Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1884-12-19

ices my lNIusC deposit az lnelf discretion,
and may also at any time return all or part Of a
! deposit
SEc. 49, The sums so deposited, with the
/ dividends or interest credited thereto, may be
! withdrawn ny such depusitOrs or their legal
| representatives. under such reEllad ms rs tn
time, manner and previous notice as the board
Of trustee. prcscrihe, which regulations shall
| he put mp IN conspicuous place IN the room
! where tho uTsiness OF such corporation is tran
sacled and shall be printed IN the pass-bOoks
! or other evidence of deposit furnished hv the
! corporation, and shall be evidence between the
| corporation and the depOstlrs holding the same
of the terms upon VIII CHI the deposits therein nc
! knuwlrdrud arr made.
! SrC 10. When a deposit is made in q saw
! inrs bank, saving institution or trust company
! by q person boz trust for another, the name and
/ residence of the person for whom the deposit De-
! made suall De disclosed sud the deposit shall
be credited 10 the deposition as trustee for such
! person; and when no other notice of the exist
| cuce ans terms o' q legal trust Is given 100 VIII
! ing % the corporation, ~ the death of the trus-
| zee, tho deposit or ANY part thereof, with the
dividends or interest thereon may b. paid to
The per-uu for whom the deposits was made.
! StC. 20 Tic trustees of savings bank saw
| ing, institution or trust company may. 90 their
! discretion, pay tuHiuiuuru married woman such
sun eos BE- &c Jusittd tl the credit OF sue person,
/ such married woman unnamed; and the
! check and receipt or Hcquittture OF sugh minor
l or married woman snail uu a full discharge tor
! the amount for hiCn % is given.
] SIC. q. No savings Duk, savings iustitu-
ton or trust company shall be yh trgcnhie as
! trustee uu account ui funds deposited 20 the
| credit of a minor or married woman, provided
| such funds are earned by uT belonging 10 such
/ muur or married woman ia their own
[ right.
SEC. %. In actions in court against saw
ing bunk, savings insttuiln OF trust company
! by a husband 90 recover lur moneys depO,i ed
! 10y his vie 90 her name or a. her money, The
! vile may be witness a. n sh' were au uu-
married woman Aud m action. against such
/ corporation 10 recover for moneys ON deposit.
! Dc there De- rer.Un, whether married or not
claiming the same fuud, who H. not party e.
! the action, the court, on tue petition OF such
] corporation and on suCu notice as % considers
/ proper To the paiu.ii and such claimant, may
| order the proceeding. o. DE amended bog making
such claimant party defendant tlerUtu; and
the court shall thereupon hear and determine
Ike rlEhts aud interests OF the parties tusald nc
| ton 10 and 90 SAID iund. The deposits which
are the sunleut Uf said action may remain with
! such corporation, upon the same interest az
! other deposits Of like amount, 10 the credit Of
the action until final judgment therein aud the
/ same shall I've paid 10y such corporation IN &c
cUrdauce with the order Of the Cuurt; or the de-
! post may he uaid into cOurt % await the final
determination OF tie action, and when 10 paid
/ into Couft the corporation shall no longer lie a
party TO such action, and It's liability Tor such
| deposit shall cease. Ihe cost ia such action
shalt ne IN the district "a OF the court, aud may
! b. charged upon the tund Affected by the HC-
ton,
INVESTMENT ANB LOANS.
SIC. %. No investment OF deposit and sur
| plu, by savings banks. savings Institutions and
/ trust companies snail Uc made upon mortgage.
/ ol real estate except upon nrst mortgages
! ut uuiucutnizrCd Teaiustats, the amO.nt OF sucb
| investment not % exceed thrse-litho otthe cash
| value VI the property mOrtgaged, auu not less
/ than oug-sIXth of tie amount OF s1ch mort
gage shall be- upon real estate IN this state not
more than seventy per cent OF the amount OF
| the assets shall be invested IN mortgages OF
/ real estAtC. II the investment Is on mortgage
| OF uulmprUved or uUprUuuctrNe Teal estate the
| amount Of such investment shall not be more
/ than forty pei cent, OF the value thereof ana
! no mortgage investment shall he made 10y suCu
/ corporation except upon the report Of a cUm-
mluee OF the trustees Or their board ut invest
! meut.
