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

months. and shall be verified bv the secraiaryr
ana president or vice president of the assNni,
non, and within thirty (3)) DAYS a statement
~ % tie assets ana liabilities shall be published
" irase once IN some newspaper in the citv
or town where the associations nrincins}
place OF business is and COPY of slIch seIni
annual report verified by the secretary shall
~ nieu Win me public examiner within ten
w Gays after the printing thereof Pro-
Vided, that all such statements herein re-
CURED 10 be mads shall be uniform and in
accoraance with form to be prescribed
tnerelor ny the public examiner. and shall
GoIfectly snow the proportion which the en-
tire expenses OF the association for the term
reported bears to the gross earnings of said
associatloh Tor that term. And provided fur
tnfr. lhat an reports required of building and
inns state and doing general business are
also required Of all foreign building and loan
associations doing doing business in this
1 saae anc az the provisions of this act re-
!atlES 10 such reports. the filing thereof and
the fees therefor shall apply to such foreign
Dnl!dlng and loan associations.
~ any such association shall fail to furnish
70 lne pubic examiner of the state any re-
qulred it shall forfeit the sum Of ,wcntvsGv.
doiiars so for every day such report shall
ne delayed or withheld. and examiner NAV
MAINTAIN an action in his name of Office 10
I rai5 such penalty, and the same shall be
Paiu INTO the treasury of the state and ap-
Piieu 10 the expenses of the department Of
SAID examiner. After receiving such animal
sepIprd me public examiner if satisfied that
r-on; COZ pofaelon has compiled with all [thel
provisions OF this act and is entitled 10 do
business IN this state shall issue his cer;if-
cale slatlng the compliance with such pro-
VISION and that such corporation is emitted
bo ~ business IN this state, which certificate
snhli De III force for the period Of one III
!eur unless sooner rescinded IS provided In
ms act. The public examiner shall also
issue ti sich certificate to domestic corpora
uon whlch has compiled with the law in
regard 10 It's articles of incorporation, and
the deposit of securities and in all other re-
spects except the fling of said report which
commence business at some Intervening
pferloh IN any year. Such certificate shall
also be issued to any foreign CORPORATION
authorized to do business in this state after
CONFUSING with the conditions Of section 3
OF THIS act and shall be III force until The
dme herein required for such annual report.
SEC: 10. 1t shall be the duly of such public
examiner, at least once in each wear. and as
often as he may deem necessary, 10 assume
ana exercise over every building and loan
ASSOCIATION incorporated under the laws Of
this state. its business, officers. directors and
employees all the power and authority con.
1erred upon him over banks and other mon
eyed corporations under the laws Of this
state, provided he shall not have the power
10 suspend the operations Of any such asso-
clatlon, except in the manner provided il
the next succeeding section And such pub
lie examiner shall have the same supervision
ana control over the business. within this
state, or other corporations of like kind tn
corporated under the laws of other states,
terrltorles or nations. doing business in this
state Upon the completion of any exam
!!latlon OF any ASSOCIATION made by said pub
nc examiner or under. his direction, the as
anllner fee to be determined as follows
w., for the first one hundred thousand dol
lars (SlD,OoO) OF assets. fee Of ten dollars
tSlo) and for each additional one hundred
IS
dollars $50.
Sec: %. If it shall appear to said nublfc
examiner from any examination made by
made BY him or from the annual report
aforesaid. that said corporation is violating
It's charter, or the law, or that it is conduct
ING li business IN an unsafe: unauthorized o.
under his hand and seal Of Office addressed
70 such corporation, direct conformity with
the requirements of its charter and of the
law. And whenever such corporation SHAH
count as may be lawfully required. or to com
ply with such order as aforesaid. the public
examiner shall file statement in Writing
with the attorney general setting forth the
violation or refusal consists, which statement
snail be prima facie evidence of such viola
latlon or refusal. whereupon the attorney
general shall institute such PROCEEDINGS
osdiAiSt any SuCn CORPORATIONS as are now.
may hereafter be provided by law in the cals
OF 1nsolvent corporations, or such other pro,
ceedlngs as the occasion may REQUIRE And
II such corporation shall have been organ
l.eo under the laws OF any other state or ter
rltory. said attorney general shall, upon re-
celv1ng such communication. if in his iudg-
ment the facts in the case are sufficient to
warrant such action. give notice to such cor
porauoa that 1t is no longer authorized to do
business in this state by depositing such
notice in the postofice, properly sealed and
stamped. addressed to said CORPORATION at its
principal Office III the state where Incorporate
ed- and thereupon said CORPORATION shall
cease to have any rights in this state. and
sald nouce may be published in the same
manner as provided in section fourteen ll.)
OF this act.
loan association governed by this act and
doing business in this state, who sign or en-
dorse cheeks. or handle any funds of such
association. shall give such bonds or fidelity
insurance for the faithful performance OF
their duties as the board of directors may re-
qulre and no such officer shall be deemed
qualified to enter upon the duties Of his Office
untli MS bond is approved by the board Of
directors ana the public examiner, with whom
such bond shall be filed: provided, that the
public examiner may require of any associa-
Ulon 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 10
file and maintain the bonds or policy as re-
CURED by the provisions of this section shall
be nne OF one hundred dollars {SloO) for
each day such association transacts business
after such bond has become due under the
provisions of this act Said bond or policy
shall DE held in trust for the benefit and pro-
and shall be enforcible by any member when
ever the cause of action shall accrue thereon.
SEC. -. The name building and loan as
ISOLATION" as used in this act. shall include
all corporations, societies. organizations or
associations doing saving and loan or invest
ment business on the building society plan,
whether mutual or otherwise. and whether
issuing certificates of stock. which mature at
fixed time in advance or not
SEC. % ANY officer. director or agent or
any foreign building and loan association or
any other person whatever: who shall in this
state solicit subscriptions to the stock of such
association, Or who shall sell or issue or
knowingly Cause to be sold or issued to res
ident of this state any stock of such associa-
ton while such association shall not have
had the certificate of the public examiner
authorizing it to do business in this state as
herein described. or has not deposited as re-
at the time herein prescribed or before said
association has compiled with all 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 misde-
meanor, and upon conviction thereof shall
be punished by a fine Of not less than one
hundred dollars (S1o0), nor more than five
hundred dollars $500, Or by imprisonment
of not less than ten O0l days. nor more Than
six 90 months or both such tine and i'm
prisonment in the discretion of the court
SEC. q. Any officer, director or agent OF
any building and loan association incorpo-
rated under the laws of this state or any other
person whatever, who shall sell or issue or
knowingly cause to be sold or issued to any
person not resident or the county i'll which
the home Office of said association is located,
or i'll 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 company, rs required by this act. Sc
curities of the value and at the time herein
after prescribed, or while such association
shall not have certificate of the public ex-
aminer authorizing it to do business as herein
prescribed, shall be guilty of misdemeanor
and upon conviction therefor shall be pun
ished by a fine of not less than one hundred
dollars (SlO0). 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 both such fine and imprison-
ment in the discretion of the court
SEC. IS. Any premium for loans made by
any association governed by this act shall not