The Portland daily press., 1874-03-14
The Swings Bank Law.

SECTION J. No savings bank incorporated
under tho laws Of this State, shall hereafter in
vest any OF its funds in securities issued by apv
person Incorporation, or other party or body
located beyond the limits of the New England
States, excepting United States bonds, and
strictly municipal bonds of cities containing
itty thousand Inhabitants or more, in the fol-
lowing named States, to wit: New York, Ohio
Indiana, Illinois, Missouri or Michigan.
SECT. 2. Section one of chapter seyeetv-
four of the public laws of eighteen hundred and
seventy. two, is hereby amended, by striking
out me WORD Total IN the third line, and in
s yer ,d dne word by inserting after
sD0 "o1u deposits in the fourth line, the
words for the then last six months, ded9etiBg
therefrom the value Of all real estate owned by
the hank;a by striking out the word stem in
the fourth limo. and inserting the words forty
hVe; by striking out the word "quarter" in
striking out the words "for the use Of the
State" in the fifth and sixth lines, and inserting
the words 'one-half of the SUN so paid;' and BY
inserting between the word Statutes and the
word ''and" in the eighth line, the words and
One-haf to the use of the Slater SO that said
section, as amended, shall read as follows:
Sect. j. On the last Saturday preceding the
first Monday of May and November of each
year, every savings bank in this State shall re-
turn, under oath. to the State Treasurer, the
six months, deducting therefrom the value of
all real estate owred by the bank, and, within
forty-gve days thereafter, pay to the State
Treasurer one.n alf of one per cent on the
amount so returned, one-half of the sum so
paid to be appropriated for the use of schools,
as PROVIDED IN chapter eleven, section ninety
one OF the revised statutes, and one-half to the
use of the State; and if any bank neplects to
pay said tax for thirty days after it is due the
treasurer snail issue warrant of distress to
effects. N
SECT. g. All deposits of savings banks in
this State shall be exempted from municipal
taxation to the bank or to ithe depostor, ex-
cepting real estate owned by the bank and not
held as collaterasssecur which may be taxed
by the city or town in which the same is To-
Gated
SECT. 4. The tax required to be paid by
savings banks to the United States shall bs
charged ratably to the depositors upon whose
deposits the same is assessed.
SECT. g. Section two, chapter seventy four
of the public laws of eighteen hundred and
seventytwo, as amended by section one of
chapter one hundred and fifty-fonr of the pub
lie laws of eighteen hundred and seventy-three,
Is hereby amended, by striking out the words
after setting apart, from the earnings Of the
uG;rporation, the amount required by section
OF chapter forty-seven of the re-
frst seaeutes Tor reserved fund.-" in the
ms I seUonu' ihird and fourth lines; by insert
m ,g Ies 1--WE. the word ,'semi-annuay and the
"oiu az IN the NTH line, the words sexceDt
ing as hereinafter provided; by str;kina oI,r
the words "but the corporation imay bv tb udr
bylaws, include deposits of less STANDING in
me seventh and eighth lines; by strikip1 ont
eae words land the sum required for a reserv.
strikna ont IN the ninth and tenth nes and by
DC divided among depositors on their balances
vl:one ana two years standing ratably, said two
sf f 70 begln at the date of the next dividend
tne approval of the act to which this is
additional and amendatory, or the date of com
t nen.cing business of new banks" from the
tenth to the fifteenth lines inclusive, and insert
f ing ,he words shall be passed to the reserved
stany o on s bspS to be divided but kept
contingencies, until the SAID 'r reserye I fund
iosss to ten per cent of their assets-al
conni m enan DC passed to the debit of said ac-
coans when said reserved fund amounts
70 Ten per cent. of the assets of any savings
panK' an net profits thereafter made of said
bank PAM shall pc divided ratably among the depos-
ltorS thereof; so that said section, as amended,
shall read as follows:
Sect. 2. The trustees shall, once in six
months. declare dividends, not to exceed three
per cent semi-annually, except as hereinafter