The Appeal. [volume] (Saint Paul, Minn. ;) 1889-19??, 1903-05-02

hundred and ninety-nine Gs99), be, and
the same hereby is amended. so as to
read as follows:
Sec Section on 10 Any sum Of money not les.
shall be COLLECTED or received by any such
corporation, heretofore or hereafter or
ganized in it's capacity of executor, adj
min1strator, or guardian, or upon any
deposit under any order of any court OF
record, and which money shall not be re-
CURED for the purposes of such trust or
year from date of such collection, receipt
or deposits, shall be invested by such cor
poratlon as soon as practicable, and in
such securities as are mentioned in Sec
ton four a. of said act. as herein amend
! ed, either then held by it or then spe-
c1ally procured by it; and the net interest
reasonable charges and disbursements Of
said corporation, in the premises, shall be
accounted for and paid over as part of
such trust; and the net accumulations Of
such interest and profits thereon shall
| likewise be invested and reinvested as a
part of such principal. And such invest
| ments shall be received and allowed by
the probate. or other court. in the settle
| ment of such trust.
And every such corporation shall keep,
| in addition to, it's general books of ac-
count, separate trust account book
| books. in which shall be entered and kept
an trust accounts. All such trust ac-
counts shall at all times be kept separate
| such corporation. All funds and property
received or held by such corporation in
any trust capacity, as administrator. ex-
ecutor, guardian. receiver, assignee, or
! trustee: shall be entered in such trust ac-
count books and be at all times kept
and property of such corporation.
All deposits in any bank, or other in
stitution, made by such corporation, Of
funds received or held by 1T in any such
funds and not in its individual name,
but as trustee. and not in any account
d IN whieh any of its own funds shall be
Every security in which such trust
funds or property shall be by such cor
executor. administrator guardian re-
| ceiver or assignee, as the case may be,
and entered in the proper books of such
trust the funds of which shall have been
investment shall be credited, Charged, or
particular. trust to which the same be-
| long. to the end that all trust funds, Sc
euritiss and property shall be at al! times
belonging to the trust funds Of said cor
poration separate and distinct from it's
| general property and funds. If any spe-
posed upon, made or conferred in and by
The order. judgment or decree of any
court, or by the terms and conditions Of
any last will and testament, or other
document, contract conveyance, or other
written instrument as to the particular
manner of keeping or investing, or as to
the particular manner. in which. or the
| particular class or kinds Of securities,
FUNDS or property the same shall be in
vested in. then the said corporation shall
ment decree or Other a appointm ner e co
tract, deed, conveyance or other written
instrunent;
be in force from and after it's passage,
and all acts or parts of acts inconsistent
| with this act are hereby repealed.
Approved March 10. 1903.
CHAPTER TIL. i. No. ITO.
| AN ACT to amend sections seven 60,
twenty-three (2S) General Laws Of eigh-
teen hundred and sixty seven Qs6O as
amended, entitled an act to provide for
the incorporation of savings associa-
Be it enacted by the legislature of the
state of Minnesota MI, . >7>
above mentioned act be and hereby is
| amended to read as follows:
Section 7. The general business and OBJ
ject of such corporation shall be to receive
on deposit such sums Of money may
from time to time be offered therefor by
mariners, tradesmen, clerks, mechanics,
laborers. minors, servants and others, and
to invest the same for the use: interest
| and advantage of said depositors and
| their legal representatives as hereinafter
prescribed by this act; and the said cor
| Of money which may be offered for the
| purpose of being invested as aforesaid.
which shall as soon as practicable be
to such depositors when required, at such
times. with such interest, and under such
regulations as the board Of trustees shall
lations shall be put in some public and
conspicuous place in the room where the
business Of such corporation shall shall
uiation shall be adopted by said
trustees whereby any sum amount
Ing to one dollar or upwards 1Vtard shan
offered as deposit by any Individual,
and the regulations so adopted shall not
P pr 15asE9 made. except that maximum
may be established under the bylaws Of
| the board Of trustees.
want Of such corporation, shall directly
or indirectly borrow the funds Of such
9ss the its sa aspqztT their n
affairs or business. All certificates or
other evidences of deposit made by the
bbe be as binding upon the corporation as il
made under the common seal; It shall
be the duty of the trustees Of said cor
to to- be to'1 allowed depoeitors; but said trus-
ment or profit until after interest shall
the rate and in accordance with the rules
and regulations Of the institution. estab-
lished by the board Of trustees.
cb sss That sSen sg6 f IS Ct sad
Se en' $685. sS as said secten has
since been amended, be, and the he's same psrd Is
| after it shall read as follows:
Section 8: At least :, half ali , OF the whole
amount deposited shall be INVESTED Sar,,.
notes or obligations Of the United States.
or those FOR which the faith of the
United States is pledged for the payment
second-In the bonds Of any state in the
Union, provided that such state has not
within ten QW years previous to making
faulted in the payment Of any part Of
the principal OF interest on any. debts
authorized by any lesislaatu nf + OF s suGh
OF Minnesota, issued since one thousand
eight hundred and sixty GS6W.
the BOMBS seh OF any dsf Gty 10 tS:
STATE STATE Of o''e Minnesota, Wisconsin. Iowa.
indiana, Ohio or Michigan, or in any
| issued by the said states or counties in
villa village or school district within wit; ~, the
or y IL sse OF eeh oa Of &
United States. which city. county. town.
Xass Or @ as ne
ed BY the state or United States census
taken next preceding the issue Of bonds
debtedness Of any such city. county. town.
village or school district so rendering
| bonds shall not exceed ten per centum
yaluat sopoo Of sHfh city,
f the time te" OF the issue Of the bonds
Fourth-1n notes secured by mortgage