The Republican journal. [volume] (Belfast, Me.) 1829-current, 1877-02-22
PUBLIC LAWS OF TIE STATE OF MAINE

under the authority of this state; in the stocks of
any such railroad company which is unincuE bered
by mortgage; in the stock and bonds of any other
corporations Incorporated under the authority Of
this state which earn and are paying regular djvi-
dends of not less than six per centum per annum
and may invest by loan on first mortgages of real
estate situated in this state not exceeding sixty per
centum Of its value; and may loan TO any county,
city town; and notes with pledge as collat-
eral of any of the aforesaid secureties including
savings bank deposit books of any savings bank in
the state, and the stock of any of said railroad
companies not seventy five per centum Nf the
market value of such stock; and may loan to said
corporations, personal securities, with at least
two good and sufficient suTetes whom the securities
pledged are their own bonds and Stock and may
also loan such other personal secureties of the
state in the judgment of the trustees it will be
safe and for the interest of the bank to accept. All
investments shall be charged and entered on the
books of the bank at their cost to the bank, at
par when premi um is paid.
SECT. H. Any savings bank institution for
savings shall have authority to hold real estate to
amount not exceeding five per centum of it's de-
posit, and part of said amount shall be invested
in real estate, except in the purchase of building
site, and the erection and preparation of q
suitable building to be used for banking purposes;
provided that such corporation shall not hold real
estate, for the purpose aforesaid exceeding one
hsndred thousand dollars in value
SECT. IL. No savings bank or institution for saw
ings shall hold by way of investment, OF as security
for loans, or both, more than one-hth OF the capital
stock OF any corporation, nor invest more than ten
per centum of its deposits and not to exceed sixty
thousand dollars in the capital stock of any corpo-
ration, have more than seventy -fye per centum
of its deposits in mortgages OF real estate. The
provisions of sections ten, eleven and twelve shall
not apply to real estate other assets, acquired
by the foreclosure of a mortgage thereon, or upon
udgmentfor debts or in settlements to secure debts
SECT. l3. Savings banks may deposit on call in
banks or banking associations incorporated under
the authority Of this state, or the laws Of the
United States, and receive interest for the same
SECT. ii. The trustees shall see to the proper in
yesttnent of deposits and funds of the corporation
IN the manner hereinbefore prescribed. NO loan
shall be made directly indirectly to any Of the
trustees, or any irm of which he is member.
SECT. Is Every savings bank and institution for
savings incorporated under the laws of this state
SHALL semi annually, on the last Saturday OF April
and October In each year. make return signed and
to by its treasurer, of the average amount of
its deposits for the six months next preceding each
Of said days, de luctng an amount equal to the
amount of United States bonds, and the value Of
real estate owned by said bank institution. Said
return shall be made to the treasurer of the state
on or before the second Monday of May and Novem =
Der Of each year, and for wiilfuly making false
return, he shall be liable to pay fine OF not less
thar five hundred nor more than five thousand dol
lars. The treasurer shall pay to the treasurer OF
state tax on account of its deposits of per
centum per annum, on the amount Of its deposits
as in said returns One-half of said tax to lie as
sessed the average amount deposit for the six
months ending and including 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. One-half of the sum SO paid
to be appropriated for the use of schools, pro-
| vded in chapter eleven, section ninetyone of the
revised statutes, and one-half to the use of the
state. The taxes imposed by this section shall be
paid semi-annually within ten days after the first
| Monday in June and December.
| SECT l6. Every savings bank or institution for
savings, neglecting to pay the taxes imposed by
section fifteen of this act, shall be liable for the
same with costs and interest in action of debt in
the of the state at the suit of the treasurer.
| SECT L. All deposits of savings banks in this
state shall be exempted from municipal taxation to
the bank to the dcpositor, excepting real estate
| owned by the bank, and not held collateral Sc
curty, which may be taxed by the city or town in
| which the same il located.
| SECT. Is. No gift, fee, commission or brokerage