St. Paul tidende. [volume] (St. Paul, Minn.) 1902-1928, 1907-05-10

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PASSED AT TIE ]
call, shall adopt q resolution to that IT.
feet. and those desiring y shall q have
oR Bee. 5! t &hse Section so15, Revised Laws
1905. Be. and Il hereby is. amended 50 q
to read as follows:
':3O15. There shall be at least n regu-
month ndssi fos Il Tie sns transaction 81 business.
and five trustees, shall constitute a quo
rum at any meeting"
,o Sec. I. That section s3le, Revised Laws
'8o1e. No trustee shall have any In
terest whatsoever, direct or Indirect, in
ess er any co 81 Gaseftay or 1r .r saaa1Sf5 for Els
provided: and no trustee or officer, d.
rectly or indirectly, for himself Or as the
or in. any representative or aduciary ca
pacity. shall borrow any Of it's funds ar
deposits or in any manner use the same,
nnseRt IN pre Sdorsny a a%th nefiSssarg BY o's specifc
resolution Of the board: nor shall he
become an endorser or surety or in any
manner render himself liable to it for
spect Whatsoever, or without Resignation
become a trustee, officer, or employe of
asIR eg oths any sa Y afSe 9 4opsxoi W!ll n5dv XiS1as
shall vae cas hi his OF oface, and render him
thereafter ineligible to ELECTION or ap-
p pointmen Is trustee Or or s 9it1cer Of any
any other Of his duties as trustee for six
successive months, without having been
previously excused, shall vacate his office
" shall not render. him ineligible to cleo
ton or appointment. Trustees acting rs
officers whose duties require and receive
their regular and faithful attendance at
the ban and trustees appointed as q
committee whose duties require and re-
ceiye their actual service. may recelvr
such compensation as a majority of the
tee to whom such compensation shall be
voted, may determine"
Sec. g.. That section 301S, Revised Laws
1905. be, and it hereby Is. amended so as
to read as follows:
"3O1S. Before receiving any deposit it
shall establish reasonable and proper reg
u%lations for the conduct of its business,
payment of deposits, and cause the same
to be kept conspicuously posted in it's
banking room, and its regulations shall
also Pc printed in full IN all passbo9ks,
!" SSAAS SVAASAANNo " PooA LII A4AollCu
prima facie evidence Of the terms and
conditions of their mutual transactions"
1905, be, and it hereby is, amended SO as
to read as follows:
"3O19. Any deposit made In n bank,
or savings bank, by, or In the name Of a
right and benefit of such minor, free from
the control or lien Of all other persons
except creditors. and. together with the
aiyide M ,,o or interest Int EST thereon thereon shall be
a!cquittance in any form shall be a SUM-
GENT release and discharge to the bank
for such deposit Or any part thereof, un-
such minor shall have delivered to the
Whenever any deposit shall Be made by
any pe Mr3tte in trust trust for os. aq qSs sx a;ntdn \
and terms Of any legal n valid trust
shall have been given to the bank, in
case of the death of such trustee the
dends Or interest thereon, may be paid
to the person for whom the deposit was
made. And whenever any deposit shall
be i made by or in the names Of two or
count, the same or any part thereof and
the dividends or interest thereon may be
paid to either Of such persons or to a
sentative Of such survivor"
Sec. Z. That subdivision 4 Of section
3O22, Revised Laws 1905, be, n it here
b., is. amended SO as to read as follows:
untncumbered real estate in Minnesota.
Wisconsin. Iowa, North Dakota ana
South Dakota worth when improved at
three times the amount loaned thereon.
But not more thar. 70 per cent Of
the whole amount Of the moneys Of the
nank shaM Pc SO loaned; and such invest
committee directed to investigate the
same and report its value, according to
their Judgment, and it's report shall be
Sec: s. That Subdivision s Of section
to read as follows:
no Si In pe notes es sec secured Re by sgeh bonds or
ton ia authorized to invest in, but no
such bond or mortgage shall be taken as
collateral security for more thar its par
yalue| nor shall the a%gegregate amount Of
amount loaned thereon, and no such loan
shall be made for a longer time than one
year nor to a greater amount to any one
a 3eps 8 n Z the : a Rfr NJ ssnt SUCH S6 b ths t t1td'
s ioan IN the h + aggregate -, on the security
ons-fourth Of its deposits:
Sec. 8. That section 1926, Revised Laws
to read as follows:
or "s925; Every deposit and al. dividends
creolted thereto shall be repaid, after de-
shall prescribe, but it shall not be re-
qu'red TO Pay a greater dividend than
She Per ao cent per annum. Depositors
the profits after deducting necessary ex-
sum. as such board deems expedieant, FOR
depositors, and to meet contingencies. uns
TIL such fund shall amount to Is per
cent of Its deposits. No interest shall be
aiiowed on any. money for a longer time
cept that deposits made not later than
the tenth day Of the month commencing
n ,s~emi-annual or quarterly interest
month or Withdrawn within the last three
days of the month ending a quarterly or
semi-annual interest period may be treat
ed geoa as on DEPOSIT for the entire period or
Withdrawn: No dividend shall be de-
clared, credited, or paid unless authorized
by yea and 2 vote of its board duly
any dividend in excess of that earned
and on hand shall be declared or cred
ited the trustees voting therefor shall be
3} or s,;oh ana sever aa'lly liable to the bank
bank whose surplus mounts to is Der
cent of its deposits shall, at least G
IN three years, divide proportionately the
excess among its depositors as an extra
dividend, n for that purpose may clas-
sify them according to character, amount.
and duration Of dealings, and so regu.
late the dividend that each Of the Same
portion" Wv
Sec. 10. That section 1927, Revised
Laws 1905, be, and it hereby is, amended
SO as to read as follows:
3O21. On or before February / OF eacl,
year its trustees shall cause to be made
a thorough examination of all its books.
vouchers and other papers and Of IFS
assets: liabilities and affairs generally by
| an and make q writtan renont - I.