Little Falls transcript., 1891-05-08

OF minnesota:
l,, That chapter two hunarca and
n ,usand eight hundred and eiyhtv-nfne
llSS0), Is hereby amended to read as follows:
Whenever any number Of persons. not less
than ten (1O(. desire TO be incorporated as
pose OF accommodating the savings and funds
Of its members and lending them only ths
funds so accumulated. they shall make and
execute 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-
c1pal place Of business, which shall be with
In mis- state the limit of capital to be accu-
mnlated, the time of its duration. the names
that II is organized under this act for the
purposes herein expressed. When so ex-
ecu!ed said declaration shall be filed and TO-
corded in the Office OF the secretary Of state,
copy. Of such declaration nnder his
feFtn he Ii Time prHpdSr shd placer Ss@ of setting ns
and recording thee in his office, which
declaration and certificate shall thereupon
deeds OF the county where said association is
located, and published once in a daily, OF
weekly newspal er printed. and published
and Of general circulation in said county.
Upon complying With the fqEaaEons Te?uire;
of such publication in the Office or the secre.
tary Of state, the persons executing such
declaration. their associates and SUCCESSORS,
shall become a corporate body.
SEQ. 2 The name shall not be the same as,
nor too closely resemble, thai In use by any
existing corporation established under tho
laws of this state. The words ''bullding and
loan association" or savings and loan
association" shall form part Of the same,
and no corporation not organized under this
q rt oh k,a ~
ing either said combination Of words, provid.
Ing that associations now existing may con
unue their present names.
SEQ. ). The directors OF such association
therein describe the manner In which it's
business shall be transacted. which bylaws
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 NIL members OF
the association at Its home office. and copy
thereof and any amendments thereto, d'lv
certified by the president and secretary OF the
association, shall. Immediately upon its adop-
ton. be filed in the Office OF the public exam
incr. The directors may amend said bylaws
from time to time in such manner as they see
fit SO long as such amendments are not 10
conflict with the provisions Of this act or the
laws Of the state.
Every such association, which has not al.
election after the passage Of this act, divide
its 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-
pire at the end Of one year from and after
at the end Of two years, and OF the third class
at the end of three years; and at each sue
eeeding annual election after the one at
which The full board is elected there shall be
whose terms Of Office expire at that time. Gld
the directors 80 elected snail hold their otiice
for the term OF three (3) years.and until their
successors are elected and qualified.
sEo4. For every loan made, note. non
negotiable, or bond. secured by first mort
curily shall be In double the value Of the
loan and satisfactory TO- the directors, and
shall be accompanied BY q transfer aud
pledge Of the shares Of the borrowers to the
association. The shares SO pledged shall be
for he 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:
by this act. Stockholders who have borrowed
money Of an association on real estate secur.
ity, and who have pledged their stock, or
eny portion thereof as collateral thereto as
provided herein, shal! 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 tha witndrawal value
ever the stock IL three (5) months In ar
rears.
SEC. s. Any such association may purchase
at any sale. public or private. any real estate
upon which 1t may have mortzage, 1udg'
mont lien or other incumbrance. or in which
1t may have any interests: and may SELL con-
vey, lease or mortgage the same at pleasure
to any person or persons and may acquire
and hold lot or lots whereon u erected
building or buildings. requisite for the CON
veuient transaction Of its business, and from
portions of which not required TOT us own
use revenue may be derived: the cost OF
such building and lot or lots In no case 10
exceed Ave (5) per cent Of its assets; pro.
vided that any such association may acquire
any leasehold interest necessary for the
transaction OF Its business.
SEC. 6. Every building and loan associa-
tion heretofore or hereafter incorporated un-
der the laws Of this state and governed oy
this act shall deposit and keep with the state
ii pany Of this state, approved BY the public ex-
aminer. in trust for all Its members and ereo'
itors. all mortgages or other securities re-
celved br it in The usual course OF Its busi-
ness. When deposited with trust company,
such company shah certify to the public ex;
aniner the possession Of such securities and
the same shall not be surrendered without
the authority and sanction OF said pubic ex'
aminer. Provided, that every such corpora
ton heretofore organized not having or own.
amount OF twenty Ave thousand dollars (S25: :
0oO) shall deposit with the state treasurer ad-
di,fonal securities to make, with the securi.
ties SO owned and deposited IT.. TIE oosY sum OF o.
twenty-five, thousand dollars ts:oooo2. ano
lied under this oct shall deposit aud
keep with the state treasurer In trust.
as aforesaid, securities of the value Of
twenty-five thousand dollars (S5.Ooo> before
commencins to DO business phe ees;st es
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, count! o. town
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 III this act, or when SeouritieS Oh
fike character are substituted therefor Tor
when the same shall have been paid or are
required for foreclosure or suit and II shan
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'
that whenever required by the laws! OF
ali securities taken in such state, ter
ritory or nation, by any association
organized under the laws OF this
state, and subject to the provisions OF tllls
act and other securities sufficient to allow
such association to enter and do business IN
such. state territory or nation. may be de-
posted with some officer authorized to re-
ceiye the same in such state. territory or
nation, under The laws thereof, for the bene.
ct Of its members and creditors. and 70 this
end. upop the presentation to the public ex-
aminer Of duly authenticated copy OF
resolution Of the board Of directors of any
such association, having on deposit with the
state treasurer or q duly chartered trust com
pany securities in excess OF twenty-five tho'l'
sand dollars (S:5. .00D demanding the transfer
and specifying the securities to be transferred
or the amount thereof to any other state. ter
ritory OF 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 10 be made.
The expense Of making such transfer shall be
borne by the association requiring the
same and receipt shall 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
ferred in lieu thereof. But the securities kept
on deposit in this state By any such associ.
ation as required by this act shall at no time
be- reduced In amount by such transfer OF
otherwise, below twenty-five thousand dol.
lars (S25,O0O): and in every case where So
cnrtties taken in another state, territory or
nation are deposited in such state, territory
or nation or when other securities are re.