The Portland daily press., 1869-04-06


nal only, having interest in the subject matter Of
the suit had assigned, disposed of his interest
during the lifetime Of the executors testafor or the
administrators intestate.
SECT. e. Amy act inconsistent herewith is so far
repealed and this act shall be in force from its APP
prevail. [Approved March IL, 1861
-t. 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
spectve charters and of the general law of the state
respecting corporations except otherwise provided
SECT. O. The members of the corporation shall an
nually, at such times may be provided in their by
laws, elect from their number We trustees who shall
have the entire supervision and management of the
affairs OF the institution, except so lar may be 9TH
erwise provided by their bylaws. The members may
also, at any legal meeting of the corporation, by
majority of at least twothirds of those present. by
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. s5s
| SECT. 3. The trustees, Immediately after their
election and qualification, shall elect one of their
number for president who shall also be president of
the corporation. They shall also elect treasurer,
and when in their opinion necessary, assistant
treasurer. The treasurer, and in his absence the
sistant treasurer f there be one) shall be ocio
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 the trustees may decide to be
ry for the safety of the funds All said officers shall
be under oath faithfully to perform the duties their
office. The treasurer and assistant shall receive
compensation, to be fixed by the trustees but the
trustees shall perform their duties gratuitously.
SECT a. The trustees shall as often as once in ev-
cry six months, thoroughly examine the affairs of
the corporation and settle the treasurers account
and ascertain the true state of both accurate
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-
ufIhf nj fhn ffnr oh
ment may be made in whatever manner the trustees
shall regard perfectly safe, except that loan shall
loan be made directly indirectly any one of the
trustees, or any firm ofwhich he is member.
SECT g. The net income or earnings of the corpo-
ration. after deducting the sum herein funded for
reserved fund.- shall be divided semiannualy at such
times as may be fixed by the bylaws among the de-
positors of three months standing at least before div
idend day their representatives ratably; but the
corporation may by their bylaws include deposits of
less standing: But no fractional percentage less than
one quarter shall be adopted Any balance of earn
ings shall be carried to new account for next dvi
dend No deposit shall be received under any agree
ment to pay any specified sum, interest dividend
SECT. T. Before making any such dividend. the
trustees shall set apart from the earnings sum equal
to one half per cent per annum, vz one quarter per
cent. for each six months, for reserved fund not
subject to be divided, but kept constantly on hand to
against losses and contingencies until the said
reserved fund amounts to five per cent otheir assets
All losses shall be passed to the debit of said account
SECT. g. The treasurer has full power to assign
discharge and foreclose mortgages held by the cor
poraton and convey real estate held as security for
loans the title of which accrued from foreclosure
of mortgages. But he shall have no power to convey
lands held under section six without vote of the
trustees
SECT g. The trustees shall cause all real estate of
nsurable character held by them absolutely or in
mortgage to be fully insured the expense of which in
case Ofmortgage shall be added to the amount of
the mortgage debt to be refunded in of redemp-
ton.
SECT. 10. Money deposited by married women
shall be paid to the in whose name the deposit
SECT, IL The treasurer shall Annually make tn
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 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