Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1878-12-06

QenuS ana surplus, anu pioNiuis ioi iuii "a"
nual reports to the Inspector Of Finance,
showing their condition and bringing them
all to uniform system of government and
management. The following is an accurate
abstract of the law;
REPORTS.
Sec. l, provides that reports shall be made
annually by the treasurer Of every such in
stitution under oath, showing accurately its
condition on the first day of July.
These reports shall be embodied in bien-
NAL report by the Inspector of Finance 10
the General Assembly, which shall be pub
lished with those of the other State officers.
And in the year when no session of the
Legislature is held, the Inspector of Finance
is authorized to publish in pamphlet form
for general distribution one thousand copies
of the report of the Savings Banks and Trust
Companies for that year.
In case of the neglect of any treasurer of
such corporation to make such report. PEN
alty of one thousand dollars is imposed, and
the Inspector of Finance may examine the
affairs thereof. and make up report Of its
condition, to be published as aforesaid.
OFFICERS.
The officers of every Savings Bank are to
consist of a president, one or more vice
presidents, board of trustees Of not less than
seven nor more than eleven members,
treasurer, who shall be er.offcio clerk, and
such other off ,ers as shall be necessary.
No officer of any Savings Bank shall hold
office in another such institution at the same
time, nor be president, vice-president, cash
Ter or treasurer in any bank of discount or
any trust company in this State.
All these officers, except the treasurer,
assisrant-treasurer and clerks, shall be chosen
at the annual meeting of the corporation.
The treasurer, assstant-treasurer and clerks
are to be appointed by the trustees and hold
office at their pleasure.
The trustees shall have the general manage
ment of the affairs Of the bank, shall meet
|
the report of the treasurer and for the trans
action Of other business. As often as once
month the treasurer shall prepare a state
ment showing the condition of the corpora
ton, in the form of trial balance state
ment of its accounts, which shall be re-
corded
As often as once in six months the trus-
tees shall cause thorough examination and
report in detail to be made of the assets and
liabilities of the bank. No trustee or other
officer shall directly or indirectly borrow or
use any Of the funds of the corporation.
| TREAsuRER's BOND.
The treasurer Of every Savings Bank or
Trust Company shall give to the corporation
bond for the faithful discharge Of the
duties of his Office in not less than ten thous-
and dollars, and when the deposits including
capital, shall exceed one hundred thousand
dollars, the penal sum of such bond shall be
increased two thousand dollars for each ad-
ditional sum of 100000 or fractional part
thereof. The Inspector Of Finance shall
annually examine such bonds and may order
. new bond in lieu of any which he may
deem insufficient, and if such new bond be
not filed accordingly, the Office of treasurer
shall become vacant.
DEPOSITS.
No person shall directly or indirectly de-
posit in any one Savings Bank more than
two thousand dollars and no dividend shall
be paid to any one deposition on any amount
in excess of such sum, except in cases Of de-
posits by widows. orphans. administrators,
executors, guardians, charitable or religious
institutions, and as trus. funds and BY order
of Court The trustees may refuse any de-
post at their discretion, aud may at any
time return all or any part of any deposit.
The regulations of the Bank in regard to
Withdrawals of deposits, etc, shall be put up
in some conspicuous place in the room where
the business of the bank is transacted, and
shall be printed in the deposit books issued
by the corporation.
10 any action against any Savings Bank
by husband to recover for moneys dc posted
by his wife in her own name, or as her own
money, the wife may testify and in all ac-
tions against any such corporation to recover
for deposits tn erein, when any third person
claims the fund, the action may, on the petit
ton of the bank, be converted into sort of
proceeding OF interpleader, without goiag
into Court of Chancery in which the
claimants can fight out the question be-
tween themselves, and the money meanwhile
remain in the bank on interest.
INVESTMENTS AND LOANS.
The amount invested by any bank on mort
cages of real estate shall not exceed seventy |
per cent of its assets At least one fourth of
all its mortgage Investments shall be on real
estate in Vermont. No mortgage invest |
ment shall be made on real estate worth less |
than twice the amount invested, and in cases |
of unimprOved or unprOductive real estate, |
not more than forty per cent Of its value |
shall be loaned thereon. No mortgage in
vestment shall be made except upon the re- !
port OF u committee OF the trustees. All |
expenses Of insurng buildings covered by
such mortgages, when the insurance is for
the benefit of the bank. shall constitute
a lien upon the mortgaged property and shall
be recoverable with interest semi-annually,
and secured by the mortgage.
No loans or Investments on merely personal
security shall be made except upon at least
two approved names, not less than two OF
whom shell reside in this State, and such
personal loans or investments shall not be
la han nd
more than one-third of the assets of any
Savings Bank, shall be invested in personal
securities.
A Savings Bank may invest five per cent OF
its deposits, not however exceeding thirty
thousand dollars, in a suitable building for
the transaction OF its business. from portions
Of which, not required for its own use, a
revenue ruay be derived.
With the above exceptions the deposits
shall be invested only as follows
In the public funds Of the United States.
or those public funds for which the faith
OF the United States is pledged, to provide
for the payment of interest and PRINCIPAL
In the public funds of any of the New
England States, including the bonds or notes
Of the counties, cities, towns, villages and
school districts Of the same.
IN tue SUCK VI any Ddhk, OF banking asSO-
citation or trust company, incorporated I'M
der the authority Of the United States. or of
any Of the New England States, or of New
York.
In the municipal bonds Of cities Of twenty
thousand inhabitants or more. in the States
of New York, New Jersey, Pennsylvania,
Ohio, Indiana, Illinois, Wisconsin, Minneso-
ia, Iowa and Missouri, and in the public
funds of each of the above named States,
and county bonds in the same States, when
not issued in aid of railroads
In notes with a pledge NJ collateral of INV