The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1896-12-16


sets or major portion thereof, an ADDITION,
al fee of five dollars. but in no event snail
such compensation exceed one hunoreo
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 e amount of twenty-five thousand COL
lars; and the said deposit shall be held In
trust by the treasurer for the protection
and indemnity of the residents of TINS
State with whom suoh association or cor
poration have done or may transact bus-
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
curties as he may approve, conditioned
for the making of all returns and reports
required by this act, and the payment or
al taxes that may be assessed against It,
and in all things 10 comply with the laws
of this State.
Sec. .. 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
Withdrawn, the same having been APP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 on-resident building and loan
associations. II 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 Il
license to such association until the first
day of January following provided, that
such association has complied with the
provisions Of this act; but, If it 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
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 Washing ton,
which shall have jurisdiction of the
premises.
Sec. L. The inspector of finance by him
self or his deputy shall make an annual
books, and accounts of every foreign or
nonresident building and loan associa-
ton doing business in this State and flo a
report of such examination in his office
If 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 in
an unsafe or unauthorized way. he shall
by an order under his hand, addressed &c
such association, direct a discontinuancC
of such legal and unsafe practice; and
whenever it shall appear to the inspector
of finance that it is unsafe or ineXped!ent
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 dons
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 by the laws of any othel
Estate, territory or nation, any taxes, fines
penalties. licenses. fees deposits of none!
Tor securities or obligations or pro
lhibltions are imposed upon build
ing and loan associations of th
State, doing business in such othe
State, territory or nation, or upon thei
agnts therein. so long as such laws con
tinue in force, the same obligations ant
prohibitions of whatever kind shall be i'm
posed on building and loan associations o
such 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 shall
comply with Its requirements within sxt!
days from the date when it goes into eff
feet; but such associations may continu
to do business in this State until the in
spector of finance has made the examina
ton provided for In this act.
Sec T. All acts and parts of acts incon
sstent with this act are hereby repealed.
Approved November "a, 1896