Echo de l'ouest. [volume] (Minneapolis, Minn.) 1883-1929, 1903-05-01

Tie same lerGOV Is ameQQcO,' SO as tC
read as follows: ,,r
Section 10. Any sum of money not less
shall be collected or received by any such
ganized in it's capacity Of executor, adj
mln~lstrator, Or guardian, or upon any
deposit under any order Of any court OF
record, and which money shall not be re-
is not to be accounted for, within one ~
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 az Of said act, as herein amend
ed, either then held by it or then spc-
cially procured by it: and the net interest
and profits Of such investments, less the
reasonable charges n disbursements OF
said corporation, in the premises, sha be
accounted for and paid over as a part Of
such trust; and the net accommodations 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
nlent Of such trust.
ana every such corporation shall keep,
IN addition to its general books of ac-
count separate trust account book or
all trust accounts. All such trust ac-
counts shall at all times be kept separate
and distinct from the general accounts Of
such corporation. All funds and property
~ sun WI PoA HSASA VI
any trust capacity, as administrator, ex-
ecutor, guardian, receiver, assignee, or
trustee, shall be entered in such trust ac-
separate and distinct from all other funds
and property of such corporation.
All deposits in any bank, or other in
funds received or held by it in any such
trust capacity, shall be deposited as trust
funds, and not in its individual name,
but as trustee. and not in any account
In yh1n orvy 10 ~ $1,000 E. -1-p =
deposited.
Every security in which such trust
Iunos or property shall be by such cor
goration invested shall at once be in
executor administrator guardian, re-
ceiver or assignee, as the case may be,
ana entered in the proper books Of such
trust the funds Of which shall have been
invested therein. AND any change in such
investment shall be credited, charged, or
entered under or in the account OF the
particular trust to which the same be-
long. to the end that all trust funds, Sc
cur1tles and property shall be at all times
capable of immediate Identification as
poration separate and distinct from it's
general property and funds. If any spe-
cial direction, agreement or trust is I'M
posed upon, made or conferred in and by
court. or by the terms and conditions Of
any last will and testament, or other
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
follow and carry out such order, judg-
ment, decree or other appointment, con-
tract, deed, conveyance, or other written
instrument.
Sec. 3. This act shall take effect and
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. F. No. ITO.
AN ACT to amend sections seven (7),
teen hundred and sixty-seven QS67 as
amended. entitled ar act to provide for
the incorporation of savings a%ssocia-
Be it enacted by the legislature Of the
state Of Minnesota.
Section l.. That section seven 60 Of the
above mentioned act be and hereby is
amended to read as follows:
Section Z. The general business and OBJ
ject Of such corporation shall be to receive
on deposit such sums of money as may
mariners, tradesmen, clerks: mechanics:
laborers. minors, %ervants 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
poration shall receive on deposit all sums
of money which may be offered fornthe
purpose Of being invested as aforesaid.
which shall as soon as practicable be
invested accordingly, and shall be repaid
to such depositors when required, at such
regulations as the board Of trustees shall
from time to time prescribe. which regu-
lations shall be put in some public and
conspicuous place in the room where the
h1ci,onSc of SINH 0NrnOrQtjOn shall
ulation shall be adopted by said
trustees whereby any sum Ia amo snni1
be refused by such corporation, when
offered as a deposit by any individual,
and the regulations 80 adopted shall not
previously made, except that a maximum
sum to the credit of any one deposltor
may be established under the bylaws of
the board of trustees.
want Of such corporation, shall directly
or Indirectly borrow the funds Of such
corporation. or it's deposits, or in n
affairs or business. All certificates or
other evidences Of deposit made by the
proper officer Of such corporation shall
be as binding upon the corporation as II
made under the common seal: 1t shall
be the duty Of the trustees of said cor
poration to regulate the. rates Of interest
to be allowed depositors; but said trus-
ment or profit until after interest shall
have been duly allowed the depositors at
the rate and in accordance with the rules
and regulations Of the institution, estab-
lished by the board Of trustees.
Sec. g. That section eight 90 of said
chapter twenty-three ,(23) Of the general
sixty-seven dis6D, as said section has
since been amended, be, and the same is
hereby further amended. so that here
after it shall read as follows:
1@,;1 Q A. Loo q r ho1f 1f tho whn1a
amount deposited shall be invested.
First-In the bonds or interest-bearing
notes or obligations of the United States,
or those for which the faith Of the
United States is pledged for the payment
Of the interest and principal.
~Second-ln the bonds of any state In the
within ten dO) years previous to making
such investment by such corporation de-
faulted. in the payment Of any part OF
the principal or interest on any, debts
state to be contracted, and of the state
Of Minnesota, issued since one thousand
eight hundred and sixty QS6V.
town, village or school district in the
state Of Minnesota, Wisconsin, Iowa.
North Dakota, South Dakota, Illinois.
Indiana, Ohio or Michigan. o. in any
issued by the said states or counties in
said states, or city or city board, town.
village or school district within the
county III WHICH, SuC1l Od1lhS olletA "
ated. or in the bonds of any city, county,
town, village or school district Of the
United States. which city, county, town.
village or school district had at least five
thousand $4,000 inhabitants as determin-
ed by the state or United States census
taken next preceding. the issue Of bonds
d~ebtedness of any such city, county, town.
village or school district so rendering
bonds shall not exceed ten per centum
upon the assessed valuation of such city.
county, town, village or school district at
the time of the issue of the bonds
rendered.
on unincumbered real estate situate in the
states of Minnesota, Wisconsin. Iowa.
North Dakota or South Dakota, and
worth at least twice the amount loaned
thereon: but in case the loan is on un-