Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1937-05-06

the respective towns, villages, or
cities where the elections are held.
All disbursements hereunder shall
be presented, audited, and paid as
in the case of other public ex-
penSes."
Approved April II, 1887.
CHAPTER 271-H. F. No. 1912
A BILL
FOR IN ACT amending Sections
It'll, 7772 and 7774, MasOn's Min
nesota Statutes for 1927, further
providing for the supervision and
control of miscellaneous financial
institutions.
Be it enacted by the Legislature Of
the State of Minnesota:
Section l. That Section It'll of
Mason's Minnesota Statutes for 1927,
is hereby amended so as to read as
follows:
"7771. No person and no CO.
partnership, association or corpora
ton, whether local or foreign, here
tofore organized or which may
hereafter be organized, doing bus
mess as so-called investment
loan, thrift. benefit, cooperative,
home, securities, trust or guarantee
company for the licensing, control
and management of which there
is no law now in force in this state,
and which such person, co-partner-
ship, association or corporation shall
solicit payments to be made to him.
self or itself either in a lump sum
or periodically. or on the INSTALL
ment plan, issuing therefor So-called
bonds, debentures, shares, coupons.
thrift certificates, certificates of
membership or other evidences of
obligation or agreement or pretended
agreement to return to the holders
or owners thereof money or any,
thing of value at some future date,
shall solicit or transact any business
in this state, unless such person,
co-partnership, association or cor
poration shall at all times keep
and maintain S100,00000 paid in
cash capital, and shall have first
complied with the provisions Of
Section TIA of Mason'S Minnesota
Statutes for 1927, as amended; pro-
vided that existing permits hereto
fore issued under Section 7774 shall
continue in full force and effect"
Section 2. That Section 7772 of
Mason's Minnesota Statutes for
1927, is hereby amended so as to
read as follows:
"7772. The persons, co-partner-
ships, associations and corporations
mentioned or enumerated in the
foregoing section are hereby put
under the supervision of the state
commissioner of banks. The powers,
authority, privileges and duties con-
ferred upon him for the purpose
of examining, supervising, controll-
ing and regulating the action of and
for the liquidation of each and ev-
cry class Of financial institutions to
the full extent to which he may at
any time lawfully exercise them,
shall each and all, so far as APP
plicable, be exercised by him per-
sonally or by deputy in the examina-
ton, supervision, control, regulation
and liquidation of the persons, CO.
partnerships, associations and cor
porations first hereinbefore mention
ed. The fees for examination shall
be determined as follows: For each
examination minimum fee of
$4,000 plus an amount equal to five
cents for each 100000 Of assets
in excess of $150,00000, and not
exceeding 100000: a minimum fee
of $500, where the assets exceed
100000 and do not exceed $4,000, 900.
plus 5 cents on each $1,000 of assets
in excess Of $150,00O; a minimum fee
of $4,000, where the assets exceed
100000 and do not exceed $5,000,-
900, plus cents on each $1,000 of
assets in excess of S150,000; min
imum fee of $4,000, where the
assets exceed 100000, plus cents
on each $1,000 of assets in excess
Of $150,000 and not exceeding S.
900 900, plus cents on each 81 900
of assets in excess of $5000,000, and
not exceeding S2O,oOOOOO, and plus
3 cents on each $1,000 of assets in
excess of $20,000,000 and the actual
necessary expenses incurred by the
state commissioner of banks in and
tending toward the performances of
its duties and the exercise of its
powers herein referred to shall be
paid by the persons, co-partner-
ships, associations and corporations
examined and supervised"
Section 4 3. That Section 7774 Of
Mason's Minnesota Statutes for 1927,
is hereby amended so as to read as
follows:
"7774. The persons, co-partner-
ships, associations and corporations
hereinbefore referred to are hereby
required to lay before the commits
sioner of banks a comprehensive
plan of their intended business; and
the commissioner Of banks shall
consider the same and, If he finds
that the same contains no feature
or essential proposition which is
likely to be injurious to or defraud
the public, he shall issue a permit
for such person or institution to
begin business according to such
plan; otherwise such person or in
stitution shall not engage in such
business in this state"
Approved April II, 1887.
CHAPTER 272-H. F. No. 1437
A BILL