Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1884-12-19

SEC. 0. No officer, trustee, director or en-
/ plOveC Of any savings bank, savings insti utiOn
or trust company shall receive any fee, present,
| heued, or commission, directly or indirectly,
from any borrower or applicant for loan, ur
| from any one negotiating securities 40 the iu,ti-
| tuition ur company Of which be Is nm officer,
! trustee, director or employee; nor shall he re-.
| ccive any fee, commission, beuCht or profit, d.
terv or indirectly, fur my loan made or Sc
| Curities bought or sold hv such Institution or
| COMPANY, except the benefit or profit be NAV
/ derive in common with other depOsitors or
stockholders and the compensation allowed bv
such institution or company, for services and
! expenses
SEC. 3D. The word "tru,t comBanv" in this
| act shall be construed 90 include earrings hank
] and trust company savings btuk. savings
] Institution or trust company may deposit ON
! call 300 banks, Blinking associations or trust
companies located IN this state, or iu the cities
/ OF New YORK. or Boston. with or wituOnt inter
/ est, as may he agreed upon, sumsuut exceeding
! lu The aggregate twenty per cent of the assets
of such snviugs hauk, savings institution VI
/ uUst co upauv.
SIC 49, A savings bank, savings restitution
or trust company may hold real estate acquired
| hy the foreclosure oia mo tgage theron. Owned
] ly or pledged tO such corporation, or by Uur-
/ Cuuse 90 sales made uudertle provisions of such
] mortgage, ur upon Judgments tor debts due 30.
/ or lu eett gmuut. effected 90 secure such drhis
and such real estHt. shall he 20 hy such Clrpu-
rdiOnas soOu rs reasonable price can I've obtain
1 ell therefor and within five wears after the same
! d, vested Boo such corporation, ana the Inspector
! OF finance may a. any time order ths sale of
| any such real estate within suCl time as Boz
NAV designate, such order 10 he DO writing de
| recied and delivered % tue treasurer uf such
/ corporation % least ninety DAYS prior 10 the
4 time limit 10 such order for such sus
! SIC. 81. Savings banks or trust companies
! Incorporated under he laws oi this State NAV
| demand and receive interest on their l1au, AZ
] the az Al ftrsf tfsfff NOR
/ temi-aRnualy
DIVIDENDS AND SURPLUS.
SHc IS. savings bank or savings insti-
| tuuOl shall ut the time OF making each semi
Z annual dividend. reserve from the net profits
accumulated during the six months then next
preceding, not less than uue-eghth nor more
| than Oue-tuurth OF one yer cent OF the amount
/ OF deposits a, a surplas fund, uutiI such fund
/ amounts 10 nye yer cent oi the amount Of de-
| posts and other hahiiti.s, except surplus.
| which fund shall he thereafter maintained, and
/ held TO meet losses 10 lts business irUm depIe
/ CatOu Of it. securities or otherwise. lhe
/ trustees Of savings bank OF savings nstitn
! ION shall regulate the raie Of interest or dIvi-
uenCs, not TO exceed Two and one half per cent
] seui-aunualy upo Tire deposits there with, in
! such manner that deposiiurs shall receive as
| nearly A. may be the profits o. such CORPORA
! lion after dvductins necessary expenses and
/ reservnc such amount a. the trustees deem
I eNpeuient as a surplus fund for the security o
! uepisItJrs, which. 10 tue amount OF Ten PEI
/ cent Ui their deposits, the trustees OF such
/ CORPORATION may gradually Accumulate and
1 hold % meet any contingency or loss 90 It's
business from the depreciation OF is securities
| or Othersi se, but the trustees may classif,
! the dvpusiturs according 20 the character
/ amount and duration Of their dealings witu
| The corporation, ami regulate the interest ul
/ dividends allowed, 30 that ea,h deposition shall
receive the same ratahe proportion OF interest
! or dividends as others OF his Cla-s. The tru~.
/ tees shall not declare OF allow interest or divi-
! uends un deposit Tor longer period than
/ the same bas been deposited. except that de.
/ posts made not later than the tenth day OF the
/ month commencing a s,m,-anuuAi inIeres.
/ period, or than tne NTH day Of other u OLths,
/ may, IN the discretion OF the trustees eHve iH-
tefest or dividends declared upon them IRON
/ the tlrst day Of the month when 20 DEPOSITED.
! After the accumulation Of q surplus fund of
Ten per CrHi OF their deposits, Whlch. " tue &C
! cuulu atoms toward which, beiuf- 10 amount.
