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

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swmam usmmredt xe< sts ehe<k and rrsiEt .
aexnlsarcs X ssch nin1s u nn-scs ~cxpsn 500
~ fsli tlscs.afge fcr Nc Anosni spf stirh
gaE~n
srr. II. No mrtnrv t~nk s.virrv iusiisasscs
81 ifast roxsx.sn, shall bs chsrgeAhls - irsiss
ax s4wunai ~ fuads drysosiicd W The credit 81 |
msn~ AZ mssr.ad v~snsn, provided snea innd'
sEs carnnd w ~ teseng ~ snch tnlhnf % maifies
srmen In tAeisavp fighi,
sfc ~ IL atfsons 10 conft against saving
hsnk. sasingv lnssAiaiAon of srust company Ny I
haslssad 10 recover 'ss aoD~ss afpeslied bs ~
wife in her name " a. brr aonef, TIC VILE Dsl
ka ! wlsaoss "A u SHE were an unmarried woman
And 10 scslons against ssch corDarstAcn 10 rcoose
ies monsys on deposit, " ihcrr Va pcron. vbribs
married of moi, claiming The same fund, who !
net party u ibe action. the coar, on Tho peiiiios
a. sarh evsporsiioa and CO.. sach tnossce - y con
s!des proper " The plaiuiif and sneh claimant
ssaay order The proceedings 10 be- amended By max
lug snch cisitnsns parry defendant thefrto. ans
lhs court shsl thefvnpon hear and deisfmin'
The rights and Interests 81 the rsifim 10 ~Ait
se4s.s IL aud 10 tait fund The de
poslss which arr the subject Of ssid setion ma,
remain With such corporation. upon The ssm'
inierc<s ~ other deposits OF iike amonnt 70 IN
cfedi, ~ tho action until hnal Judgment ihercin
and the same shail be paid BY such corporation Ia
accordance with The order OF the court or th'
deposit may be paid into court 70 await the hna
determination Of the sc,ion and when 90 paid ints
court the corporation shall no longer be . party
10 such seton, and liz liability for such deposit
shall cease The cosis 10 such action shali be IL
the dlseiesio Of the court. and may b. ehsrget
upon The fund affected by The acilon
INVESTMENT And LoASs.
SIC. ea. No Investment Of deposit and turplni
b, savings banks, savings instliciions and trus
companies shall be made upon mortgages Of rca
estate, except upon nrst mortgages Of un!ncum
befsd real estate The amount Of such Investment
not 10 exceed thrcchfihs Of the cash value Of ths
property mortgared. aud not icss than onesixti
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 asseis shall be In
sested In mortgages OF real estate, II the invest
men, Is on mortgage OF uplrnpfosed or unproduc
tive real estate, the amount Of such Investment
shall not be more than forty per cent. ofthc salns
thereof; and no mortgage investment shall bs
made by such corporation except upon the repor
Of a committee OF the trustees or their board %
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 moftgagol
In such company as the trustees or board OF IN
vesirnent direct aud the policies OF insurance shall
be duly assigned, or the loss made payable u
such savings bank, savings Institution or trus
company and such savings bank, savings institu
ton or trust company, may renew such policy 81
insurance In the SAME or III another company, nj
said trustee or board Of investment elect, from
year 10 year, or tor longer or shorter period. Il
The morigagor neglects 10 do so, and may charge
the amour paid therefor 10 the mortgagor. The
necessary charges and expcDscs paid for such re
newal shall be paid by such mortgagor TO said
savings bank, savings institution or trust company
aud shall be lien upon the property 80 morigaged
recoverable with interest semi-annualIy from the
time OF payment, AZ part of the moneys secured
to he paid by such mortgage.
SIC %. No loans or investments on personal
security shall be made except upon at least two
approved names, not less than two of whom re-
eide ia this state or within fifty miles Of the insti
tuition making such investment, and such personal
loans or investments, shall not be for longer
time than one year; aud not more than one-third
OF the assets OF savings bank savings institution
OF trust company shall be Invested In personal
securities.
