New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-05-21
REGULATIONS FOR SAVINGS BANKS.

hErJLA lONS lOh SAY iNNrS DAMS.
PROVISION OF THE GENERAL ACT TO CONFORM ALL
CHARTERS TO UNIFORMITY or POWERS.
RIGHTS, AND LIABILITIES.
The general act in relation to the savings
banks of this State has passed both Houses Of the
L. gislature and has been signed by the Governor
1t is entitled IAN Act conform the charters Of all
savings banks institutions for 10 uniformity
Of powers rights and liabilities and TO provide for the
organization Of savings banks for their supervision and
for the administration Of their affairs
In addition the usual safeguards required OF corpora
TONS the act provides that not less than persons may
organize savings bank. if approved by the superin
tendent OF the Banking Department Trustees shall not
directly indirectly borrow the money Of the bank and
any who offend shall Ia be trustees Deposits are
limited 10 900 for any person except amounts de
posted by order of Courts Surrogates An available
fund of than per cent OF the whole amount
OF deposits be kept deposit IN banks or trust COM
panies. LOaR shall not be made on notes. biIs
OF exchange drafts any other personal securities
whatever. Banks and officers shall not engage In the
business in the bank of buying selling exchange gold
silver, in the business of collecting protesting
promissOry notes time-bs Of exchange. Trustees
voting for dividends in excess of interest or profits
rned shall be personally liable. Interest allowed on
deposits shall exceed six per cent per annum but an
dividend out of accumulatons beyond authorized
surplus, shall be made least in three years De
posts on the 10th day of the month, beginning any
semannua period or Sd day OF any month deposits
withdrawn Of the last three days Of the month,
may have interest declared upon them for the whole pc
rod month. surplus fund to the amount of ten per
cent of the deposits may be reserved and accumulated
In determining the per cent Of surplus held by any
savings bank the nerestpaying stocks and bonds shall
be estimated their market value its bonds and mort
cages, which there arrears of interest Tor
longer period than six months, shall be estimated al
their face, and ts real estate at not above cost Inc
section TO investments is "a follows:
Sec &C. II shall be lawful for the trustees Of any saw
ngs bank the moneys deposited therein only ia
follows. to
l. In the stocks or bonds interesbearing notes or
obligations OF the United states or those Tor when me
faith Of the United states IL pledged to provide lof e
| OF the interest and principal.
. In the stocks bonds OF this state bearing Interest
B. In the stocks bonds of any state IN the mon
that has not within ten years previous TO making such
investment by such corporation defau!ied III thc pay
OF any part of either principal interest ~ any
debt authorized by any Legislature of such state " DC
ractcd.
A. In the stocks or bonds OF any city county
village OF this issued pursuant 10 the authority ot
any law of this state, IN any bearing oDIle
tons issued by the city in which such bank shall De SIT
uatcd.
In bonds and mortgages unncuTnbered real estate,
situate this State. worth at least twice the amount
loaned thereon. but not 10 exceed 60 per cent OF te
whole amount of deposits. snail he 80 loaned OF nVcs
but IN ease the loan unIilprOyed uuprOductVe
real estate the amount loan led thereon shall not he more
than 30 per cent OF its actual value and no Investment
bank. except upon tine report ~ committee
charged with the duty Of Investigating the and
or TO be mort gagged according 10 their best Judgment
and report shall be lied and preserved among the
records Of the Institution.
erected banking house. and may mold such real estate
be purchased AZ sales upon the foreclosure OF
, mOrt cages, &C, owned by them.