Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1931-05-07

VI Stdtc OdDhS VIII CdplLdl "
not less than $50,OOO.O0 under 8
corporate name which may include
the words trust" or "trust com
pany" and need not contain thu
word "state"; authorizing such
state bank to exercise fiduciarN
powers and privileges; and pre-
scribing the conditions upon com
pliance with which such bank may
commence business and exercis
such powers and privileges.
Be it enacted by the Legislature Of
the State of Minnesota:
Section 1. Hereafter state banks
which may be organized in the man.
ner now provided by law may be
organized with the additional au.
thority to exercise the fiduciary pow.
ers and privileges set out in Mason's
Minnesota Statutes of 1927. Section
1868. provided that the capital OF
any such bank shall not be less thar
$50, 900 if its principal place of bust.
ness is to be located in a municipality
of less than $4,000 inhabitants. and
that the capital of any such bank
shall not be less than $4,000 if its
principal place of business is to be
located in a municipality of 25,00(
or more but less than 100000 inhabi.
tants, and that the capital of any
such bank shall not be less than $100,
600 if its principal place of business
is to be located in a municipality
of 100000 or more but less than 200..
900 inhabitants, and that the capital
of any such bank shall not be less
than $500, 900 if it's principal place OF
business is to be located in a mum.
cipality of 200, 900 or more inhabitants
Sec. 2. Any such bank may be or.
ganized with corporate name which
may include the words trust" OF
trust company" in addition to the
word bank" or other words now
permitted by law, and the word
state" shall not be a required part
of the corporate name of any such
state bank.
Sec. 8. No state bank hereafter
organized with authority to exercise
fiduciary powers pursuant to the
provisions of this act, the corporate
name of which contains the words
trust" or trust company" shall
transact any banking or trust com.
pany business until it shall have in.
vested in and assigned, transferre
to, and deposited with the Commits.
sioner of Banks the authorized Sc.
curities described in and required by
Mason's Minnesota Statutes of 1927
Section 1862. relating to the authoriz-
alton of existing state banks to ex-
ercise such fiduciary powers. and
until the Commissioner of Banks has
issued the certificate provided by
Mason's Minnesota Statutes of 1927.
Section 7646 and a certificate stat
ing that such bank is qualified to
exercise the fiduciary powers sci
forth in Mason's Minnesota Statutes
of 1927, Section 1868.
Sec. 4. After the application Of thu
corporation shall have been favorably
acted on by the Department OF
Commerce in compliance with Ma.
sons Minnesota Statutes of 1927
Section $3.50 and upon compliance
with the terms hereof and the issu.
ance of such certificates, such bank
may commence the transaction OF
banking and trust company business
and NAV exercise, in addition to al
the powers and privileges conferred
by law on state banks. the bowers
and privileges set forth in Mason's
Minnesota Statutes of 1927, Sec.
ton 1868, and such bank shall there
after comply with and be subject tt
all of the provisions of law relatins
to state banks exercising such
fiduciary powers and privileges.
Approved April 20, 1881.
CHAPTER 268-S. #. No. $50.
AN ACT to amend Section Is, Chap
ter 459, General Laws 1921, a,
amended by Chapter 402. Genera
Laws 1929, relating to the con
struction. maintenance and inspec
ton of dry cleaning and dry dye
ing buildings and establishments.
Be it enacted by the Legislature o.
the State of Minnesota:
Section 1. That Section IS, Chapter
459. General Laws 1921 as amended
by Chapter 402, General Laws 1929
be and the same is hereby amended
to read as follows:
Sec. Is. No gas or gasoline en-
gine, steam generator or heating de
vice nor any electrical dynamo O
motor except such motors as hav,
been approved as explosion-proof b,
the State Fire Marshal shall be 10
Gated, maintained or used inside o
nor within a distance of ten feet O
any building used for the business o
dry cleaning and dry dyeing as abov
defined except that an electrical
motor may be placed within such tel
feet. but without q solid fireproo
wall.
Any dry cleaning or dry dyeini
business located in any village o
city of the fourth class may install
and maintain two 2h-gallon fire ex