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

Be Il enacted, dc, as follows
SECT / Savings Banks and Institutions incor.
porated under the authority Of this state may cxcr
else the powers and shall be governed by the rules
and be ojeo the duties liabilities and provisions
in their charter In the following sections, ana In
the general laws relating 10 corporations, unless
otherwise specially provided.
SyCr. 2. The officers OF every such corporation
shall consist OF president treasurer, and when In
the opinlon OF the trustees necessary, an assistant
treasurer aud not less than five trustees, not more
than three of whom shall be directors In any nat
ional bank, nor more than two OF whom shai De Ill.
rectors in the same national bank who shan elect
from their number, or otherwise such other officers
US they may see ht.
SEcr. 8 Such officers shall be sworn 10 the faith.
ful performance of the duties OF their Office ana shall
hold their several offices until others are chosen and
qualified In their stead.
SIcr 4 The members of the corporation shall
annually at such times as may be provided in their
by-laws elect from their number not less than I'VE
trustees, who shan have the entire supervision and
management of the affairs OF the Institution, except
80 far may be otherwise provided by their by
laws. Any trustee who shall become trustee or
officer In any other savings corporation, shall there
by vaoate his Office as such trustee.
Scot g. The trustees, Immediately alter their
election and qualification, shall elect OF their
number for president who shall also be president of
the corporation. They shall also elect treasurer
and when deemed necessary an assistant treasurer 10
hold their Offices during the pleasure OF the trustees
The treasurtr and In his absence the assistant
err II there Is one, shall be eXocio clerk of the cor
poratiOn, and of the trustees. The treasurer and
assistant treasurer sball pOnu- 10 tne
ton for the faithful discharge OF the duties OF their
offices In such sums as the trustees may decide 10
be necessary for the safety of the funds and such
bonds hereafter given shall continue and lie valid
from year TO year so long a. they may De elected
and hold said offices. subject to renewal whenever
ordered by the trustees or bank examiner: Said
bonds shall be recorded upon the books of the nsti
tutions, and the bank examiner shall annual, ex-
anime the and inquire into and certify 10 the su
hciency thereof, aud when he shall deem any such
bond insufficient, he shall order a new bond TO be
srtv ntuith In Una hv I'm 1hay hall
receive a compensation 10 be fixed by the trustees
The trustees may receive such compensation for
their services in making examinations and returns
required by their bylaws and the laws OF the state
rs may be affixed by the corporation NJ any legal
meeting thereof
SEcr. 6. II any office becomes vacant during ;he
year, the trustees may appoint person TO I'LL the
same until IL is filled nj the next annual meeting.
Scot. I. Such corporations may at any time hold
special meetings by order st the trustees and the
treasurer shall also call special meetings upon appl
cation in writing of ten members OF the corpora
ton. Seven days previous notice of all annual
meetings shall be given by public advertisement in
some newspaper OF the county where the corpora
ton Is established or If there is such paper then
in the state paper.
SECT. s. Every such corporation shall consist of
not less than thirty members, and may at any legal
meeting, by majority of at least two-thirds of
those present, elect, by ballot any citizen of the
county wherein the corporation Is located to be
member thereof. No person shall continue TO be
member after removing from the state. Any men,
Der of the corporation who shall fail 10 attend the
annual meetings for two successive years shall cease
10 be member unless reelected by a vote of the
corporation.
Scot. o. Every such corporation may receive on
deposit for the and benefit of depositoRs. sums
of msney offered for that purpose I; but sha no
receive from any depositor directly or indrsct-
ly, over two thousand dollars, and interest shall
be paid to any one depositor for any amount of de-
post over said sum, except for deposits by widows
orphans. administrators, executors, guardians, char
table institutions, and a. trust funds. The trust.
shall ave power to refuse any deposit at their
pleasure
SECT. 10. Savings banks and institutions for saw
ngs restricted 10 and hereafter may their
deposits in the public funds of any of the New Eng.
land states including the bonds of the counties cit
les, and towns of the same in the public funds Of
the United states in the stock of any bank or
banking association, incorporated under authority
of this state, or of the United States In the mum
icpai bonds ofcities OF twenty thousand inhabitants