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

or other district shall not exceed ten per
centum upon its assessed valuation.
4. In notes secured by mortgages on
unincumbered real estate situated in the
States of Minnesota, wisconsin, Iowa,
North Dakota and South Dakota worth
when improved, at least twice, and when
uninproved, at least thrice. the amount
loaned thereon; but not to exceed seventy
per centum Of the whole amount of the
moneys of the bank shall be so loaned;
and no such investment shall be made eX-
cept upon the report of committee
charged with the duty of examining the
same, who shall report to such bank the
value, according to their judgment, of
the. premises to be. taken as security,
its records.
3. In notes secured by at least two
sureties, or by such bonds or mortgages
as by the terms of this section savings
banks are authorized to invest their mon
eys in, but no such bond or mortgage
shall be taken as collateral security for
more than its par value, nor shall the
aggregate amount of any such securities
be less than the full amount loaned there
on. No Endorsed loan, or loan secured by
collateral, shall be made for a longer
amount to any one person than one-half
of one per centum of the total deposits
of the savings bank making the loan.
Nor shall any savings bank loan under
this paragraph in the aggregate to exceed
one-fourth of it's deposits.
q. In the bonds of any railroad COM
company, which has received a land
grant from the government Of the United
States, and which are secured by first
lien upon its railroad.
Z. In the bonds of any other railroad
company which are secured by first lien
upon a railroad within the United States,
or in the mortgage bonds of any such
railroad company OF an issue to retire all
prior mortgage Indebtedness of such rail-
road company; or in the bonds of any
railroad company within the United
States which are guaranteed or assumed
by another railroad company within the
United States; provided, that the railroad
company Except a railroad company
as aforesaid), either issuing, guarantee
ing or assuming any Of said bonds
has not within five years prior to the
time of making such investment by said
bank failed in the payment of a dividend
upon its entire capital stock outstanding
Of not less than four a. per cent per an
mum each fiscal year during said five
year period, and has not within five years
prior to the time Of making such invest
ment by said bank -detaulted IN the pay
ment Of any part of the principal or in
terest of any debt incurred by it and Sc
cured by mortgage or trust deed upon its
railroad, or any part thereof, or in the
payment of any part of the principal or
interest of any bonds guaranteed or as
sumed by II; and provided further that
no savings bank shall ever loan upon, or
invest in, railroad bonds TO exceed in the
aggregate twenty 90 per cent of it's de-
loan upon or invest in the bonds issued,
guaranteed or assumed by any one rail-
road company to exceed in the aggregate
five 90 per cent of its deposits.
Sec. =. Ali acts and parts of acts in
consistent herewith are hereby repealed.
Sec. g. This act shall take effect and
be in force from and after its passage.
Approved March 81, 1903.