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

n bank of discount whether State on NATIONAL or
trust company within this State.
SEC 2. Such officers shall be sworn |
and shall hold their offices until others
are chosen and qualified in their stead and ex-
cept the treasurer, assistant treasurer and clerks
shall be chosen at the annual meetings of such |
corporations, TO be holden at such times as the |
bylaws direct. Tho treasurer assistant treasurer
and clerks shall be appointed by the trustees, and
shall hold Office during their pleasure. II an |
office becomes vacant during the year, the trus
tees may appoint person to fill the same, until
1t Is regularly filed ut the next annual meeting,
and If n person chosen or appointed to an office
does not, within twenty days after such choice or
appointment, take the oath OF office, his office
shall thcreupon be vacant.
SEC. 3. A savings bank or savings institution
may, at a legal meeting, elect by ballot any citi-
zen OF this State to be n member thereof; but the
number of members of such corporation shall not
exceed fifty. pers on may ut an annual meet
ing cease to be member by filing written no.
tice of his intention so to do with the treasurer
three months at least before such meeting. No
person shall continue to be member after remov
ing from the State.
MEETINGS. BYLAWS.
SEC 1. Such savings banks or savings nstitu
tions may at any time hold special corporators
meetings by order of the trustees and the treas
urer shall also notify special meetings upon the
requsition in writing OF ten members OF the cor
poratiou. Six days previous notice of meetings
Shall be given by public advertisement in some
newspaper of the county where the corpora
ton Is established, or by seasouaby mailing to
each member of such corporation written or
printed notice of such meeting.
SEC. 5. Savings banks and savings institutions
may adopt bylaws for their government, not
inconsistent with law.
TRUSTEES.
SEC. 6. The trustees shall have the general
management of the affairs of the corporation, but
they may act through such committees of invest
ment, examination and audit as they appoint,
subject to their general supervision and control.
SEC. Z. A regular meeting of the board of trus-
tees of every savings hank or savings institution
shall be held as often as once in three months to
receive the report of its treasurer, and for the
transaction of other business. quorum shall
consist of not less than a majority of such trus-
tees, but less than quorum may adjourn from
time to time, or until the next regular meeting.
As often once month and at each regular
meeting the treasurer shall prepare statement
showing the condition of the corporation, in the
form Of a trial balance statement of its accounts
which shall be recorded in a book kept for that
purpose, and shall at all times be open to the in
spection of the trustees and the inspector of
finance. A record shall be made at each meeting
ofthe transactions of the board and the names OF
the trustees present. AS often once in six
months the trustees shall cause to DC made, by
committee or board of auditors of not less than
three of their number, thorough examination,
and report in detail to the board oftrustees of the
assets and liabilities of such corporation, and the
same shall be recorded in the statement book
aforesaid
SEC s. Said trustees shall fix the compensa.
ton of the officers of such corporation, and shall
themselves receive such compensation for their
services as is fixed by the corporation at legal
meeting.
SEC. O. No trustee or officer of savings bank
savings institution shall directly or indirectly,
either for himself or as the partner of Others Dor
or use its funds or deposits, or sign any note,
surety, upon which any of such deposits are
loaned
SEC 10. The officers of every trust company
before
their Office, and if person chosen or appointed
to such office does not within twenty days after
such choice or appointment, take the oath of
office, his office shall thercupon be vacant.
OFFICERS BONDS
SEC. IL. The treasurer of savings bank,
savings institution or trust company shall, be-
fore he enters upon the duties of his office, eX-
ecute to said corporation n bond with sufficient
sureties to the satisfaction of the trustees, con-
dtioned for the faithful discharge of the duties of
his Office. Said bond shall be not less than ten
thousand dollars and when the deposits of such
corporation, including its capital if any, exceed
the sum of one hundred thousand dollars, the
, penal sum of such bond shall be increased two
thousand dollars for each additional sum of one
hundred thousand dollars, fractional part
thereof.
SEC. H. The bonds of treasurers of savings
banks savings institutions and trust companies,
shall be deposited with the inspector of finance,
within twenty days after the election or appoint
ment of such treasurer.
SEC. IL. The inspector of finance shall annual
ly examine the bonds of the treasurers of the
several savings banks, savings institutions and
trust companies, and shall inquire into and
certify to the sutiiciency thereof, and when he
deems bond insufficient shall order new bond
to be filed within n reasonable time by him to be
limited, and If a new bond is not furnished to his
satisfaction within such time, the Office of
treasurer shall be vacant and a new treasurer
shall be appointed.
SEC. a. The trustees Of such corporation may
require from any other officer clerk or agent
thereof q ar hp n q
of his duties, as they deem necessary.
REPORTS TO INSPECTOR OF FINANCE.
SEC. 10 The treasurer of every savings bank,
savings institution and trust company shall,
or before the tenth day of July in each year,
make report to the inspector of finance, showing
accurately the condition thereof as it was at the
close of business on the Both day of June next
preceding, which report shall embrace the fol-
lowing particulars
Name of corporation place where located
amount of deposits total number OF depositors
number of depositors resident in this state, and
the total amount OF their deposits number OF
depositors not resident in this state, and the
total amount of their deposits; amount of capital,
ifany amount of each item of other liability
public funds, including United States, state,
county, town, and other municipal bonds, stating
each particular kind, the par value, estimated
market value, and amount invested on each bank
stock, stating 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, stating
name of railroad, par value, estimated market
value, and amount invested in each; loans on
railroad bonds, stating amount on each; other
Stocks stating the amount OF each; estimated value
OF real estate, and amount invested therein
loans on mortgages OF real estate, stating amount
in this state, and amount elsewhere, loans to
city, town, village, or school district; loans on
personal security ; loans on other collateral Sc
curities than those above mentioned, describing
such securities, and the amount loaned on them
-severay cash on deposit in banks or trust COM
panies, with the name thereof and the amount
deposited in each cash on hand the rate and
amount of each semi-aunual extra dividend
for the past year the amount of the treasurers
bond the amount of taxes paid during the past
year TO the United States and to this state the
salary of the treasurer and other expenses for the
past year. all of which shall be certified and
sworn to by the treasurer.
SEC TO- Ifthetreasurer ola savings bank, savings
institution or trust company fails 10 report to the
inspector of finance hereinbefOre provided, he
shall forfeit for each ofense the sum of one
thousand dollars, 10 be recovered in an action on
the case in the name of the state, iornded on
tbis statute land the inspector of finance sLal on
br before the twenty fifth day of July In each
year of the neglect o. such treasurer examine the
affairs of such corporation and make a statement