The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-05-03
CHAPTER cas- F. NO 14o

OIL minnesota be, and is hereby authorized
and empowered, acting by its common or
city council and the city attorney tn
compromise and settle any disputed claim
or demand heretofore made against such
CITY on account of damages alleged to
nave been sustained in the performance
or any contract with any such city and
to authorize to be paid to any person sur
1erlng any such damages any sum or
amount IN such cases as has been here
tofore recommended by the committee
or committees of any such common cOun-
Gil, where such recommendation of such
committee has been heretofore adnpted
by such common council.
Sec. = Whenever such city or COM
mon council, shall have determined IN
compromise and settle any such claim or
70 authorize the payment of any sum un-
der the provisions of section one % Of
TINS act, such sum may be paid by the city
whose common or city council shall have
authorized and directed the payment of
any such sum.
Sec. 3. This act shall take effect and be
IN force from and after it's passage.
Approved April %, 1897.
CHAPTER 22S-S. f. NO. o.. -
AN ACT to amend chapter one hundred
and forty-five Q45) of general laws OF
one thousand eight hundred and ninety
counts and deposit.
Be 1t enacted by the Legislature of the
State of Minnesota:
Sec ton l. Section fifteen 30 chaDter
one hundred and forty-five Q45j general
laws one thousand eight hundred AND
nlnety-five QS95), shall be and the same is
hereby amended so as to read as follows. -
Sec. 10. The total liabilities to any sucF
bank of any person or of any company.
corporation or firm, for money borrowed,
including in the liabilities of a couDany.
or firm, the liabilities of the Several Nom
bers thereof, shall at no time exceed dr-
teen Qo) per cent of the aggregate
amount of the capital stock of such bank
actually paid in, and of the permanent
surplus fund of such bank; provided that
the total liability of any officer or di--
rector to such bank shall at no time ex-
ceed ten OO) per cent of the aggregate
amount of the capital stock of such bank
actually paid in, and of the permanent
surplus fund of such bank. But the dis
count of the following classes of Dauer
shall not be considered as money Dor
rowed within the meaning of this sec
ton, VIZ:
1. The discount of business or COM
mercial paper actually owned by the per
son negotiating the same. =
2. The discount of bills of exchange
drawn in good faith against actually ex-
listing values.
8. The discount of paper based upon
the collateral security of warehouse re-
celpts covering agricultural and manu-
featured products in store in elevators
and warehouses under the following con-
ditions:
First-That the actual market value OF
the property held in store and covered
by such receipts shall at all times exceed
by at least ten 00 per cent the amount
loaned upon the same.
Second-That the full amount Of the
loans shall at all times be covered by
policies of fire insurance issued by com
panies admitted to do business In this
state, to the extent of their ability to
cover such loans, and then by ComDanies
having sufficient paid up capital to he 50
admitted, and all such policies shall he
made payable. in case of loss. to the bank
or holder of the warehouse receipts. Pro-
vided. that whenever it appears from any
report made by any bank or from any
examination made under the direction OF
the superintendent of banks, that there
has been loan or loans in excess of the
amount as herein limited. it shall he the
duty of the superintendent of banks to
demand a reduction OF said loans to the
proper amount as herein provided: and
if said loans are not reduced within thirty
(3O) days after receipt of such demand. IL
shall then be the duty of the supern-
tendent of banks to assess upon the
stockholders, pro rata, the amount of the
excess of such loans over and above the
limit herein provided for and such as
seSSment shall be enforced as provided
for in section twenty-three (23) Of this
act.
Sec. 2. Section twenty COD, chapter one
hundred and forty-hve 04o), general laws
one thousand eight hundred and ninety
five $3.50, shall be and the same is here
by amended so as to read as follows:
Sec. 20. On becoming satisfied that
any bank has refused to pay its deposits
in accordance with the terms on which
said deposits were received Gf received
in accordance with the provisions of this
acD, or that any bank has become in.
solvent or that its books and accounts
are kept in a false or fraudulent man
ner or that any bank has violated any
of the provisions of this act. the super
intendent of banks may forthwith take
possession of the books, records and as
sets of every description of such bank.
and hold the same. and said books, rec
ordS and assets shall not be subject TO
levy or attachment, nor shall any appli-
cation for the appointment of a receiver
be entertained by any courts during such
reasonable time as may be necessary for
further examination, and to enable the
superintendent to apply to a court OF
competent jurisdiction for the appoint
ment of receiver for such bank. and.
under the direction of such court, the
receiver so appointed shall take posses
sion of the books, records and assets Of
every description of such bank. collect
all debts, dues and claims belonging to
it and sell or compound all bad or doubt
full debts, and sell all the real or per-
sonal property of such bank on such
terms as the court shall direct. and may
if necessary to pay the debts of such
bank, enforce all individual liability of
the stockholders. Such receiver shall pay
over all money so collected or received
upon the order of the court. and make
report of his acts and proceedings, when
required, to the superintendent of banks
in such form and manner as the super
intendent shall prescribe.
No banking corporation shall make an
assignment by reason of. or in contem-
plation of, insolvency. and whenever the
directors and managing officers of such
corporation become satisfied that such
corporation is inSolvent, or about to be-
come such, it shall be the duty of such
directors and managing officers to re-
port, or cause a report to be made to
the superintendent of banks of such fact
Upon receipt of such report the super
intendent of banks shall immediately
take charge of the property OF such cor
pora ton, and proceed in the manner pre-
scribed in this section for the appoint
ment of a receiver for insolvent banks.
Provided. that if. upon more detailed ex-
animation, the superintendent or banks
finds that the condition of the bank is
such that all creditors of the bank. other
than those represented by the stock. can
be paid in full from the assets of the
bank, the superintendent may in such
case reIinquish possession of the assets
to the proper officers of such bank; and
provided further, if at any stage of the
proceedings the stockholders show to the
court that the bank is able to pay all
creditors other than those represented by
after due examination by the superin-
tendent Of banks, the court may order
the return of the assets to the stock
holders for liquidation or such other
course as the stockholders NAV, in COM
pliance with the law, determine to pur-
sue, and in such case the receiver shall
be discharged by order of the court
At any time whenever a majority
such aH, receiver shall have been APP
pointed, shall petition. the court
nominated by them as receiver who is
reputable citizen and elector of the coun-
ty in which such bank is located, 1t shall
be the duty of the court to make such APP
pointment and all the rights and duties
of his predecessor shall at once devolve
upon such appointee.
Sec. g. Any person. director or officer