The Portland daily press., 1869-11-04


nal only having interest in the subject matter of
the suit had assigned disposed of his interest
during the lifetime of the executors tesator or the
administrators intestate.
SECT. 2. Any act inconsistent herewith is so far
repealed and this act shall be in force from its ap-
prevail [Approved March IL, 1861
Chapter 81.
AN ACT relating to savings banks and savings insti
SECT. l. Savings banks and savings institutions
shall exercise the powers and be subject to the duties
liabilities and provisions of this act and of their re-
spective charters and of the general law of the state
respecting corporations except as otherwise provided
SECT. 2. The members of the corporation shall an
nuay at such times as may be provided in their by
laws, elect from their number five trustees who shall
have the entire supervision and management of the
affairs of the institution except so as may be 9TH
erwise provided by their bylaws The members may
Also at any legal meeting of the corporation, by
majority of at least two-thrds of those present, by
ballot I'LL any vacancies that may occur in their num-
| Der, and may add new members in the same manner
! if they see fit Members removing from the state
shall thereupon cease to be such.
| SECT. 8. The trustees, Immediately after their
election and qualification, shall elect one of their
the corporation They shall also elect a treasurer
and when in their opinion necessary, an assistant
treasurer The treasurer and in his absence the
sisant treasurer f there be One,) shall be ex ofcio
clerk OF the corporation, and also of the trustees
Said treasurer and assistant shall both be subject to
removal at the will of the trustees. They shall give
bonds to the corporation for the faithful execution
of the duties of their respective offices in such sums
respectively as the trustees may decide to be
be under oath faithfully to perform the duties of their
office. The treasurer and assistant shall receive
trustees shall perform their duties gratuitousy
SECT. 4. The trustees shall often as once in ev
cry six months, thoroughly examine the affairs of
the corporation and settle the treasurer's account,
and ascertain the true state of BOTH accurate rec
ord of which shall be kept for the inspection of any
member of the corporation.
SECT s. 1t shall be the especial duty of the trus-
tees to see to the proper and safe investment of de-
posts and funds of the corporation, which invest
ho
shall regard perfectly safe, except that no loan shall
be made on security of names alone, nor shall any
loan be made directly or indirectly to any of the
trustees, or any firm ofwhich he is a member.
SECT. 6. The net income earnings of the corpo-
ration. after deducting the sum herein funded for
reserved fund.- shall be divided semi-annually at such
times as may be fixed by the bylaws among the de-
postors of three months standing at least before div
deposits oua t6a
less standing But fractional percentage less than
one quarter shall be adopted. Any balance of earn
1ngs shall be carried to account for next dvi-
dend. No deposit shall be received under any agree
ment to pay any specified sum, interest dividend
SECT 7. Before making any such dividend, the
trustees shall set apart from the earnings sum equal
to one half per cent per annum viz quarter per
cent. fOr each six months, for reserved fund not
subject to be divided but kept constantly hand to
secure against losses and contingencies until the said
reserved fund amounts to five per cent ofheir assets
All losses shall be passed to the debit of said account
SECT. g. The treasurer has full power to assign
discharge and forecose mortgages held by the cor
loans, the title Of which accrued from foreclosure
of mortgages. But he shall have power to convey
lands held under section six without vote of the
trustees
SECT 9. The trustees shall all real estate of
insurabe character held by them absolutely in
mortgage to be fully insured the expense of Which in
case of mortgage shall be added to the amount of
the mortgage debt to be refunded in case of redemp
ton.
SECT 10. Money deposited by married women
shall be paid to the person in whose name the deposit
is made, or to the order of such person.
SECT. IL. The treasurer shall annually make to
the bank examiner report under oath of the stand
ing of the corporation the situation of its funds and
all other matters which the examiner shall REQUIRE
according to such form as he may prescribe. And for
that purpose the examiner shall seasonably furnish
the treasurer with proper blanks, which shall be fully
answered by the treasurer.
SECT. - No officer of the corporation shall use or
appropriate any of its funds to his private pur
poses, under the penalty imposed by law for embcz-
Element.
SECT. 49, This act shall go into effect on the first
day of July next
IApproved March II, 1861
Chapter So.
AN ACT to repeal all laws relating to the filing of
specifications of defence.
SECT l. Section eighteen of chapter eighty-two of
the revised statutes is hereby amended by striking out
oil fbo