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

as Is deposited To the credit of such person, and is
due, as if such minor was of age and such married
woman unmarried; and the check and receipt or
acluittauce of such minor or married woman shall
he full discharge for the amoEnt for which it is
given
SEC. 2i No savings bank savings institution
or trust company shall be chargeable as trustee
Oh 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 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 the action the court, on the petition
of such corporation and on such notice as II con-
eidefs proper to the plaintiff and such claimant,
may order the proceedings TO be amended by max
iug such claimant party defendant thereto; and
the court shall thereGpon 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 as 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. IS. 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-
hered real estate, the amount of such investment
not 10 exceed three-iths of the cash value of the
property mortgaged and not less than oue-sixth
,,ftl ,ao t,f nph
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 uDlmprofed or unproduc-
tive real estate, the amount of such investment
shall not be more than forty per cent of the value
thereof; and no mortgage investment shall be
made by such corporation except upon the report
OF q committee of the trustees or their board Of
Investment.
SEC. 24 When buildings included in the
valuation of real estate upon which an investment
is made they shall be insured by the mortgagor
in such company the trustees or board of in
vestment direct and the policies OF insurance shall
be duly assigned, the loss made payable to
such savings bank, savings institution or trust
company 'and such savings bank, savings instltu-
ton or trust company, may renew such policy OF
insurance in the same or in another company, as
said trustee board of investment elect. from
wear TO year or Tor longer or shorter period, if
the morteagor neglects to do so, and may charge
the amount paid therefor 10 the mortgage The
necessary charges and expenses paid for such re-
newal shall he paid by such mortgagor TO said
savings bank, savings institution or trust company
and shall be lien upon the property So mortgaged,
recoverable with interest semi-annually from the
time OF payment, as part OF the moneys secured
to he 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 insti-
tuition making such investment, and such personal
fri shall be for :. LONGER
time than one year; and not more than One-third
of the assets of savings bank savings institution
or trust company shall be invested in personal
securities.
SEC. 2G. Three per cent. of the deposits of a
savings bank savings institution trust COM
pany may be invested in the purchase of 4 suitable
lot of land aud building for the convenient tran
saction of its business, or of site therefor, and
the erection or preparation of such a building
thereon, from portions ofwhich 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
slitution 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 princi-
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
tricts 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 anV of the New England States or 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 Der 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, t6n
railroads. where the municipal Indebtedness of
such county is not allowed by law to exceed and
does 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 or cities issuing the same. In notes
with pledge collateral of any OF the aforesaid
securities, including deposit books or
deposit receipts, issued by 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 trust
COMPANY shall hold, 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-hve
thousand collars IN Tue CdplIdl SlOCk Ol any
such bank, banking association or trust
company, and no investments shall be made in
the capital stock of such 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 2S. 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 nor more than thirty thousand
dollars; nor shall such loan on personal security
exceed ten thousand dollars
SEC 90. No officer, director or employee of any
trust company shall be at any one time directly or
10 directly 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,
of majority of the directors, provided that the
discount of bona fide bills of exchange drawn
against actually existing values, and the discount
of commercial or business paper actually owned
BY such director, officer or employee negotiating
the same TO an amount not exceeding ten thousand
dollars shall not be prohibited by this act. Nor
shall any loan be made by such corporation upon
the pledge of its own stock.
SEC. 80 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
of such trust company, TO the extent of the
amount of their capital. stock therein at the par
value thereof, in addition TO the amount
invested in such stock,
SEC 81 No officer, trustee, director or en-
ployee of any savings bank, savings institu
ton or trust company shall receive any fee,
present. benefit or commission, directly or
froy, auy borrower or aDr0licanr for