The Appeal. [volume] (Saint Paul, Minn. ;) 1889-19??, 1901-04-20
N,,tNE5IofA
HISTORICAL
SOCIETY.

I any such city. county, town or village has at
tsrnsd b. the last s0 Census Of ths u q
states. or this state. preceding the issue Of the
bonded 81 a such
lncludlng such securities offered for SALE shall
not exceed the limitation of Indebtedness pro-
| yided, by law for such municipality. Provided,
mat no moneys shall be invested in any of
| me securities above named unless such moneys
shau nave been accumulated and remain
SKY g nssS BY is
Wded further. that the amount Invested in
Vss Is SHAH IP not exceed twenty
| association making such investment.
! Sec: o. ANY such association may purchase
upon which It may have m ay aeal iuae
| ment, lien or other membranes, or in which
| vey, lease. mortgage improve the same at
P1 pee , and may acquire and hold lot or
ings requisite for the convenient transaction
| OF o. It's business and from portions of which
not required for its own use a revenue may be
! lots in no case to exceed FIVE l5) per cent
Of its assets; provided, that any such associ-
| necessary for the TRANSACTION of Its business
| Sec. e. Every building and loan association
laws OF this state, and governed by this act,
| snail deposit and keep with the public exam
i tner. IN trust for all its members and credi-
taken by any association under the ''divided
mortgage pian." and other securities received.
V1ded, that every such corporation heretofore
organize dl not having or owning mortgage
! thousand C25, O00) dollars shall deposit with
| the public examiner additional securities to
| posted, the sum Of twenty-five thousand (25,-
OoO) dollars, and every such association here
| and keep with the public examiner in trust as
! aforesa1d securities Of the value Of twenty
ye a doars hgfore
this provision shall consist of bonds or treas
| ury notes OF the United States, national bank
| other state of the United States or of any SOL
other The Utica s. States tess hns Gi eI
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| ties may be withdrawn from time to time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. when the same shall have
been paid or are required for foreclosure or
suit, or other purposes as hereinafter pro-
examiner from time to time to examine such
associations to ascertain whether or not it's
| securities are deposited required by this
! act. Provided, that whenever required by the
laws OF any other state or territory nation,
all securities taken in such state, territory or
nation. by any association organized under
| the laws Of this state, and subject to the
PROVISIONS Of this act and other securities
| and do business in such state, territory or
| ton, may be deposited with some officer au-
territory or nation. Under 18th the laws thereof.
for the tn benefit of its members and creditors.
|
| lie examiner Of duly authenticated copy Of
resolution Of the board Of directors Of any
public examiner securities in excess Of TWEEN
ty-five thousand (25.ooN dollars demanding
be- tranzfered or the anoan thereof to any
| other state, territory or nation for the pur-
Of Of gn1 9gst such = % h to to
| the public examiner to cause such transfer
to- to be e. made The expense Of making such
| CURING the same. and receipt shall be taken
by the be- officer making the transfer and fled
are transferred in lieu thereof. But the Sc
c'lrities kept on dep 'sit in this state by any
transfer, or otherwise, below twenty -fv,
where securities taken in another state, terri
tory or nation, are deposited in, such state,
territory or nation; or when other securities
territory Or nation for TIL: purpose aforesaid.
the maze certificate w ef such 5hy
showing the amount and character Of such de-
post, which certificate shall be filed with the
public examiner and renewed annually, to-
gether with a statement. verified by the aft
dayit Of some officer Of such association, who
securities taken or deposited by such associ-
alton in such state, territory or nation at he
ease any Securities taken in such State terri
tory or nation are not deposited there, then
aairsd ~ tbs thia &c = s sc = g y
Is Sec! a. ALL interest and dividends and pre-
m NUNS which: may accrue ON securities held by
| the pubic examiner as provided ,harein, and
| all dues or monthly payments which may be-
| come 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-
tained by the association depositng such Sc
curfties or mortgages so long as such associa-
all contracts with its members, and when any
mortgage shall. have; been fully paid to said
/ corporation. the same may be surrendered to
filing 6aOnSitOry off
| OF the president or vice president and secre-
tary of any such association that such in
| debtedness has been paid in full, which af1-
davit shall be first presented to the public
aminer and BY him approved. Any mortgage
| surrendered as aforesaid for foreclosure upon
like affidavit that. default exists, and that such
suit. And when any negotiable security de-
| posted with said public examiner, In accord
ance with the provisions of this act shall have
been paid, sold or hypotbecaied. the same may
| be withdrawn upon the presentation to, and
approved by. said public examiner Of like
affidavit stating the purpose OF such with
| drawal.
Sec; g. No building lid and loan association
| state, unless such association shall have Sc
en curl of the value Of one hundred thousand
its, rasno1 members and editors VIII sons
porated under the laws of such state
With te sos IL TIE 9 oee s. s iSs or
| some other state of the United States Ger
tifcates Of such deposit shall be made to the
public examiner of this state: certifying tue
| thereafter be surrendered without authority
or consent Of the public examiner or other
which said company is Incorporated
! Sec: $: Every building and loan association
eToze or the e a Of hens other STATE
| to do business in this state, first file with thu,
public examiner OF this state duly authenti-
hart orf;,
corporation; second. file with the public ex-'
I aminer Of this state the certificate Of the 'uu-
securities Of the value Of one hundred thou
sand Q0o. dollars are deposit with such
I pany, IN trust for all the members and cred
| TORS OF such building and loan association;
third file with the public examiner Of this
! STATE duly authenticated copy Of a resolution
I adopted by the board Of directors of such as
,soclation. stipulating and agreeing that If any
legal process affecting such association be
| served on such examiner, and a copy thereof
be mailed. postage prepaid, by the party pro-
curing the issue Of the same, or his attorneys.
to said association, addressed to its hofns
ONCE, then such service and mailing Of such
process shall have the same effect as personal
also an agreement that said association Will
a gos e any n.y.. action commenced in any
| the United States court, and will pay every
any aah a aaas m atb be t sH agan It
the final judgment shall have been entered:
f o,1 pay to the public 3 , examiner twenty-five
/
toned in this section Z ~ = :, -
! That where foreign building and loan as
ISOLATION doing business within this state has
become insolvent and its affairs are being
wound up by receiver, the failure Of such
association to have complied with the laws
Of this state respecting its business therein
shall not affect the right of such receiver to
! bring any suit necessary to wind I'D the AZ
fairs Of such association. 80 -. =.
Sec 10. When process against or affecting
any foreign building and loan association Ia
| served Upon the public examiner, the same
shall be by duplicate copies, one of which ehall