Little Falls transcript., 1891-05-08

same may Re surrendered to It upon hling
with the depository the affidavit of the presi-
dent or vice president and secretary OF any
such association that such Indebtedness has
been paid in full. which affidavit shall be
him approved. And any, MORTGAGE upon
, which default has been made may be surren-
dered Is aforesaid for foreclosure upon Ike
affidavit that default exists and that such
SEC. s. No building and loan association
organized under the laws Of anv other state.
territory or nation, shall do business in this
state unless such association shall have Sc.
cprities of the value Of one hundred thou
sand dollars (St01, 1,oOo). and of the character
mentioned in this act on deposit in trust for
all its members aud creditors with some re.
under the laws OF such state or territory IN
the United States or with some authorized
officer of this or some other state Of the
.. United States. Certificates OF such deposit
Shall be maue to the public examiner Of this
state. certifying the possession Of such secur-
tiles, which shall not thereafter be surren-
dered without the authority or consent Of the
public examiner or other authorized officer
OF the state or territory in which said colnpa-
ny Is incorno-ated.
SEC. .. Every building and loan associa-
alton 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
ter or articles Of incorporatton; second, file
with the public examiner OF this state the
other stnte, showing chat securities to the
valne Of one hundred thousand dollars
(SlW,000) are on deposit with such state
oeer or dn trust ~
such building and loan association: third
file with the public examiner Of this state
duly authenticated copy. CT a resolution
adopted by the board Of directors of such as:
any legal process affecting such association
he served on such examiner. and a copy
thereof pe mailed postage prepaid BY the
party procuring the issue Of the same or his
ITS home office. then such service and mail.
Ing Of such process shall have the same ef-
feet as personal service on said association
In this state, and also an agreement that SAID
menced in any state court of this state
against the same to the United States
court md will lay every Judgment
that may be taken against Il upon
after the final judgment shall have been en-
! tered fourth, pay to the public examiner
twenty-five dollars (sa5) as fees for fling
papers mentioned in this section.
any foreign bu;ldti,s and loan association IS
served on the public examiner the same shall
be bv duplicate COPIES. one Of which shall be
filed in the otfico Of the public examiner, and
the other by him Immediately mailed postage
alton.
SEQ. II. The word process In this act
sha! include any writ declaration, summons
or order whereby any action. writ or proceed.
ings shall be commenced or which shall be
issued in or upon any action sui, or proceed
Ing authorized by law in this state.
SEC 12 Service Of process according to a
stipulation provided In Section Of this act
shall be sufficient personal service on the as.
sociation fIing such stipulation.
SEC Ia Wien by fhe laws OF anv other
state territory or nation. anv iaxes fnes
penalties, licenses, fees. DEPOSITS OF money OF
Securities, or other obligations or prohibitions
are IMPOSED on building and loan associa.
ffous ~ this sta,a doing hnsinres iu such
other state territory or nation. or upon their
agents therein. SO long as such laws continue
in force The same Obligation and prohibition.
building and loan associations Of such other
state. territory or nation. doing business in
this state and u Don their agents here.
SEC. H.. Any building and loan association
or territory that shall remove any sct,on that
shall be commenced against II In court OF
this state to the Uuited States court, or chat
shall fail to pay any judgment rendered
within sixty Coy days after the rendition Of
final Judgment IN such case. or that shall
fail TO make yearly statements to the public
examiner rs hereafter mentioned. or state.
ments 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-
vided In this act or to 90 any other act re-
qured 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
of general circulation at the capital Of this
stale, and shall communicate the facts 10 the
attorney general of this state, who shall in
stitute such proceedings III the matter q the
case may require. Provided. any such cor
poratlon may be again authorized to COM
meuce business in this state upon such terms
as the public examiner may deem Just and
proper. and upon full compliance with the
provisions OF this act.
Sec Is. All building ana loan associations
hereafter incorporated In this state shall
have an authorized capital of two million
dollars 1870 0.009) at the time OF the incor-
poration. Every share Of capital stock Issued
by any such association snail be OF the par
value Of one hundred dollars tSl00). but this
provision shall not be construed to forbid the
issue By any such association OF patd-up GER
tificates tor a less amount in liquidation Of
drawn before reachin: tss maturity period.
Provided that such paid-up certificates shall
be certificates of Indebtedness only. and the
stock in Humiliation OF which certificates are
issued shall be thereupon surrendered and
cancelled.
SEC. 16. Any building and loan assoc'a.
ton heretofore or hereafter incorporated
under the laws of this state. may at any time
increase the smonnt Of its capital stocEN6y a
vote Of at least ibr .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 ana the amount OF increase
mnde at any one time shall not exceed the
amount issued previous to the time OF slch
increase. Any amendments OF the articles
of incorporation OF any such association IN
any other respect shall be done at al annual
meeting BY two-thi!ds vote Of stock repre-
sented, and voted at suoh annual meeting on
the question Of such amendment or amend.
ments and only upon the notice hereinafter
provided to he given.
SEC, II, Whenever 1uy building aud loan
ASSOCIATION increases it's capital stock or 9TH
erwise amends its articles Of incorporation rs
provided in this act a copy Of the resolution
Of the board OF directors or stockholders max
inc such increase or other amendment. duly
verified nv oath of the president and secre.
tary Of such association. shall be filed in the
otfice of the register Of deeds of the county
w. which The home Of said ossoc.ation Is To-