Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1877-03-06

bonds In the same states, When not lssueu IN Au Oi
raj roads provided that no investment shall be
made In the bonds of the several cities and counties
of the states OF Indiana lllinOis and Missouri with
the exception OF the city OF ST. Louis In the tate OIL
Missouri, where the municipal Indebtedness OF such
city or county exceeds five per centum OF lis yaua.
tion ; In the first mortgage bonds OF any rallroad
company or other cooperation Incorporated under
the authority OF this state IN tue STOCKS OF any
such railroad company which Is unincumbered by
mortgage In the stock and bonds OF any other cor
poratIons Incorporated under the authority OF hls
state which earn and are paying regular DIVIDENDS
of not less than six per ccntum per annum ana
may invest by loan first mortgages OF real estate
situated In this state not exceeding sixty per eentum
of lis value and may loan 70 any county, city, or
town and on notes with pledge as 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
over seventy five per centum OF the market value OF
sach stock and may loan 20 said corporations on
personal securities with at least two good ana suit
Client suretes when the securities pledged are their
own bonds and stock and may also loan on such
other personal securities OF the state as in the judg
me OF the trustees will be- safe and for the inter
ct of the bank to accept. All investments shall be
charged and entered on the books OF the bank a. the
cost 10 the bank, or al par when premium Is pald.
SECT. H. Any savings bank or Institution for
savings shall have authority TO hold real eiate To an
amount not exceeding five per ccntum OF It's depos-
It's and no part OF said amount shall be invested In
real estate, except in the purchase OF building or
n site and the erection aud preparation OF suiia'
BILE building TO be used for banking purposes pro-
yided that such corr Grafton shall net hold real es-
tate for the purpose Aforesaid, exceeding one nun
dred thousand dollars In value.
SECT. IL. No savings bank or institution Tor saw
ings shall hold by of Investment or as security
for loans or both more than oneffth OF the capital
stock Of any corporation, nor Invest more than Ten
per centum OF lis deposits, and not 10 exceed sixty
thsusand dollars, in the capital stock OF any corpo-
ration, nor have more than seyenty-tye per centnm
Of ia deposits in mortgages Of real estate The pro-
visions Of sections ten eleven AID twelve shall not
apply to real estate or ether 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 on call In
banks or banking associations incorporated under
the authority of this state the laws OF the United
States and receive interest for the same.
Seer H. The trustees shall see 10 the proper In
vestment of deposits and funds of the corporation,
In the manner hereinbefore prescribed. No loan
shall be made directly or indirectly 10 any Of the
trustees or any firm Of which he is a member.
SEcT. 10. Every savings bank and institution Tor
savings incorporated under the laws of this state
shall semiannually, on the last Saturday OF April
and October in each year make n return signed and
sworn TO by it's treasurer Of the average amount OF
its deposits for the six months next proceeding each
of said DAYS, de6ucting an amount equal 10 the
amount of United States bonds, and the value of re-
al estate owned by said bank or institution. Said
return shall Re made TO the treasurer of the state on
or before the second Monday Of may and November
of each year. and for wllfully 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 10 the treasurer OF the state
tax on account Of its deposits of one per centum per
annum on the amount Of its deposits as in said returns
Onehalf of said tax TO be assessed on the average
amount on deposit for the six months ending and In
Guiding the last Saturday In April, and the other half
on the average deposit for the six months ending
and including the last Saturday in October. Onehalf
of the sum so paid be appropriated for the of
schools as provided in chapter eleven, section nine
ty.one of the revised atu es, and onehalf TO the
use of the state The taxes imposed by this section
shall be paid semlannuay within ten days after the
first Monday In June and December.
SECT Is. Every savings bank or institution for
saving neglec ing 20 pay the taxes imposed by sec
ton fifteen of this act shall be liable for the
with costs and interest in action of debt in the
name Of the state at the suit of the treasnrer.
SECT. II. All deposits Of savings banks in this
state shall be exempted from municipal taxation to-
the bank or to the depostor, excepting real estate
owned by the bank, and not helda collateral secur-
ity which may be taxed by the city town In which
the same IL loca ed.
SeeT IS. No gin. fee, conmlssion or brokerage,