The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1884-12-25

may r1gnasr, snrb rfdfr ~ he IN Willing,
directed and delivered to the srua nfvr n snck
ccrpcrssson Al lns~ nsnesy DAYS prof " The
iinie limited in snrh order for such sale
Saa "a Savinxs bAnks az irass companies
incorporated nndes me- laws AZ this State NAV
demand and rw~tvr insesu~s on their loans a,
sLs rate Of ~ yer cent pr annum. payable
srsni annually,
DIVIDENDS Axp srHrrrs
SEc. b savings hank az savings ,nsfi
tuiion shall. At the Time VI making each semi
annual dividend, reserve. from the net profits
Aneusn alatrd during the six mnnfhs then next
preceding. bot less than one-eighih nor NOR,
than ono foarsh Of one per cent 81 the amour,
Of deposits ~ surplus fund, until such fund
amounts 10 eve per cent ~ the amount Of de.
posits and other liabilities except surplns.
which fund shall BE- thereafter maintained and
held TO meet LOSSES la it, business from depre.
citation OF It's securities or otherwise. The
trustees nf 4 savings bank or savings inailiu.
tion shall regulate the rate OF interest or diy
dends, NOT 70 exceed two and one half per cent
semi annually upon the deposits Herewith. In
such manner that depositoss shall receive, ms
nearly ~ may be, the profits Of such CORPORA
ton after deducting necessary expenses and
| fceerving such amount ~ the trustees deem
erpcdient a. . surplus fund for the security OF
depo~itors, which, TO the amount OF ten per
cent Of their deposits, the trustees Of such
corporation may gradually accumulate and
hold 10 meet any contingency or loss In It's
business FROM the depreciation OF its securities
or otherwise but the trustees may classify
the depositors according to the character.
amount and duration Of their dealings with
the corporation, and regulate the interest or
dividends allowed, 80 that each depositor shall
receive the same ntable proportion Of interest
or dividends an others OF his class The tras-
tees shall not declare or allow interest or divi-
bends on a deposit for longer period than
the same has been deposited, except that de-
posiis made not later than the tenth day Of the
month commencing a semi.annual interest
period, or than tho fifth day of other
months, may, In the discretion OF the trustees.
have interest or dividends declared upon them
from the first day of the month when SO
deposited After the accumulation Of sur
plus fund Of ten per cent OF their deposits,
which, or the accumulations toward which,
before It amounts 10 such ten per cent shall
not be reduced by dividends or interest paid or
credited. but shall be thereafter maintained
and held 70 meet losses In Its business from
any cause, the trustees may declare and pay
such semi annual dividends or interest as in
their judgment the earnings and resources Of
the corporation, above such surplus fund
warrant. No dividends or interest shall be
declared. credited or paid until the trustees
cause an examination 10 be made. and find that
the amount thereof has been actually earned
and stands TO the credit of the corporation, nor
except by the authority of n vote of the board
of trustees entered upon their records, with
the yeas and nays upon sucb vote. Semi an
nuai dividends shall be declared as of the first
Of January ana the first Of July
SEC. 49, In determining the per cent of
surplus held by a savings bank or savings In.
stitution its interest or dividend naying
stocks and bonds shall NOT be estimated above
their market yalue rs notes and mortgages
shall he estimated nj their face and accrued
interest and ~ real es,ate ~ NOT above cost
The INSPECTOR Of finance shall however have
n revisory and controllinc REORGANIZATION from
The Nest Information he NAV obtain as 10 the
valuation Of The investments Of sucb CORPORA.
ton. and NAV change tbe valuation thereof
from time To time according ms he NAV Oh
tain other and further information.
nHpc'iA" DHroslis ~ AN iNsoLNENT IN
sriToiioN.
Sac. ~. When savings bank or savings
institution Is insolvent by reason Of loss on,
or by depreciation in the value OF its assets.
without fault of the trustees, chancellor
shall, on petition in writing OF a majority of
the trustees OF such corporation and the in
spector OF finance, setting forth such facts,
appoint time for the examination of the
affairs Of such corporation and cause notice
thereof to be given to parties interested, in
such manner as he prescribes and If upon
such examination as he makes or causes 10 be
made, Of it's assets and liabilities, and from
other evidence, he is satisfied Of the facts set
forth In said petition, and that the corporation
has not exceeded its powers nor failed to
comply with the rules restrictions and con-
u'' ~ Plosaeu ~ NV, he lnay, nc a1ehs
-; i' ~ VI wy uoPo''
puun.. Ieuuoc .ns uopos'' aScoun' u .Aoh
ueposl.or, ~ ~ 70 uivme sucn ioss Propor'lon.
nsciy a'none 'no ueips''ors merely renuelns
WY ~ ~ INV. 40 iuiuiui pto'
oetuinge m.il .. nv pe naza aous W .ne puo.ic'
~ snosu na'ins y p'ae'ns ,unus ~ 40 ou9-
anu WY u'poa'els snaii ~. u INV a aa
suon ooiP'la.vn iaieeI sun ''ian mus hAou
" VIZ 1''.no1nor, eAcepe ~ nclsihoelorc KY.
s y Das s,,e ueasu,ef 81 suoh oorpola', ION
snail Ko'p ~ account " sums Ieceveu ~.
., ss,e's " ,.o oolpp'ason menu =,
,no .'no Y nnns suvn p..'"on "nu = /"
eei sun - ,eanN.u 'iiaii .hr value es'i,,'".
- ~. -. -.
sue., ''i, as NV onAhociior P'.sc,ioes fenuo,
y. 70 tlio cpaneeiol al nocoun. thercoi, anu
!! .hereupun sns cnancellor. ailsr que holce
.ner,ol W Partles ihleres'eu snali deciaIc u
a.s,aenu u saen eAcess hil,ong 'De aePpsi'ois
!. ,,e s',nu % ming .ne petition; NJ aepos,.
snAiI ~ psiu Vi rsce,vcu y! such corpoIu'ioh
hilcr w nlihg o. 'ne petition, un,'i .le ue'
eree OF 'nc cnAnceiior reducing 1ne deposits as
heIeln pros,aea. 'ae Pel'llon = ocnieu' tne
Inspector VI nnahce shaii proceeu ior al ia,
lunc.on Agains. sncn corporation anu tne
up o. US a'iairs nv PROVIDED W sec
''on ov Oh 'nis act.
INSPECTION CLOSING UP AFFAIRS FOR
BREACH OF LAW.
SEC 49, The inspector Of finance shall
without previous notice, visit and