The Appeal. [volume] (Saint Paul, Minn. ;) 1889-19??, 1899-04-29

ZONES OF prom1ssOry notes secured by
upon unincumbered real estate situated
within this state worth double the
Ct the Obligations 5l 50
one hundred seven 600, as amended,
shall be and the same hereby is amended
SO s as to read as follows:
Sec Q: Whenever any such corpora
ton hereafter organized shall have 90 in-j
vested at least fifty thousand (5O,OOO doll
lars, and not less than one quarter 20
q 1ts pa1d,in capital and shall assign
transfer and deliver to the state auditor
the, said securities, and all evidence Of
such Investments SO made, he shall exc.
cute cute ana NJ, deliver certificate Of such de-
may commence and carry on business un-
der the provisions Of this act Whenever
the capital stock Of such corporation ex-
amount Of such deposit with the state
aaudlt9r shan at all times be equal to one
fourth ur,. !, (A2 Of it's outstanding paid capital
at their par value. The state auditor ana
his. successors shall hold the said Sc
curities as collateral security for the de-
ton; and for the faithful execution Of
any trust which may. be lawfully imposed
upon and accepted by said corporation.
tie za mday ysd fpm a fed9 to t ha
depo5itlng with him other seeurities Of
equal e ha; amoullt and value and Of the kinds
that an equal amount and value Of such
securities shall at all times during the
existence Of such corporation, remain in
the purposes aforesaid. And Until Other
wise ordered by a court of competent
jurisdiction, the said state auditor shall
d1Vidends or other income which he shall
collect upon such securities; or he may
authorize the said company to collect the
same for Its own benefit.
4 section al of co;S
;aroended, shall be and the same o hereby By
IS amended so as to read as follows:
such company. Shall be oi exercised RHaef BY a
board OF directors Of not less than nine
SW ,r1 nor more than twsnty-seyen (2O in
as as they shall elect, or appoint. A ma
jority Of such directors must be citizens
or this state and each director must own
stock. The articles of association shall
state the names and places of residence
9th Of the FL firss l1st board Of directors, Of
shall serve for three 60 years; the Sec
ond one-third CO thereof shall serve for
Two C2) years, and the balance thereof
fixed for the commencement of such cor
poraton., In case any of the persons so
named shall not become stockholders to
t thx amount 81 required to quality or Il
any, cause, the directors who shall sd
qualify may elect qualified stockholders
70 m such vacancies; and thereafter, at
each annual meeting of the stockholders
directors shall be elected to serve three
~ years In place of those whose terms
shall then expire.
Each director shall take and subscribe
an oath that he will diligently and hon
estly perform his duties in such office.
and will not knowingly violate or permit
and that he is the owner in good faith
OF the stock Of the corporation as re-
qrired to qualify him for such office,
the corporation; the taking of such 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: 5. That section ten GW of said
chapter one hundred seven GOD, as
amended; al shall be and the same hereby
Sec. lO. Any sum of money not less
than one hundred QOO dollars, which
shall be collected or received by any
such corporation in its capacity Of exc
any deposit under any order of any court
OF record, and which money shall not be
REQUIRED for the purposes of such trust,
~ year from date Of such collection, re.
ceipt or deposits, shall be invested by
such corporation as soon as practicable,
in section four ca Of said act, and the
net interest and profits of such invest
ments. less the reasonable charges and
disbursements, of said corporation, in the
premises, shall be accounted for and paid
over as a part of such trust; and the net
accumulations of such interest and profits
thereon, shall likewise be invested and
relnvested as 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 ac-
count, separate trust account book or
books, in which shall be entered and kept
counts shall at all times be kept separ-
ate and distinct from the general ac-
counts of such corporation. All funds
ana property r2Ie received or held by such
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
alton.
All deposits in any bank, or other in
funds received or held by it in any such
trust capacity shall be deposited as trust
funds. and not in it's Individual name.
but as trustee, and not in any account
IN Which any of its own funds shall be
deposited.
Every security in which such trust
poraton shall shall e at e Snc soG be en-
dorsed and transferred to it as trustee,
executor, administrator, guardian, re-
es nG sf or asS;ign zee as the case may be-
corporation as belonging to the particular
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. account of the
particular. trust to which the same be-
long. to the end that all trust funds, Sc
capable of immediate Identification as be-
longing to the trust funds of said cor
porauon separate and distinct from its
general property and funds. If any spe-
direction. agreement q i'm.
posed 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 doc
ument, contract, conveyance, or other
written instrument as to the particular
NJ; manner e. Of keeping or investing, or as to
particular class or kinds of securities,
funds OF property the same shall be In
vested III, then the said corporation shall
follow and carry out such order, judy
ment, decree or other appointment, con-
tract, deed, conveyance or other written
Sec. 6. That section twelve 12) of said
chapter one hundred seven 900 shall be-
and the same hereby is amended SO aa
to- read as follows:
Sec. ~. Any such corporation shall be
judgments and DEGREES of any court Of
record, from which it shall have accepted
as to such trust, and shall render to such,
court such itemized and verified ac-
counts, statements and reports as may
be required by law, or as such court
shall order In relation to such particular
trust. I. shall also be subject to the
general Jurisdiction and authority Of the
district court Of the county in witch the
principal place of its business is situated
It shall render to the public examiner q
full and detailed annual account OF It's
condition on or before the thirtieth (30tN
day Of June In each year, and such FUR
ther accounts, either total or partial; or
In relation to any particular investments.