The Saint Paul globe., 1899-04-27

be equal to -one-fourth (A) Of its out
fanoing fa ohaya PAID oapita stock in bonds Of
ue. The state auditor and his successors
snail hold the said securities as collateral
OF said corporationi and for the faithful
execution OF any trust which may ba
lawfully imposed upon and accepted by
from time. to time, withdraw the said
! securities from said auditor, or any part
thereof, upon their depositing with him
| other securities of equal amount and val
ue, and Of the kinds of bonds specified in
section four (D so that an equal amount
an: and value of such securities shall at all
times during. the existence of such corpor.
alton, remain in the possession Of the
state stat auditor for the purposes aforesaid -
| of competent Jurisdiction, the said stats
auditor shall pay over to such corpora.
ton the interest, dividends, or other in.
securities; or he may authorize the said
company to collect the same for its own
Sec. 4. That section six (s of said
| chapter one hundred seven Q0O, aa
amended; shall be and the same hereby
Is san amended 50 as as to read as follows:
such company shall be exercised by q
board of directors of not less than nint
number; any such officers and agentl
| as they shall elect or appoint ma
Jority of such directors must be citizens
of this state and each director must own
at least ten Q0) shares of the capital
stock. The articles of association Shall
state the names and places Of residence
whom the first Qst) one-third Q-3) there
of shall serve for three (3) years; tina
second one-third oq-9 thereof shall
balance thereof shall serve for one
% year from the date fixed for
the commencement of such corporation.
not become stockholders to the amount
required to qualify, or If they shall fail
or refuse to qualify from any cause. tha
| qualified stockholders to fill such vacan-
cies; and thereafter, at each annual
be bs of ede to
| place Of those whose terms shall then
expire.
an oath that he will diligently and hon
estly perform his duties in such office,
and will not knowingly violate or permit
to be violated any provision of this act.
and that he Is the owner in good faith
of the stock of the corporation as re-
guireSd1 S1 to q qualify him for such office,
the corporation; the taking Of sucn oath
to be noted on the minutes of the records
of the corporation, and the oath filed in
the office of the public examiner.
Sec. o. That section ten Q0) of said
chapter one hundred seven QGD, as
amended, shall be and the same
| lows:
Sec. 10. Any sum of money not less
than one hundred 600 dollars, which
shall be collected or received by any
such corporation in it's capacity of exc
| cutor, administrator or guardian, or upon
| any deposit under any order of any court
| OF record, and Which money shall not be
| required for the purposes of such trust,
or Is not to be accounted for, within one
~ year from date of such collection, re-
| ceipt or deposits, shall be invested by
| such corporation soon as practicable,
and In such securities are mentioned
in section four (D of said act and the
| interest M
| ments, less the reasonable charges and
| disbursements of said corporation, in the
! premises, shall be accounted for and paid
over as part of such trust; and the net
| accumulatfons of such interest and profits
thereon, shall likewise be invested and
reinvested as a part Of such principal.
And such investments shall be received
and allowed by the probate, or other
court, in the settlement of such trust.
In addition to Its general books of &C.
count, separate trust account book OF
books, in which shall be entered and kept
all trust accounts. All such trust &C.
| counts shall at all times be kept separ.
ate and distinct from the general ac-
counts Of such corporation. All funds
| and property received or held by such
| corporation In any trust capacity, as ad-
| m1n1strator, executor, guardian, receiver,
assignee. or trustee, shall be entered in
such trust account book and be at all
times kept separate and distinct from
all other funds and property of such cor
| poration.
All deposits in any bank or other in
| stitution, made by such corporation, of
funds received or held by 1t in any such
| trust capacity, shall be deposited as trust
funds, and not in its Individual name.
| but as trustee, and not In any account
in which any of It's own funds shall be
| deposited
Every security in which such trust
funds or property shall be by such cor
| poration invested. shall at once be en-
executor. administrator, guardian, re-
! cetver or assignee as the case may be,
| and entered in the proper books of such
| corporation as belonging to the particu-
| lar trust the funds of which shall have
| been invested therein. And any change
| in such investment shall be. credited.
charged, or entered under or in the ac-
| count of the particular trust to which
| the same belong, to the end that all trust
FUNDS. securities ana property snail be
| f1cation as belonging to the trust funds
| of said corporation separate and distinct
from it's general property and funds. II
| any special direction, agreement, or trust
| Is imposed upon, made or conferred in
and by the order, Judgment, or decree of
| any court, or by the terms and conditions
| of any last will and testament, or other
! document, contract, conveyance. or other
written instrument, as to the par
| or as to the particular manner in which,
! or the particular class or kinds of Sc
| curities, funds or property the same shall
shall follow and carry out such order.
| judgment. decree or other appointment,
| contract, deed, conveyance or other writ
| ten instrument.
| Sec 6. That section twelve Q2) of said
| chapter one hundred seven 900
! shall be and the same hereby is amended
| so as to read follows:
Sec r. Any such corporation shall be
| subject at all times to the further orders,
| judgments and DEGREES of any court of
! record, from Which 1t shall have accepted
I any trust, appointment or commission.
| as to such trust. and shall render to such
| court such itemized and verified
ofn nfEr11 1nr1fS md "
| be required by law, or as such court
| shall order in relation to such particular
! trust It shall also be subject to the
| general jurisdiction and authority of the
| district court Of the county in which
the principal place of it's business Is sit
uated. 1t shall render to the public ex-
aminer a full and detailed annual ac-
thirtieth t9oth) day of June in each
either total or partial. or in re-
Iation to any particular invest
ments, trusts, funds other business.
as the said public examiner may from
time to time direct or request, and a
condensed statement of such annual ac-
count approved by the public examiner,
shall be published by said corporation,
in public newspaper, printed and pub
lshed in the county in which it's principal
place of business is located, and If none,
then in such newspaper the public
examiner may direct.
Sec. Z. That section thirteen OBJ OF
said chapter one hundred and seven GOD
shall be and the same hereby Is
Sec. 13. 1t shall be the duty of the