New Ulm review. (New Ulm, Brown County, Minn.) 1892-1961, 1899-04-26

lawfully imposed upon and accepted bS
from time to time. withdraw the SAID
securities from said auditor or any mari
thereof. upon their depositing with him
ne, and Of the kinds Of bonds specified IN
section four % 80 that an equal amount
and value OF such securities shall at ali
alton, remain In the possession Of th1
state auditor for the purposes aforesaid.
And until otherwise ordered by court
auditor shall pay over to such corpora.
ton the interest. dividends. or other in.
come which he shall collect upon such
secur1uesl or he may authorize the said
company to collect the same for its own
SEQ = THAT section six 60 of said
chapter one hundred seven aOD. an
amended. shall be and the same hereby
Is amended 80 as to read as follows:
See. An the he, corporate powers Of
board Of directors of not less than nint
( (sy nor more than twenty-seven (2D In
number; any such . officers and agents
jorfty Of such directors must be citizens
Of this state and each director must own
Of tas sa 5bs
OF the frst Qstl board Of directors, Of
rss ehree IS g she re-
serve . for s, tive tive q years. . and The
Is yes Year from the date fixed for for
the commencement of such corporation.
In case any of the persons so named shall
required e qualify. or If they shall fall
or refuse TO qualify from any cause, the
directors who shall 50 qualify may elect
cies: and thereafter, at each annual
meeting Of the stockholders. directors
shell be elected to serve three C0 years in
place OF those whose terms shall then
expire
Each director shall take take and subscribe
and win not knowingly violate or permit
to be violated any provision of this act,
and that he is the owner in good faith
quired to qualify him for such office,
standing In his name on the books OF
the the taking o Of such oath
OF the corporation, and the oath filed in
the office OF the public examiner.
ss That hge nStea 1 seven a o II said
hereby Il amended 50 as to read as fol-
SEQ. 10. Any sum Of money not less
than one hundred Q0O dollars, which
shall be collected or received by any
such in its Of exc
OF record. and which money shall not be
or u not to be for Within ons
d year from date Of such collection, re-
ceipt or deposits. shall be invested By
snGn corporation az soon as practicable
in section four ~ of said act, and the
net interest and profits Of such invest
Disbursements Of said corporation, in the
premises, shall be accounted for and paid
over az q part Of such trust; and the net
thereon, shall likewise be invested and
reinvegted as a part of such principal.
And such Investments shall be received
court eaa IN &. Of Such tr9s
And every such corporation shall keey
in addition to its general books Of &C.
books. in which shall be entered and kept
all trust accounts. All such trust 40.
counts shall at all times be kept separ.
and property received or held by such
corporation In any trust capacity, as ad-
assignee. or trustee. shall be entered IL;
such trust account book and be at all
Y times kept separate and distinct from
all other funds and property of such cor
All deposits in any bank. or other in
stitution. made by such corporation. OF
trust capacity, shall be deposited as trust
funds. and not In its Individual name,
but as trustee. and not IN any account
da, whteh any of Its own funds shall be
Every security in which such trust
funds or property shall be by such cor
dorsed and transferred to it as trustee.
executor. administrator, guardian, re-
ceiver or assignee as the case may be,
and entered in the proper books of such
corporation as belonging to the parucu-
lar trust the funds of which shall have
been invested therein And any change
ner Or be in sa se
count Of the particular trust to which
tho same belong. to the end that all trust
at ali times capable of immediate identl-
dcation as belonging to the trust funds
Of said corporation separate and DISTINCT
any D special direction, agreement or trust
Is imposed upon. made or conferred in
and by the order. judgment. or decree OF
Of Of any last viii and testament, or other
document, contract. conveyance. or other
written instrument, as to the par
ticular manner Of keeping or investing,
or az to the particular manner In which,
or the particular class or kinds of Sc
curtties. funds or property the same shall
be invested in, then the said corporation
shall follow and carry out such order,
Judgment, decree or other appointment,
contract, deed. conveyance or other writ
ten instrument.
Sec. s. That section twelve Q2) of said
chapter one hundred seven GOD
shall be and the same hereby is amended
SO as to read follows:
Sec. IL. Any such corporation shall De
subject at all times to the further orders,
judgments and DEGREES Of any court Of
record, from Which it shall have accepted
any trust appointment or commission,
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. It shall also be subject to the
general Jurisdiction and authority of the
district court of the county In which
the principal place Of its business is sit
aniner fnl a ashod Detailed he annuai &C.
count OF its condition on or before the
thirtieth tsoth) day Of June in each
e asa total partial 1aEcue or in Invest ss
ments. trusts, funds or other business.
as the said public examiner may from
e e OF Of zTeh and
shall be published by said corporation.
together with a list of its stockholders,
lished in the county in which its principal
place of business is located, and If none.
then In such newspaper as the public
examiner may>direct.
said chapter one hundred and seven Q0D
shall be and the same hereby is
amended so as to read as follows:
Sec. 10. It shall be the duty of the
year. and as much oftener as he may
deem proper. either personally. or by some
competent person or persons. to be ap.
pointed by him, to visit and examine
every such corporation in this state. The
public examiner shall also have the pow
er In like manner to examine any such
corporation whenever, In his judgment,
its condition or management is such as
necessary or expedient. The said public
examiner and every such examiner shall