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

to issue policies when ret not less than two
an no{ RISKS upon suc1
located in the State Of Minnesota has
been subscribed for and entered upon
such company's books. Such companies
ers' fire insurance companies and shall
issue no policy except upon the printing
material machiaery and stock in in trade
or upon the dwelling house and contents,
when the building or dwelling house is
owned and occupied by the owner of such
trade, OF. 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 3d. 1903.
CHAPTER ea-H; F. NO; 127:
AN ACT to amend chapter 233 of the
General Laws of 1901, entitled "An act
to revise and codify the laws relative to
building, loan and savings associat tons
doing a general business in the State
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
in use by any existing corpora ton. estab
lished under the laws of this state The
words, building and loan association" or
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,
and and having at least asSG so Of ea
nent stock subscribed, and not less than
5000, 100000 thereof paid in, may by
amendment to their articles Of incorpora-
emit ~
class Of business not prohibited by law,
Sec. 2. That section 4 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 first mortgage on real estate. shall
be given, which security shall be salts
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
dltlons of said note or bond and mort
gage, provided that the shares, without
other, security, may, in the discretion Of
the loans for an amount not exceeding
ninety (9O) per cent of their withdrawal
value as provided by this act Any such
a f6e pc ay subject to the
tract with it's borrowers that loans shall
be fully paid at a definite period, upon
menp Any saeh msg paB
ject to the approval Of the public ex-
amlner, provide for the adoption of the
so-called divided mortgage plan. and any
gage plan. which includes senior mort
gage, negotiable by such association for
the borrowers, shall be deemed a first
Any, such association may receive de-
pos1ts, borrow money for any legitimate
object of it's incorporation, and invest it's
surplus money, not otherwise invested in
in hn all two wi
ties, to-wit: (1) In the purchase of real
estate at any tax sale held in any county
Of the state. or In the purchase from the
the United States, or any bonds of this
s Sta tes or any other state of the United
interest bearing obligations of any city,
county, town, village or school district Of
the State of Minnesota having legal au-
a ah0rlt sc TO Issue cfv the that
has at least two thousand $4,000 inhabit-
ants, as determined by the last census Of
the United States. or this state, preceding
the issue of the securities offered for sale,
and provided that the bonded indebted
ness Of such municipality, including such
securities offered for sale, shall not ex-
yided by law for such municipality. 90
In notes or bonds, secured by first mort
cages on real estate of a value satisfac-
tory to the directors. made by persons
other than members Of the association.
Sec: 8. That section Of said chapter
223 be amended. to read as follows:
Every corporation heretofore, or here
after, Incorporated under the laws Of this
state and governed by this act, having at
least $4,000 of permanent stock sub
scribed, and not less than 100000 thereof
public examiner, in trust for all it's mem
bers and creditors, $500, 900 in mortgage
notes or bonds. and the mortgages given
in which such corporations are permitted
to invest, pursuant to the provisions of
Sec. 4. This act shall take effect and
be In force from and after it's passage.
Approved March %. 1908.
CHAPTER OH. F. NO. 40.
AN AGI to 70 bd eo for the bonding Of
Be it enacted by the legislature of the
State Of Minnesota:
Section l. Every organized county In
lied value Of ali property as equa1ized by
the state board Of equalization, is be-
tween five million, five hundred thou
sand ($5, 100000 dollars and six million
to issue its bonds for the purpose of rails
ing money to build and furnish a county
jail therein as H., by conforming to the pro.
county Commissioners 81 such coz County f shall
determine by resolution duly passed and
recorded, to raise sum Of money which
shall be designated in such Fssolution
vided,. for the purpose Of electing and
furnishing a county Jail at the county
seat Of such county; provided. that the
case exceed one (1) per cent of the tax
able valuation of the county as shown
by the last preceding assessment Of the
Sec. 2. The denominations Of said
bonds shall be in such amounts, and shall
be payable at such times, not less than
two ca nor more than ten Q0) 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
at such place as shall be fixed by the
resolution of said board.
Sec, 8: Said bonds shall be signed by
the Sealed e The bv e a1fof of the
county, and shall have interest coupons
attached thereto, which coupons shall be
signed by said chairman and counter,
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
Sec. 4. Said board and the proper au-
thorities of said county shall, and they
levy lev 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. s. Before any such county shall be
authorized to issue it's bonds as herein
provided, the board Of county commits
sioners thereof shall give. notice by pub
iication for three 80 consecutive weeks,
in at least one % weekly or daily, news
paper printed and published in said coun-
same length Of time in at least one %
waaI1v or daily newspaper printed and