Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1874-03-30
Chapter 2G6.
/. Appi"ycd March l>.i

AN At L relating to Savings Banks.
BE il enacted jy The Senate and House ef REPRESENTA-
tces IA Legislature assembled, as follows:
SECTION /. No savings bank incorporated under
the laws OF this state shall hereafter invest any Of
its funds in securities issued by any person
poraion or other party or body located beyond the
States bonds and strictly municipal bonds of cities
containing fifty thousand inhabitants or more, in
the following named States to wit New York, Ohio,
Indiana, illinois, Missouri or Michigan.
SEC. p Section one of chapter seventy-four of the
public laws Of eighteen hundred and seventy two.
is hereby amended by striking out the word total;
in the third line. and inserting the word average;
by inserting after the word depots" in the fourth
line the words for the then last six months, deduct
ing thererom the value OF all real estate owned by
the bank by striking out the word "ten" in the
fourth line, and inserting the words iorty-tive by
striking out the word quarter in the fifth line,
and inserting the word half; by striking out the
words for the use of the state" in the fifth and
sixth lines and inserting the words half OF the
sum so paid and by inserting between the word
statutes" and the word land" in the eighth line
the words and one half to the of the state SO
that said section, as amended. shall read follows
Section l. 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 treasurer, the average amount of
its deposits for the then last six months, deduc:ing
thererom the value of all real estate owned by the
bank, and within fortyiye days thereafter, pay to
the state treasurer onehaf of enc per cent. the
amount so returned, 0ne-half of the so paid to
be appropriated for the use of schools as provided
in chapter eleven, section ninety of the revised
statutes ana one-iai to the use OF the state; and
fany bank neglects to pay said tax for thirty days
after il is due, the treasurer shall issue warrant
OF distress TO enforce payment thereof out of its
tate and effects
SEC. ,. All deposits of savings banks in this state
shall be exempted from municipal taxation to the
bank or to the depositor,, 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.
SEC. 1. The tax required to be paid by savings
banks to the United States shall be charged ratably
to the dep0sltorS upon whose deposits the same l.
assessed.
SEC. ;. 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 htyfour Of the public laws of ghteen hundred
and seyenty-three, is hereby further amended by
striking out the words latter setting apart from the
earnings OF the corporation the amount required by
section ninetythree of chapter forty seven of the
revised statutes, for reserved fund.- in the first
second, third and fourth lnes by inserting between
the word '.sen-annually and the word ''at" in the
nun 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 strk-
ing out the words 'and the sum required for a re-
served fund, in the ninth and tenth lines and by
striking out the words ''may once in two wears be
DIVIDED among depositors on their balances of one
ana two years standing ratably, said two years to
begin at the date of the next dividend after the APP
proval OF the act to which this is additional and
amendatcry, or the date of commencing business of
new banks" 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
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
me assets OF any savings bank all net profits there
after made OF said bank shall be divided ratably
among the depositors thereof so that said section
as amended, shall read follows
section :. The trustees shall once in six months
declare dividends, not to exceed three per cent