The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1891-05-07

Hiin approved. And any mortgage upon
| which default has been made may be surren-
dered as aforesaid for foreclosure upon like
atiidnvit that default exists and that such
mortgage is Withdrawn for the purpose Of
| foreclosure of suit - .." 1-o5
| SEC. g. 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
eurities Of the. value of one hundred thou
sand dollars (Si0)009). and of the character
mentioned IN this act on deposit in trust for
ali It's members and creditors with some re-
Spohslole trust company duly incorporated
| under the laws of such state or territory in
the United States. or with some authorized
| olncer or this or some other state of the
United States Certificates of such deposit
snail be maze to the public examiner of this
| tues, which shall not thereafter be surren-
dered without the authority or consent of tho
public examiner or other authorized officer
OF the state or territory in which said com pa
SEC. 0. Every building and loan associa.
ation 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 it's char
ter or articles OF Incorporation; second, file
WITH the PUBLIC examiner of this state the
ccrtlhcate Of the authorized officer of an
otner state, showing that securities to the
vaiue OF one hundred thousand dollars
tSaoo,00o) are OH deposit with such state
oihcer or duly Incorporated trust company in
trust for all the members and creditors of
such building and loan association: third
tle with the public examiner Of this state d
ouly authenticated copy of a resolution
adopted by the board Of directors of such as
soclation. STIMULATING and agreeing that if
any legal process affecting such association
be served on such examiner. and a copy
snereot be mailed postage prepaid by the
attorneys. to said association. addressed to
us nome office. then such service and mail
Ing OF such process shall have the same ef-
feet as personal service on said association
association will not remove any action COM
menced in any state court of this state
against thu same to the United States
court t,oI1 and will pay every. judgment
any such action within sixty (65) DAYS
after the final judgment shall have been en-
tered: fourth: pay to the public examiner
twenty-five dollars (s25) as fees for filing
| papers mentioned i'll this section.
Sec. To-. When process against or affecting
any foreign building and loan association is
served on the public examiner the same shall
ee 6y duplicate copies. one Of which shall be
| filed IN the office of the public examiner, and
the other by him Immediately mailed, postage
| prepaid, to the home office Of said ascot
| alton.
SEC. II. The word process In this act
or order whereby any action, writ or proceed
| 1ngs shall be commenced. or which shall be
issued in or upon any action, suit or proceed
ing authorized by law in this state.
stipulation provided in Section 9 of this act
| shall be sufficient personal service on the as.
sociation filing such stipulation.
| SEC. ID. When by the laws Of any other
| state. territory Or nation. any taxes fines
| penalties licenses. fees deposits Of money or
securities. or other obligations or prohibitions
are imposed on building and loan associa.
nous non, OF TINS state doing business in such
| n nr fhaip
agents therein. so long as such laws continue
in force the same obligation and prohibition,
OF whatever kind, shall be imposed upon ali
building and loan associations Of such other
state, territory or nation, doing business in
! this state and upon their agents here
| SEC. H. AAny building and loan association
organized under the laws Of any other state
or territory that shall remove any action that
shall be commenced against it in court Of
this state to the United States court, or that
! shall fail to pay any Judgment rendered
| against it upon suit i'll any court of the state
| within sixty (e0) days after the rendition OF
| final judgment IN such case. or that shall
fail to make yearly statements to the public
examiner as hereafter mentioned, or state
ne9ts OF the amount and value OF its stock
! held IN this state as hereafter required. or to
| pay the fees Of the public examiner as pro-
| vlded in this act. or to do any other act re-
CURED in this act to be done and performed.
act have no right or authority to do or trans
| act any further business in this state. and the
| public examiner shall thereupon cause no.
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
| state, and shall communicate the facts 10 the
attorney general of this state, who shall in
| stitute such proceedings III the matter as the
case may require. Provided, any such cor
| porat1On may be again authorized to COM
| mence business in this state upon such terms
as the public examiner may deem just and
n 10 No xp{f IA
! provisions of this act,
Sec. Is. All building and loan associations
hereafter incorporated in this state shall
| have an authorized capital of two million
| poration. Every share of capital stock issued
| by any such association shall be of the par
! value Of one hundred dollars $780, but this
! provision shall not be construed to forbid the
issue by any such association OF paid-up GER
| tificates for a less amount in liquidation of
! stock surrendered for cancellation Or with.
drawn before reaching its maturity period.
| Provided, that such paid-up certificates shall
| be certificates of Indebtedness only. and the
| stock in liquidation of which certificates are
| issued shall be thereupop surrendered and
| Cancelled.
SEC. 49, Any building and loan assoc,a-
ton heretofore or hereafter incorporated
| under the laws of this state. may at any time
| increase the amount of its capital stock by a
vote of at least three. 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 the 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
sented, and voted at such annual meeting on
the question of such amendment or amend
| ments and only UPON the notice hereinafter
| provided to he given.
SEC. II. Whenever any building and loan
association increases its capital stock, or 9TH
erwlse 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 by. oath of the president and .secre-
/ tary of such association shall be fled i'll the
| office of the register of deeds of the county
| in which the home Of said association is To-
| state, and be published four successive times
| in some daily or weekly newspaper published
| at the capital of the state, or in the county
wheresthe association has its home office.
| Proof of which publication shall he fled in
| the office of the secretary OF state.
/ Sec. IS. In each year every building and
+ loan association organized under the laws of
| this state and doing business IN this or any
/ after the end of the year for which its report
| to its stockholders is made, deposit with the
public examiner an annual report of its at
| fairs and operations for said year: Such re.
| dent and secretary or by three directors of
| the association and shall contain the follow.
| inginformation: First the amount Of author
| lied capital. 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 number OF shares in. force
| at the end of the year. Fifth. detailed
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. if 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 al other EN-.
ployes, the amount expended for travelling
expenses, rent, postage including telegraph
| and express charges, printing, books and
stationery, office supplies, office furniture,