SIC. 49, Three per cent of the deposits of a
savings bank, savings Institution or trust COM
pany may be invested In the purchase OF a suitable
lot Of land aud building for the convenient tran
sactiou OF its business, or Of site therefor, and
The erection or preparation OF such building
hercon from portions ofwhich not required for
ia use revenue may be derived.
SEC. "a. With the foregoing exceptions, the
moneys deposited In savings bank, savings In.
'iitutiou or trust company, and the income there.
rom, shall be invested only as follows: In the
public funds OF the United States, or public funds
or which the faith OF the United States is pledged
10 provide for the payment of interest and prine-
bal. In the public funds Of any Of the New Eng.
and States, including the bonds or notes Of the
counties, cities, towns, villages and school dis
gicts of the same, In the stock of any bank or
banking association or trust company, inc0rpor-
tied under the authority of the United States, or
II any Of the New England States or Of New
FORK. In the municipal bonds not issued In aid
II railroads, Of cities OF five thousand Inhabitants
,r more whose municipal indebtedness Is not
allowed BY law to exceed, and, does not exceed
I've per cent Of its Asscssed valuation, In the States
II California, Illinois, Indiana, Iowa, Kansas,
Michigan, Minnesota, Missouri, Nebraska, New
Jersey, New York, Ohio, Pennsylvania and Wis.
,ousn, and In the public funds of each of the
bove named States, and In the county bonds
n the same States, when not issued in aid OF
aIlroads, where the municipal Indebtedness OF
uch county Is not allowed by law to exceed and
loes not exceed five per cent Of It's assessed valu-
ton. In the school bonds and independent
cbool district bonds In the States Of Illinois,
indiana, Iowa, Kansas, Michigan, Minnesota,
Missouri, Nebraska, New Jersey, New York, Ohio,
and Wisconsin, where the amount OF
uch bonds issued Is not allowed by law TO cx-
ecd and does not exceed five per cent Of the
ssessed valuation OF the respective school dis.
ricis, towns or cities issuing the same. In notes
sirh pledge as collateral Of any of the aforesaid
ecurities, including deposit books or
epost receipts, issued by savings bank
rust company or banking association located In
bis State, such notes not TO exceed the par value
or The market value Of such collateral security
nj no savings bank, savings Institution or trust
ompany shall hold, by way OF Investment and as
ecuriiy for loans more than ten per cent Of the
l.os.l hail ii.
trust company, nor invest more than ten per
ent Of its deposits, nor more than thirty five
housand dollars In the capital stock OF any
uch bank. banking association or trust
ompany, and no investments shall be made 10 |
10 CAPITAL stock Of such banks, banking associa.
ons OF trust companies, owned or loaned upon,
, exceed in the aggregate onc.fourth Of the
eposits Of any savings bank or trust company.
SEC. Is. No savings bank, savings Institution |
,rporaiion, firm or company, or th~ individual
Iembers OF such company, more than five per
mt, OF lie deposis nor more than thirty thousand
olars; nor shall such loan on personal security |
rcccd ten thousand dollars.
SEC 30 No officer, director or employee Of any |
ust conn any shall be at any one time directly or
directly indebted 10 snch corporation for more
ian Ave per ceut. Of the capital stock actually
aid In, and no loan shall be made 10 such ofiiccr
rector or employee without the written consent
majority Of the directors, provided that the
scount Of bona ndc bills Of exchange drawn
,aiusi actually existing values, and the discount
commercial or business paper actually owned
! such director, oficrs or employee negotiating
10 szme To an amount not exceeding ten thousand
,Ilars, shall not be prohibited by this act. Nor
Ial any loan be made by such corporation upon
g pledge Of ils own stock.
SIC. 80. The stockholders OF every trust
mpany shall be held individually rsponsi.
q, equally and ratsbly, and not ono for an
her. for al contracts, debts and engagements
such trust company, 10 the extent Of the
aount Of their capital.ssock therein 1t the par
lue thereof, in addition to the amount
vested In such stock.
SIC 81. No officer. trustee, director or en-.
cyee 81 any savings hank, savings instifu I
10 or trust company shall receive any fec,
esens. benefit OF commission, directly or {
directly, from any borrower or applicant for |
oan or from any one negotiating securities
J..