Echo de l'ouest. [volume] (Minneapolis, Minn.) 1883-1929, 1901-04-19

to pay the fees Of the public examiner as pro
yided in tnis aos, or Or to +, DO hon any gn o1n eerf Hs1
shall upon violation Of the PROVISIONS OF III sn rs
act have no right or authority to 90 or 'i and
the public examine shall thereupon cause no.
tice Of determination OF such authority 70 ny
business to be mailed to snen oerp eansral cir cir.
~culation at the capitol Of this STATE; a.au
shall communicate the facts to the attorney
general Of this state. who shall institute sucn
proceedings In the matter as the case may rs
suire. Provided; any go such co1p S,,siness H IN this
may deem Just and proper, and upon full
compliance with the provisions or .nls aSl, lon.
Sec. IL. All building and loan ASSOCIATIONS
hereafter Incorporated in this state shall h az
an authorized capital Of two million l2'oon,Wo,
share OF capital stock issued by any such as
ISOLATION shall be Of the par value OF ss one 11
hundred dollars $500: but but this his p 3rs,,s pr s aax
such association of paid up certificates for a
less amount. in liquidation Of stock surren.
dered for cancellation or withdraw before
reaching its maturity period. Provided, that
such paid up certificates shall be certif1cates
OF indebtedness only. and the stock in liquidaz
tic1 of which such certificates are issued
shall be thereupon surrendered and Cancelled.
Sec. 10. Any building and d. loan n a ,Ss9sE f5a
laws Of this state may at any time 1noreass
the amount Of its capital stock by a vo5e OF
at least tiree,fourths Of Its board ino1,ss Of Shall shall
be made unless three-fourths of the capital
stock previously authorized has actually oeeh
any one time shall not exceed the amount Is
sued previously to the time OF sucn lncrease'
Amy amendments to the articles or fns . 70
spect shall DO done at an annual or sps SaaA
meeting by a majority vote OF STOCK fepre-
ton OF such amendment or amendments, and
only on the notice hereinafter provided 10 Do
Sec. II. Whenever any building. and loan
association increases its capital stock, or 9th
erwise amends its articles OF ine9rporaeE"
as provided in this act. a copy Of the reselu.
lions OF the board Of directors or stockholders
making such increase or other amendments
duly verified by oath Of the p PRES, hs ana pnoar sssodl
IN the Office of the register of DEEDS OF the
county In which the home office OF said assoca-
tary Of state, and filed with the public exam
liner. and be published four successive times
in some daily or weekly newspaper puolisneu
w vi r" the association has its home office.
Proof OF which publication shall be hled IN ths
office of the secretary OF state and public ex-
anliner.
Sec. is Every building and loan association
ORGANIZED under the ne. laws " OF OF TINS athsr s1 tern,to ana
shall, within thirty 800 days after the end OF
the year for which its report to its stoek-
enliner an annual report of Its affairs ana
operations for said year. Said report shall be
verified under oath Of the pr re- der o ana seS ia5.
and shall contain the following information:
First, the amount OF authorized capital, and
the par value OF each shars Of stock; second.
the number Of shares sold during the year;
third, the number Of shares cancelled and
withdrawn during the year; fourth. the NUM-
Der Of shares in force at the end OF the year;
fifth. a detailed statement OF the receipts and
disbursements during the year; sixth. a de-
at the end Of the year. Such report shall
show the total amount received as dues on
stock stocl: under sn1 g. each ha1 seR1 rat t Class or F SIN eo OF
penses, Withdrawals, cancellations, forfeit
ures. refunds or otherwise, and amounts. II
ject to such credit. The report shall also show
the number of shares in force OF. each monthly
issue or series, and the amount expended dur
Ing the year in payment of salaries of officers,
clerks, agents, and all other employees, the
amount expended for travelling expenses, rent,
Charges, printing, books and stationery, office
supplies, office furniture, advertising, commits
sion paid agents and other persons. and all
other items OF expense. In addition to such
annual report every such association shall
file with the public examiner a detailed and
complete copy, duly certified, Of the semi.
