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

shall be added to such fund at tho
end of each fiscal year such per-
cent of the gross earnings as will
be required to maintain such fund
as herein provided. There shall
also be established and at all times
maintained reserve Of not less
than five percent Of the amount
Of the deposits; which shall be in
cash and balances due from solvent
banks"
Section 6. That Mason's Mime
sofa Statutes Of 1927, Section
7774-18 is hereby amended so as
to read as follows:
"777418. The directors, of
credit union may, in December Of
each year declare dividend from
net earnings or accumulated net
undivided profits remaining after
statutory reserve has been set aside,
which dividend shall be paid on
all shares outstanding at the end
Of the fiscal year. Shares with
drawn during the year shall receive
no dividend. Shares which become
fully paid up during the year shall
be entitled to a proportional part
of said dividend calculated from
the first day of the month following
such payment in full. For the pur.
pose of this section shares which
become fully paid up by the 10th
day of any month may be treated
as being paid up from the first
day of said month"
Section Z. That Mason's Mime
sofa Statutes of 1927, Section
7774-20, as amended by Laws Of
1888, Chapter 346, Section 4, is
hereby amended SO as to read as
follows:
"7774-20. The process of voluntary
dissolution shall be as follows:
ca A credit union may be volun-
tarily liquidated after two-thirds
Of the entire membership shall
have voted such liquidation at
special meeting called by a majority
of the board of directors for that
purpose, upon fourteen days mailed
written notice to each member
clearly stating the purpose of such
special meeting. By majority vote
Of the members present at such
meeting, committee of three
members shall be elected to liqui-
date the credit union. Vacancies
in this committee shall be filled
by the remaining members Of the
committee, acting jointly with the
board of directors or by and with
the approval of any ten or more
| shareholders.
(b) Immediately after such meet
| ing and before such committee
shall proceed with the liquidation,
the officers of the credit union
shall file with the Commissioner
of Banks certified copy Of the
minutes Of such meeting, written
statement outlining the plan Of
| liquidation and a verified state
ment in writing signed by a ma
jority Of the officers consenting
to such liquidation containing the
names and addresses of all officers
and directors Of the credit union.
After the Commissioner Of Banks
shall by proper examination deter
mine that such credit union is
solvent, he shall issue a certificate
of approval of the liquidation, which
certificate shall be filed with the
Register Of Deeds in the county
where such credit union is located.
From and after such special meet
ing the credit union shall cease to
do business except for purposes
Of liquidation. Before commencing
such liquidation such committee
shall execute and file with the
Commissioner of Banks a bond
running to the State of Minnesota
for the benefit of the members
and creditors of the credit union
in such amount and with such
suretieS and in such form as shall
be approved by the Commissioner
Of Banks conditioned for the faith
full performance of all duties Of
! it's trust.
Co Upon filing of such certificate
with the Register of Deeds, the
credit union shall be deemed dis
solved and its corporate existence
terminated except for the purpose
of discharging its debts, collecting
and distributing its assets and
doing all other acts required in
order to liquidate. The credit union
shall have corporate existence
and may sue and be sued.
Cd If the credit union shall not
be completely Iquidated and its
assets discharged within three
years after such special meeting Of
the members, the Commissioner Of
Banks may take possession of the
books, records and assets and pro-
coed to complete the liquidation
in the manner then provided by
law for the liquidation of closed
banks.
(e) Funds representing unclaimed
dividends in liquidation in the
hands Of such liquidating commit
| tee or the Commissioner of Banks
for six months after date of final
dividend shall be deposited with
the State Treasurer who shall with
in one year thereafter pay over
the money SO held by him to the
persons respectively entitled thereto
upon being furnished satisfactory
evidence of their right to the same,
and at the end of such year the
State Treasurer shall credit all
residue of such deposit to the
General Revenue Fund.
Cd Upon completion of the liqui-
dalton by such liquidating COM
mittee it shall file with the Com
missioner of Banks a verified state
ment in writing signed by the me-H-
bers of such committee stating that
all debts of the credit union, in