The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1891-04-07
Chapter rs.

That chapter sixty-seven, section thiryive of the
revised statutes be amended, by adding at the end of
said section as follows in of the death of such
adopted child before arriving the age of twentyone
child shall have received by virtue of such adop
ton, in whatever form it may then be, not expend
such child were the child by birth of his adopters
Approved March IL
Chapter 20.
AN ACT in relation to the business of Loan and Build
ing Associations.
SECT. l. Except as is hereinafter provided no per-
son. association corporation shall carry on the bust
of accommodating the savings of its members and
oaning to them such Accommodations in the manner of
loan and building associations within this state unless
incorporated under the laws thereof for such purpose
SECT. 2. The bank examiner may authorize any such
association or Grafton duly established under the
laws of another state to carry such business in
this state, but said association or corporation shall
not transact such business i'll this state unless
it shall first deposit with the state treasurer the
sum of twenty-five thou sand dollars and there
after equal to fifteen per cent of the deposits
made in such association corporation by citizens of
sho state, the amount of percentage of deposits
lured to be determined from time to time by the bank
examiner; or in lieu thereofth whole or any part of
sai'l sum may consist of any of the securities in which
savings banks may invest regulated in section
luudred of chapter revised statutes and
said deposit shall be held in by said treasurer for
he protection and indemnity of The residents of the
state with whom such associations corporations re-
spectivey have done or may transact business Said
moneys or property shall be paid out disposed of
ohy on the orter or some court of competent ursdc
nn made on due notice to the attorney general of the
state and upon such notice to the creditors and share
holders OF such association corporation ss the
court shall prescribe. For the purpose of ascerainng
nc business anu financial condition OF any such ass0
;iltion or corporation DONG or desiring TO 40 sucn
business, s31d bank examiner may mako examinations
pr such associations corporations, at such unes
ana az Sucn places as said bank examiner may
desire, the expense of such examinations being pad
oy the association or corporation examined and may
lls4 Itglro leuf1lS 10 ne MADE In scn form anu o.
such times as he may ccot. Whenever, upon examlna-
on or otherwiSe ills the opinion OF the bank exann
cr that any such association or corporation Is trans
acing business IN such manner rs to be hazardous to
t1c puDc, Or condition is such to render further
proceedings by il hazardous to tho public, said bank
examiner snail revoke or suspend the AUTHORITY
nc int fTnr hff
section snail not prevent such association corporation
or institution Incorporated under laws of another
state, from oanng money upon mortgages of real es
tate located within the state.
SECT B. Every such person, association or corpora
ton transactng business in the state at the time or te
passage of this act SHALL within sixty days after sucn
passage, conform to the requirements of this act.