pub
lie examiner or under his direction, the az.
aminer tee to 10 determined as followx
viz, FOR the first one hundred thousand dol.
lars {S10o,oO) Of assets. fee Of ten dollars
Slol and for each additional one hundred
aud liz, W.
Jot portion thereof, an additional fee Of i've
SEC: 20. III. 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
It's charter, or the law, or that it Is conduct
ing business In an unsafe. unauthorized OF
under his hand and seal OF office addressed
% such corporation, direct conformity with
the requirements OF its charter and of tho
law. And whenever such corporation shall
count as may DO lawfully required. or to com
ply with such order as aforesaid, the public
examiner shall 6le statement in writing
with the attorney general setting forth tho
violation or refusal consists, which statement
shall be prima facie evidence Of such viola.
iation or refusal, whereupon the attorney
general shall institute such proceedings
W.
may hereafter be provided by law In the cav
OF tnsoivent corporations, or such other pro-
eeedings as the occasion may require. And
II such corporation shan have been organ
ritory said attorney general shall, upon 70.
ceiv1ne such communication, II in his judR.
ment the facts in the case are sufficient to
warrant such action. give notice to such cor.
business in this state, By depositine such
notice In the postoaice, properly sealed and
stamped, addressed to said corporation at its
principal office il the state where incorporat.
cease to have any rights in this stats, and
said notice may be published in the same
of this act. : W 3
SEQ 81. AL officers OF any building and
loan association governed by this act and
doing business In this state, who sign or en-.
dorse cheeks. or handle any funds of such
association, shall give such bonds or fidelity
insurance for the faithful performance Oh
their duties as the board Of directors may re-
quire. and no such officer shall be- deemed
qualified to enter upon the duties Of his Office
9 anti MS bond lis, is approved BY the board Of
such bond shall 30 fled: provided, that tho
public examiner may require Of any associa-
uon at any time such increase Of said bond
or additional security thereto or such increase
Of said insurance as he may deem necessary
for the protection Of the members. The
penalty for the failure CT any association to
die and maintain the bonds or policy az re-.
CURED by the provisions Of this section shall
be hne OF one hundred dollars (SlD0) for
each day such association transacts business
after such bond has become due under the
provisions OF this act Said bond or policy
shall oe held in trust for the benefit and pro.
lection OF the members OF such association
and shall be enforcibe by any member whom.
over the cause OF action shall accrue thereon.
SEC - The name building and loan a.
ISOLATION" as used In this act, shall Include
all corporations, societies. organizations OF
associations doing saving and loan or invest.
ment business Oh the building society plan,
whether mutual or otherwise, and whether
issuing certificates Of stock which mature n
fixed time in advance or not
Sec. q. ANY officer, director or agent or
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-
zion while such association shall not have
bad the csRitcate OF the public examiner
authorizing II TO do business in this state a.
herein described. or has not deposited as re-
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 10 dis.
continue business in this state as hereinho.
fore provided, shall be guilty OF q misde-i
meanor, and upon conviction thereof shall
hundred dollars (suO,, nor more tnan eve
hundred dollars tS5oo), or by Imprisonment.
of not less than ten Q0) days, nor more Than
six (G) months. or both such dne and im-
prisonment In the discretion Of the court
SEQ. q. 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 whils
said association does not have on deposit
with the public examiner or some loan and
trust com 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 ex-
aminer authorizing 1t to do business rs herein
prescribed, shall be guilty Of a misdemeanor
and upon conviction therefor shall be pun
ished by fine OF not less than one hundred
dollars lSIo0), and not more than Eve bun.
dred dollars $500. or by imprisonment of
not less than ten flo) days. nor more than six
(sJ months, Or both such fine and imprison-s
ment in the discretion Of the court. FL
SEC H ANY premium FOR loans made bv