The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-04-24
CHAPTER 71-H. +. No. 40.

with this act are hereby repealed.
Approved March 49, 1903.
CHAPTER 71-H. b. No. 40.
AN ACT to amend sections seven IN
eight (S), and fifteen G5) of chapter
twenty three (23) General Laws OF eigh-
teen hundred and sixty-seven QS6D as
amended. entitled an act to provide for
the incorporation of savings associa-
tons
Be it enacted by the legislature of the
state of Minnesota.
Section l. That section seven "a of the
above mentioned act be and hereby is
amended to read as follows:
Section Z. The general business and OBJ
1ect OF such corporation shall be to receive
on deposit such sums of money as NAV
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
pOration shall receive on deposit all sums
or money which may be offered for the
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
times with such interest, and under 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
business of such corporation shall
be transacted; but no bylaw or reg
ulation shall be adopted by said
trustees whereby any sum amount
ing to one dollar or upwards shall
be refused by such corporation, when
offered as a deposit by any individual.
and the regulations so adopted shall not
be altered SO as TO affect any deposit
previously made, except that maximum
sum to the credit of any one depositor
may be established under the bylaws OF
the board of trustees.
No president, trustee or officer or ser
want of such corporation, shall directly
or indirectly borrow the funds of such
corporation, or its deposits, or in any
manner use the same in their private
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 il
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-
tees shall receive no pay, salary, emolu-
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-
lShed by the board Of trustees.
Sec. =. That section eight (S) Of said
chapter twenty-three C23) Of the general
laws of the year eighteen hundred and
sixty-seven QS67. as said section has
since been amended. De. and the same is
hereby further amended. so that here
after it shall read as follows:
Section s. At least half Of the whole
amount deposited shall be invested.
First-In the bonds or Understanding
notes or obligations of the United States.
or those for which the faith CT the
United States is pledged for the payment
of the interest and principal.
Second-In the bonds of any state in the
tnion, provided that such state has not
within ten QO years previous TO making
such investment by such corporation de
fauted in the payment Of any part Of
authorized by any legislature of such
state to be contracted and Of the state
Of Minnesota, issued since one thousand
eight hundred and sixty QSGO).
Third-In the bonds of any city. county.
town, village or school district In the
state of Minnesota, Wisconsin, Iowa
North Dakota. South Dakota. illinois.
warrants or Understanding obligations
issued by the said states or counties in
said states, or city or city board, town.
village or school district within the
county in which such banks shall be stu
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 5000 inhabitants as determine
ed by the state or United States census
taken next preceding the issue Of bonds
rendered; provided. that the bonded in
debtedness 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 al
the time of the issue of the bonds
rendered.
Fourth-In notes secured by mortgage
on unincumbered real estate situate in the
states of Minnesota Wisconsin. Iowa.
North Dakota OF South Dakota. and
worth a least twice the amount loaned
thereon: but in case the loan is on IN
improved or unproductive real estate the
amount loaned thereon shall not be more
than thirty (30) per cent Of its actual
value. and no investment in any bond
and mortgage shall be made by any saw
ingS bank except upon the report of a
committee charged with the duty OF in
vestigating the same, and who shall certi-
fy to the value of the premises mort
gagged. or to be mortgaged, according 10
their best judgment, and such report shall
be filed and preserved among the rec
ords of the institution.
Fifth-The remaining one-half 90 may
be invested in said bonds or loaned on
the aforesaid securities or upon approved
personal or collateral security or In the
bonds of any railroad company as here
matter provided. or used 10 buy and sell
exchange; but no loan shall be made
upon the personal security OF less than
two responsible individuals
SiXth-In the bonds of any railroad COM
pany, or the successor Of any railroad
company. which has received a land grant
from the government OF the United
States and which are secured BY first
lien upon its railroad.
Seventh-In the bonds of any other rail-
road company, which are secured by first
lien upon a railroad within the United
States, or in the mortgage bonds OF any