Little Falls transcript., 1891-05-08


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-
uon. ana within thirty (D) davs statement
OF tne assets ana 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
be filed with the public examiner within ten
uE9 days after the printing thereof Pro-
vided. that oil such statements herein re-
quired 70 be made shall be uniform and in
accordance with form to be prescribed
therefor BY the public examiner. and shall
correctly show the proportion which the en-
reported bears to the gross earnings Of said
association Tor that term. And provided fur
taer. that al! reports re luired Of building aud
!oah associations organized under the laws Of
nus state and doing a general business are
also required OF all foreign building and loan
associations doing doing business In this
state. and gil the provisions Of this uct re-
!auns 10 such reports the filing thereof and
the fees therefor shall apply to such foreign
bnlldlng and loan associations
II any such association shall fail to furnish
10 the public examiner of the state any re-
port required by this act al the time 40 re-
CURED 1t shall forfeit the sum Of tweu,y-fiv
dollars (S;o) for every day such report shall
lie delayed or withheld. and examiner may
maintain an action in his name of Office TO
reca:er such penalty, and the same shall DO
paid into the treasury of the state and ap-
plied 10 the expenses OF the department Of
sald examiIer. After receiving such annual
report, the putlic examiner. If satisfied that
such corporation has compiled with all [the]
PROVISIONS OF this act and Ii entitled TO do
business IN this state. shall Issue his certiti-
cate stating the compliance with such pro-
VISION ana that such corporation is entitled
70 40 business III this state, which certificate
snail be IN force for the period of one ~
year unless sooner rescinded as proviied In
this act. Tho public examiner shall also
issue snch certificate tn a lnestic corpora
uoa which has complied with the law In
regard to Its articles Of Incorporation, and
the deposl: OF securities and in all other re-
spects except the filing Of said report, which
commence business at some intervening
period III any year. Such certificate shall
also be issued to any foreign corporation
com n'ylng with the conditions Of section 9
of this act and shall be in force until the
time herein required for such animal report
SEC: 10. 1t shall be the duIy of such public
examiner, at least once in each year. and as
often as be 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. al! the power and authority con-
ferred upon him over banks and other m IN
eyed corporations under the laws Of this
stare provided he shall not have the power
10 suspend the operations OF any such asso-
citation, except in the manner provided iu
the next succeeding section. And such pub
lie examiner shall have the same supervision
and control over the business, within this
state, of other corporations OF like kind tn
corporated under tho laws Of other states,
territories or nations, doing business in this
state. Upon The completion of any exam
ination Of any ASSOCIATION made by said pub
lie examiner or under his direction the as.
ISOLATION SO examined shall pay 10 said ex-
aminer Tee to he determined as follows
VIZ, for the first one hundred thousand dol
lnrs (SloO,ooo) OF assets. fee OF ten dollars
thousand dollars (Sl0o.O0D Of assets. or ma
jor portion thereof, an additional fee Of five
SEC: 20. ifn shall appear to said public
him or from any report Of any examination
made bv 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
to such corporation. direct conformity with
the requirements Of its charter and of the
law. And whenever such corporation shall
refuse or neglect to make such report or ac-
count as may be lawfully required. or to COM
ply with such order as aforesaid. the public
ex1mtner shall file statement in writing
win 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 corporations as are now or
may hereafter be provided by law in the case
of insolvent corporations. or such other pro.
ceedinRs as the occasion may require And
II such corporation shall have been organ
lied under the laws of any other state or ter.
ritory. said attorney general shall upon re-
ceivine such communication, il in his judg-
h R.,nt kS, N41{1
warrant such action. give notice to such cor
poration that 1t ia no longer authorized to do
business In this state, by depositing such
notice in the postottice, properly sealed and
principal office in the state where incorporat-
ed. and thereupon said CORPORATION shall
cease to have any rights in this state. and
said notice may be published in the same
manner as provided In section fourteen (I)
of this act
SEQ q. All officers Of any building and
loan association governed by this act and
doing business In this state, who sign or en-
dorse checks, OF handle any funds Of such
association. shall give such bonds or fidelity
their duties as the board Of directors may re-
quire. and no such officer shall be deemed
qualified to enler 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 NAV require OF any nsSocia-
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. The
penalty for the failure CT any association to
file and maintain the bonds or policy as re-
qured by the provisions Of this section shall
be 1ne of one hundred dollars (SlDl for
each dav such association tran>acts business
provisions of this act Said bond or policy
Shall be held in trust fu7 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. Y. The name building and loan as
socation." as used in this act, shall include
all corporations societies. or.n,iza'iDns or
associations doing saving and loan or invest
ment business on the hailding society plan,
whe iher mutual or Otherwise; and whether
Issuing certificates of Stock. which mature At
q fixed time In advance or not.
SEC o. ANY officer, director or agent or
nnv foreign building and loan association. or
any other person whatever. who shall IN this
state solicit subscriptionst to the stock OF such
association, or who shail sell or issue or
ident Of this state ANY stock OF such associa-
ton while such association shall not have
had the certificate Of the public examiner
authorizing il to do business in this state as
herein described. or has not deposited as re-
quired by this act securities Of the value and
at the time herein prescr! bed or before said
association has complied with nl the pro-
visions OF this act or when said association
shall have been notified and required TO dis
continue business in this state as hereinhe-
fore provided, shall be guilty of m'sde-
meunor, and upon conviction thereof shall
he punished by a fine of not less than one
hundred dollars (Sln0), nor more than i've
hundred dollars $500. or by imprisonment
of not less than ten (lW days. nor more Than
nix (6) months or both such fine and i'm
prisonment in the discretion of The court
SEC o. Any officer. director or agent OF
rated under the laws Of this state or any other
person whatever, who shall sell or issue OK
knowingly cause to be sold or issued to any
person not resident OF the county III which
the home Office of said association is located,
or IN the counties Immediately adjacent
thereto any stock of said association while
said association does not have on deposit
with the public examiner or some loan and
trust com pnny. as required by this act, So
curitics Of the value and at the time berein-
after prescribed or while such association
{ hall not have n certificate Of the public ex-
eminer authorizing il to do business us herein
prescribed, shall be guilty Of a misdemeanor
and upon conviction therefor shall be pun
ished By fine Of not less than one hundred
dollars l$l0O). and not more than five hun.
dred dollars (S50o). or by imprisonment OF
not less than ten (10) days, nor more than six
(6) months, or 'th such fine and imprison-
mcnt In the discretion Of the court
SEC. Is. Any premium for loans made BY
any association governed by this act shall not
lie considered or treated as interest nor rem