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


call special meeting of the Stockholders of
aer at it, It's Roms o for in the
pose Of electinz directors or officers to al
sueh vacancies as may exist by reason Of such
removal and for, such other business as may
hcers and directors elected at such special
meeting shall hold office until the next annual
successors are elected and qualified, but no
for cause shall be eligible to 'rs @
newly elected ofiieers and directors the pub pub
TIC examiner shall forthwith relinquish the
to its proper Officers IT, at toa the eose Of
such detailed examination as aforesaid it
shall appear to the public examiner, that the
Its contracts with it's members, ana that it
would be unwise and Improbable for such
corporation to continue to do business, he shall
file statement in writing with the attorney
general. setting forth the condition Of such
With his fer such
snail apply to- the said district court for an
order to show cause why the affairs of such
corporation fad rat should not be wound up and set
holders. which order If granted shall be re-
5 Turn not less than ten qU days from the
upon said order to show cause the court shall
ma that such corporation is unable to COM
ana that 1t is unWiSe and ineXpedient to con-
tinue to do business. the court shall order and
a eadt that such corporation go into liquida-
tied under the direction of the court And
the court shall thereupon vest the manage
m m It and control Of such corporations in such
OF the directors Or officers thereof as may be
best fitted In the judgment Of the court to
settle and w, wind up the affairs Of such cor
poratlon. The Office of the remaining direc-
Tors ana office7s of such corporation shall
be declared vacant by The court; pro
y vide that the court may remove all or
poratlon II In its Judgment it shall be for
me best interests Of the corporation to do So:
e eaa upon pSa the removal Of all directors. the
poratton not less than three (3) persons. at
l Least two Of whom shall have been stock
holders for at least one year prior to the
Date of such appointment the persons in whom
n me n MAJ OF the affairs of such cor
such bonds or fidelity insurance as may be
required by the court. Provided, that at least
two Of such directors shall reside in the State
for cause. as Aforesaid remove any S or e4'i ali
ot aic and directors and appoint others as
af0Tssad Proyidsd further that whenever the
shall be less than fifty (5O) and their holdings
OF stock less than five hundred 5000 shares
ors OF such corporation and appoint one stock
holder residing In the State Of Minnesota, as
fuess t4 Wn al up gud is ad Es
court Such oteers and directors shall ali 1 rs
the court may direct.
60 any corporation governed by this act may,
- oioeteu Wy q majority vote OF its directors
or vote of three-fourtha of its stock at
a any resular or special meeting Of its share
Ho dad + Voluntarily 60 into quddaton pro
sent in writing thereto. Notice of such action
by the directors or stockholders. and the con-
sent Of the public examiner shall be mailed
his last recorded address; and thereupon such
corporation going into voluntary liquidation
be lawful. equitable and just for the winding
up OF It's affairs, subject to the direction and
control CO.. Of the public examiner; provided that
the methods SO adopted shall, as nearly as
may be-, conform to the original plans and
objects OF such corporation; provided, also, that
b be- a Dmangs IN H. such plans or methods shall
being 50 adopted. by such corporation; and it
is Is further provided, that if it shall appear
ton, the board Of directors may change the
plan Of loans to a definite time or times of
payment et at rate of interest not exceeding
tn1 legal contract rate per annum, or may
cages for cash. at such times and on such
interest Of such corporation.
any such corporation in course of Hquida-
lion shall have authority to consolidate with
euy other corporation organized for the same
purpose upon such terms as may be agreed
upon !. ana authorized by the board Of direct
transfer to such oonsoiidafed Corporation it's IS
en All assets subject to existing liabilities
voluntary Or otherwise, including the com
pensation OF officers, employees and directors.
such 81 corporation, subject to the approval of
the. public examiner, in lieu of the exnenaea
provided d for in section thirty $50 Of this act
ganized under the laws Of any other ststa
or TERRITORY, the public examiner shall ' fis
general setting forth the facts or partio rasy
c IN whicn said alleged violation or refusal
said attorney general shall, upon recsev Sfrse
e eaeta e o an IT, in his Judgment the
such sue action, give notice to such CORPORATION
. th"t 1t 1s no longer authorized to do business
nart tofs s'ate by deposttng such notice in the
dressed to said. corporation, at its princi nal
f fse,,I n The state where Incorporated and
any right in this state, and said notice nav
be published IN the same manner as provided
In section fourteen Of this act
Ine proceedings prescribed IN +hi, .eo+i,,
a ahs y, Of corporations governed by this act
by the laws Of the State Of Minnesota rs1atime
to general corporations.
,o sec' H., =: Al officers Of any building and
gong Gong business In this state, who sign or In
aorse checks or handle any funds Of such
tnsranne rs saan give such bonds Or hdeiity
iauiance TOT tho faithful performances of their
duties as the board Of directors NAV reouira
ama no no SUCH officer shall be deemed to be-
until his bond is approved bv the W. h hos 20 once
directors and the public examiner with Wbo Ta
t taen p,P eHnd shall be fled provided that
associat:cs at anH ina may require OF any
said bond or additional security thareto or or
d daen increase Of said insurance as he may
oers' The penalty for the failure Of anv
s saeas association to file and maintain ths
of this section shall be ne Of one pr Sndoad
lIoO) collars for each day such association
f dna a business after such bond has bseoe
pond or policy shall be held In trust for tha
oenent and protection of ths members Of such
a T'eha and shall be euforcible BY any
accrue thereon. oA SAIe'1A
~, Sec z, e ;, The name Building and Loan AS
all corporations societies, ORGANIZATIONS az
soclat1ons doing a saving and loan or ,nvest
lnealt business ON the building society plan.
suing certihcates of stock, which ruat,1re at
a fixed time in advance or not "'
on sec; ;s Is. any officer. director. or agent of
any foreign building and loan association. or
any other person whatever. who shall in this lis
state solicit subscriptions for the stock Of
such association, or who shall sell Or issna
or knowingly cause to be sold or Iss,'s issue rs
resident OF this state any stock Of such a as a
Soe'a TO waite such association shall not have
mao the certificate Of the public examiner an
thorizing IL to do business in this staff as
herein described ss or has not deposited as re-
CURED ny This act, securities Of the value
and at the times herein prescribed or befors
sueh association has complied with ali the
R , or this act, or when said associa-
! s.S snail have been notified and required to
discontinue business in this state as herein
oetors provided, shall be guilty of a naisde
meanor, ana upon conviction thereof shall he
punished by a fine Of not less than one hun
GREG drea 4o0} dollars or more than five hun
less than ten Q0) days, nor more than IN a aiN
20 months, or both such f1ra and imprisonment
IN the discretion Of the court. - 0'N
sec. - Any officer, director, or agent Of
any building and loan association tncornorated
uaaer the laws OF this state. or any other
pstsoh Wnatever, Who shall sell or issue or
person not g resident of the county in which
the home office of said association 1s located.
to, any stock of said association while said
h aon , does not have on deposit with the
curities of the value and at the time herei in