The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-04-19

+, trct OF the State of Minnesota having legal
authority to issue the same; provided, thai
least five thousand 5000 inhabitants, as de-
termtned by the last census of the United
securities offered Tor sale and provided thai
the bonded Indebtedness OF such municipality
including such securities offered for SALE shall
not exceed the Limitation of Indebtedness pro-
v1ded by law for such municipality. Provided
that no moneys shall be invested in any OF
the securities above named unless such moneys
sheH have been accumulated and remain un-
I invested for period Of sixty (eo) days after
members shall have been provided for; and pro-
vided further that the amount invested IN
five (25) per cent Of the assets of any such
association making such investment
Sec. 8. Any such association may purchase
at any SALE public or private any real estate
upon which it may have mortgage, jud6-
ment, lien or other incurnbranoes. or in which
1t may have any interests. and may SELL con-
vey, lease mortgage or improve the at
pleasure, and may acquire and hold lot or
lots Whereon Is erected a building build
ings requisite for the convenient transaction
OF It's. business, and from portions of which
derived; the cost of such building and lot
lots In no case to exceed five % Der cent
of Its assets; provided, that any such associ-
alton may acquire any lease-hold interest
necessary for the transaction of It's business.
Sec. 6. Every building and loan association
heretofore hereafter Incorporated under the
laws of this state, and governed by this act
snail deposit and lceep with the public
iner. i'm trust for all its members and credf-
tors, all mortgages except senior mortgage
taken by any association under the divided
mortgage PLAN" and other securities received
by 1t in the usual course Of its business Pro
vided, that every such corporation heretofore
organized not having owning mortgage or
thousand (25.O00) dollars shall deposit with
the public examiner additional securities To
make, with the securities owned and de-
posted, the sum Of twenty-five thousand C25,-
OOO dollars, and every such association here.
after organized under this act shall deposit
ana keep with the public examiner in trust as
aforesaid securities OF the value Of twenty
five thousand Us, 000) dollars before commencing
TO do business. The securities mentioned in
this provision shall consist Of bonds or treas
ury notes Of the United States, national bank
stock or the bonds OF this state or OF any
other state OF the United States. or Of any SOL
vent city, county or town of this state, Of ally
other state of the United States having the legal
authority to issue the same, and such securi-
ties may be withdrawn from time to time
when mortgage securities of corresponding val
ue shall be deposited as provided in this act
Or when securities of like character are sub
stituted therefor or when the same shall have
been paid are required for foreclosure or
suit. or other purposes as hereinafter pro-
vided: and 1T shall be the duty of the public
associations to ascertain whether or not its
securities are deposited as required by this
act Provided, that whenever required by the
laws Of any other state or territory or nation
al securities taken in such state, territory or
t n3sal4G1. by any association organized under
the laws OF this state and subject to the
provisions Of this act. and other securities
sufficient to allow such association to enter
and GO business in such state, territory or ma
ton, may be deposited with some officer au-
thorized to receive the same in such state.
territory or nation under the laws thereof,
for the benefit OF its members and creditors,
and to this end, upon presentation to the pub
lic examiner Of a duly authenticated ccFJv Of
a resolution Of the board OF directors OF any
such association, having deposit with the
public examiner securities in excess OF TWEEN
ty-f1ve thousand (25. 0G0) dollars, dernandins
the transfer and specifying the securities TO
be transferred. or the amount thereof, to any
other state, territory or nation. for the purs
pose of enabling such association to CO nply
with the laws thereof, It shall be the duty Of
the public examiner to cause such transfer
to be made The expense Of making such
transfer shall be borne by the association re.
CURING the same. and receipt shall be taken
and kept in the Office from which the securities
are transferred in lieu thereof. But the So
cnr1t1es kept on dep sit in this state by any
such association, as required by this act shall
at no time be reduced in amount by such
transfer. or otherwise. below twenty-five
thousand. (25, 0OO) dollars and in every case
where securities taken in another state terri-
tory nation are deposited in such state.
territory or nation. or when other securities
are removed from this state to such other state,
territory or nation for tbs purpose aforesaid,
shall make a certificate of such depository,
showing the amount and character OF such de-
post, which certificate shall be fled with the
public examiner and renewed annually, to-
gether with statement verified by the af1-
has knowledge of the facts showing all Of the
securities taken deposited by such assOci.
alton IN such state territory or nation at ihe
time Of the fling Of such certificate; and In
case any securities taken in such state, terri
tory nation are not deposited there, then
the same shall be deposited IN this state, as rs1
quired by this act.
!. Sec {. All interest and dividends and pro-
ndums, which may accrue ON securities held by
all dues or monthly payments which may he,
cons payable on stock pledged as security for
loans or payments of balances due, or any
part thereof, on loans the mortgages for which
are so deposited in accordance with the pro-
visions OF this act may be collected and re-
tanned by the association deposfting such Sc
curit1es or mortgages 80 long Is such associa.-
ton remains solvent and faithfully performs
all contracts with its members, and when any
mortgage shall have been fully paid to said
corporation, the Same may be surrendered TO
1t upon filing with the depository the affidavit
OF the president or vice president and secre-
tary of amy such association that such in-
debtedness has been paid in full, which affi-
davtt shall be first presented to the public ex-
an1ner ana by him approved. Any mortgage
surrendered as aforesaid for foreclosure upon
like affidavit that default exists, and that such
mortgage Is Withdrawn for the purpose OF
posted with said public examiner in accord
ance with the provisions OF this act, shall have
been paid, sold or hypothecated, the same may
be withdrawn upon the presentation to- and
approved by, said public examiner Of a like
drawa1.
Sec. g. No building and loan association
organized under the laws OF any other state
state, unless such association shall have So
curtties Of the value of one hundred thousand
600 oool dollars and Of the character men
Its members and creditors with soma
responsible trust company, duly incor.
porated under the laws Of such state
With feE Eoms IT TIE 0 0tsf
some other state of the United States GER
tifcates of such deposit shall be made to the
public examiner of this state, certifying the
possession of such securities, which shall not
thereafter be surrendered without authority
or consent of the public examiner or other
authorized officer Of the state or territory In
which said company Is incorporated
g.. md
organized under the laws Of any other state
territory or nation, SHALL before commencing
to do business in this state, first file with the
pubic examiner OF this state 8 duly authenti-
Gated copy of its charter or articles of in
corporation; second, file with the public ex-
alnfner OF this state the certificate of the au-
thor1Zed officer of another state, showing that
securities OF the value Of one hundred tbo1I-
sand (1O0,O0O) dollars are on deposit with such
state officer or duly Incorporated trust chm.
! pdny' IN trust Tor all the members and cred
tIorS OF such building and loan association;
third, file with the public examiner of this
state a DULY authenticated copy Of a resolution
auopted by the board of directors of such as
soclatloEl, st1pulating and agreeing that If any
legal process affecting such association be
served on such examiner, and a CODY thereof
De mailed, postage prepaid, by the party pro
curing the issue of the same or his ATTORNEYS
to said association addressed to its b0TnS
ONCE, then such service and mailing OF such
process Shall have the same effect as personal
s1IrV1ce on said association In this state. and
also an agreement that said association will
not remove any action commenced in anv
state court in this state against the sarnA to
the United States court and will paw every
any such action within sixty (6O) days after
the final Judgment shall have been entered,
fourth pay to the public examiner twenty-five
(25) dollars fees for fling the papers men
toned in this section.
That where foreign building and loan as
soclaton doing business within this state has