Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1877-03-29
Sayings Banks.
IMPORTANT OrIxIos or ATTORNEY GENERAL
EAFEY
ATTORNEY GENERALS OFFICE.
Ellsworth, March :. I,11.
Hox. W. ". BOLSTER. BANK ExANINi

ATTORNEY GENERAL = OFFICE.
Ellsworth, March :. -.
H0x. W ". BOLSTER. BANK EXAMINER.
Deqr .>if.-I an in receipt Of your leitel
asking Tor my opinion upon tn power o
Savings Banks, under the at Of February 81
Is7-. lin case Of deposits other ih1n those by
''widJw-. orphans. administrators. executors
guard an~. charitable Institutions and - trust
funds. Co pay o any one de,pO-ltor Interc>1
or dividend on the eNce-s OF his deposit Over
300. such deposit having been made prior Il
said aci going into effect.
rne construction OF q new statute j. usual
difficult. and. not having any help OF argument
and discussion. ! cannot assure loI that ny
opinion will ne sustained by jhe Court.
Section ., OF the act, contains TWO prOhihi.
fiOns very plainly expressed !. kIr>t. the corp
Grafton shall not receive from auy one depOs L.
OF, directly or indirectly. over $1,000 twi,h
the exceptions before named. second. and
no interest shall BE- paid &c any one deposition
for any amountof deposit over said sum- with
the same EXCEPTIONS
This second prohibition cannot apply to de-
posts since the new AIT. for there can be such
deposits. The corporation cannot receive sucl
deposits. The nrst prohibition keeps them
out. The second prohibition can then onIy
apply to the deposits made ator before The
time Of the new act
The intent OF the legislator was evidently TO
reduce existing deposits down 10 5000 No
u.
the interest on he excess Is made TO cease.
Section ~ il to be construed in connection
with the whole act. AMI Is not to nulliiy any
clause. unless The language OF the section j.
susceptible Of DO other construction. he sec
ton expressly, and III terms. limits the OpeT-
alton Of section l9,.In relation - The rate Of
interest. No express reference j. made, how
ever. 10 the payment OF interest on the excess
OF deposits over 5000 he only words that
can inject the PROHIBITION in section g. are.
transactions heretofore had These word
may perhaps cover dividends herel ofOre made.
any hing done. and compile ed. They do not
necessarily Tefef To eXecutnTt matters. They
certainly do Lot necessarily include in their
meaning an engagement 10 pay interest. Tn
bank don't engage 10 pay any interest. IL on
~ divides the profits. In any event. who de-
posts in Savings Banks dOt> il wi b the uader-
standing that The rate Of tut rest. or pai menj
OF any interest Is subject to legislative cOntrOie
The legislature having by section 8, las
construe it, prohibited ia express terms the
payment Of any dividend on the excess over
5000. Of desposit made prior 10 the act, and
and not having any where. modified or repeal
ed tbi. prohibition in express Terms, / should
be slow 10 believe that the legislature meant
the words. TRANSACTION heretofore had to
nullfy its former plain prohibition.
| give the law the benefit OF any doubt, and
give the opinion that the 42d section does not
nullify the 9th section, and accordingly that
deposits inside prior TO the act Of February
9th, 1877, with the exceptions before Hamedl
are not entitled to any dividend on the excess
over 81 600. The interest on such excess ceas-
ed when the new act went into effect.
Yours very respectfully,
LUCILIUs A. EMERY,
Attorney General