The Portland daily press., 1874-02-23
The Savings Bank Bill.

The Savings Bank Bill.
The following is the bill reported by the
Committee on Banks relative to savings
banks. 1t was prepared by Mr.. Reed of Bath
with few slight amendments and meets the
appreciation of the entire Committee.
AN ACT RELATING TO SAVINGS BANKS.
SECTION. l. No savings bank incorporated
under the laws of this State shall hereafter in
vest anyDf its funds in securities issued by any
person or corporation, or other party or body,
located beyond the lmsts of the New England
States, excepting United States bonds, and
strictly municipal bonds of cities, containing
fifty 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 seventy
four of the public laws of eighteen hundred and
seventy two is hereby amended, so as to read
as follows:
Section 1. On the last Saturday preceding
the first Monday of May and November OF
each year. every Savings Bank in this State
shall return, under oath, to the State treas
urer, the average amount of its deposits Tor tne
then last six months deducting theretrom the
value of all real estate owned by the pahk,
and within for.y-fve days tnereaiter pay 70
the amount so returned, one half of the sum so
Maid 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 negects
to pay said tax for thirty days after it is due.
the treasurer shall issue warrant of distress to
enforce payment thereof out'of its estate and
effects.
SECT. 3. All deposits ofesavngs banks in
this State shall be exempted from muni-
c!pal taxation to the bank or to the depositors,
excepting real estate owned by the bank and
not held as collateral security, which may be
taxed by the city or town in which the same ID
located.
ings banks to the United States shall be charg-
ed ratably to the depo>itors upon whose depos-
| its the same is assessed.
SECT. 5. Section two, chapter seventy-four
of the public laws of 1872 as amended by Sec
ton 1, chap. 154, of the public laws of 1873, is
SEC 2 The trustees shall, once in six
months declare dividends not to exceed three
| per cent mi.annualy at such times as may
be required by their bylaws, among depositors
of three months standing at least before divi
| dend day. Any balance of savings over the
three per cent. semi annually, taxes and expen-
SEES, shall be passed to the reserved fund not sub
ject to be divided, but kept constantly on hand
cies until the said reserved funds amounts
to ten per cent of their assets and when said
reserved fund shall amount to ten per cent of
their assets, all net profits, thereafter made, of
said banks shall be ratably divided among
their depositors. All losses shall be passed to
| the debit of said account. No deposit shall be
received under any agreement to pay any Spec
| flied sum of interest for its use, other than
regularly semi-annual dividends except when
deposited by order of some court of competent
| jurisdiction.
Sec g. Section SO of chap Al of the revised
statutes, amended by section 8 of chap. "a of the
public laws of 1872, is hereby repealed,
| Sec Z. No savings bank shall he required OF
| obliged to pay to any deposition any sum less
than five hundred dollars until after thirty
| days notice nor any sum exceeding five hun
| dred dollars until after sixty days notice.
Sec 8. No treasurer of any savings bank, The
| deposits of which exceed one hundred and fifty
thousand dollars shall be cashier of a national
or stock bank; and if the treasurer of say,
| ings bank, having deposits not exceeding one
hundred and fifty thousand dollars is cashier
| in a national or stock bank, not more than ore
trustee of the savings bank shall be director,
nor more than two trustees thereof shall be
! stock holders in the national or stock bank SO
| connected Herewith.
| SEC 9. In the returns required to be made to
| the State treasurer by savings banks shall be
given the cost, par and actual value of all secu
| rites held by them.
SEC 10. No gift, for commission or broker
age, shall be received by any officer of any saw.
ings' bank, on account of any transaction to
which the bank is party, under penalty, for
each offence, of one hundred dollars, to be re-
covered in an action of debt, in the name and
to the use of the State.
Sec. II. Section 8S, chap. AZ of the revised
statutes, is hereby amended, by inserting before
the word afve," in the third line, the words,
| mot less than," SO that said said section, as
amended, shall read as follows:
Sec. SO. The members of the corporation shall
annually, at such times as may be provided in
their bylaws, elect from their number not less
than five trustees, who shall have the entire
supervision and arrangement of the affairs of
the institution, 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 that
may occur in their number, and may add new
members in the same manner as they see fit.
Members removing from this State shall there
upon cease to be such.
SEC. H. All securities owned or held BY saw
ings banks shah be kept within the State
SEC. H. The treasurer of each savings bank
shall on Saturday of each and every week make
and declare a trial balance, which shall be re-
corded in Book kept for that purpose, and
said book shall be open at all times for the in
spection of the trustees and of the examiner of
banks.
Sec IA All acts and parts of acts inconsistent
with the provisions of this act are hereby re-
pealed.
SEC. 15 This act shall take effect on the fif-
seenth day of May, eighteen hundred and sew
enty-four: and the first return of deposits here
in required, shall be made on the last Saturday
preceding the first Monday of November fol-
lowing