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

SEC. 8. This nc, shall take effect from it,
passage
Approved NOV. 18th, AID. 1851.
No. Alan act relating TO savings banks and
trust Companies
II is hereby enacted etc.

SrC. !. The officers Of every savings bank
and savings institution shall be president
one or more vice presidents, board u trustees
Of not less than seven nor more than eleven, d
treasurer who shall also be clerk, and such
other officers a. are necessary for the manage.
mcnt Of Its affairs
The president, vicc-presidents and trustees
shall he chuseu from the members ot the cor,
puratiun, and no person sh 20 hold office IN two
such corporations OF the same time, and no or
fcer OF such corporation shall a. the same time
hold flee a. president vice president, cashier
OF treasurer in bank Of discount, whether
State or national, or "a trust company within
this State.
SEC. .. Such officers shall be sworn and
shHllhuld thtir ttio,t until other, are chosen
aud qualified boo their stead, and except do.
treasurer assistant treasurer and clerks shaI
be chosen at the annual meetings OF such
corporations, Co be holden at such times as the
hy-laWs ducct. The treasurer, assistant uea-'
uier and clerks shaft he appointed bv the tru~'
tees aud shal. hold office durjug their pleasure
II any office becomes vaCn. during the year
the trustees may appoint person 90 d . ia.
same, until is regularly filled at the nest All
nus meeunr, Gud d "a person chO'en or appoint.
ed 90 an OIL e does not, within twenty di,S uf.
ter such cblcc or appointment, take the Odtl
Of office, h, office shall thCrcupou he vacant.
SiC.3 A savings bank or SAVINGS institu
lions may, at a legal meeting elect hv ballot
IN, riilgen Ot thus state To- * q meInucr thereof
but the number OF members OF such corpora.
uuu shdl NOT exceed hiV. A person NAV Ut
an annual meeting cease TO be n mcmber 10y OIL
inr written notice Ot his intention so to do
with the treasurer three months at least before
Rucn meeting. M person sAdu continue 10 Dt
q member after removing from the state.
MEETINGS. BYLAWS.
sEc. 4. Such savings banks or savings In.
stitutions may at any time hold suecial CufpDr
atOrs meetings hv order OF the trustees ana
the treasurer shall also notify special meeting.
upon the requisitoa ~ writing OF ten mcnbers
OF the corporation. Six days previous notice
Of meeting shall be given bog public advertise
ment In some newspaper Of the cuunty where
the corporation j., established, or by seasonal.
bly, mating 10 each member NJ snCh corpora
ton a written or print, notice OF such meeting
SEC. 3. Savings banks and savings iHstitu.
lions may ADOPT bylaws Tor their government
not inconsistent with Law.
TRUSTEES.
SIC. s. The trustees shall have the genera
management OF the affairs OF the corporation
but they may act through such committees Oi
investment, examination and audit as they ap.
poi't "a jeC. to their general supel vision aud
control.
SOL. A regular meeting OF the board OF
trustees OF every savings bank or SAVINGS in
stituton shalt he held as often as once 10 three
months to receive the report Of II, treasurer
and for the transaction uf other business. A
quorum shall consist OF not lees than IA major.
~ vi such trustees, hut less tnan quorum
NAV adjourn from time to time, or until the
next regular meeting. As often as once month
and at each regular meeting the treasurer shaiI
prepare a stat. Iueut showing the condition OF
the corporation, ~ the turm OF trial balance
statement Of It's accounts which shall he record
ed in book kept for that purpose, and shal al
all 10 the ID
tees and the inspector OF finance. A record
shall be made at each meeting Ut the trdnsaC-
lions OF the board and the names OF the trustee,
present. As often ~ once IN .iN months the
trustees shall cause TO he made, 10y committee
or hoard of auditO OF not less than three OF
their number a thorough examination and ~.
port IN detail TO the board of trustees OF the as
sets and liabilities Of such corporation, ana the
same shall he recorded IN the statement books
Aforesaid.
sEc. 8. Said trustees shall fiX the compensa-
ton Of the OH ,ers OF snCh corporation, and
shall themselves receive such compensation
for their services as Is ixed by the corporation
Al = legal meeting.
