St. Paul daily globe., 1895-05-21
NO. 52.-S. +. NO. 560.

Approved March 81, 1898
NO. SIS. f. NO $50.
AN ACT to provide for the Incorporation
OF companies designed to loan moneys to
the INDECENT and defining the powers ana
o. Liabilities Of such companies.
Be 1t enacted by (the Legislature of the
State of Minnesota:
Section l. Any number of persons, free
holders and residents of this state, not less
than nine, of whom one at least shall at
the date of the execution of the articles
OF Incorporation of said company be men,
Der of the state board of corrections and
charltles, or be designated by said state
board Of corrections and charities, may
associate themselves and become incorpo-
rated by complying with the provisions of
this act, for the purpose of aiding such
persons as said corporation shall deem in
need OF pecuniary assistance by loans OF
money at interest upon the pledge or mort
gage of personal property.
Sec. =. The provisions OF title two or
chapter "a of General Statutes Minnesota,
1873, in reference TO the methods or organ
izing, shall apply to and be observed by cor
porations organized under this act, and
corporations so established shall have the
same powers and privileges and be subject
to the same duties, liabilities and restric-
tlons as other corporations established un-
der the same title, except as in this act
otherwise specifically prescribed.
Sec. 3. The board of directors of such
corporations shall consist of not less than
five persons, who shall be freeholders and
TeSlupnIS Oh InlS SIdIP,- ana OF Sucu uITttl-
ors one at least shall always be a member
of the state board of corrections and char
tiles, or a person designated by the state
board Of corrections and charities, and the
compensation of such last named director,
in case he receives any compensation, snail
be paid by such corporation.
Sec. f. No such corporation shall begin
to do business until the Iull amount of it's
capital stock as stated in its articles Of
incorporation or any amendment thereof,
shall have actually been paid in in cash,
and no such corporation, shall ever pay to
| It's stockholders, either directly or Indirect
ly. as dividends or earnings, greater re-
turn upon their stockhoidings than six per
cent per annum, and any and all prohtS
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. - No such corporation shall begin
10 DO business until 1t shall have presented
| to the state board of corrections and char
| itieS a copy of its articles of Incorporation
and bylaws. a list of stockholders and the
! amounts actually paid in money by each
| of them for the stock they respectively
hold, a statement in writing OF the plan
| upon which it proposes to do business, and
| such other information as said state board
! OF corrections and charities may exact or
demand, nor until said state board of cor
| rections and charities shall have authorized
| such corporation to so begin business.
| Sec g. When any such corporation has
| disDosabe funds 1t shall loan on ali goods
| and chattels offered, which come within
| the limitations and conditions 1t may pre-
| scribe in its 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 snail
not loan by mortgage on property which Is
| situated at the time of making the loan
outside the county in which Is the prln-
| cDal place of such corporations business
as named in it's articles of incorporation
| See T. Such corporations may charge in.
| terest at a rate not exceeding TWO per cent
| month. and in addition thereto may
| charge n 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
charge shall be made for making n prelim-
mary examination when the loan Is not
made, nor for the examination OF properly
! offered at the office of the corporation Tor
! pledge nor shall any bonuses or renewal
| fees he charged for making, renewing OF
| extending any loan. ,
Sec 8. All loans shall be for a time fixed
and not more than one year, ana me IL llior ro-
gagor or pledgor shall have a 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 De,
| fore the right of redemption Is t0reclosed
| on Davment of the loan, interest ar me
| rate agreed on and actual outlays or the
| corporation In fOrecosing or otherwise en-
forcing It's rights up to the time OF lhe
| offer to redeem.
Sec o. The corporation shall give to each
nledgor a card inscribed with the name 90 oa
| the corporation. a brief description OF me
| article or articles pledged: the name OF ! L.e
| nIedpor the amount of the loan. the rare
! Of comDensa ton. the date when maze, anu
| the date when payable.
tion must be held AT least thirty days after
| default unless sooner redeemed, ana the
| net surplus actually received by the cGrpO-
| ration in money from the sale on IoIc-
| closure of any chattels mOrtgaged or Irolh
| the sale of any property pledged. II sucn
! saIn Is made within six months from the
! date of such default after paying loah
| charges interest and expenses or SAFE,
| shoi1 he hold for six months for the owner
! and maid to him on demand without 1nter-
| est I'm case such surplus is not calico I0I II
| nv the owner within such time. IL sH"ii
| become the property OF the corporation.
| SOC II The public examiner OF the state
shall have access to the vaults, BOOKS anu
| noDers of the corporation. and 1t snaIl w, ne
| his dutv 70 inspect. examine and inquire
| info it's affairs. and to take proceedings IN IN
| regard TO them IN the same manner anu II. 10
! thp same extent as If said corporation welg !
savings bank, subject TO an me oaI, GoneI ha
| lows which are now or hereafter may pc
| e. forcn relating to such INSTITUTIONS III
| this regard except that the returns re. r.
nuired TO be made to the public eXaIlllhoff ~
shaii , iooUrnora+ion's nv books. and shall specify
+he difrerent kinds of its liabilities and me
| different kinds OF It's assets, STATING tn
| amount of each Elnd, IOStlhel ~ . .' -,
otber information as may be called TO- ny
said examiner: provided, however, that sald
! oxaniner. NAV cause any examination 10 ne
| made nv IN expert under his direction, puL
| at the expense of the corporation. - ho
Sec. u. This act shall take erect ana De
| in force from and after us passage
| Approved April %. 1880. ,-r-,--
NO. 53.-S +. NO. 407.
AN ACT to fix and regulate the saIarles
! and compensation Of the officers ana en-
| ployes Of certain cities in the. State Oh
| Minnesota and to confer certain poWt,Is .
and duties upon the common councIs
thereof in relation thereto.
Re II enacted by the Legislature or the
| State of Minnesota: ..
Section l. That in all cities of the Stare
| of Minnesota having population OF over
one hundred thousand QOO,0OO lnhaoltantS
| and not exceeding one hundred and sixty
Ave thousand 165,G00D inhabitants, ac,
! nording TO the then last completed
| state or national census. the COM
| mon council thereof shall, at any
| time after the passage OF this act ana
and authority by a three-fourths vote of
| all the members thereof to fix and regulate
| the salaries and compensation OF and Tor
| any and all of the officers, deputies, assist
ants, clerks and employees of such city. or
| any board or department thereof. as mere
| matter specified, without regard to how
! the same have heretofore been fixed or es-
! tablished.
| Sec. . In the fixing and regulation OF
| such salaries or compensation the common
| council of any such city shall nave no
: power or authority to fix. provide Tor or
| allow. directly or Indirectly, any greater
sum as salary or comnensation for any of
ficer deputy, assistant, clerk or employe
Of anv such city Except mayor or comp
trolIer during the term for which they were