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

contents, may and are hereby authorized
to issue policies when not less than two
surance in not less than two hundred
(20O separate risks upon such property
located in the State of Minnesota mas
been subscribed for and entered upon
shall be- designated as mutual publish,
ers' fire insurance companies" and shall
issue no policy except upon the printing
m material 1Gan tn mq S;311ainyy c and StGee the In t Eame,
or upon the dwelling hous and contents,
when the building or dwelling house, is
owned and occupied by the owner Of such
printing material, machinery, stock In
machinery, stock In. trade, building,
and dwelling house and contents.
Sec. 2. This act sha take effect and
Approved March %, 1908.
CHAPTER OBI. F. NO. 127.
AN ACT to amend chapter 233 Of the
to revise and codify the laws relative to
building, loan and savings associations
doing a general business in the State
of Minnesota"
Be 1t enacted by the legislature OF the
State of Minnesota:
Section 1. That section two () Of chap.
ter tWo hundred and thirttyy-three (2s3) Of
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-
lished under the laws of this state. The
words, building n loan association" or
Savings and loan association shall form
a part of the same, and no corporation,
not organized under this act, n be
Of said combinations of words; provided,
that associations issuing permanent stock,
and having at least $500,OOO.OO Of per1na-
nent stock subscribed, and not less than
xCN1 0h0 IN fhorooF roid In nav hv
amendment to their articles Of incorpora-
ton, adopt any name suitable to their
class Of business not prohibited by law.
Sec. 2. section 4 Of said chapter
2333 be amended to read as follows:
Section 4. For every loan made on real
estate security, a note or bond. secured
by hrst mortgage on real estate. shall
factory to the directors, and shall be
accompanied by a transfer and pledge of
the shares Of the borrowers to the as
sociat1on; The shares so pledged shall
security for the performance of the con-
d1tions Of said note or bond Inc mort
gage, provided that the shares, without
other security, may, in the discretion of
the loans for an amount not exceeding
ninety f9O) per cent Of their withdrawal
value as provided by this act. Any such
ASSOCIATIONS may, subject to the approval
tract with it's borrowers that loans shall
be fully paid at a definite period, upon
receipt of a specified number Of pay
ments. Any such association may, sub
ject to the approval Of the public ex-
aminer, provide for the adoption of the
so-caued divided mortgage plan, and any
mortgage taken under such divided mort
gage: negotiable by such association for
the borrowers, shall be deemed a first
mortgage within the meaning Of hi act.
any such association may receive de-
n0S1TG h0Tr0yr Ye0nnvY f1r
object of its Incorporation, and invest It's
surplus money, not otherwise invested in
mortgage loans, In the following securt-
d e. to,Wlt: q In the purchase of real
Of the state, or in the purchase from the
state Of any lands bid in for or by the
sta state 17a at any y+ tax sale. l2) In bonds Of
ste oo or anS Sta o ! or rta any q bonds 3ds Of 2 this
States. go In the bonds, warrants or
interest bearing obligations of any city,
f6 6an 9y, towq' Village or school district Of
thority to issue the same; provided, that
any such city. county, town, or Vilage
has at least two thousand $4,000 inhabit-
IN as detsrmined by the last census of
the issue Of the securities offered for sale,
n provided that the bonded Indebted
ness Of such municipality, including such
coed the limitation OF. Indebtedness pro-
v1ded by law for such municipality. ~
In notes or bonds, secured by first mort
gages on real estate of a value satisfac-
other h members Of the association. i
Sec: 3. That section g Of said chapter
2S3 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 100000 Of permanent stock Sub
scr1bed, and not less than 5000, 600 thereof
pald In, snail deposit and keep with the
public examiner, in trust for all its mem
bers and creditors, $500, 600 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
De IN force from and after its passage.
CHAPTER 94-H. F. NO. 40.
AN ACT to provide for the bonding of
to build county jails.
Be it enacted by the legislature of the
State of Minnesota:
Section /. Every organized county in
this state when the last assessed equal
the state board of equalization, is be-
tween five million, five hundred thou
sand ($5, $500 0O dollars AM six million
$50; oo0,o oo) dollars: is hereby authorized
ing money to build and furnish a county
JAIL therein, by conforming to the pro-
visions OF this act, whenever the board of
commissioners Of such county shall
recorded, to raise a sum Of money which
shall be designated, in such resolution,
within the limitations hereinafter pro-
furnishing a 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. 2. TIL denominations Of said
bonds shall be in such amounts, and shall
be payable at such times, not less than
W CD 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,
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 aid 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 name as other taxes are levied
and collected
Sec. s. Before any such county shall be
authorized to issue its bonds as herein
provided, the board Of county commits
sioners thereof shall give notice by pub
location for three 90 consecutive weeks.
in at least one az weekly or daily news
paper printed and published in said coun-
ty, and by a similar publication for the