SIC. y. No trustee or officer Of savings
bank or savings Institution EMAIL directly OF ln.
directly either lor himself OF dc the partner Of
other, boz row or use It's funds or dt posts, %
sign any notes As surety, upon which any oil
such deposits are loaned.
OEN. ~ nc blllL-lb % Eftlf Eu1A lAlu hAiiN
shall he ~ orn before entering upon the duties
OF their Ufhir, and it a persou chosen or ap-
pointed To ouch Office does not within twenty
DAYS AFTER such choice or appointment, take TIT
oath Of office, his ufiiue shall thereupUu be va
cant
OFFICERS BONDS.
SEC Il. The treasurer Of savings bank
savings institution or trust company sLall bc
fore he enters upon the duties OF his office. *
ftHsfsar ff
sureties 10 the satis faction OF the trustees, con.
dItluned for the faithful discharge OF the duties
Of his office. SAID bond shAl be not less than
ten thousand dollars, and when the deposits OF
such corporation, including its capital, II any
exceeds the suin Oh one hundred thousand dol
lars, tie pensl sum If such bond shall I've III
creased two thousand dollars for each addition
fractional part thereof
SEC. p The uunds OF tTeasurers Of savings
banks savings Institutions and trust cUmpAn'
les, shall be deposited with the inspector OF H.
ma CO, within twenty days after the election OF
appointment Of such treasurer.
SIC. Is. The inspector OF finance snail an
nually examine the bonds of tue lreasurcrs Of
the severe savings banks and savings Iuslltu-
liOus ma trust companies, and shall inquire Ia
TO and certify To the suthceuCy Thereof, aud
when he deems a bond Insufficient shall Orlgr a
new bond IA he ii ed within reasonable time
bv him "a be hunted, AMI ii a new bond Is moi
furnished 10 his satisfaction within sucG time
the Ottice Of treasurer shall be yaeJnt ami = ne \
treasurer shall he appointed.
SIC a. The trustees OF such corporation
NAV require from any other officer, cleIk oi
agent thereof, such security Tor the faithful.
performance Of his duties, they may deem
Necessary
REruErs TO INSPECTOR or rrA~cs.
SEC. -. The treasure oi every savings
b2us, savings Institution and trust COMPANY
shau, on or b. fo-l the tenth day OF JuIy m each
year, make arepJrt % the inspector Jt finance
showing accurately the condition thereof a. d.
was M the close OF business ON the 3uth day OF
June next preceding, which report shall en-
brace the following particulars
Name OF corporation; place where located
amount OF deposits; total number OF uepJ,l-
tOis number OF depOsilurs resident IN the STATE
and The total amount Of their deposits number
OF depOsitOrs not resident IN this stat1, and tue
total amount OF their deposits aniUum ct cap
tia, II any amount OF each item OF other La
biiltv public funds, including United States
6laie, county. uuwu. Rad other municipal bonds
stating each particular kind, the par value, ts-
timAled market value, and amount invested IN
each bank stock, statlug 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, stallng name OF rdlrOal, par
value, estimated market value, and amount Ill
vest, in each; loans on railrnad bonds, stating
amount on each; other stocks, stating the
amount OF each; estimated value OF real estate,
and amount invested therein, loans on mort
cages OF real estate, stating amount iu tins SLATE
and amount elsewhere; iuaus 20 city. town, vii
lage, or school tistiiCti loans on personal secu-
Tlty loans Oh other collateral securities than
those above mentioned, describing sucu secuu
ties, eud the amount loaned ON them severally
cash on deposit, IN banks or trust companies,
with the name thereof, and the amount ucpOs 10
ed ~ each cash on hand; the rate and amount
Of each senl-aunual OF extra dividend for the
past year. line amount OF The Ireasuregs bond
the amount of taxes paid during the pa,t yesu
70 the Uuitcd States aud tuis state tue salary
OF the treasurer, and other expenses for the past
year; all of which shall be certified and sworn