New Ulm review. (New Ulm, Brown County, Minn.) 1892-1961, 1895-05-22
t t, shall. Il such bond is approved. 1

saiu .suRerlnIendenf, and any person SO
aggrieyed, or the town, may maintain an
action on said bond against such superin.
tendent and snreties 49,
sn Sec =, s That it shall be lawful for the
tax IN any year shall be voted at the an
nual town meeting to be assessed, ana
c cel9re me same IS collected to pledge the
orders not exceeding such tax so assessed,
N paying the expenses Of such making and
repairing Of roads ana bridges of said
Sec. {. That section one a. two en-
three 81, four ~, five o., six (6j. seven.
fMe1 eaghf 81, nine o. ten qol, eleven
ftse s 81 a fslEtean 3D. sd f9srteen S.
eighteen ds,. nineteen dej, twenty co. 20,
tthM raay 19gs (2D, Twenty-Five (22, twenty
g5, twe1ty.six e65, tweaty-s swenes1 (27,
twenty-eight (2s), twenty-nine coy thirty
800, thirty-one Cd and thirty-two ts2J OF
chapter thirteen OBJ. of the General Stat
hundred and seyenty-eight qs7sl (being the
same same numbered NJ sections of the General
and Of Minnesota Of eighteen hundred
pended as to all townships where such
spsoi9e shall be passed in the manner
sneclneu IN this act, so far as the same
| thereof 80, - $500 $50 =
to Iroy1aed that the legal voters Of any
ADOPTED and in full force for five % years
may repudiate the adoption, Of the same by
nlaa:Jorlty OF the votes cast at any annual
| meeting, SO far as the same applies to
| s snea town: But no such vote shall be
taken unless petitioned for as provided in
| SECTION one D of this act
| In force from and after it's passage.
Approved March p, 1895.
NO. 52.-S. f. NO. $50.
| AN ACT to provide for the Incorporation
| u ~ companies 9aas designed to loan moneys to
me me INDECENT and defining the powers ana
| p lia o. or such companies.
| BE 1t enacted by (the Legislature of the
State of Minnesota: 49,
| Section l. Any number of persons. free
n 14o and residents OF this state, not less
t than nine, Of whom one at least shall at
me date Of the execution of the articles
Oh Incorporation of said company be mem
c cSa 81 the state board Of corrections and
ooard OF corrections and charities, may
associate themselves and become incorpo-
rate tated ny complying with the provisions Of
this act, for the purpose of aiding such
persons as said corporation shall deem in
neea OF Pecunlary assistance by loans Of
n money at interest upon the pledge or mort
chapter "a of General Statutes Minnesota,
1873, in reference to the methods or organ
izing,, shall apply to and be observed by cor
porat organized under this act, and
corporations so established shall have the
same sa re- powers and privileges and be subject
|
t ton as other corporations established nn-
der the same title except as in this act
ot sec T specifically prescribed
| corporations shall consist of not less than
five persons, who shall be freeholders and
residents of this state, and of such direct
| OF the state board of corrections and char
| lties or. a person designated by the state
board Of corrections and charities, and the
| compensation of such last named director,
| receives
| be paid by such corporation.
| Sec. 4. NO such corporation shall begin
! to do business until the Iull amount of it's
capital stock. as stated in it's articles OF
incorporation or any amendment thereof,
snail have actually been paid in in cash,
and such corporation shall ever nav to
it's stockholders, either directly or indirect
| ~, as dividends or earnings, a greater re-
turn upon their stockhoiuings than six per
cent per annum, and any and all profits
and surplus which such corporation shall
accumulate after paying such dividend Of
six per cent per annum shall be applied in
reducing interest charges as much below
| two per cent per month as in the Judgment
OF its directors can reasonably be done.
Sec. 5. No such corporation shall begin
! to 90 business until it shall have presented
t.: the state board of corrections and char
tiles copy of it's articles of Incorporation
and bylaws, list of stockholders and the
amounts actually paid in money by each
hold. statement in writing of the plan
upon which it proposes to do business, and
such other information as said state board
demand, nor until said state board Of cor:
rections and charities shall have authorized
such corporation to so begin business.
disposable funds it shall loan on all goods
and chattels offered, which come within
the limitations and conditions 1t may pre-
scribe in it's bylaws in the order in which
| they are offered with this exception, that
it may always discriminate in favor of
small loans to the INDECENT and that it shall
situated at the time of making the loan
outside the county in which is the prln-
clpal place Of such corporations business
named in its of
terest at rate not exceeding two pei cent
a month, and in addition thereto may
charge. a reasonable fee not exceeding one
dollar in any one case for the examination
of property offered as security. and the
actual expenses of executing, filing or re-
cording the necessary papers. But no
| mary examination when the loan is not
made, nor for the examination of property
offered at the office of the corporation for
pledge nor shall any bonuses renewal
fees be charged for making, renewing or
extending any loan.
Sec: s. All loans shall be for time fixed Set
gagor or pledgor shall have right to re.
deem his property mortgaged or pledged
at any time before it is sold in pursuance
of the contract between the parties. or be-
fore the right of redemption is foreclosed
on payment of the loan, interest at the
rate agreed on and actual OUTLAWS OF the
corporation in foreclosing or otherwise e en-
offer to redeem
Sec 8. The corporation shall give to each
pledgort card inscribed with the name OF
article or articles pledged: the name OF the
pledgor the amount of the loan. the rate
Of Compensation, the date when made, and
the date when payable.
| IrODprtV Dlpd0ad
ton must be held at least thirty days after +,
default, unless sooner redeemed; and the
ration in money from the sale on fore
closure of any chattels mortgaged or from
the sale Of any property pledged II suc1
sale is made within six months from t tn
date of such default, after paying loar
charges. interest and expenses Of sale
shall be held for six months for the owner
and paid to him on demand W1tnouL inter
est. In case such surplus is not called fol
by the owner within such time. it shall
become the property Of the. corporation.
Sec II. The nublic examiner Of the state
shall have access to the vaults. books and
papers Of the corporation. and IT snail DC
his duty to inspect, examine ana inquire
into its affairs. and to take proreenlngs II II
regard to them in the same manner and te
the same extent as if said corporation were
a savings bank, subject to all the genera "a,
laws which are now or hereafter may pe
In force relating to such institutions II
this regard. except that the returns re-
quired to be made to the public e eX ANN e.
shall be in the form OF q trlai nHlance ~
the corporations books, and shall speciI!
the different kinds Of its liabilities Al. and tn tn,
amount Of each kind, together with sucf
other information as may be called TO- b!
said examiner; provided. however, that sale
examiner may cause any examination TO D'
made BY an expert under his direction, blu
at the expense Of the corporation
Sec. -. This act shall take effect and b.
in force from and after its passage.
Approved April %. 1885