The Republican journal., 1874-04-02
Chapter 266.
to Savings Banks.

Chapter 266.
AN ACT relating to Savings Banks.
Be enacted by the Senate and Ho5Sz If Representa-
tues IN Legislature assembled, as follows.
SECTION /. No savings bank, incorporated under
the laws of this state shall hereafter invest an. Of
Its funds in securities issued by any person
poration, other party body located beyond the
limits of the New England States excepting United
States bonds and strictly municipal bonds of cities
containing fifty thousand inhabitants more, in
the following named States, to wit New York. Ohio
Indiana, Illinois, Missouri or Michigan
SEC 2. Section one of chapter seventy-o Of the
public laws of eighteen hundred and serenity two.
is hereby amended by striking out the word ''total'
IN the third line and inserting the word average
by inserting after the word deposits In the fourth
line, the words for the then last six months deduct
ing therefrom the value of all real estate owned by
the bank by striking out the word "ten" in the
fourth line, and inserting the words forty-fyc; by
and inserting the word half; by striking out the
words 'for the of the state'' in the nth and
sixth lines and inserting the words half OF the
sum SO paid; and by inserting between the word
Statutes" and the word "and'' in the eighth line,
the words and one half to the use of the state SO
that said section as amended. shall read follows
Section /. On the last Saturday preceding the
first Monday of May and NoVemher of each Year.
every savings bank in this state 81 all return under
oath to the state treasurer the average amount of
its deposits for the then last six months deductin
therefrom the value of all real estate owned bv the
bank, and. within forty five days thereafter pay to
the state treasurer onehaf of enc per cent on the
amount 80 returned one-half of the sum so paid to
be appropriated for the use of schools as provided
in chapter eleven section ninety of the revised
statutes and one-haf to the use of the state: and
any bank negects to pay said tax for thirty iays
after it is due, the treasurer shall issue warrant
tate and effects
SEC. B. All deposits OF savings banks in this state
shall be exempted from municipal taxation to the
bank or to the deposition excepting real estate
owned by the bank and not held collateral secur
ity, which may be taxed by the city or town in
which the same is located.
NRrd no fov pradf IN he
banks to the United States shall be charged ratabi
to the depositors upon whose deposits The same Is
SEC. 5. Section two chapter seventy .four of the
public laws of eighteen hundred and seventy.two
| as amended by section one of chapter one hundred
and fifty -four Of the public laws of eighteen hundred
and seventy-th is hereby further amended b v
striking out the words latter setting apart from the
earnings of the corporation, the amount required by
section ninetyt three of chapter fortyseven of the
revised statutes for reserved fund" in the first,
second, third and fourth lines by inserting between
The word "semi-annually" and the word sat" in the
fifth line, the words excepting as hereinafter pro-
vided; by striking out the words "but the corpor-
alton may by their bylaws, include deposits of less
standing IN the seventh and eighth lines; by strik-
served fund, }" in the ninth and tenth lines; and by
striking out the words "may once in two years be
divided among depositors on their balances Of one
ana TWO years standing rataby, said two years to
begin at the date Of the next dividend after the ap
proyal Of the act to which this is additional and
smenaatory, or me date Of commencing business of
new DanKs from the tenth to the fifteenth lines in
elusive, and inserting the words shall be passed to
the reserved fund, not subject to be divided but
and contingencies, until the said reserved fund
amounts 10 ten per cent Of their assets, ali losses
shall be passed to the debit Of said account. And
the assets of any savings bank all net profits there
after made Of said bank shall be divided ratably
among the dePostors thereof so that said section,
as amended, shall read as follows.
Section g. The trustees shall once in six months,
declare dividends not to exceed three Der cent