Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1877-02-07
favor of the Joint Standing Committee Cd Agri-
AFTERNOON SESSION.

leges and liabilities of savings banks and insttu-
tons for savings, was taken from the table on
motion OF Mr.. BAILEY, and its consideration re-
| sumed.
The House amendments were then taken up,
| the first that was considered being amendment
| "a, as follows: Amend sec. 10 in the Sth line
| by inserting after the words UNITED States, the
words I'm the municipal bonds of all cities of 20 =
| 600 inhabitants or more in the state. of New
York, Ohio, Indiana, Illinois, Michigan, Missouri,
and county bonds in the same states when not is
sued in aid of railroads. provided, that no invest
ments shall be made in the bonds of the several
cities and counties of the states of Indiana Hi
nols and Missouri with the exception of the CITY
| OF st. Louis IN the state of Missouri, where the
municipal Indebtedness of such state or county
exceeds per cent of its valuation.
| Mr. STEVENS favored the adoption of the
| amendment.
| Mr. WHITE opposed. He would limit invest
| ments to the State of Maine.
| Mr. STEVENS replied.
Mr.. WnEELwRIcHT thought it.would be better
to reject all the House amendments, with perhaps
| two exceptions, and pass the bill By making the
| State tax three-iourths of one per cent.
Messrs. kYEs and LENNON spoke.
| The amendment was adopted.
| Amendment "B' was next considered, which
amends by striking out the word may from the
2ith line of section &c. and inserting in lieu
thereof the word shall. Also by striking from the
10Th aud 10Th lines of the section, the words
but to the extent only of such reduction.
The amendment was adopted.
Amendment &c" to amend sec 10 by inserting
after the words "per cent" in the second line,
the words "ot the average amount of deposits for
the SIX months previous 10 declaring dividend"
was adopted.
Amendment "D" to amend sec. 2after the word
trustees" in the 4th line, the words, mot more
than three of each shall be directors in any Ma
tional bank, nor more than two of whom shall be
| director IN the same National bank
MIR. kYEs opposed its adoption.
| MIR. NHERLwRIGHT could see nothing objection.
able in the amendment.
MIR. STEVENS opposed.
The amendment was adopted, IL to 6.
Amendment "E' amending ste II by adding
after the word estate, in the 8. line the words
"or other assets, was adopted.
Amendment "F was next considered. This
| amendment amends II by inserting in the 10th
line, after the word made" the words "of tran
sactIons heretofore had" Also by striking out
the words "of ansactions heretofore had" after
the word TACT, in the 10Th lIne and by adding the
words ''but the securities shall be valid in favor
Of the bank" after the 33d line.
The amendment was adopted.
Amendment &C. TO amend sec. l6 by striking
out the word Contract" in the 4lh line and insert
ing in lieu thereof the word debt" was adopted
Amendment VI to amend sec. 10 after the
word stock" in the 29th line by adding the words
and may also loan on such other personal secu-
rites connected with the home industries of the
state, as in the judgment Of the trustees will be
safe and Tor The interest of the banks to accept"
next considered and rejected
Amendment "l was taken up as follows:
by striking from the Both sec. the first and
thirty -tourth lines inclusive and inserting the fol-
lowing whenever any savings bank, institu-
ton for saving or trust aud loan assoc ion shall
be lnsovent by reason OF loss on or by deprecla-
ton in the value of any of its assets without the
fault of the trustees thereof, the Supreme Ju,li-
cal Court in term time or any justice thereof in
vacation, shall, on petition in writing Off majority
OF the trustees and the bank examiner setting
forth such facts, appoint time for an examina-
ton OF the affairs of such corporation, and cause
notice thereof to be given TO all parties interested
IN such manner as may be prescribed And If.
upon an examination OF its assets and liabilities
and from other evidence he shall be satisfied of
the fact set forth in said petition, and that the
corporation has not exceeded its powers nor failed
to comply with any Of the rules, restrictions and
conditions provided by law, he NAV, if he shall
deem 1t for the interest of the depostors and the
public, by proper decree, reduce the deposit ac-
count OF each depositor so as to divide such loss
pro rata among the depositors, thereby rendering
the corporation solvent, that its further proceed.
ings would not be hazardous to the public or those
having or placing funds in its custody. And the
depostors shall not be authorized to draw from
such corporation larger sum than thus fixed by
the courtex as hereinafter provided; provided,
however that shall be the duty of the treasurer of
such corporation to keep an accurate account of
all sums received after such assets of the corpora
ton held by it at the time of the filing of such Pc
tition, and if larger sum shall be realized there
from than the value estimated as aforesaid by the
court, he shall at such time times as the court
may prescribe, render to the court a true account
thereof, and thereupon the court after due notice
thereof to all parties interested, shall declare a
pro rata dividend of such excess among the depos.
itors at the tune OF ming the petition. No depos-
its shall be paid or received by such corporation
after the filing of the petition until the decree
of the court reducing the deposits as herein pro-
vided. If the petition is denied, it shall be the
duty of the bank examiner to proceed for the
winding up of the affairs OF the corporation, as
provided in section 35."
The amendment was adopted.
Amendment TX" to amend by inserting after
the word company" in the 9th line of sec. 10,
the words, "or any other corporation" so that
banks may take security the first mortgage
bonds of any corporation in the State, and also to
amend so that bank may take the deposit books
of any other bank as security, was adopted.
Amendment al" was next considered which
provided that upon the application of any one of
the trustees Of a savings bank, or of any FIVE de-
positors in said bank alleging said bank nsolvent
any one of the Justices Of the Supreme Court,
may order an examination Of said bank, if upon
hearing, after such notice as he may deem neces-
sary has been given to the treasurer of said bank
and thereupon the same proceedings may be had
as specified in sec. 3d.
The Senate nonconcurred in the adoption of the
amendment.
Amendment an" amending sec. s. by insert
IN the nfst line alter the word corporations, the
words "shal consist of not less than 80 members,
and" was adopted.
Amendment an" to strike out in line 18th, sec.
10, the word may" and insert the word "shall"
was agreed to.
Amendment 80" amending the 10th sec. by
striking out all after the word state in the 10th
line to and including the word "investment" in
the 18th line was adopted.
Amendment "P" amending sec. % in the first
line by striking out the word full" after the
word power" and inserting after, "under the di-
rection of the trustees" the words "he Treasurer
has power under the direction of the trustees, to
assign, &c" was agreed to.
MIR. BAILEY moved to amend sec. Is, fifteenth
line, by adding after the word deposits" the
words, "three-fourths Of" Agreed to.
Mr.. BAILEY moved further to amend as follows,
amend sec. 23d by adding the following land
the place of their deposit shall be selected with
reference to insurIng the greatest possible securi
ty for their safe keeping, and shall be subject to
the approval of the Bank Examiner" Adopted.
Mr.. WHEELwRIGHT moved to amend section 43
by striking it out and inserting in lieu sections
81 to 1922 inclusive, of chap. AZ of the revised stat
utes chap. 222 Of the acts of 1871, chapter "A of
the acts Of 1872, chap. l54 of the acts of 1873,
chap. 266 of acts of 1874 and chap AZ of the acts
of 1875, are hereby repealed. Adopted.