New Ulm review. (New Ulm, Brown County, Minn.) 1892-1961, 1905-05-24

sucn IunQS as is provided IN Sald sec
ton VII. When such transfers shall have
been so made, proof thereof shall be fur
nished the public examiner in such man
ner as he may prescribe, whereupon the
public examiner shall issue certificate
for record releasing such default mort
gage from the lien of such series of de-
bentures.
Sec. Is. Such corporation may purchase
hold or convey land sold upon foreclosure
of mortgages owned by it or held by it
as security for its debentures, or upon
judgments or DEGREES in it's favor or in
the settlement Of debts (debts) or received
in exchange as part of the consideration
of real estate held by it; but no item of
real estate shall be carried upon the
than the actual cost thereof, and all real
estate acquired by such corporation shall
be. sold wllnin five years after its ac-
anirement, unless the time is extended
the board of directors. Provided, how
ever, that such corporation may acquire
and hold the title to such land as may
be necessary for an Office building for
its use but not more than ten per cent
of the capital of such corporation may be
SO invested. Such corporation may change
It's location, dispose ct its place OF bust
ten approval of the public examiner.
Sec. 10. Every such corporation shall
at all times be under the supervision and
subject to the control of the public exam
liner. At least annually, and as much
oftener as he deems it necessary with
out previous notice, such examiner, his
deputy or assistant, may visit and ex-
anime the business and Office of every
such corporation, verify its books, vouch-
ers and papers, and ascertain it's financial
condition and ability to perform it's func-
wherein, if at all, it has violated any
provision of law, and determine what,
# any, further. action shall be taken in
the premises. For the purpose of MAX
ing such examination he is authorized to
enforce the attendance of Witnesses of
persons whose testimony is desired, and
the production Of books and papers by
minister oaths to witnesses and compel
them to testify. If the examiner is of the
opinion that the further operation of such
terests he shall forthwith take possession
of it's property and report the matter to
the governor for appropriate action.
Sec. 20. At least four times in each
year, and at any other time when SO re-
quired by the public examiner, every such
corporation shall promptly make and
transmit to him in such form and within
such time as he shall prescribe report,
verified by it's president. vice president,
secretary or assistant secretary, and at
tested by at least one of it's directors,
stating in detail under appropriate heads
Its liabilities and assets at the close of
business on the date specified in such
request. if upon special request, other
wise on the last business day of the pre-
ceding month. Such statement shall be
published once at the expense of such
corporation in a newspaper of the county
of its location, and proof thereof filed inn
mediately with the examiner.
Sec. 81. Every such corporation which
shall fail to make and transmit to the
| public examiner within ten days after
the time prescribed by law therefor any
act, or by other lawful authority, or shall
fail to include therein any matter required
by such examiner, shall forfeit to the
state STATE the sum Of one hundred dollars
nrt &c
withheld or delayed, or that it shall fail
to report any such omitted matter, and
every such corporation which shall so fail
| twice In succession to make and trans
NIT any such report shall forfeit its cor
porate rights and franchises.
Sec. %. All instruments Of every char
acter required by this act to be made
on behalf Of such corporation, except as
herein otherwise provided, shall be signed
by its president or vice president and at
tested by its secretary or assistant sec
rotary under the seal of such corporation
Sec. %. No such corporation shall make
an assignment by reason Of existing or
probable. insolvency.. The board of d.
rectors, if satisfied that it is, or is about
to become insolvent, shall immediately
report such fact to the public examiner,
who, if satisfied from such report or any
other source. that such corporation has
failed or refused to pay either the in
terest or principal due on any Of it's de-
bentures, has become insolvent, that it's
books Of account are falsely or fraudu-
1eiilly hGpl, or CnaC' IL mas violated any
provisions of law. shall forthwith take
possession of it's books, records and prop
erty: It's property shall not be subject
to attachment or levy, nor shall a receiV-
time as he may require for an examina-
ton and to- apply for a receiver. When
appointed, the receiver shall take possess
sion, under the direction of the court, Of
such books, records and other property
belonging to such corporation, together
with all mortgages and other property
held by it as security for any Of it's de-
bentures. and shall collect all debts due
such corporation, sell or compound bad
or doubtful ones and sell all corporate
property on such terms as the court shall
dlrect' and when necessary pay corporate
debts and enforce the Individual liability
OF stockholders. He shall pay over all
moneys received by him and make report
Of his doings to the public examiner. at
such times and in such manner as he may
prescribe. The moneys received from the
securities belonging to any series of de-
bentures shall be applied to the payment
o. o.. isu ie aenensures. and any excess re-
the court to the payment of any UNI
secured Indebtedness Whenever, after
report by such directors and before the
appointment of a receiver, said exam
liner shall find the corporation in such
condition that all creditors aside from
the stockholders can be paid in full from
ITS = assets, ne may relinquish possession
of its property to its proper officers; and
whenever at any stage of the proceed
ings the stockholders of such corporation
show. the court that it is able to pay
all other creditors, and such showing is
approved by said examiner, the court
| may order the property turned over to
the stockholders for liquidation or other
arrangement and discharge the receiver.
Sec. "a. Every such corporation shall
pay to the public examiner an annual fee
| based on the amount of debentures out
standing on the first day of December in
each year as follows: On the first two
hundred thousand dollars ($2OO, OOO) or
part thereof at the rate Of one dollar
per thousand dollars; on all in excess
OF two hundred thousand dollars (S2OO, OOO)
at the rate of fifty cents per thousand
dollars. the minimum fee to be not less
than 500 IN any year. which amount
shall be paid by the public examiner into
Sec: rs. Any .wilful misstatement of
any fact required by this act to be made
by any officer, agent or servant, of such
corporation shall be deemed perjury, and
shall be subject to the prosecutions and
pun1shments prescribed by law for that
ofrense. Each and every officer, agent
! or servant of such corporation, and every
other individual who shall knowingly or
wilfully do or omit anything the doing
or omissions Of which on the part of such
corporation, is violation Of the pro-
visions of this act, and who continues
or repeats such act or omission for or
during more than ten successive DAYS
shall be guilty of a felony.
Sec. 26 All acts and parts of acts in
consistent with this act are hereby re-
Sec. ~. This act shall take effect and h !