The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-05-03

|
and shall be divided into shares OF not
| less than one hundred dollars C$1OO eacn;
Sec. 7. Every such corporation snail
erect and maintain suitable aod +h s1o nroge
erty secured by it under the provisions OF
| this act, and shall at least twice in eacn
pick up and as dther as
bles lying within the territory covered
by it's limits. -
| Sec. 8. Every such corporation shall, at at
| it's principal Office, enter in book 70 10
| provided by 1t and kept for that purpose
within ten days after such logs UNI m
Der, lumber or other f1oatables are + Sc
cured in it's storage boom and sorted
all logs, timber. lumber, or other Iloala %
bles so secured, with q Description on
the marks thereon, If any. ana tne
shall be open to the inspection OF all
persons interested in such property; ana
shall also within the same per1od; DE, de-
| post in the office Of the surveyor OF logs
and lumber Of the district IN which Its
principal office Is located, list of such
logs, timber, lumber or other hoatables,
| If any: and it shall be the duty Of such
surveyor of logs and lumber on the pay
ment to him of the sum Of twenty-five
cents for each list so deposited, to file
Sec. 8. Any CORPORATION which may
hereafter be organized under this act
shall have the right to control such por-
lions Of such waters hereinbefore de-
scribed. for the purposes Of this act, with
in the limits Of its corporations establish
ed or to be established as hereinafter
SURVEYOR of logs and lumber OF the dls,
trict in which the principal office OF said
corporation is located. map or plan OF
the section or sections Of such waters
within which the operations Of said COM
pany shall be confined. accompanied by
the affidavit of the secretary Of such cor
poration or any two indiyidual members n"an
or plan. and setting forth the place IN
which the general office Of said corpora
ton is located. that 1t has erected a stor-
viding such map or plan and affidav1t
shall be so filed within sixty days after
the passage Of this act. 1t shall be the
duty of the surveyor of logs and lumber
of the district in which the principal
office in this state Of such corporation Is
located. on the payment to him OF the
sum of one dollar $50 as fees. to file and
preserve in his office a map or plan
and affidavit. mentioned in this section.
and the same shall become public record.
Provided. that nothing herein shall pre-
vent any log owner from picking up his
own logs.
Sec. TO- The provisions of sections two.
three four seven. eight. nine, ten, eleven;
thirteen Of title one of chapter 81, general
thereof and section 3407 Of general stat
utes Of Minnesota 1894. shall apply to
and be observed by corporations organ n
not inconsistent with the provisions OF
this act.
Sec. ii. This act shall take effect and
be, in force from and an after its passage
Approved April %. 1897.
CHAPTER 2s7-H. F. NO. 9s9.
AN ACT to amend section twenty seven
one Q3D general laws of Minnesota
1891, relating to building, loan and saw
ings associations doing general pusl-
D. - oroo+ad INV the LEGISLATURE of the
State of Minnesota
Section l. That section twenty-seven
CD of chapter one hundred ana tn1rty-
one ODD of the general laws of one th no11
sand eight hundred and ninety.one lle9l)
is hereby amended to read as follows:
Sec. q. Any shareholder whose snare
upon a loan shall be entitled to with
draw such share or shares at any time
twenty-four (24 months from and after
he date at of such date
Provided, that the board of directors
may, if they deem it to the interest OF the
any shareholder desiring to withdraw at
a previous date paying therefor the sum
paid in on said shares less such discouni
as may be agreed upon, and Whlch sna 1
not in any case exceed eight 90 per cent;
Any such shareholder may give notlce OF
withdrawal in writing to the secretary OF
said association, and the liability OF SAID
shareholder to pay further 1nstallmentS
cease with said notice Such withdraw
ing shareholder shall be entitled to re-
ceive. at the end of two % years IRON rom
the date of his first payment. all monthly
payments made on account of such snare
or shares (not including admission fees or
fines) less the following deductions: .
Fifty 600 cents on each certificate IN
payment for issuing and canoeing the
same, and two CO per cent OF the amount
so paid in for contingent or reserve
fund to be used by the association to
contingency
ness from the depreciation OF Its Secur-
tiles or otherwise Crowded, that II the
sh,re or shares on which such notlce OF
withdrawal is given are in arrears, tine
of ten Q0) cents per share for each thirty
800 days such share or shares are delln-
quent may be deducted, in addition to the
withdrawal fee and charge for the reserve
fund hereinbefore provided for). All
stockholders who do not give the notice
as herein provided, failing to make pay
ments shall be subject to a fine OF ten QU)
cents per share per month for each month
such payments are in arrears. for a period
of six (6) months after the last payment
made (sneh fines IN the aggTega cen not n TO
share), and at the end of such period OF
six (6) months, if the arrearages and fines
remain unpaid the balance of such
ing the certificate fee. contingent fund
and fines as herein provided, shall be sub
iect to withdrawal at period not less
than twenty-four (2Q months from the
date of the first payment, on application
of the stockholder If such delinquent
shares are not reclaimed or called Tor
within .twenty-four CD months from the
any, to the credit Of such delinquent
shares shall be transferred to the con-
tingent fund herein provided for. and the
delinquent shareholder shall, from the
time of such transfer, have no further
claim upon the association on account OF
such share or shares, or the payments
made thereon.
provided that such shares, which may
have been pledged as collateral for the
payment of a loan and become delinquent
shall be adjusted as provided for, in sec
ton four az of this act. If such with
drawing member has made twenty-four
(24 or more payments and less than
thirty-siX (36l payments he shall receive
the amounts paid less the deductions pro-
vided for, and interest on such amount at
the rate of five 60 per cent per annum.
for the actual time the association has
had the payments in excess of twenty
TOUR (24) months; and if such withdraw
ing member has made thirty-siX (36) or
more payments and less than forty-eight
(4S) payments he shall receive the amount
paid in, less the deduction PROVIDED TOT,
and interest on such amount at the rate
of six Co per cent per annum for the &C
tual time the association has had the pay
months. and if such withdrawing member
has made forty-eight (4S) payments and
less than sixty 600 payments he shall re-
ceive the amount PAID IN: less Ine oea auid
tions provided for, and interest on said
amount at the rate of seven CD per cent
per annum for the actual time the asso-
citation has had the payments IN excess
of twenty-four CD months; and if such
withdrawing member has made sixty (60)
or more payments, and the stock has not
reached a maturity. value, he shall receive
the amount paid in less the deductions
provided for and interest on such amount
at the rate of eight 60 per cent per an
mum for the actual time the association
has had the payments.
1o1 net profits s.