The Bennington banner. [volume] (Bennington, Vt.) 1858-1894, 1891-08-28
TRUST COMPANIES.


Those who do Business In the City.
! OF the ten loan and trust companies
doing business in this city the combined
capital is $1,000, 900. Four. the Ameri-
can, the Boston, the New England and
the Old Colony have each a capital of
| SI,0OO.000
Tile amount of deposits as per balance
sheet of last annual report was as fol-
lows:
American Loan & Trust Company,
$2,576, 971.16; Bay State Trust Company,
81. 227, 039.36; Boston Safe Deposit &
Trust Company, So, III. $3.50; Internal
ional Trust. Company, So, 2s6, 1854 Mass
achusetts Hospital Life Insurance Com
pany, $40, 256, 569.O6; Massachusetts, Loan
& Trust Company, $1,000, 3s5.67; Mercan-
tile Loan & Trust Company, 1927. 5S2 81;
New England Trust Company, $12. $685.
3S1. SO; Old Colony Trust Company 49,
512. O6O IS; Suffolk Trust Company, $219,-
1921.
In view of the fact that loan and trust
companies are getting very popular with
the majority Of citizens few sections of
Chapter Alb, of the Acts of 'SS relating di-
rectly to this kind of Institution may be
interesting.
Section 9. The capital stock of such cor
poration (safe deposit, loan and trust COM
panies) shall not be less than 100000
nor more than S1.O0o,0o0, divided into
shares of the par value of 500 each
and no business shall be transacted by
the corporation until the whole amount
of its capital is subscribed for and actu-
ally paid in, and no shares shall be is
sued until the par yalpe of such shares
shall have actually been paid IN in cash.
Sec. TO- The directors may from time
to time set apart as trust guarantee
fund, such portion of the profits as they
may judge expedient.
The Trust Guarantee Fund
shall be invested in such securities only.
as the trust deposits may by law be in
vested in. The accounts of its invest
ment and management, and the securities
in which it is invested, shall be kept in
the trust department.
Sec. Is. Such corporations shall at all
times have on hand, as reserve, in law
full money of the United States, an
amount equal to at least 10 per centum
of the aggregate amount Of all its depos-
its which are subject to withdrawal upon
demand or within ten days; and when
ever said reserve Of such corporation
shall be below said per centum of such
deposits, it shall not increase its llabili-
ties by making any new loans until the
required proportion between the aggre-
gate amount of such deposits and its
reserve fund shall be restored provided,
that in lieu of lawful money, two thirds
of said 10 per centum may consist of
balances payable on demand, due from
any national bank doing business in this
commonwealth or in
The City of New York,
and onethird of said Is per centum may
consist of lawful money and bonds of
the United States or of this common
wealth, the absolute property Of such
corporation.
Sec. IL. Such corporation may hold
real estate suitable for the transaction of /
its business to an amount not exceeding |
% per cent of its capital, and in no case
to exceed $3.50, 900.
Sec. 10. No person shall be a director
in any such corporation unless he is
stakeholder holding not less than 10 |
shares of unpledgeJ stock therein. A
of the directors shall be citizens
of and resident in this commonwealth,
and not more than one third Of the
directors shall be directors in any other
corporation included within the pro-
visions of this act.