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

OF final Judgment In such case, that shall
Tail to make yearly statements to the public
examiner as hereafter mentioned, state
lnents of the amount and value of its STOCK
held in this state as hereafter required, or
to pay the fees Of the public examiner as pro
Vided in this act, to do any other act re-
quired in this act to be done and performed,
shall upon violation of the provisions OF this
act have no right or authority to do or tran
sact any further business in this state ana
the public examiner shall thereupOn cause no
Gce of determination Of such authority 10 90
business to be mailed to such corporation ana
published in some newspaper OF general CIR
culatlon at the capitol OF thls StdDe, selit
shall communicate the facts TO the attorney
general Of this state, who shall institute such
proceedings in the matter as the case may re-
quire. Provided any such corporation may be
again authorized to commence business IN TINS
state upon such terms as the public examiner
may deem Just and proper, and upon full
compliance with the provisions OF TINS act.
Sec ID All building and loan associations
hereafter incorporated in this state shall have
an authorized capital Of two million (Z'O00'OUu2
dollars at the time OF Incorporation every
share of capital stock issued by any such as
ISOLATION shall be Of the par value of one
hundred dollars (S10G) but this provision snail
not be construed to forbid the issue by any
such association of paid up certncates 1or a
less amount, in liquidation of stock surren-
dered for cancellation or Withdrawn before
reaching its maturity period FroVlued, mat
such paid up certificates shall be certthcateS
of Indebtedness only, and the stock in Ilquida-
ton Of which such certificates are lsS2ea
shall be thereupon surrendered and cancelled
heretofore or hereafter Incorporated under the
the amount Of It's capital stock by a vote Of
at least three-fourths of its beard of direc,
tors. Provided, that such increase shaII
be made unless three-fouruhs of the capital
stock previously authorized has actually been
issued and the amount OF increase made at
any one time shall not exceed the amount Is
sued previously to the time of such increase.
ANY amendments to the articles OF tncorpolSa-
ton OF any such association IN any other re-
speCt shall be done at an annual or specla4
meeting by a majority vote OF stock repre-
scented and voted at such meeting on the ques-
only on the notice hereinafter provided to be
Sec. II Whenever any building and loan
association increases its capital stock, or 9th
erwIse amends its articles of incorporation
as provided in this act. copy OF the reso!u-
tions of the board Of directors or stockholders
making such Increase other amendments
duly verified by cath of the president and sec
rotary OF such association, shall be recorded
IN the Office Of the register of deeds Of the
county in which the home Office of said assoct-
alton is located, and IN the ofhce or the secre-
taTy OF state and filed with the public exam
liner, and be published four successive times
in some daily or weekly newspaper published
at the capital of the state, in the county
where The association has its home Office.
Proof OF which publication shall be fled in the
Office OF the secretary Of state and public eX-
aminer.
Sec IS. Every building and loan association
organized under the laws of this state, and
doing business in this or any other territory,
shall, within thirty 800 days after the end Of
the year for which its report 10 its stock
holders is made, deposit with the public ex-
eniner annual report of its affairs and
operations for said year. Said report shall be
verified under oath Of the president and secre-
tary, or by three directors of the association,
and shall contain the following information:
First the amount Of authorized capital, and
the par value of each share 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, detailed statement OF the receipts and
disbursements during the year; sixth, de
tailed statement of the asests and Liabilities
at the end of the year Such report shall
show the total amount received as dues on
STOCK under eacn separate class or Kind or
stock, and ali deductions therefrom for
penses Withdrawals cancellations, forfeit
ures, refunds or otherwise, and amounts, if
any, of such profits credited TO stock or sub
1ect 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,
postage, including telegraph and express
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
HE with the public examiner q detailed and
complete copy duly certified, of the semi
annual report of the officers as made TO, their
stockholders Provided, that all such annual
statements herein required to be made shall
be uniform and in accordance with a form to
be prescribed therefor by the public examiner.
and shall correctly show the proportion
which the entire expenses of the association
for the term reported bears to the gross earn
provided further, that all reports required of
building and loan associations organized under
the laws Of this state, and doing a general
business are also required of all foreign and
building and loan associations doing business
In this state, and all the provisions OF this act
relating to such reports, the filing thereof,
and the fees therefor, shall apply to such
foreign building and loan associations If
any such association shall fail to furnish to
the public examiner of the state any report re-
QulTed by this act at the time so required, il
shall forfeit the sum Of TWENTY-FIVE C2E) dol
orr cboJ h. n
layed or withheld, and the examiner may
maintain an action in his name Of office to
recover such penalty and the same shall be
paid into the treasury Of the state and ap-
pied TO the expenses Of the department Of
said examiner After receiving such annual
report, the public examiner, If satisfied that
such corporation has complied with all the
provisions OF this act, and is entitled to do
business in this state, shall, within thirty 800
days after receiving the aforesaid annual re-
port, issue his certificate stating the compliance
with such provision, and that such corpora
ton Is entitled to do business in this state,
which certificate shall be in force for the
period of one % year, unless sooner rescinded
as provided in this act The public examiner
shall also issue such certificate to a domestic
corporation which has complied with the law
in regard 10 its articles of incorporation and
the deposit of securities, and in all other re-
spects except the filing Of said report which
commenced business at some intervening period
In any year Such certificate shall also be
issued 70 any foreign corporation authorized
to do business in this state. after complying
WIN me conditions OF section nine 90 OF this
act, and shall be in force until the time here
IN required for such annual report and for
each such certificate such foreign association
entitled thereto shall pay into the treasury
OF the State of Minnesota the sum of twenty
(2O) dollars before receiving the same
Sec. 10. 1t shall be the duty of such public
examiner at least once in each year, and as
often he may deem 1t necessary TO assume
and exercise over every building and loan as
ISOLATION Incorporated under the laws of this
state, it's business, officers directors and EN-
ployes all the power and authority conferred
upon him over banks under the laws of this
state; rroVided he shall not have the power
70 suspend the operation Of any such associa-
ton, except in the manner provided in the
next succeeding section. And such public ex-
aminer shall have the same supervisiOn and
control over the business within this state Of
other corporations Of like kind Incorporated
under the laws Of other states territories
and nations doing business in this state ANY
association examined by the public examiner
snail pay to said examiner an annual fee to
hundred thousand dollars Of assetts or fr9c
tionaI part thereof, the sum of tS7snt,, 190l
dollars. and Tor the next five hundred thou
sand (0OO,OUU) dollars, the sum of ten (1o) dol
lars for each one hundred thousand 400 0O0A
dollars or fractional part thereof and for
az amounts in excess Of six hundred Thousand
NOOUOOO) dollars, the sum of five f5) dollars
for each one hundred thousand 200 OOO dol
lars or fractional part thereof. In addition 10
me examination provided for in this section,
tAe puolc examiner may, If necessary cause
TO be made an appraisal and valuation of the
real estate which any such association may
own hold security. and the req sorot1e
expenses necessarily incurred in making. &c IA
appraisal shall be paid by such association infS
the state treasury, and the amount SO paid
snall be placed to the credit of the contingent
fund Of the office Of the public eUan1ner for
the current fiscal year.
Sec 20. If it shall appear to said raIblic ex
elnlner, from any examination made by him
or from any report Of any examination made
20 MN, or from any annual or semi animal
report aforesaid, that any corporation gov
9tle -, py Inns act IS violating its charter, or
an unsafe, unauthorized dishonest manner