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

the court, except as hereinafter provided provided
however, that it shall be the duty of the treasurer
of such corporation to keep accurate account of
all received tor such assets of the corporation
held by it at the time of filing such petition and if
larger shall be realized therefrom than the
value estimated as aforesaid by the court, he shall
at such time or times as the court may prescribe,
| render to the court true account thereof, and
thereupon the court, after due notice thereof to all
of such excess among the depostors at the time of
filing the petition. No deposit shall be paid re-
ceived by such corporation after the filing Of the Pc
tition, till the decree of the court reducing the
deposits herein provided. If the petition is de-
MED, it shall be the duty Of the bank examiner to
proceed for the winding up Of the affairs Of the
pOratiOn provided in section thirty-ive.
SECT. 81. The examiner shall annually, on or be-
fore the first day of December, make report to the
Condition of each of the banks visited by him. max
ing such suggestions as he deems expedient. Such
report shall be printed and laid before the legislature
at its next session, and one copy sent to each
ings bank in the state by the secretary of state.
SECT. 50. If in the opinion Of the examiner, any
savings bank or its officers or trustees shall be found
to have persistenty violated any law in relation to
savings banks, institutions for savings, he shall
forthwith report the same, with such remarks as he
forthwith institute prosecution for such violation
in behalf of the state. The penalty for such viola
ton, unless otherwise prescribed, shall not be less
than one hundred dollars, more than five hun
dred dollars.
SECT. 49, Savings banks and institutions for saw
ings that have exercised the privileges of savings
bank or institution for savings and done business as
such for the term of one year. shall be held to be e
gally organized.
tons for savings shall make return Of the annual
election Of officers to the bank examiner, within ten
days after their election and qualification.
SECT. A. Any person Or persons not authorized
by act OF the legislature, who shall advertise his
business that Of savings bank, shall receive
deposits under pretence Of conducting savings
bank, shall be punished by fine of one hundred
dollars for each oense; but nothing in this act con-
tanned shall be construed prohibiting any person
from advertising his business banker and offer
ing to take and taking deposits to be loaned upon
| such terms and conditions the deposition may
prescribe.
SECT a. The powers, privileges, duties and re-
strictons, conferred and imposed upon any savings
corporations by whatever name known, by its
charter act ofncorporation, are hereby abridged
enlarged modified, as each particular case may
require, in such manner that each and every such
charter or act incorporation shall be made to
form to the provisions of this act, and to such
amendments as may be made thereto; and each and
every such savings corporation shall possess the
and snd oobed n
imposed by this act, anything in their respective
charters acts to the contrary not
withstanding. But nothing in this act shall be con-
strued to affect the legality of investments heretofore
made, of transactions heretofore had, or the pay
ment Of interest at a rate not exceeding six per
centum on deposits already made until the dividend
next following the passage Of this act But the
securities shall be valid in favor of the bank, pur-
suanC 10 any provisions OF law In force when such
investments were made, or transactions had nor to
require the change of investments for those named
in this act except the be done gradually
by the sale redemption Of the securities s0inyested
in, in such manner as to prevent loss or embarrass
ment in the business of such corporation or un-
necessary loss or injury to the borrowers on such
securities. And the investments hereafter in anv
securities not named in this act or the
that may be made thereto, shall be deemed INSIDE
meanor, on the part of the trustees authorizing or
officers making, the same and such trustees or Off
GERS shall be subject to the prosecutions and punish
ments prescribed by law for that ofense.
and two, inclusive Of chapter forty-seven of the re-
vised statutes, chapter two hundred and twenty-five
OF the acts of eighteen hundred and seventy-one,