The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-08-09
Law In Relation TO Savings Banhs,

AN ACT RELATIVE TO SAVINGS BANKS ON lNsTrrU-
lyons FOR SAYINGS IN THE CITY AND COUNTY
OF NEW YORK AND THE COUNTY OF HINaS-
PASSED APRIL l5, 1863.
The People Of the state of New York. represented IN Sc
nate and assembly, do enact IS follows -
Sec l. Il shall be lawful for the several savings banks
institutions for savings the city and county Of New
York ard coanty Of Kings chartered or which may
be hereafter in sdssn to the power, granted
moneys which they have received shal hereaf
ceve on depos or the accumuatiop thereof or on pur-
payment Of which, the faith Of sny Stsse in the Union
shall be pledged CT in the public debt or stock Of
shall have been authorized BY tho Issislsture Of this
State to issue such stock provided that tho cssh value
of such stock securities shall q the time Of making
teh loans made, shall not exceed in amount ninety
per cent OF the par value Of such stock sacurites
should the stock securities aboye mentioned depre
cae in value that the amount loaned therson shall
exceed ninety per cent of its par valus shah be the
institution for savings to require the mediaes pay
ment OF any loan made by them thereon, or additional
,ecuIy therefor, so thst at all times the amount so
loaned sha be at least ten per cent less than s par
value OF such stock or securities.
Sec 1t shall be lawful for any such savings banks
institutions for savings to make temporary deposits In
any bank banking association ancuot 90 ual to
ten Ger of the actual cash capital stock paid ia Of
sucb bank banking association and to receive interest
thereon at such rates not eYceedng that allowed law
aa Hsy be eereed upon provided that all the depoats
70 any one esns OF banking ASSOCIATION no snah nsa
70 such sayngs bank institution for savings and that
10 contract agreement In relation to said deposits
shall be for longer period than one year
SEQ g. It tha not BE- lawful for any o. such savings
bar institutions for saviags TO mako any loans to
banks banking association sxcsediag the limits
snoye precrbed unless such savings bank insitu-
lion for savings shall require and receive of such bank
for All deposited exceeding the limits above pre-
oIbed. such securities therefor and equal in amouat
as the comptroller or Superintendent Of the Banning De-
lortm snt 10 laefully authorised to receive in
change for bills Sotes for crculaton shall be
lawful for any trustee Of savings bank institution
savings TO Be trustee Of tha. sns savings bank
trustee OF any savings bank institution for savngs
TO be ncor poratsd be directors ut the
TINE In any bark banking association whsreia any
part Of the o. such ssvngs bank Institution
for savings shsll be dsposited
See All the ef any bank or bs nkHg associations
hereafter to be eresed that shal become nsolv
ent shall after providing for the paymoat Its crcuat
ing notes be applied BY the directors tAsreof .he
Ia,s to the payment Of dscsnay shat may arise
the rae OF the securities Aforesaid thereafter OF any
Of money deposited with such bank or
Ing association BY any savings bank Or instuon for
savings wthn the ranle @, twenty cont provided
in the second ssction Of this act.
Sc B. No such savings bank Institution for savings
yiduel depotitor larger than thousand dollars,
nor larger amount than three millions of dollars In the
aggregate amount OF deposits exclusive of its banking
house and the rate Of interest All deposits OF Ave hun
drsd collars and uader shall be per cent AMMAN
greater thar shah b allowed any sum exceeding i've
hundred dollars
See The provisions Of ti1g set s4A apply to all
inrs banks institutions for Savings IN said countless
which savings banks sstions FOR savings hereby
prohibited Prom osnirg tina money! deposited with them.
any other personal securities whatever.
SEQ AL and parts OF acts inconsistent with the
provisions Of This act are hereby repealed.
Soc This act shall tske effect Immediately.