Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1872-03-19

5 faltn, love you, anu you only
$ And the baby looked on in wide eye,
D wonder. - Harper'S Weekly.
SdUinOs Banks.
The following is the law relative &c
savings banks which passed the legisla'
ture at the recent session.
: SECT. |. On the last Saturday pre-.
ceding the first Monday OF May and No.
vember in each year, every savings
bank in this state shall return under
oath, to the State treasurer, the total
amount OF its disposits. and within ten
days thereafter, pay to the State treasurer
one quarter Of one per cent on the
amount 80 returned for the use of the
State to be appropriated for the use of
schools as provided in chapter eleven,
section ninety one of the revised statutes,
and it any bank neglects to pay said tax
for thirty days after it is due, the treasur-
ell shall issue a warrant of distress TO en-.
force payment thereof out of its estate
or effects.
SECT. . The trustees shall once in
six months afler setting apart from the
earnings OF the corporation the amount
required by section ninety three OF chap
ter forty seven OF the revised statutes for
n reserved fund. declare dividends not TO
exceed three per cent. semi annually, at
such times as may be required by their
bylaws among the depositors of three
months standing at least. before dividend
day, but the corporation may by their
bylaws include deposits OF less standing.
Any balance Of earnings over the said
three per cent. semi-annually and the
sum required for reserved fund, taxes
and expenses, may once in four years be
divided among depositors on their bal.
ances OF one. two, three and four years
standing ratably. Said four years to be-
gin at the date of the next dividend after
the approval OF this act, or the date of
commencing business OF new banks.
No deposits shall be received under an
agreement to pay any specified sum or
interest for its use, other than regular
semi.annual dividends.
SECT. 8. Two OF the trustees at least
shall twice in each year thoroughly ex-
anime the affairs of the corporation, set.
tie the treasurer's account and return un.
der oath TO the bank examiner the stand
ing ofShe corporation, the situations of
its funds, and all other matters which the
examiner requires. in manner and accord
ing to the form he prescribes. And the
examiner snuiI -o..->----Ls. - .-.:~-
the time and furnish blanks for said eN-
| a-.;--.:->.. ..--.' --~.-----
SECT L. 1t shall be the duty OF treas
urers OF savings banks, on the first day
of April in each year, TO return to the
assessors of cities, towns and plantations
in this State, where persons reside who
own bank stock which is pledged to said
bank as collateral security for loans, the
names OF persons pledging such stock
and the amount Of the same.
SECT. 5. No saving bank shall invest
any Of it's funds in the bonds Of unfnish-
ed railroads or roads the net income OF
which is not sufficient to pay the interest
on its bonded debt, nor in the bonds OF
any town or county out OF the New Eng
land States issued in aid Of any railroad.
SECT. g. The trustees may receive q
reasonable compensation for their serv-
ices in making examinations and returns
required by their bylaws and of the laws
of the State. And so much of section
80 of chapter AZ of the revised statutes
as is inconsistent with this section is
hereby repealed,
SECT. 7. Section 92 Of chapter AZ OF
the revised statutes is hereby repealed.
SECT. s. Section 90 of chapter AZ OF
the lscu StstluLCo u hSiSOy 80
the first line by striking out the word
"such" and substituting the word "semi'
{ annual" 80 that The section as amended
shall read as follows:
SECT. Before making any semi. i.annua
dividend the trustees shall set apart from
the earnings sum not less than one
} quarter of one per cent. for each SIX
, months on the whole amount of deposits
, for reserved fund not subject to be divi
ded, but kept constantly on hand to Sc
, cure against losses and contingencies un'
t til the said reserved fund amounts TO ten
per cent. of their assets. All losses
, shall be passed to the debit of said &C
l count.
+ SECT. 9. Section two Of this act shal
= not take effect AS to the dividends o
6 banks accruing on or before May first
4 1872.
SECT. 10. This act shall take effec
i when approved.
:, DIR. Abernethy rarely met his match
but on one occasion he fairly owned h
t had. He was sent for by all innkeepe