The Appeal. [volume] (Saint Paul, Minn. ;) 1889-19??, 1905-04-29

made in the case Of the reinvestment Of
such funds as Is IN Ell h see
nished the public examiner in such man
ner as he may prescribe, whereupon the
Tor record releasing such default mort
gage from the lien of such series of de-
bentures.
Sec IS: Such corporation may purchase ds,,xs
of mortgages owned by it or held by 1t
as security for its debentures, or upon
judgments or DEGREES in it's favor or in
in exchange as part of the consideration
Of real estate held by it; but no item OF
real estate shall be carried upon the
books Of the corporation at a greater sum
estate acquired by such corporation shall
be sold wlLnin five years after Its &C
quirement, unless the time is extended
BY the public examiner on application of
the b4 } e of aH
and hold the title to such land as may
be necessary for an Office building for
its but not than tsn per sen s
so invested. Such corporation may change
Its location, dispose Of it's place OF bust
ness and acquire another upon the writ
ten approval Of the public examiner a'a o,a,
Sec. 10. Every such corporation Snal!
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 tn
deputy or assistant, may visit and ex-
anime the business and Office. Of every
such corporation, verify it's books, vouch,
condition and ability to perform its func;;
tons and fulfill its obligations. and
wherein, II at all, it has violated any
provision Of law. and determine what,
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
subpoena or attachment, and may ad-
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.
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
verified by its president, vice president,
secretary or assistant secretary, and at
tested by at least one of it's directors,
stating in detail under appropriate heads
oa and ds sp ae i 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 i'm
with the examiner.
shall fail to make and transmit to the
public examiner within ten days after
the time prescribed by law therefor any
report required by the provisions Of this
fail to include therein any matter required
by such examiner, shall forfeit to the
state the sum Of one hundred dollars
($100 for every day that such report is
to report any such omitted matter, and
every such corporation which shall so fail
twice IN succession to make fa ana It. trans
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
tested by its secretary or assistant sec
rotary under the seal Of such corporation.
Sec. %. No such corporation shall make
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
failed or refused to pay either the in
terest or principal due on any Of it's de-
bentures, has become i inisolyent: that its
ientiy kept, or that it has Violated any
provisions Of law, shall forthwith take
possession Of it's books, records and prop
erty: Its property shall notS be subject
er be sppointed during na 'O such Chr reasonable
time as he may require for an examina
ton and to apply for a receiver. When
the receiver shall take possess
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-
such corporation, sell or compound bad
or doubtful ones and sell all corporate
on such terms as the court shall
direct, and when necessary pay corporate
Of stockholders. He shall pay over all
received by him and make report
of his doings to the public examiner at
such times and in such manner as he may
securities belonging to any series of de-
bentures shall be applied to the payment
Of such debentures, and any. excess re-
manning may be applied on the order of
secured Indebtedness. Whenever, after
report by such directors and before the
appointment of receiver, said exam
liner. shall find the corporation. in such
condition that all creditors aside from
the stockholders can be paid in full from
it's assets, he may relinquish possession
Of It's property to it's proper officers; and
ings the stockhoiders Of such &c Corporation
show the court that it is able to pay
all other creators, and such showing is
approved by said examiner, the court
may order the property turned over to
~ s$~ n1St ,NI1 40 ,+14
and discharge the receiver.
Sec. "a. Every such corporation shall
pay to the public examiner an annual fee
each year as follows: On the first two
hundred thousand dollars ($200.OO0) or
part thereof at the rate of one dollar
ds On ao ia Il
at the rate of fifty cents per thousand
dollars, the minimum fee to be not less
than 500 in any year, which amount
the state treasury.
Sec. Is. Any wilful misstatement Of
any fact required by this act to be made
by any officer, agent or servant Of such
shall be SUBJECT to 20 the prosecufions and
punishments prescribed by law for that
offense Each and every officer, agent
or servant Of such corporation and every
wilfully do or omit anything, the doing
Or omissions Of which on the part of such
is a 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. 20. All acts and parts Of acts in
pealed. II Il !;
Sec. ~. This act shall take effect and
be in force from and after it's passage.
Approved March 81, 1905.
CHAPTER 94H F. NO. 624.
AN ACT to amend chapter two hundred
and ninety $500 Of the Laws of nine
teen hundred and three 1903), SO as to
permit the expenditure Of certain funds
than the one named therein, in Stbley