The Republican journal., 1874-04-02

semi-annually, except as hereinafter provided, at
such times as may be required by their bylaws
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 lie 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 banks shall be divid
ed rataby among the depositors thereof. No de
post shall he received under any agreement TO p3,
any specified of interest for its use other than
regular semi-annual dividends, except when depos-
tied by order of some court of competent jurisdic
ton.'
SEC. 6. Section ninety three of chapter forty
seven of the revised statutes amended by section
eight of chapter seventy Of the public laws Of
eighteen hundred and seventy-two, is hereby re-
pealed.
SEC T. No savings bank shall be required or
obliged to pay to any depOsitor any sum less than
FIVE hundred dollars, until after thirty days notice,
nor any exceeding five hundred dollars, until
after sixty days notice.
SEC. >. No treasurer OF any savings bank, the
deposits of which exceed one hundred and fifty
thousand dollars, shall be cashier in national or
stock bank, and if the treasurer of savings bank,
having deposits not exceeding one hundred and fifty
thousand dollars is cashier in national or stock
bank not more than trustee of the savings bank
shall be director nor more than two trustees shall
be stockholders in the national or stock bank so
connected Herewith.
SEC. 9. In the returns reanired to be made to the
state treasurer by savings bank shall be given the
cost, par and actual value of all securities held by
them.
SEC. To- Nc gift, fee, commission, or brokerage,
snail be received by any officer of savings bank,
on account OF any transaction to which the bank is
party, under penalty for each ofense of one
hundred dollars, to be recovered in an action oil
debt, in the name and to the use of the state.
ST. II y: Section eighty eight Of chapter forty.
inserting before the word five" in the third line,
the words mot less than" so that said section
amended shall read as follows:
Section IS. 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 super
vision and management of the affairs of the insttu-
ton, except SO far may be otherwise provided by
their bylaws. The members may also, at any legal
meeting OF the corporation by majority of at least
GAMES that may occur in their number and may
add new members in the same manner if they see
hit Members removing from the state shall there
upon cease to be such.'
SEC T. 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 all times for the inspection Of the trus
tees and of the examiner of books
SEC. Ii. All acts and parts of acts inconsistent
with this act are hereby repealed.
SEC. l5 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 4 lSSi1