stockholders. Provided, that oil such annual
statements herein required to be made shall
be prescribed therefor by the public examiner.
and shall correctly show the prevention Ion
t Tn'f II. ' term en report esPe Sssss G 70 the the s ass0'' earn.
ings OF said association for that term; and
provided further. that all reports required of
business, are also required OF all foreign and
hui lS,s sta and a loan 81 nsI tSs nronz., doing g, business 95id set
relating to such reports, the filing thereof,
and the fees therefor, shall apply to such
any such association shall fail to furnish to
the public examiner of the state any report re-
fhall forfeit the sum Of twenty-five as dol
layed or withheld, and the examiner may
maintain an action in his name of office to
recover such De1alty. and the Eam8 shall ba
paid into the treasury Of the state and ap.
piled to the expenses Of the Department Of
report, the public examiner II satisfied that
such corporation has complied with all the
busines in this st's State, shall al With thirty 800
day days , aster RE Fsc el,:{{& the The af4E $ ia annual 1InaI. re,
ton Is entitled to do business In this state,
which certificate shall be In force for the
as provided In this act. The public examiner
shall also issue such certificate to a domestic
corporation which has complied with the l>Jy
In regard to It's articles Of Incorporation, and
the deposit Of securities, and in all other re-
spects except the filing Of said report, which
in any year. Such certificate shall also be
issued to any foreign corporation authorized
H to DO th sus c6ndft,d in this HI ss state; after t g, eom aP ing
act, and shall be in force until the time here
IN required for such annual report, and for
each such certificate such foreign association
Of the State Of Minnesota the sum Of twenty-
(2O dollars before receiving the same.
Sec. 10. It shall be the duty OF such public
examiner, at least once in each year. and as
often as he may deem It necessary, to, assume
ISOLATION Incorporated under the laws Of this
state, it's business, officers, directors and en-
ployes. all the power and authority conferred
state; provided he shall not have the power
to suspend the operation Of any such associa-
tion, except In the manner provided in the
next HlrnPndlnrl Sanffon nj c1,oh r,,h1io Nv
aminer shall have the same supervision and
control over the business within this state, Of
under the laws Of other states, territories
s sna aatlSns e asdnf Sast IN The in 1 this stats exsm Any
BE- beAt det eaz PAS as f foiioWss VIZ n f For The re- sirs e
hundred thousand dollars Of assets, or frao-
dollars. and for the next five hundred thou
sand l5oo, 0oo) dollars. the sum Of ten do) dol
LAM sa7s1 for e. zach oas hundred thousand doo, ooo)
al amounts in excess Of six hundred thousa i'd
GOO, 10000 dollars, the sum Of i've (l dollars
lars or fractional part thereof. In addition to
tho examination provided for in this section,
to be made an appraisal and valuation Of the
real estate which any such association may
own or hold as security. and the reasonable
appraisal sapSaSs1 a daaig1 Be- paid 5nS6y BY such IN ass maatnE f intd
the state treasury, and the amount SO paid
fund Of the office Of the public examine for
the current fiscal year.
Sec. 20. If it shall appear to said public ex-
aminer. from any examination made by him.
Or from any report of any examination made
to him, or from any annual or semi -annual
report aforesaid, that any corporation gov
srned by this act is violating its charter. or
the law, or that it is conducting business in
pm unsafe, unauthorized or dishonest manner,
be shall. by an order under his hand and seal
OF office, addressed to such corporation. direct
ter and Of the law; and whenever such cor
poratton shall refuse or neglect to make such
report or account as may be lawfully required,
or to comply with such orders aforesaid, with
IN thirty 800 days from date therefor. or ii. it
has become apparent that there is such a de-
fctency in its assets that the purpose for
which the association was organized cannot
be carried out, the public examiner may, II