The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-04-24


hundred thousand (2000OO dollars of in
surance in not less than two hundred
C2OO separate risks upon such property
located in the State of Minnesota has
been subscribed for and entered upon
such companys books. Such companies
shall be designated as mutual publish
ers fire insurance companies and shall
issue no policy except upon the printing
material machinery and stock in trade,
or upon the building containing the same,
or upon the dwelling house and contents,
owned and occupied by the owner of such
printing material, machinery, stock in
trade, or upon both such printing mate
rial machinery, stock in trade, building,
and dwelling house and contents.
Sec. 2. This act shall take effect and
be in force from and after its passage.
Approved March %, 1908.
CHAPTER 93-H. F. NO. 1877.
AN ACT to amend chapter 233 of the
General Laws Of 1901, entitled can act
to revise and codify the laws relative to
building. loan and savings associations
doing general business in the State
of Minnesota
Be it enacted by the legislature Of the
State of Minnesota:
Section 1. That section two (2) Of chap
ter two hundred and thirty-three (233) of
the General Laws of 1901 be amended
so as to read as follows:
Section 2. The name shall not be the
same as, nor too closely resemble, that
In use by any existing corporation, estab-
l1shed under the laws of this state. The
words, building and loan association" or
savings and loan association" shall form
part Of the same, and no corporation,
not organized under this act, shall be
entitled to use a name embodying either
OF said combinations of words; provided,
that associations Issuing permanent stock.
and having at least S5000O0.OO of perma-
nent stock subscribed, and not less than
amendment to their articles Of incorpora-
ton, adopt any name suitable to their
class Of business not prohibited by law.
Sec Sec. 2 That section Of said chapter
233 be amended to read as follows
Section 4. For every loan made on real
estate security, note or bond. secured
by hrst mortgage on real estate. shall
be given, which security shall be salts
factory to the directors, and shall be
accompanied by transfer and pledge of
the shares of the borrowers to the as
ISOLATION; The shares so pledged shall
be held by the corporation as collateral
security for the performance of the con-
dlt1onS OF said note or bond and mort
gage. provided that the shares, without
other security, may, in the discretion of
the directors, be accepted as security for
the loans for an amount not exceeding
ninety 600 per cent of their withdrawal
value as provided by this act. Any such
associations may, subject to the approval
OF the public examiner, provide by con-
tract with its borrowers that loans shall
be fully paid at a definite period, upon
receipt of specified number Of pay
ments. Any such association may, sub
ject to the approval of the public ex-
am1ner, provide for the adoption of the
so-called divided mortgage plan, and any
mortgage taken under such divided mort
gage plan, which includes a senior mort
gage. negotiable by such association for
the borrowers. shall be deemed a first
mortgage within the meaning of this act.
Any such association may receive de-
posits, borrow money for any legitimate
object of its Incorporation, and invest it's
surplus money, not otherwise invested in
mortgage loans if7 nr1ri-
ties, to-wit: ~ In the purchase of real
estate at any tax sale held in any county
OF the state or in the purchase from the
state OF any lands bid in for or by the
state at any tax sale. CD In bonds of
the United States, or any bonds of this
state or any other state of the United
states. 90 In the bonds, warrants or
Understanding obligations of any city,
county, town, village or school district Of
the State of Minnesota having legal au-
thority to issue the same; provided, that
has at least two thousand (2,OOO) inhabit-
ants, as determined by the last census of
the United States, or this state, preceding
the issue Of the securities offered for sale.
ana provided that the bonded indebted
ness OF such municipality, including such
securities offered for sale, shall not ex-
coed the limitation Of Indebtedness pro-
Xlded by law for such municipality. a.
In notes or bonds, secured by first mort
cages on real estate of a value satisfac-
tory 10 the directors, made by persons
other than members of the association
Sec. 3. That section 6 of said chaDter
233 be amended to read as follows:
Every corporation heretofore, or here
after, Incorporated under the laws of this
STATE a so governed by this act, having at
least $4,000 Of permanent stock SUBJ
scr1Ded, and not less than $500, 900 thereof
paid in, shall deposit and keep with the
public examiner, in trust for all its mem
pers and creditors, 100000 in mortgage
notes or bonds, and the mortgages given
TO secure the same, or in other securities
IN which such corporations are permitted
this act.
Sec. 4. This act shall take effect and
be In force from and after its passae e.
Approved March e. 1903.
CHAPTER 94-H. F. NO. 14O.
AN ACT to provide for the bonding of
counties to build county jails.
Be it enacted by the legislature of the
State Of Minnesota:
Section l. Every organized county in
this state when the last assessed equal
lied value of all property as equalized by
tween five million, five hundred thou
sand ($5,500O00 dollars and six million
10000 dollars, is hereby authorized
to issue its bonds for the purpose Of rails
ing money to build and furnish a county
jail therein. by conforming to the pro-
visions OF this act, whenever the board of
county commissioners Of such county shall
determine by resolution duly passed and
recorded, to raise a sum of money which
snail be designated, in such resolution,
within the limitations hereinafter pro-
yided, for the purpose Of electing and
furnishing county jail at the county
seat of such county; provided, that the
bond issue hereby authorized shall in no
case exceed one % per cent of the tax
able valuation of the county as shown
by the last preceding assessment Of the
county.
Sec. .. The denominations of said
bonds shall be in such amounts, and shall
be payable at such times, not less than
two % nor more than ten QO years
from the date of their ISSUE as the board
Of county commissioners shall determine
by the resolution of said board The in
terest thereon at not exceeding five per
cent per annum shall be paid annually
at such place as shall be fixed by the
resolution Of said board
Sec. 3. Said bonds shall be signed by
the chairman of the board and counter
signed and sealed by the auditor of the
county, and shall have interest coupons
attached thereto, which coupons shall be
signed by the auditor of said county, and
said auditor shall keep a true and cor
rect record Of all bonds issued under the
provisions of this act. giving numbers,
dates and amounts, to whom issued, and
when payable.
Sec. 4. Said board and the proper au-
thoritieS of said county shall, and they
are hereby authorized and required to
levy an annual tax on the taxable prop
erty Of said county, over and above and
in addition to all other taxes required by
law to be levied, sufficient to pay the
interest accruing upon said bonds as it
natures, and also to levy an additional
tax sufficient in amount to pay the prin-
cipal of said bonds at maturity, which
tax shall be levied and collected in the
same manner as other taxes are levied
and collected
Sec. 8. Before any such county shall be