New Ulm weekly review. [volume] (New Ulm, Minn.) 1878-1892, 1891-04-29

q
:. SECTION !. That chapter two hundred and
thfrty-six t2s6l Of the General Laws of one
IN 9usand eight hundred and sighty-nine
usS9), Is hereby amended TO read as follows:
than ten (l0), desire to be incorporated as q
building and loan association, for the pur-
pose OF accommodating the savings and funds
O. It's members and lending them only the
execute written declaration to that effect
IN the form now provided By statute for the
exeeution Of deeds Of real estate, to entitle
the Same to record. Said declaration shall
cipal, place of business, which shall be with
IN ta!s state, the limit of capital to be accu-
muiated. the time of Its duration. the names
ana places OF residence of such persons, and
purposes herein expressed: When, SO .ex-
eeuted. said declaration shall be filed and re.
corded in the office OF the secretary of state,
whereupon such officer shall issue a
ss eE,n t.. in in proper form. sesting
and recording the of in his Office, which
declaration and certificate shall thereupon
deeds Of the county where said association is
located. and published once in a daily or
weekly newspaper printed and published
and of general circulation in said county,
ments, and Upon fling an aftldavit Of proof
OF such publication in the Office OF the secre-
tary Of state, the persons executing such
declaration. their associates and successors,
shall become corporate body.
SEQ. Q. The name shall not be the same as,
nor too closely resemble, that in use by any
existing cor poration established under the
laws Of this state. Tho words building and
loan ASSOCIATION" or savings and; loan
association" shall form part Of the same,
and no corporation not organized under this
act shall be entitled to use name embody-
ing either snid combination OF words, provid-
ing that associations new existing may con-
tinue their present names. -" = ,s
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 copformabie to the provisions OF this
be open TO the inspection of all members Of
the association at its home Office, and copy
thereof ana any amendments thereto, duly
certified by the president and secretary Of the
ton. be filed in the Office of the public exam
liner. The directors may amend said bylaws
from time to time In such manner as they zee
fit SO long as such amendments arc not In
conflict with the provisions OF this act Or tho
laws Of the state.
Every such association, which has not al
ready done so, shall, before its next annual
election after the passage Of this act, divide
into three CLASSES consisting Of an equal
number in each class, as nearly as may be;
the term Of Office Of tho first class shall ex-
p1re Mt the end Of ono 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
ceeding annual election after the one at
which the full board 1s elected there shall be
whose terms Of office expire at that time, and
the directors 80 elected snail hold their Office
for the term Of three (3) years. and until their
SUCCESSORS sre elected and qualified.
SEo4 For every loan made nots. non.
negotiable, or bond. secured by first mort
gage on real estate, shall be given, which SO.
curi,y shall be In double the -valuo Of the
loan and satisfactory to the directors, and
shall be accompanied By . transfer and
pledge OF the shares OF the borrowers to tho
held by the corporation as collateral security
for the performance Of the conditions OF raid
note Or bond and mortgage; provided, that
the shares, without other security, may, IN
security FOR the loans for an amount not ex.
ceeding their withdrawal value. Us provided
by this act Stockho llers who have borrowed
money Of an association on real estate secur-
shy portion thereof, Is collateral thereto, a.
provided herein, shall not be entitled to have
the value Of such stock applied on the mort
gage debt where the payment OF such stock
less the Same has reached withdrawal age
~ fixed by this act and when such stock has
reached that age tho withdrawal value
thereof shall be applied on said debt when.
ever the stock ia three (3) months in A.
rears.
SEC 5. Any such association may purchase
ut any sale. public or private any real estate
upon which 1t may have mortgage, judg.
mont, lien OF other tncumbrauce. 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 a lot or lots whcreon is erected a
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
such building and lot or lots in no case to
exceed five (5) per cent Of Its assets; pro-
vided that any such association may acquire
any leasshold Interest necessary Tor the
transaction Of It's business.
SEQ. 6. Every building and loan associa-
ton heretofore or hereafter incorporated un.
der the laws Of this state and governed by
treasurer, or with duly chartered trust COM
panv Of this state, approved by the public ex-
aminer, in trust for all its members and cred
itors. all mortgages or other securities re-
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 re surrendered without
the authority and satction OF said public ex-
amiscr. Provided, shat every such corpora
ton heretofore organized not having or own
Ing mortgage or other securities to the
amount OF twenty-five thousand dollars (Se5.
0D0) shall deposit with the state treasurer ad-
dilional securities TO make, with the becuri-
ties so owned and deposited, the sum Of
twenty-five thousand dollars (Ssa0oo), and
every such associs-lon hereafter organ.
keep with the stats treasurer in trust,
as aforesaid, securities of the value Of
twenty-five thousand dollars 5,0OD before
commencing to- do business. The securities
l. ki,Iu ,Soo hill 81
bonds or treasury notes 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
provided in this act, or when securities OF
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 by the laws Of
any other stats, or territory, or natton..
all securities taken In such state. ter
o s9,g ar u naen =, ANY ''ss's9n III.
state, and subject to the provisions Of this
act and other securities sufficient to allow.
such association to enter ana 90 business IN
such state, territory or nation, may be de-
posted with some officer authorized to re-
ceive the same in such state. territory or
nation. under tho laws thereof, for the bene-
fit Of its members and creditors. and to this
end, upon the presentation to the public ex-
aminer Of duly authenticated copy Of q
resolution Of the board Of directors Of any
such association, having on deposit with the
state treasurer or q duly chartered trust COM
pany securi ties in excess Of twenty-five thou
sand dollars tSsS. o00) demanding the transfer
and specifying the securities TO be transferred
or the amount thereof to any other state. ter.
ritory or nation Tor the purpose Of enabling
such association to comply with the laws
thereof, 1t shah be the duty Of this public e1-
aminer TO cause such transfer 70 be made.
The expense Of making such transfer shall be
borne by the association, requiring the
same and q receipt shall be taken
BY the officer or trust company max
Ing the transfer. end 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 ascot
alton as required by this act shall at no time
otherwise, below twenty-five thousand dol.
lars ($25, COO; and in every case where se-
curities taken IN another state, territory or
IA. Sn1 efot