Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1872-03-16
SAYINGS BANKS.
The following is the law passed by the leg.
islature relating to savings banks:
en-

The following is the law passed by the leg
islature relating to savings banks:
STATE OF MAINE.
AN ACT additional to and anendaory of chapter forty
seven Of the revised statutes relating to savings banks
Be it enactedby the Senate and House Of Representa-
tipes IN Legislature assembled, as follows:
SECTION l. On the last Saturday preceding the first
Monday Of May and November each every savings
bank in this state shall return under oath, to the state
treasurer the total amount of its deposits and within ten
days thereafter to the state treasurer quarter of
one per cent the amount returned for the of the
state to be appropriated for the Of schools provided
in chapter eleven section nneyone Of revised statutes
and any bank negects to pay said for thirty days
after it due, the treasurer shall issue warrant of dis
tress to payment thereof out Of its estate effects
SECT. 2. The trustees shall in six months after
setting apart from the earnings Of the corporation the
amount required by section ninety three of chapter forty
Of the revised statutes for reserved fund declare
dividends not to exceed three per cent semi annually
such times as may be required by their bylaws among
the depostors OF three months standing least before
dividend day. but the corporation may by their bylaws
include deposits Of less standing. Any balance of
sum required for reserved fund.- taxes and expenses
once In four be divided amoag deposors their
balances Of two three and four standing ataby
said four years to begin at the date of the next dividend
after the approval of this act the date CT commencing
business Of banks No deposits shall be received
@ is e 70 pay ay
Sect 3. Two Of the at least shall twice In each
year thoroughly examine the affairs Of the corporation,
bank examiner the standing of the corporation the stua
ton ofits funds and all other matters which the examiner
requires, in manner and according to the form he pre-
scrbes And the examiner shall seasonaby give notice of
the time and furnish blanks for said examination and
return.
SECT A. 1t shall be the duty of Of savings
banks on the first day OF April in each year, TO return to
the of cities, towns and plantations in this state
where reside who bank stock which pledged
to said collateral security for oans the of
persons pedging such stock and the Of the
SECT. 8. No savings bank shall invest any of its funds
in the bonds Of unfinished railroads, roads the net
income Of which not sufficient to pay the interest its
bonded debt in the bonds of town county out
Of the New England states issued in aid Of any Railroad
SECT 8. The trustees may receive reasonable COM
pensaton for their services in making examinations and
returns required by their bylaws aud of the laws Of the
And much of section eighty-nine of chapter
fortyseven Of the revised statutes inconsistent with
| this section is hereby repealed.
SECT T. Section nney-two Of chapter forty seven Of
| the revised statutes, is hereby repealed.
SECT 8. Section ninety three Of chapter fortyseven Of
the revised statutes is hereby amended in the first line
by striking the word such" substituting the word
semi annual so that the section amended shall read
| q follows:
| SECT 93 Before making any semi annual dividend
the trustees shall set apart from the earnings not
on the whole amount Of deposits for reserved fund not
SUBJECT be divided, but kept constantly hand to
cure against losses and contingencies until the said reserved
fund amounts to ten per cent Of their assets All losses
| shall be passed to the debit of said account
SECT Section two Of this act shall not take effect
to the dividends Of banks accrung before May rs
| eighteen hundred and seventy-two.
| SECT. 10. This act shall take effect when approved.
approved Feb. 90, 1922