The Portland daily press., 1874-03-14

provided, at such times as may be required by
their bylaws, among depostors of three months
standing at least, 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 be
divided, but kept constantly on hand, to secure
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,-and when said reserved fund
amounts to ten per cent. of the assets Of any
bank, all net profits thereafter made OF said
bank shall be divided ratably among the depos-
itors thereof. No deposit shall be received un-
der any agreement to pay any speclned SUM OF
interest for its use, other than regular seml-an-
nual dividends, except when deposited by order
of some court of competent jurisdiction.
SECT 6. Section ninety three Of chapter for
ty-seyen of the revised statutes, amended by
section eight of chapter seventy-four Of the
public laws of eighteen hundred and SEVENTH
two is hereby repealed.
SECT. Z. No savingslbank shall be required
or obliged to pay to any depositor any sum less
than hve hundred dollars, until after thirty
days notice, nor any sum exceeding five hun.
bred dollars until after sixty days notice.
SECT. q. No treasurer Of any savings bank
the deposits OF which exceed one hundred and
fifty thousand dolla's, shall be cashier in a ma
tional or stock bank; and if the treasurer Of a
savings bank, having deposits not exceeding
one hundred and fifty thousand dollars, is cash
| Ter in a national or stock bank, not more than
one trust. e of the savings bank shall be a di
| rector nor more than two trustees shall be
stockholders, in the national or stock bank, sc
connected Herewith.
SECT g. In the returns required to be made
to the State Treasurer by savings banks, shall
| be given the COST par and actual value of al
securities held by them.
| SECT. 10. No gift, fee, commission, or brOk.
| erage shall be received by any officer of a saw
| ings bank, on account of any transaction t.
which the bank is party, under penalty fo
| each offence of one hundred dollars, to be re
| covered in an action OF debit in the name an(
| to the use of the State.
| SECT. II. Section lightweight of chapter
| fOrty-seven of the revised statutes is hereby
| amended by inserting before the word 'five,
in the third line, the words mot less than,' 81
that said section as amended shall read as fol
lows:
| Sect. 88. The members of the corporation
shall annually, at such times as may be provid
ed in their bylaws, elect from their number no
| less than five trustees, who shall have the en-
of the inst ution, except so far as may be other
| wise provided by their bylaws. The members
may also, at any legal meeting of the corpora
| ton, by majority of at least two thirds Of
those present, by ballot, fill any vacancies tina
| may occur in their number, if they see fit
| Members removing from the State shall there
upon cease to be SUCH
| SECT II. All securities, owned or held BY
| savings banks shall be kept within this State
SECT 10. The treasurer of every saving
| bank shall, on Saturday of each and every
week. make and declare trial balance, which
| shall be recorded in book kept for that pur.
pose, and said book shall he open at all times
for the inspection of the trustees and of the ex
! aminer of banks.
| SECT. IA. All acts and parts of acts incon-
sistent with this act are hereby repealed.
SECT. Is. This act shall take effect on thu
| fifteenth day of May, eighteen hundred an(
seventy-four, and the first return of deposits
herein required, shall be made on the last Sat
urday preceding the first Monday of Novembe
following.