Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1874-03-30

semi-annually except as hereinafter provided at
among a. may ~ qanhs " ndG
before dividend day. ANY balance OF earnings over
the said three per cent. semi annually, taxes and
expenses, shall be passed to the reserved fund not
subject to he divided but kept constantly hand,
to secure against losses and contingencies until the
sara reserVed fund amounts to ten per cent Of their
account And when said reserved fund amounts to
ten per cent. of the assets of any bank, all net
profits thereafter made Of said banks shall be divid
ed ratably among the depositors thereof. No de-
post shall be received under any agreement t" pa,
any specified sum of interest for its USE other than
regular em-annual dividends, except when d. pos-
ted by order Of some court OF competent jurisdic
tien
SEC. G. Section ninety three of chapter forty
seven OF the revised statutes, amended by section
eight of chapter seventy-four of the public laws of
eighteen hundred and seventy-two, is hereby re-
pcaled.
SEC. :. No savings bank shall be required,
Obliged TO pay to any deposition any sum less than
hVe hundred dollars until AFTER thirty days notice,
nor any sum exceeding five hundred dollars, until
alter sixty days notice.
SEC. 5. No treasurer of any savings bank, the
deposits Of which exceed one hundred and fifty
thousand dollars shall be cashier in a national or
stock bank; and if the treasurer OF savings bank
having deposits not exceeding one.hundred and fifty
thousand dollars is cashier a national or stock
bank, not more than trustee of the savings bank
shall be director, more than two trustees shall
be stockholders in the national or stock bank
connected Herewith.
SEC Q. In the returns required to be made to the
state treasurer by savings bank shall be given the
cost, par and actual value Of all securities held ny
them.
SEC To- No gift, fee, commission, or brokerage,
shall be received by any officer of savings bank.
on account OF any transaction to which the bank is
party, under a penalty for each Ofiense of one
hundred dollars, to be recovered in action OF
debt, in the name and to the of the state.
SEC II. Section lightweight Of chapter forty
seven of the revised Statutes Is hereby amended by
inserting before the word 'Gve," in the third line,
the words mot less than" so that said section
amended shall read as follows:
Section s.. The members Of the corporation
shall annually, at such times may be provided
IN their bylaws, elect from their number not les
than hve trustees who shall have the entire super
vision and management Of the affairs of the nstitu
ton, except SO far may be otherwise provided BY
meeting of the corporation, by majority of ut least
two thirds of those present, by ballot, ill any
GAMES that may occur IN their number, and may
add new members in the same manner if they
mt Members removing from the state shall there
upon cease to be such'
SEC. ~ All securities owned or held by savings
banks, shall be kept within this state.
SEC b. The treasurer of every savings bank
shall, on Saturday of each and every week, make
and declare trial balance which shall be recorded
in book kept for that purpose, and said book shall
be open at al. times for the inspection of the trus-
tees and of the examiner Of books.
SEC i. All acts and parts of acts inconsistent
with this act are hereby repealed.
SEC Il. This act shall take effect on the fifteenth
day of May, eighteen hundred and seventy four.
and the first return of deposits, herein required,
shall he made on the last Saturday preceding the
first Monday of November following.
Approved March /, lS7l.l