SIC. p. When buildings are included in the
valuation OF real estate upon which al invest
mgnt Is made, they shall be insured 10y TIE
murtgaEur iu such company Hs tie trustees or
board OF investment direct, and the puiCies OF
| insurance shall b1 duly assigned, or tue lose
made PAYABLE 70 such savings bsnk, savings
! nstituuuni or trust company
and such savings sbF1ks, saving Iusttu.
| tutlous or trust company may renew such
policy oil insurance iu tie same or IN another
| company, As said trustee or bOard OF investment
! elect, fun year 20 Year or for a longer or
/ shorter period, IL tile mOrtgAEUr megleC,s " do
So, u may charge the amount palu therefor
4 TO the mortEagur. The necessary charges anu
] expenses paid Tor such TeueNA al suail DE paid oy
/ such murtragur 20 said saving bauk, servings
! Institution or trust company AMI shall he d heu
| upon the properly 80 mprtgAged, recoverable
! with interest senIi annually from tho time Of
payment, as part Of the moneys secured 70 be
] PAID by suCh mortgage.
SIC. .. No lUAus or investments on pei
sonA security s.yali to made except upon Al,
! least two approved nance, not less than two Vi
| whom reside IA lh's sIate Or within iiity mllrs
! OF the institution making such investment, dud
| such personal loans or investments, shsl not be
/ Tor a longer time thar. Jue year AND not merr
! than oue-lhird OF tue assets OF savings bank.
! savings institution Or trust company shall b. IN
| vested IN persunai securities.
SIC. 26. Three per tent. Of the deposits Of a
! SAVINGS bank. savings institution or trust cum
! pRny may be invested IN the purchase Of suit-
able lot OF Land AM building lDr the convenient
transaction OF IT. business, OF Of d ellie there
/ for, anu tue erection Or preparation Of sucl a
! building thereon, from portions OF which Rot
required TO. it, use revenue may be de-
/ rived.
SEC q. With the foregoing exceptions, the
4 MONEYS Deposited IN "A savings D4uk, SAVINGS
/ institution Ur trust company, and the IuCO ne
! thereiruu, shall he invested only rs iuHuWs .
! In tue public FUNDS OF the United State, uI
/ plbnC funds for which the iAltu uf the JuIlcu
/ States Is pledged 10 pTuvIue Tor the payment oi
! interest anu principal. lu the pubuc funds
/ uf any of the New EuEmnl states. including thc
bond, OF note, of the Cuuniir,, CITIES, tJwn, VII
iHgesaIu school ulsIrtts uf the same. lt ues OCH
/ OF auv hans or banking association OF Iust
! company. incorporated under Rue authority of
tie United at.s,o uuuer any OF Toe New Eng
! audStates OF Nrv Olh. In tut municipal bonds
! not issued lu aius uI railroads. OF Giles O. tive
81. b ..r.r
/ indie btedness Is NOT allowed uy law tu t1yted,
I aud does NOT exceed nye per cent OF it, H-srs,-
I'd valuation, lu toe States OF California. lliIu-
! uis. Indiana. Iowa, haHsas, NJ iCulgau. Nj lnulsi,-
/ "a Missouri. Nuhruska, New jersey New uTk,
] ONO leuusl wanna luI Wisconsin, and 90 the
/ public funds OF each o, the ahOvc named States,
| and 10 the county bonds IA the same Alales,
! when not issued lu al4 OF railroads, where lhr
| municipal mdt bieuurss OF suCh county Is nut
! allowed by law % exceed and does not exceed
/ ive per cent offs assessed valuation. Ia tue
| -UhOul DOuds AMI independent school district
bonds IN the State uf Illinois Indiana. Iowa
! Kansas, Michigan, Minnesota, Missouri, Neu-
| raska. New Jersey, New hOrk, ONO, funnsyi-
/ wanna, aud Wisconsin, WleTe the amount OF
| such bonds issued Is not allUNed by law 10 eN-
| coed and does not exceed nye per cent Oi Tie
| sessed valuation OF lie Respective school dis
ficts, towns or cities issuing Jhe same. In huIes
/ with pledge as collateral ui any of Tie aluTt-
| said securities, including depUsl, books or de-
/ post receipts, Issued by a savings bank, trust
/ COMPANY OF btnklng association iuCAIsd IA TINS
/ state, such notes NOT to exceed the par value
nor the market value Of such collateral security
! bat no savings bank, savings lusutuuun UT Iust
/ company shall hold, uy NAY OF investment ami
a. security Tor loans more tuau 10 PEI cent OF the
/ capital stock OF Any Uue uauk, b.EGIng assuCia-
/ ton or trust company, nor luyest muIe thau ten
/ per cent Ut II, deposits, nor muie than tuIrty-
3 i've Thousand dulare 90 the capital STOCK Of ANY
! such Uauk, banking association Or trust COM
pauy, aud no investments shall lie ma le IN the