Echo de l'ouest. [volume] (Minneapolis, Minn.) 1883-1929, 1891-05-07

the provisions of this sections; and thereafter
shall keep said certificate conspicuously posted
in the office of said association. Sucn
certificate shall be in force Tor one az
year, and for one ~ year only, and a
new certificate shall be obtained from year to
year.: and for each such certificate such building
association shall pay into the treasury or 1ne
State Of Minnesota a license fee OF ten dollars
(SlO) before rec living the same.
In making application for and as a basis Tor
such, certificate the secretary and q maJorlty OF
the directors of such association shall make out
and report under oath TO the public examiner a
statement showing:
First-The full corporate articles OF such as
ISOLATION and d full copy OF it's bylaws then IN
force. .
~Second-The name and address OF each officer
and the salary or fees received by each o11lcef
for the twelve Q2) months next proceeding ls
last annual meeting.
Third-A copy OF it's last report.
Within thirty (3o) days after receiving the
aforesaid statement the public examiner shall
issue the yearly certificate above named; pro-,
vided, that, if it appears from such verlneu
statement that the association applying lof
such certificate is not complying with the law
applicable thereto and such rules as said exam
liner may adopt for sad societies, the pubic ex-
aminer shall refuse to issue such certltcate;
Said certificate may be recorded in the office OF
the register OF deeds i'll the county where SAD
society has its regu ar place OF business:
SEC 3. No corporation doing or claiming TO
DO the business OF a mutual building society
shall have authority to engage in the business
OF buying and selling or dealing i'll real estate;
provided, however, that nothing in this section
shall be taken as prohibiting any such ;'sso.
1t and the repayment OF ITS loans
by taking mortgages on real estate. as
provided by the laws and the statutes OF thls
state; Or from purchasing, as provided by law,
at any sheriffs. judicial or other sale, public or
private, any real estate upon which sucn assocl-
alton may have or hold any mortgage Or Juug-
ment OF lien or other membranes, or III Whlch
such association may nave an interest, or from
selling, conveying, holding, leasing, mortgaglllg at
pleasure any real estate so purchased OF NC
Quired; provided, also, that nothing herein con-
tanned shall prohibit any such association from
obtaining or acquiring title by deed Or otherwise
to real estate on which it may hold any llen or
security in Whole or III part satisfaction Jhereof.
SEC. +. All mutual building associations Or
gained or to be organized under the laws OF this
state are hereby prohibited from hereafter Great
ing or issuing any preferred OF non contributing
stock, except III payment OF matured contrlDut-
ing stock; and no stakeholder i'll any such asso-
citation shall have more than one vote. But this
section shall not limit the power OF sucl assocl-
ations to create and issue different series OF
stock.
SEC. 5. Whenever any mutual building asso-
citation shall declare any OF its stock forfeited Tor
Noncompliance Of the owner with any or lts
rules, bylaws or regulations the said stock shall
be sod at d regular monthly meeting OF SAID as
ISOLATION TO the highest bidder; and it is made
the duty OF the officers Of said association at any
such sale to bid III the stock SO offered at not
less than its then withdrawal value, and there
upon the said stock shall be Cancelled: but II a
higher DID is received Jne person making lHe
highest bid shall have said stock issued or as
signed TO him, and no fines or penalties shall be
charged against any stock for more than twelve
(12) months.
SEC. 6. Any shareholder in any such
association whose share or shares are
not in arrears and not pledged, may with
draw said share or shares from his association
at any time after it is six co. months old, by
giving at least sixty (6O) days notice i'll writing
to the secretary of his intention SO to do; and,
upon the receipt OF such notice by the secretary,
the membership represented by the share or
shares mentioned in such NOTICE shall cease; pro-
vided, not exceeding one-half GO OF the s1bse-
quent monthly receipts OF such association shall
be used to satisfy withdrawn stock, unless the
directors thereof otherwise provide.
SEC. T. Every corporation hereafter doing
business in this state which by it's corporate ar
ticles or by its bylaws, or printed literature,
claims to do, or seeks to do the business Of a
mutual building association or u mutual build
ing society. siiall be held to come under the ben
efits, provisions and restrictions OF this act;
provided, however, that nothing i'll this act
changing or affecting chapter two hundred and
thirty-six (236) of the General Laws OF this
state for the year one thousand eight hundred
and eighty-line GSS9) entitled A act relating
to build lg, loan and savings associations doing
a general business"
SEC. s. For the services required under this
act the pub ic examiner shall receive annually q
the treasury OF this state under this act, said
sum so paid to be i'll addition to such other
compensation as he may be entitled to receive
under any law or laws OF this state, the same to
be paid by the state treasurer i'll the same man
ner AS other salaries of state officers are paid.
SEC. 8. This act shall take effect and be in
force from and after its passage.
,,nova t1rij Oh 1901