The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1891-05-07


OF said period OF six (6) months Such
report shall be made within twenty cor DAYS
after the close Of said period OF six (8)
months. and shall be verified by the secretary
ana president or vice president Of the associ-
ton. and within thirty (3J) 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 copy Of such semi
annual report verified by the secretary shall
De hied with the public examiner within ten
Up days after the printing thereof Pro-
siueo, mat all such statements herein re-
a ss with form to be prescribed
therefor by the public examiner. and shall
correctly show the proportion which the en-
ure expenses OF the association for the term
seportea pears to the gross earnings Of said
ASSOCIATION FOR that term. And provided fur
tner. That all reports required Of bui ding and
loan associations organized under the laws Of
.n ms state ana Going general business are
slso required OF all foreign building and loan
associations doing doing business in this
state. and all the provisions Of this act re-
iauns 10 such reports the filing thereof and
tne lees therefor shall apply to such foreign
oGltolns ana loan associations,
II any such association shall fail to furnish
to the public examiner of the state apy re-
port required by this act al the time SO re-
CURED 1t shall forfeit the sum of TWENTY-FIVE
aoilars l$;o) for every day such report shall
be delayed or withheld and examiner NAV
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 ap-
pneo 70 the expenses OF the department Of
tala examlIer After receiving such annual
report, the public examiner IL satisfied that
such corporation has compiled with all [thel
provisions OF this act and is entitled TO do
business In this state. shall Issue his certif-
cafe stating the compliance with such pro-
VISION ana mat such corporation is entitled
to 90 business IN this state. which certificate
snail De In force for the period of one l)
year unless sooner reScinded ss provided in
TINS act, The public examiner shall also
ton which has compiled with the law in
regard to Its articles Of Incorporation. and
the deposit Of securities and in all other re.
spects except the filing Of said report, which
peoa % any Ss gssr scb s0% sr h
also be issued TO any foreign CORPORATION
authorized to do business In this state after
complying with the conditions Of section
OF THIS act aud shall be i'll force until the
time 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
ana 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-
ferred upon him over banks and other m On
eyed corporations under the laws Of this
state, provided he shall not have the power
to suspend the operations OF any such asso-
citation, except in the manner provided In
the next succeeding section. And such pub
lie examiner shall have the same supervision
and control over the business, within this
state, or other corporations Of like kind tn
corporahR under tho laws Of other states
terrific pr nations, doing business in this
state bn the completion of any exam
nation Of any association made by said pub
Tic examiner or under his direction, the as
ISOLATION SO examined shall pay to said ex.
aminer fee to lie determined as follows,
VIZ, Tor the first one hundred thousand dol.
lars ($1Oo. oo0) Of assets. fee Of ten dollars
thousand dollars (Sl00,O0O Of assets, or ma
jor portion thereof, an additional fee Of five
dollars ($5).
SEC. a. III. shall appear to said public
examiner from any examination made BY
him or from any report Of any examination
made BY him or from the annual report
aforesaid, that said corporation is violating
Its charter. or the law, or that it is conduct
Ing business in an unsafe, unauthorized or
dishonest manner: he shall. by an order
under his hand and seal Of office addressed
70 such corporation, direct conformity with
the requirements Of its charter and Of tho
law. And whenever such corporation shall
refuse or neglect to make such report or &C.
count as may be lawfully required. or to COM
ply with such order as aforesaid, the public
examiner shall Gle 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 proceedings
against anv such corDorations as are now, or
may hereafter be provided by law in the csSs
OF insolvent corporations. or such other pro-
ceedings as the occasion may require. And
II such corporation shall have been organ.
lied under the laws of any other state or ter
rftory. said attorney general shall, upon re-
cetvtng such communication, II in his judg.
ment the facts in the case are sufficient to
warrant such action, give notice to such cor.
poration that 1t Is no longer authorized to do
business in this state, by deposting such
notice in the postotiice, properly sealed and
stamped addressed to said corporation at Its
principal office in the state where Incorporate
ed, and thereupon said CORPORATION shall
said notice may be published in the same
manner as provided In section fourteen u4
of this act
SEQ 81. All officers Of any 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
qure, 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
directors and the public examiner, with whom
such bond shall be filed; provided, that the
public examiner may require Of any associa-
ton 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. Tho
penalty for the failure CT any association to
file and maintain the bonds or policy as re-
CURED by the provisions Of this section shall
be a tlne of one hundred dollars (SlO0) for
each day such association trlnsacts 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.
ever the cause of action shall accrue thereon.
SEC. % The name building and loan as
as used in this act shall include
all corporations, societies, organizations OF
doing saving and loan or invest
ment business on the building society plan,
whether mutual or otherwise, and whether
Issuing certificates of stock. which mature at
q fixed time in advance or not
SEC. %. ANY officer, director or agent or
any foreign building and loan association or
state solicit subscriptions to the stock Of such
association, or who shall sell or issue or
cause to be sold or issued to res
ident Of this state any stock OF such assOcia-
ton while such association shall not have
had the certificate OF the public examiner
authorizing IT to do business in this state a.
herein described. or has not deposited as re-
qured by this act securities Of the value and
a. the time herein prescribed or before said
association has complied with all the pro-
shall have BEEN notified and required to dis
continue business in this state as hereinbe-
fore provided. shall be guilty Of misde.
meanor, and upon conviction thereof shall
be punished by fine Of not less than one
hundred dollars (sIn9), nor more than five
hundred dollars $500, or by imprisonment
Of not less than ten O0) days nor more than
six () months. or both such fine and i'm
prisonment in the discretion Of the court
SEC. e. Any officer. director or agent Of
any building and loan association incorpo-
rated under the laws Of this state or any other
person whatever, who shall sell or issue or
cause to be sold or issued to any
person not a resident OF the county In which
The homo Office of said association is located,
or in the counties Immediately adjacent
thereto, any stock Of said association while
said association does not have on deposit
with the public examiner or some loan and
trust company. as required by this act Sc
curities of the value and at the time herein.
after prescribed or while such association
shall not have a certificate Of the public ex-
aminer authorizing 1t to do business as herein
prescribed, shall be guilty Of a misdemeanor
ind upon conviction therefor shall be pun
shed by fine of not less than one hundred
dollars ($l0O). and not more than five hun.
ired dollars ($5o0). or by imprisonment Of
not less than ten (lo) days, nor more than six
f6) months, Or both such fine and imprison-