The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1891-05-07
,me may be surrendered to 1t upon filing

such association that such ndehtedness has
been paid in full. which affidavit shall be
first presented to the public examiner and by
which default has been made may be surren-
dered as aforesaid for foreclosure upon like
affidavit that default exists and that such
mortgage is Withdrawn for the purpose OF
foreclosure Of suit
SEC 8. No building and loan association
organized under the laws Of any other state.
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 tSl00,o00). and of the character
mentioned in this act on deposit in trust for
all It's members and creditors with some re-
sponsible trust company duly incorporated
under the laws Of such state or territory in
the United States, or with some authorized
officer Of this or some other state OF the
United States. Certificates Of such deposit
state, certifying the possession Of such secur-
tiles, which shall not thereafter be surren-
dered without the authority or consent OF the
public examiner or other authorized officer
of the state or territory in which said compa-
SEC. o. 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,
first file 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
other state showing that securities to the
value Of one hundred thousand dollars
($l0ooo0) are on deposit with such state
officer or duly incorporated trust company in
such building and loan association; third.
file with the public examiner Of this state y
duly authenticated copy OF resolution
adopted by the board Of directors of such Us.
any legal process affecting such association
be served on such examiner. and q copy
thereof De mailed postage prepaid by the
party procuring the Issue Of the same. or his
attorneys. to said association addressed to
Its home Office then such service and mail
ing Of such process shall have the same ef-
feet as personal service on said association
In this state, and also an agreement that sald
association Will not remove any action COM
menced in any state court Of this state
against the same to ths United States
court and will pay every. Judgment
a sha .n mfy ss 'af %n ss s1,1
after the final judgment shall have been en-
tered: fourth. pay to the public examiner
twenty-five dollars $50 as fees for ding
papers mentioned in this section.
any foreign building and loan association IS
served on the public examiner the same shall
be by duplicate copies, one OF which shall De
filed in the office Of the public examiner, and
the other by him Immediately mailed, postage
prepaid, to the homo office Of said associ-
alton.
SEQ. II. Tho word process" In this act
shall include any writ declaration, summons
ings shall be commenced, or which shall be
issued in or uDon any action, suit or proceed
ing authorized by law in this state.
SEC. II. Service Of process according to
stipulation provided in Section 0 Of this act
shall be sufficient personal service on the ~.
ISOLATION filing such stipulation.
SEC. 10. When by the laws Of any other
state. territory or nation; any taxes. fnes
securities, or other obligations or prohibitions
are imposed on building and loan associa-
tions Of this state doing business In snch
other state, territory or nation. or upon their
in force the same obligation and prohibitio
Of whatever kind, shall be imposed upon all
building and loan associations Of such other
state, territory or nation. doing business in
this state and uoon their agents here.
SEC. IA. Any building and loan association
organized under the laws Of any other state
or territory that shall remove any action that
shali be commenced against 1t In court Of
shall fail to pay any judgment rendered
against it upon suit In any court Of the state
within sixty co., days after the rendition OF
final judgment IN such case, or that shall
examiner as hereafter mentioned. or state
ments Of the amount and value Of Its stock
held III this state as hereafter required. or to
pay the fees Of the public examiner as pro-
CURED in this act to be done and performed,
shall upon violation Of the provisions Of this
act have no right or authority to do or trans
act any further business In this state. and tho
tice Of determination Of such authority to do
business to be mailed to such corporation
and to be published In some newspaper
Of general circulation At the capital of this
attorney general of this state, who shall in
stitute such proceedings In the matter as the
case may require. Provided, any such cor
poratlon may be again authorized to COM
mence business in this state upon such terms
as the public examiner may deem just and
proper. and upon 1uu compliance with the
provisions Of this act.
SEC. Is. All building ana loan associations
have an authorized capital Of two million
dollars (S2,0O.OO0) at the time Of the incor-
poration. Every share OF capital stock issued
by any such association shall be Of the par
provision shall not be construed to forbid the
issue by any such association OF paid-up GER
udcates for a less amount in liquidation OF
stock surrendered for cancellation or with
drawn before reaching its maturity period.
Provided, that such paid certificates shall
be certificates of Indebtedness only. and the
stock in liquidation Of which certificates are
issued shall be thereupon surrendered and
Cancelled.
SEC 16. Any building aud loan assoc,a-
ton heretofore or hereafter Incorporated
under the laws OF this state. may at any time
increase the amour. Of its capital stock by a
vote Of at least thr ,e- fouIths Of its board of
directors. Provided that no such increase
shall be made unless three-fourths Of the
capital stock previously authorized has actu-
ally been issued and tho amount Of increase
made at 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
z a
sented, and voted at such annual meeting on
the question Of such amendment or amend
mcnts and only upon the notice hereinafter
provided to he 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 copy OF the resolution
Of the board OF directors or stockholders max
Ing such increase or other amendment. duly
verified py oath Of the president and secre-
tary of such association. shall be filed In the
Office Of the register Of deeds Of the county
in which the home Of said association is To-
state. and he published four successive times
in some daily or weekly newspaper published
Ut the capital Of the state, or in the county
Proof ls Of WHICH pnbication shall BE- aied in
the Office Of the secretary OF stats.
SEC. IS. In each year every building and
loan association organized under the laws Of
this state and doing business in this or any
Quiet I6TIlLory ~ltllu thirty uhvb
after the end Of tho year for which its report
to its stockholders is made, deposit with the
public examiner an annual report Of its az
fairs and operations for said year. Such re-
port shah 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 ca pital. and the par value of each share
Of stock: Second, the number Of shares sold
during the year. Third, the number Of shares
Cancelled and withdrawn during the year. =,
Fourth. the n ,n OF s sha,es in force
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
amount received as dues on stock under
each separate class or Kind Of stock and all
deductions therefrom for expenses. with
drawals cancellations, forfeitures, refunded
or otherwise, and the amounts. II any. Of
such profits credited to stock or SUBJECT to
such credit. The report shall also show the
number of shares in force Of each monthly
issue or series. and the amount expended
during the year in payment Of salaries Of
officers, clerks. agents. and all other EN-.
ployes. the amount expended for travelling