St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1884-12-18

a bank of DISCOUNT, whether snte or national, or
a trust company within this State ---.--.
SEC .. such officers shall be sworn
and shall hold their offices until Others
are chosen and qualified in their stead: and ex-
cent the treasurer assistant treasurer aud clerks
shall he chosen a. the annual meetings OF such
corporations, TO be holden At such times As tne
bylaws direct. TIE treasurer, assistant treasurer
and clerks shall be appointed by the trustees, and
shall hold Office during their pleasure. Ii an
office becomes vacant during the year. the trus-
tees NAV appoint person 10 I'LL the same. untli
Il is regularly hiied at the next annual meeting,
and if person chosen or appointed TO an Office
does not within twenty days after such choice or
appointments take tn. oath OF office, his Office
shall thereupon be vacant
SEC g. A savings bank savings institution
NAV at a legal meeting, elect by ballot any citi-
zen OF this State TO be n member thereof; but the
number OF members of such corporation shall not
exceed fifty A pcrs on may at an annual meet
ip,, ceas.. to be member by filing a written no.
tice Of his intention to do, with the treasurer,
three months at least before such meeting. No
person shall continue to be member after remoy-
ing from the State.
MEETINGS. BYLAWS.
SEC l. Such savings banks savings institu-
tions may at any time hold special corporators'
meetings by order of the trustees and the treas
urer shall also notify special meetings upon the
requisitlon in writing OF ten members of the cor
poratiou, Six days previous notice OF meetings
shall be given by public advertisement in some
newspaper Of the county where the corpora
ton is established, or by seasOnably mailing TO
each member of such corporation 4 written or
printed notice of such meeting.
SEC 5. Savings banks and savings institutions
NAV adopt bylaws for their government, not
inconsistent with law.
TRUSTEES.
SEC c. The trustees shall have the general
management OF the affairs OF the corporation, but
they NAV act through such committees OF invest
ment examination and audit a they appoint,
subject to their general supervision and control.
SEC T. A regular meeting of the board OF trus
tees of every savings bank or savings INSTITUTION
shall be held as often once IN three months 10
receive the report of its treasurer, and for the
Transaction OF other business. quorum shall
consist of not less than a majority OF sIch trus
tees, but less than quorum may adjourn from
time to time, until the next regular meeting
As often as once month and al each regular
meeting the treasurer shall prepare statement
showing the condition OF the corporation IN tho
form of trial balance statement OF It's accounts,
which shall be recorded in a book kept Tor tha
purpose, and shall at all times be open TO the IN
spection of the trustees and the inspector OF
finance record shall be made at each meeting
OF the transactions OF the board and the names o.
the trustees present AS often as once IN SLY
months the trustees shall cause to be made by
committee or board of auditors OF not less thar
three of their number, thorough examination
and report in detail to the board OF trustees OF tht
assets and liabilities of such corporation, ana the
same shall be recorded in the statement boob
aforesaid
SEC g. Said trustees shall fix the compeusa
ton of the officers of such corporation, and shall
themselves receive such compensation Tor then
services US is fixed by the corporation al lega
meeting.
SEC o No trustee or officer of a savings bank
or savings institution shall directly or indirectly
either for himself or the partner OF others, Dor
row or use its funds or deposits, or sign any note
as surety upon which any Of such deposits art
loaned.
SEC. 10. The officers of every trust company
shall be sworn before entering upon the duties o.
their office, and if person chosen or appointed
to such office does not within twenty days after
such choice or appointment, take the oath Of
office, his office shall thercupon be vacant.
OFFICERS BONDS.
SEC. IL. The treasurer of savings bank,
savings institution trust company shall, be-
fore he enters upon the duties Of his Office, ex-
ecute 10 said corporation bond with sufhclent
sureties to the satisfaction OF the trustees con
ditioned for the faithful discharge of the duties of
his office. Said bond shall be not less than ten
thousand dollars, and when the deposits OF such
corporation, including its capital, if any, exceed
the of one hundred thousand dollars, the
penal sum of such bond shall be increased two
thousand dollars for each additional sum OF one
hundred thousand dollars, or fractional part
thereof.
SEC. IL. The bonds of treasurers of savings
shall be deposited with the inspector OF finance,
within twenty days after the election or appoint
ment of such treasurer.
SEC. IS The inspector of finance shall annual
ly examine the bonds of the treasurers of the
several savings banks, savings institutions and
trust companies, and shall inquire into and
certify 10 the suficiency thereof, and when he
deems o bond insufficient shall order new bond
to be filed within a reasonable time by him to be
limited, and if a bond is not furnished to his
satisfaction within such time, the office OF
treasurer shall be vacant and a new treasurer
shall be appointed.
SEC IA The trustees of such corporation may
require from any other officer, clerk or agent
thereof such security for the faithful performance
of his duties, as they deem necessary.
REPORTS TO INSPECTOR OF FINANCE.
SEC. Is. The treasurer of every savings bank
savings institution and trust company shall, on
before the tenth day of July in each year,
make a report to the inspector of finance, showing
accurately the condition thereof as it was al the
close of business the 30th day of June next
preceding, which report shall embrace the toll
lowing particulars
Name of corporation; place where located
amount of deposits total number OF depositors
number of depostors resident in this state, and
the total amount OF their deposits; number OF
depositors not resident in this state, and the
total amount of their deposits amount of capital,
ifany; amount of each item of other liability
public funds, including United States state,
county, town, and other municipal bonds, stating
each particular kind, the par value, estimated
market value, and amount invested on each bank
stock, stating name and location of bank number
of shares, par value, estimated market value and
amount invested in each loans on bank stock,
stating amount on each railroad bonds, stating
name of railroad, par value, estimated market
value, and amount invested in each; loans on
railroad bonds, stating amount on each other
stocks stating the amount OF each; estimated value
of real estate, and amount invested therein
loans on mortgages OF real estate, stating amount
in this state and amount elsewhere; loans TO
city, town, village, or school district; loans on
personal security loans other collateral Sc
curities than those above mentioned, describing
such securities, and the amount loaned on them
severaly cash on deposit in banks or trust COM
panies, with the name thereof and the amount
deposited in each cash hand the rate and
amount of each semi-annual or extra dividend
for the past year the amount of the treasurer's
bond; the amount of taxes paid during the past
year to the United States and TO this state the
salary of the treasurer and other expenses for the
past year; all of which shall be certified and
sworn to by the treasurer.
SEC. 10. 1.-THE treasurer of savings bank, savings
Institution coE.pany fails TO report to the
inspector of finance as hereiubefore provided, he
shall forfeit tor each offense the sum of one
thousand dollars, to be recovered in an action on
the case in the name of the state, founded on