I 10 such ten per cent shall not bc reduced by
dividends or interest paid or credited, but sha,
/ ne thereafter maintained and held 70 meet
/ iusses Doc ne business from any eau e., tue uur-
/ tees uav declare and pay such semi annual
dividends or interest "a their Judgment tht
earning. ana resource. OF ihe corporation. above
! such surplus fund warrant. No Oh, ieuus OF
1 Interest snail he declared, credited or paid uHti
the trustees cause an examination to be- made.
and nud That the amount Thereof has been act
uauy earned and stands 70 the credit o. the g1r-
puratluu. nor except nv the authority Of vote
90 TIE board Of trustees entered upon their r.
c,rds, 0iln the yeas ami NAYS upuu such vote.
/ semi annual CiNiuenus shall TX declared a Ui
the nrst 81 January ami The trst OF July.
SIC. 80 Ia determining the per cent " sur
1 pus held by d savings bank OF savings lnsutu-
ZION, the interest or dividend paying st1cGs AM
| bunds shall not De estimated auuVe their mark
Ct value, is notes and mortgages SHALL be est
mated Al their face and accrued interest, and
IL reai estate at not AhU-e cost. The inspector
OF finance shall, however, have revise HuJ
controlling determination irum the best infOI-
nAiiuu be may obtain 10 the valuation OF
The investments o. such cUrpOrauOu, aud NAV
change tue valuation thereof IRON lime ~ time,
! according ~ be uiay obtain other and lurtnel
Information.
RHDCCINo DEPOSITS ~ An ISEoLvENT INsTI-
TUITION.
SIC. 81. When = savings bank OF saving.
! ins tuition Is iusoveuJ by reason OF los OIL
! rT uy depreciation 10 the value Of its A,sets
without fault OF INT fTustees. chancellor shali
/ on petition IN wrIlinE OF sInaJJrty OF the trus
/ tees OF such corporation ana the inspector oi
| finance, setting forth such facts, appoint a lin.
| for The examination of tue Aiialrs uf such COR
/ pOrauun anu Gauss notice thereof 10 he gwen
parties interested IN surn manner a. be pr,-
] slriDes aud li upon suCu examination 50 o.
makes uT causes 70 he made, OF It's asset.
/ ami Liabilities and from other evidence, o,
| Is satisfied OF the Jacs sci forth m saia
/ petition, and that the corporation has DO
exceeded IL powers nor taiieG 20 Cnwpiy
/ With The rue-, restrictions and con iiuon.
provided hy aU, be iHaY. n be dceu- 90
/ Iur The iuterest OF the deposi,Ors and the pub
I he. reduce Tic deposit urGIuui ~. each ugfrl-i-
/ ,Ur, go A. % divide sugD loss prop iriiunafrt
among the utpJsItur., thereby rnutrlH- tne
corporation -uyBUI, 20 that %. further proceed
lng- wall nOi iy uAzNdun. 10 tn, pupie. OF
/ thu-e having or placing iunNs Do Us custody
aud 1Ie aepOshYr, saai not draw from such
| cOrpIlatiuu larger sum than tuu- uAed Dos
! th- Chancellor, except as hef-iupeiUra provided
out thl treasurer ui such CUlpurari1n sual seeI,
/ III acuJIW ut -uuis received Tor such assets of
the corporation held by 10 al the time OF filing
/ sucn peuuou; ANA % larrer snIi d T-aUz-
l Than TING value estimated aforesaid Nv the
cuaucriiuT, be shall 10 such tue IL the chzuCc-
l iUr itrescrDes tender 70 sue chancellor au ay-
count tueIeO., and therlupup tue chancellor, !
AFTER due uuIItc thereof "a parties Interested
shall decaru dividend OF suCl excess umou-
! the dispositions at tue time o. ming The petli1u
No deposit SHALL he paid or Received hy sucu
corporation after Tie niug OF the ustiiUu, unu
the decree oil the chancellor reducing the de-
Duslts AS herein provided II the petuOn D,
ueuiel, the Inspector Of nnauVe shal proceed
iOr All injunction sgAiast such corporation anJ
Tie wluulng up ut lie affairs, ab provided bs
section 81 VI this act.
liNsFECrIsN.l CLOSING ~ AYEAIRs ToR
BREACu uF LAW.
SEC. s. The inspector Of finance shall an
nualiy, without pre-, Iurs notice, visit a,d is-
sp,Cl the condition ami ltiiir, OF every Saving.
bank, saving, Institution aud trust cumuauy
ana uileHCr u hc believes TIDE interest a. ID saiet,
oil The depusturs ANA creditors require IT, hr
may examine, upon GA b. the officers, aCAu.s
aud servants OF such savings hguA, saylugs uI-
sututOn or trust COMPANY, OF any other peT-uu
IA relation 10 The atialTs and condition OF such
ma %