Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1896-12-18

Additiona1 hundred thousand dollars Oh a.
sets or major portion thereof an addition
al fee Of Ave dollars, but In no event Shall
such compensation exceed one hundred
dollars per year; and such association
shall also pay the actual expenses OF the
Inspector OF finance while making such ex-
animation.
Fifth. 1t shall deposit with the treas
urer of this State first mortgage securities,
to be approved by the Inspector OF finance
TO q amount of twenty-five thousand dol
lars; and the said deposit shall be held In
trust by the treasurer for the protection
and indemnity of the residents OF this
State with whom such association or cor
poration have done or may transact bust
ness, 1t shall also file with the inspector
Of finance, a bond to the State for such an
amount as he may require not more than
ten thousand dollars and not less than five
hundred dollars, with such sureties or Sc
curities as he may approve, conditioned
for the making of all returns and exports
required by this act and the payment Of
all taxes that may be assessed against 1t,
and in all things TO comply with the laws
Of this State.
Sec. g All interests, premiums and dues
which may accrue on mortgages held by
the state treasurer as provided for herein
may be collected and retained by the as
ISOLATION depositing such mortgages so
long as such association remains solvent
and faithfully performs all contracts with
its members and when any mortgage
shall have been fully paid to said corpora
ton the same may be surrendered to 1t,
said company or corporation first de-
posting with the treasurer other first
mortgage securities to the amount of those
withdraw, the same having been APP
proved by the inspector of finance.
Sec. 3. 1t shall be the duty of the In
spector of finance to receive and file the
papers herein required, and thoroughly to
examine the annual reports submitted by
foreign or nonresident building and loan
associations. If the inspector of finance
becomes satisfied, after an examination,
that an association desiring to do business
in this State is solvent and conducts Its
business according to law, he may issue a
license to such association until the first
day of January following; provided, that
such association has complied with the
provisions of this act; but, II 1t be found
insolvent, or is being illegally conducted.
the inspector of finance shall refuse TO is
sue the license Should the inspector of
/ finance refuse to grant license to any as"
I ISOLATION applying therefor that has com
piled with the provisions of this act, such
/ association may appeal to the Court of
Chancery for the county of Washington,
which shall have Jurisdiction of the
premises.
/ Sec. l. Tho inspector of finance by him
self or his deputy shall make an annual
/ examination OF the securities, records,
books, and accounts of every foreign or
nonresident building and loan associa-
ton doing business In this State and file a
report OF such examination in his office
4 II II shall appear TO the inspector OF
finance that any association licensed to dc
business in this State has violated Its
charter, or Is conducting It's business tn
an unsafe or unauthorized way. he shall
by an order under his hand addressed &c
H. HFunVHn MOI
of such legal and unsafe practice; and
whenever 1t shall appear to the inspector
OF finance that 1t Is unsafe or incXped!eni
for such association TO continue business
in this State, he may suspend the license
heretofore granted to said association
and may apply to the Court of Chancery II
any county of the State for an injunction
restraining such association from doins
business in this State; and such court shall
have power according TO the usual cours'
OF proceedings in equity, to grant or re
fuse to grant said Injunction provided
such association is given reasonable notice
of such proceedings
Seer. ). When ty the laws of any otheI
State territory or nation, any taxes, fines
penalties. licenses. fees. deposits of none!
or securities or Obligations or pro
lhib.t.oRs are imposed upon build
ing and loan associations of thi
State, doing business in such othe
State, territory or nation, or upon thei
agnts therein. so long as such laws con
tlnue in force, the same obligations ant
prohibitions OF whatever kind shall be i'm
posed on building and loan associations o
iruch other State. territory or nation, do
ing business in this State. and upon thei
. agents here.
, Sec 6. All such foreign or non-residen
: associations doing business in this State a
the time OF the passage of this act shal
comply with It's requirements within sixt
days from the date when II goes into ef
, feet: but such associations may continu
to do business in this State until the In
spcctor Of finance has made the examina
tion provided for In this act.
Sec. :. All acts and parts of acts incon
siscent with this act are hereby repealed.
Approved November q, 1896.