The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1909-04-30


DO. the assured. shall be liable Tor the
highest rate written in the policy; also
a form may be attached excluding na-
pllty Tor loss or damage to dynamoS
and other electrical appliances caused by
electric current, either natural or arti-
It may also print or use in it's policy
printed forms providing that in case OF
less, such loss shall be payable to the
MORTGAGE. as his. her its or their in
following words, to-wit:
Subject to the stipulations. provisions.
ana conditions contained in this policy,
the loss, If any. is payable to ........,...
mortgage, as his. her its or their inter-
est may appear"
1t may also print or use in its policy.
IN case the assured desires liability to
attach to several buildings, divisions or
iocations under one item, printed form
IN the Following words, to-wit
1t Is hereby agreed in case of loss,
THIS policy shall attach In OF on each
building, division or location in such
building. division or location bears to the
aggregate value of the subject insured.
Sec. 2 This act shall take effect and
be in force, from and after it's passage.
Approved April 81. 1909.
CHAPTER 332-S. F. NO. "a
AN ACT to amend chapter 133 Of the
Laws Of Minnesota for 1907, providing
designate repositories for school dis
trict moneys and requiring the deposit
or school district moneys in such de-
posltorfes, and exempting school dis
trict treasurers from liability for such
deposits.
Be it enacted by the Legislature of the
state of Minnesota:
Section 1. That chapter 1873 of the
Laws of Minnesota for 1907 be and the
same same Is hereby amended so as to read as
Section 1. The officers of the several
common and Independent school districts
IN THIS state may in their discretion, Sc
positories for school district moneys, any
national or state bank, OF banks, for a
period not exceeding three years on the
sufficient bond to the School district in
double the sum deposited, except in
cases where the bond furnished is that
business in the state of Minnesota and
in such cases the amount of bond shall
be equal to the estimated sum to be
and filed in the office of the county au-
ditor Of the county wherein said school
district may be situated, and thereupon
or any part of the school districts mon
ey In such bank or banks. Such desig-
nation shall be in writing and shall set
forth all the terms and conditions upon
winch the deposits are made, be signed
by the chairman and clerk or president
ara clerk as the case may be, and filed
with the clerk. That thereupon such
enk Or banks shall become a legal de-
posltory or repositories for school dis
trlct moneys and thereafter the school
district treasurer shall deposit such
school district moneys therein as he shall
be required from time to time to deposit
by such school district officers.
Sec; 2. The school district treasurer
empt from liability to the school district
by reason Of the loss of any funds of
such school district deposited in any
bankruptcy or other acts Of such bank
Or banks to the extent and amount Of
such funds. in such bank or banks at
Sec. g. All interest on moneys deposits
ed. as hereinbefore provided shall be
computed comp tied on monthly balances; and be
Sec. 4. No additional compensation OF
district oficers By reason Of any Of ofn the
Sec. 5. All acts or parts of acts in
consistent with this act are hereby re-
pealed.
Sec. g. This act shall take effect and
be in force from and after its passage.
Approved April p, 1909.
CHAPTER sss S. F. NO. "a.
AN ACT to provide for the supervision
and control of Investment companies
BE st It enacted "a by the Legislature of the
Section 1; No person and no co-part-
nersh1p, association or corporation,
whether local or foreign, heretofore or
ganized, doing business as a so-called
investment, loan. benefit, cooperative
nome. securities, trust or guarantee COM
agement of which there is no law now in
force In this state, and which such per-
son, co-partnership. association or cor
made to himself or itself either in a
lump sum, or periodically, or on the in
stallment plan, issuing therefor so-called
membership or other evidences of obliga-
ton or agreement or pretended agree
ment to return to the holders or owners
some future date, shall solicit or trans
act any business in this state, unless
such person, co-partnership association
or corporation shall have first complied
with all the provisions prescribed in
chapter So of the Revised Laws of Min
nesota, 1905. required of general build
ing and loan associations doing bust
Sec. 2. All provisions of said chapter
SO of Revised Laws of Minnesota. 1905.
and conditions Rtis upon n which BUILDING and
loan associations are permitted to do
business in this state are hereby made
applicable 20 ana impose;d upon persons.
tions described in the first section Of this
act, the same as though they were build
ing and loan associations under said act;
condition can be made applicable to the
particular business done by such person.
co-partnerships, associations or corpora
tons. Provided. however. that the an
nual fees required of foreign corpora
tons under this act shall be the same
as is required Of general building and
loan associations doing business in this
state based upon the amount of assets
involved in transactions in this state
Sec. 3. Any person, co-partnership, as
ISOLATION or corporation who or which
shall act as principal or agent in doing
such business, or in soliciting such busi-
ness for, or membership or participation
or corporation, or solicit business for
such person or persons doing business
as such companies, not authorized to do
business in this state shall be deemed
guilty of a misdemeanor and upon con-
viction thereof shall be punished by
fine of not less than one hundred dollars
nor more than one thousand or by i'm
prisonment in the county jail Of not less
than three months nor more than one
year or by both such fine and fmprfson.
ment Provided, however that nothing
contained in this act shall apply to do
nestle MORTGAGE loan companies."
Sec A. This law shall take effect and
be in force from and after its passage.
Approved April 81. 1909.
CHAPTER 334-S. F. NO. 239.
AN ACT to amend sections 1417. 1421 and
1923 of the Revised Laws Of 1905 relat-
ing to state aid of public schools.
Be It enacted by the Legislature Of the
State of Minnesota:
Section /. That sections 1417. 1921 and
1923 of the Revised Laws Of 1905. relat.