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

10 pIuuo 4dC10 SSA0CAS0 W tAAos
effect.
Section :. Tho provision Of this
act shall not apply to nor affect
any action or proceeding now pend
ing.
Section 3. This act shall take Of
feet and be In force from and after
its passage.
Approved April ~, 1897.
CHAPTER Sis. =. No. ~
A BILL
FOR AN ACT to amend Mason's
Minnesota Statutes Of 1927, Sec
tons SO, 100 and 10l, relating to
repositories of state funds, and
repeating Laws 1888, Chapter 217.
Be 1t enacted by the Legislature Of
the State Of Minnesota:
Section 1. That Mason's Mime
sofa Statutes Of 1927, Sections 90,
100 and 101, be and the same here
by are amended 80 as to read as
follows:
"99. Before any bank or trust
company shall receive state funds
1t shall give to tho state a cor
porate surety bond. II corporate
surety bond Is furnished the board
Of deposit may fix a limit Of de-
post equal to the penalty named
in such bond. More than ono cor
porate surety bond may be fur
nished, the aggregate thereof to
equal the amount required. De-
pository bonds shall include the
condition that there shall be paid
to the state treasurer, or his order
upon demand, or II q time deposit
when due, at any place In this
state designated by him, FREQ Of
exchange, all Of the state funds
deposited in the depository furnish
ing such bond at any time while
the same shall be in force, with
interest upon time deposits at the
rate agreed upon and approved by
the board. The board OF deposit
shall fix tho limit Of deposit to be
made In any depository. Depository
bonds shall be approved by the
board and filed with the treasurer.
100. The board Of deposit shall
not approve the bond of any bank
or trust company until fully salts
fled that the same is In proper
form, tho sureties sufficient, the
bank or trust company prosperous
and financially sound, and the cap
ital stock claimed by 1t fully paid
up and not impaired. And at any
time the board or the treasurer may
require Of any such bank or trust
company a new or an additional
bond, or may revoke its designa-
ton Of any bank as such depository.
Immediately upon such revocation
OF an active depository the treasur-
er shall withdraw all state moneys
therefrom and shall make no fur
ther deposits therein and upon
such revocation Of an inactive de-
pository the treasurer shall with
draw all state moneys therefrom
when due.
"101. State repositories shall be
divided into two classes to be known
as active and inactive. A bank or
trust company may be designated
as a depository Of both classes. AL
state funds deposited under des-
ignations as active repositories shall
be subject to withdrawal by the
treasurer upon demand, and no In
terest shall be charged thereon.
Surplus funds not required to meet
the states current disbursements
shall be deposited for a definite
period in banks or trust companies
designated as inactive repositories,
and interest shall be paid upon
such deposits at a rate Of not less
than one per cent nor moro than
three per cent per annum to be
fixed from time to time by the
state board Of deposit in accordance
with the current rate upon deposits
OF a similar character.
Section 2. Laws 1888, Chapter 1T,
Is hereby repealed.
Section 3. This act shah take
effect and be In force from and
after August %, 1897.
Approved April %, 1897.