The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1877-02-27

bonds in the same States when not issued in aid of
railroads; provided that no Investment shall be
made in the bonds of the several cities and counties
of the states of Indiana, Illinois, and Missouri with
the exception Of the city of St. Louis in the state Of
city county exceeds five per centum OF its yalua-
ton !; in the first mortgage bonds OF any railroad
company or other corporation incorporated under
such railroad company which is unincumbered by
mortgage in the stock and bonds OF any other cor
porations incorporated under the authority of this
state which earn and are paying regular dividends
OF not less than Six per centum per annum and
may invest by loan first mortgages of real estate
situated in this state not exceeding sixty per centum
town and on notes with pledge collateral of
any Of the aforesaid securities, including savings
bank deposit books of any savings bank in the state,
and the stock any of said railroad companies, not
seventy five per centum of the market value of
such stock and may loan to said corporations, on
cent sureties, when the securities pledged their
own bonds and stock and may also loan on such
other personal securities Of the state in the udg
ment of the trustees will be safe and for the inter-
est Of the bank to accept. All investments shall be
charged and entered the books of the bank at their
cost to the bank, or at par when premium is paid.
Sect. H.. Any savings bank or institution for
savings shall have authority to hold real estate to
amount not exceeding five per centum of it's depos
real estate, except in the purchase of building
site, and the erection and preparation of suila.
bic building to be used for banking purposes pro-
vided that such corporation shall not hold real
tate, for the purpose aforesaid, exceeding hun
dred thousand dollars in value.
SECT. II. No savings bank or institution for saw
ings shall hold by way of investment security
for loans, both, more than onefth of the capital
stock of any corporation, invest more than ten
per centum of its deposits, and not to exceed sixty
thousand dollars, the capital stock Of any corpo-
ration, nor have more than seventy-fve per centum
of its deposits in mortgages of real estate The pro-
visions Of sections ten eleven and twelve shall not
apply to real estate other assets acquired by the
foreclosure of mortgage thereon, or upon judg-
ment for debts or in settlements to secure debts:
SECT Is. Saving banks may deposit call in
the authority Of This state or the laws the united
sEor H. The trustees shall see to the proper in
vestment Of deposits and funds Of the corporation,
in the manner hereinbefore prescribed. No loan
shall be made directly or indirectly to any Of the
trustees, or any firm of which he is member.
SECT Is. Every savings bank and institution for
savings incorporated under the laws of this state
SHALL semi-annually, the last Saturday of April
and October in each year. make a return signed and
to by it's treasurer, of the average of
of said days, deducting an amount equal to the
amount of United States bonds, and the value Of
al estate, owned by said bank or institution Said
return shall be made the treasurer Of the state on
or before the second Monday Of may and November
Of each year, and for willfully making false return
he shall be liable to pay fine of not less than five
hundred nor more than five thousand dollars. The
treasurer shall pay to the treasurer Of the state
tax account of its deposits of one per centum per
the amount of its deposits in said returns
One-haf Of said tax to be assessed on the average
amount deposit for the six months ending and in
Guiding the last Saturday in April and the other half
the average deposit for the six months ending
and including the last Saturday in October Onehalf
of the so paid to be appropriated for the use of
schools, as provided in chapter eleven, section nine
yone of the revised statutes, and one-half to the
of the state. The taxes imposed by this section
shall be paid semiannuay within days after the
first Monday in June and December.
SECT. 16. Every savings bank institution for
saVings neglecing to pay the taxes imposed bV Sec
ton fifteen of this act, shall be liable for the same
with costs and interest in action Of debt in the