The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1884-12-10

ton, pay to a minor or married woman such sum
is deposited to the credit OF such person, and Is
due, as IL such minor was OF age and such married
woman unmarried and the check and receipt or
acquittancc of such minor or married woman shall
be full discharge for the amount for which 1t is
given.
SEC. 81. No savings bank savings institution
or trust company shall be chargeable as trustee
on account of funds deposited to the credit OF
minor or married woman, provided such funds
are earned by or belong to such minor or married
woman in their own right.
SEC %. In actions in court against savings
bank, savings institution or trust company by
husband to recover for moneys deposited by his
wife in her name or as her money, the wife may
be a witness as il she were an unmarried woman.
And In actions against such corporation to recover
for moneys on deposit, If there is person, whether
married or not, claiming the same fund, who is
not party to the action, the court, on the petition
of such corporation and on such notice as it con-
siders proper to the plaintiff and such claimant,
may order the proceedings to be amended by maxi
ing such claimant party defendant therefor and
the court shall thereupon hear and determine
the rights and interests of the parties to said
action in and to said fund The de-
posts which are the subject of said action may
remain with such corporation, upon the same
interest other deposits of like amount, to the
credit of the action until final Judgment therein,
and the same shall be paid by such corporation In
accordance with the order of the court or the
deposit may be paid into court to await the final
determination of the action, and when so paid into
court the corporation shall no longer be party
to such action, and its liability for such deposit
shall cease. The costs in such action shall be in
the discretion of the court, and may be charged
upon the fund affected by the action.
INVESTMENT AND LOANS.
SEC. 49, No investment of deposit and surplus
by savings banks, savings institutions and trust
companies shall be made upon mortgages of real
estate except upon first mortgages of unincum-
bered real estate, the amount of such Investment
not to exceed threeffths of the cash value of the
property mortgaged, and not less than one-siXth
of the amount of such mortgages shall be upon
real estate in this state and not more than seventy
per cent of the amount of the assets shall be in
vested in mortgages of real estate. If the invest
ment is on mortgage OF unmproved or unproduc-
tive real estate, the amount of such Investment
shall not be than forty per cent of the value
thereof; and no mortgage Investment shall be
made by such corporation except upon the report
of a committee of the trustees or their board of
Investment
SEC. "a. When buildings are included in the
valuation of real estate upon which an Investment
is made, they shall be insured by the mortgagor
in such company as the trustees or board of in
vestment direct, and the policies OF insurance shall
be duly assigned, or the loss made payable to
such savings bank savings institution or trust
company and such savings bank savings insttu-
| ton or trust company, may renew such policy OF
| insurance in the same or in another company as
said trustee or board of investment elect, from
year to year. or for longer shorter period, if
| the mortgagor neglects to do so, and may charge
| the amount paid therefor to the mortgagor. The
necessary charges and expenses paid for such re-
newal shall be paid by such mortgagor to said
savings bank savings institution or trust company
and shall be lien upon the property so morgaged,
! recoverable with interest semi-annually from the
| time of payment, as part of the moneys secured
| to lie paid by such mortgage.
SEC. %. No loans or Investments on personal
security shall be made except upon at least two
| approved names, not less than two of whom re-
side in this state within fifty miles of the insi-
| tuition making such investment, and such personal
| loans or investments, shall not be for n longer
| time than one year, and not more than 'one-thrd
of the assets of savings bank, savings institution
or trust company shall be invested in personal
securities.
SEC. 26. Three per cent of the deposits of a
savings bank, savings institution trust COM
pany may be invested in the purchase of suitable
lot of land aud building for the convenient tram
saction of its business or of site therefor, and
the erection preparation of such building
thereon, from portions of which not required for
its use a revenue may be derived.
SEC 81. With the foregoing exceptions, the
moneys deposited in a savings bank, savings in.
stitution or trust company, and the income there
from, shall be invested only as follows In the
public funds of the United States, or public funds
for which the faith of the United States is pledged
to provide for the payment of interest and princ-
pal In the public funds of any of the New Eng
land States, including the bonds or notes of the
counties, cities, towns, villages and school dis
trcts of the same. In the stock of any bank or
banking association or trust company, incorpor-
ated under the authority Of the United States, or
of any of the New England States of New
York. In the municipal bonds not issued in aid
of railroads. of cities of five thousand inhabitants
or more whose municipal Indebtedness is not
| allowed by law to exceed, and, does not exceed
five per cent of its assessed valuation in the States
of California, Illinois, Indiana, Iowa, Kansas,
Michigan, Minnesota, Missouri, Nebraska, New
Jersey, New York, Ohio, Pennsylvania and Wis
| consin, and in the public funds of each of the
above named States, and in the county bonds
in the same States, when not issued in aid of
| railroads, where the municipal Indebtedness of
| such county is not allowed by law to exceed and
does not exceed five per cent of its assessed valu-
alton. in the school bonds and independent
school district bonds in the States of Illinois,
Indiana, Iowa, Kansas, Michigan, Minnesota,
Missouri, Nebraska, New Jersey, New York, Ohio,
Pennsylvania and Wisconsin, where the amount of
such bonds issued is not allowed by law to ex-
coed and does not exceed five per cent Of the
assessed valuation of the respective school dis
trcts, towns cities issuing the same. In notes
with pledge collateral of any of the aforesaid
securities including deposit books or
deposit receipts, issued by a savings bank,
trust company or banking association located in
this State, such notes not to exceed the par value
nor the market value of such collateral security
but no savings bank savings institution or trust
company shall held, by way of Investment and as
security for loans more than ten per cent of the
capital stock of any one bank banking association
or trust company, nor invest more than ten per
cent of its deposits, nor more than thirty five
thousand dollars in the capital stock of any
such bank, banking association or trust
company, and no investments shall be made in
the capital stock of sIlch banks banking associa.
tons or trust companies, owned or loaned upon,
to exceed in the aggregate one-fourth of the
deposits of any savings bank or trust company.
! SEC. rs. No savings bank, savings Institution
or trust company shall loan to any one person,
corporation, firm or company, or the individual
members of such company, more than five per
cent, of its deposits, normore than thirty thousand
dollars; nor shall such loan on personal security
exceed ten thousand dollars.
SEC. 90. No officer, director or employee of any
trhst company shall be at any time directly or
indirectly indebted to such corporation for more
than five per cent. OF the capital stock actually
paid in, and no loan shall be made to such officer
director or employee without the written consent
of majority of the directors, provided that the
discount of bona ode bills of exchange drawn
against actually existing values, and the discount
of commercial or business paper actually owned
by such director, officer employee negotiating
the same to an amount not exceeding ten thousand
dollars, shall not be prohibited by this act No'
shall any loan be made by such corporation upon
the pledge of its own stock.
SEC 30 The stockholders of every trust
company shall be held individually response
bic, equally and ratably and not one for an
other, for all contracts, debts and engagements