New Ulm review. (New Ulm, Brown County, Minn.) 1892-1961, 1895-05-22

written report thereon made and filed In the
Office Of said commissioner as herein pro-
! v1ded; and provided, further, that he shall
not make any such settlement for an
amount less than double the value of such
ImDer as shown by such scale and APP
praisal: tiS
commissioner to keep a record book which
shall contain a record of all trespass re-
ported, OF all scales of trespass, of all cor
fespondence relating thereto and Of all
| settlements thereof
Sec. 40. The land commissioner is hereby
authorized and empowered to seize and
take possession OF any timber or other
ElOpfIty WrOngful1y taken from such lands
wherever it may be found, and in the event
OF. such seizure to sell such timber or
other property to the highest bidder at
public anction.
In case the state, either by action or
through the land commissioned, shall seize
or take possession of any timber or other
property taken from such lands, and shall
proceed to sell the same, the expenses In
Cured in making such seizure and sale may
be deducted from the proceeds thereof.
Sec. III. The records kept in the Office of
the land commissioners. pursuant to this act
shall be taken and deemed notice of the
facts therein set forth.
Sec. AZ. The word climber" as used in
this act, shall be construed to mean trees,
logs, ties, posts, poles, paving blocks, 'um-
Der, lath and shingles.
q Sec e q 3 ssctIens ~ IS 1s, 81 Al
chapter IS, General Statutes of 1873, any
and all amendments thereto, and all acts
and parts of acts Inconsistent with the
PROVISIONS of this act are hereby repealed
Sec. a.: This act shall take effect and be
In force from and after June LIST, 1895.
Approved April %, 1895.
NO. 6-S f. NO 1885,
AN ACT to revise the laws relating to
banks of discount and deposit.
Be it enacted by the Legislature Of the
State of Minnesota.
Section l. Any number Of persons not
less than three s(3l may establish banks Of
porated upon the terms and conditions and
subject to the liabilities prescribed in this
act; put the aggregate amount of paid up
capital stock of such bank shall not be less
than ten thousand dollars in any town con-
tanning population of one thousand per-
sons or less; and not less than fifteen thou
SAND dollars in towns of more than one
thousand and not exceeding fifteen hundred
populations; and not less than twenty thou
sand dollars in towns Of more than fifteen
hundred and not exceeding two tho'Sand
population; and not less than twenty five
thousand dollars in towns of more than
two thousand Inhabitants; the population
i'll all cases to be determined by the last
official census. The full amount of capital
stock named in the articles of 1ncor1ora-
ton shall be paid in cash before any bank
shall be authorized to commence business
and such payment shall be certified to the
superintendent of banks under oath by the
p esident or cashier of the bank.
Sec 2. The persons uniting to form such
corporation shall, under their hands and
seals, execute articles of incorporation
which shall specifically state:
FirSt-The name assumed to distinguish
the bank and to be used in all dealings,
which name shall not be that of any other
bank i'll the state; provided, that if such
bank is being Incorporated for the purpose
n ut hn
bank so incorporated may assume the naune
of the bank which it is intended to sue
ceed.
Second-The place where the business of
discount and deposit is to be carried on
Third-The amount of capital stock and
the number of shares into which the same
is divided.
Fourth-The names and places of resi-
dence or the shareholders and the number
of shares held by each Of them.
Fifth-I'he period at which said bank
shall commence and terminate, which term
shall not exceed thirty go years.
The articles of Incorporation shall be &C
knowledged before the clerk Of some court
of record OF notary public, and authcnti-
Gated by the seal of such court or nota y,
anu shall be recorded III the office Of the
register of deeds of the county where such
bank may be established, and the articles
thus authenticated shall be transmitted to
the superintendent of banks, who shall!
carefully preserve the same on file in his
office. Upon duly making and filing such
articles of incorporation the bank shall be-
come as from the date of execution of the
same a body corporate, and as such, and in
the name designated in such articles it
shall have the power to make contracts.
to sue and be sued, and shall. have all the
powers, privileges and immunities incident
to corporations and applicable to the ends
CT such establishment, subject to the re-
str;ctiOns aud provisions Of this act. A
copy of the articles duly certified by the
register, of deeds of the county or by the
evidence in all courts for or against such
bank, Or any person for or against whom
such evidence is necessary, whether, Oh
superintendent of banks may be used as
civil or ON criminal trial. &c.,
Sec. 8. Upon making and filing the art1-
cles Of Incorporation required by this act
the bank shall become a body corporate,
and as snch shall have power:
First-To adopt and Use corporate seal.
Second-TO have succession for the period
of years named III the articles of incorpor-
alton. Pc
Third-To make contracts.
Fonrth-To sue and be sued in any court
of law or equity as fully as natural per-
SINS.
Fifth-1'o elect or appoint directors, who
snail choose from their members presi-
dent and one OF more vice presidents, and
shall have power to appoint and employ a
cashier or other officers, define their duties,
require bonds from such officers and clerks,
dismiss such officers so elected or appoint
ed or any Of them at pleasure and elect or
appoint others to fill their places.
Sixth-To prescribe. by its board of d.
rectors. bylaws not inconsistent with law,
regulating the manner in which Its direct
ors and officers shall be elected Or ap-
pointed, and fixing their compensation it's
stockholders convened for special OF reg
ular meetings. its property transferred, it's
general business conducted and the privi-
leges granted to it by law exercised and
enjoyed. ss
Seventh-To exercise by its board Of di-
rectors or duly authorized officers or agents,
subject to law, all such powers as shall be
necessary to carry on the business of bank
ing by dscountlng bills, notes and other
evidences of debt, by receiving deposits,
by buying and selling gold and silver
bullion, foreign coin, promissory notes,
mortgages and other evidences of debt,
and foreign and inland bills of exchange,
by loaninG money on real and personal Sc
curities and by exercising all the usual
and Incidental powers and privileges be
nrovided. that no bank shall transact any
business except such as is incidental and
necessarily preliminary to its establish
ment until it has been authorized by the
superintendent of banks to commence the
business Of banking.
Sec 4. Whenever the articles Of incor
poration are filed with the superintendent
of banks, as provided in this act, and the
bank transmitting the same files the cer-
titcate Of payment OF capital, as provided
in this act. and certifes that such bank
has complied with all the provisions of
This ACT De1OIe TIE Ddlk Slldll DE
authorized to commence business, the SUI
perintendent shall examine the condition
of such bank. ascertain the amount of
money paid in on account Of it's capital.
the name and place of residence of each Of
it's directors and the amount of capital
stock of which each is the owner in good
faith, and whether such bank has complied
with all the provisions Of this act required
to entitle it to engage in the business OF
banking. If, upon such examination, it
appears to the superintendent of banks
that such bank is lawfully entitled to COM
mence the business Of banking, he shall,
within thirty days after the filing of the