The Republican journal. [volume] (Belfast, Me.) 1829-current, 1897-03-25
Chapter SIC.

AN AL HtleDuAGOTy hnQ auOlllODHI TO SQAp-
ter forty seven Of the Revised Statutes, as
amended by Chapter sixty-one of the Public
Laws OF eighteen hundred and eighty seven,
and 20 Chapter two hundred and seventy
tour of the Public Laws OF eighteen hun.
dred and niletv-three, relating to Loan and
Building Associations
SECT. !. Section one hundred and thirty
nine Of chapter sixty one of the Public Law Of
eighteen hundred and eighty seven, is hereby
amended by striking out all Of said section
and inserting the following
Section 1879. The board of directors shall
see to the proper investment of the flnda of
the association, as provided in this section.
After due allowance for all necessary and
proper expenses, and for the withdrawal Of
shares, the moneys of the association shall be
loaned to the members at rate OF monthly
premium to be fixed by the directors. which
shall in no case exceed forty cents per share.
Any MEMBER may, upon giving security salts
hundred dollars for each share held by
him, ouch fractional part of two hundred
dollars es the by laws may allow. ANY associa-
ton may provide in its bylaws that instead of
the interest and premium, q stated rate of
annual interest not 10 exceed eight per cent,
may be charged upon the SUM desired, pay
able in monthly instaliments Such rate shall
include the whole interest and premium 10 be
paid upon the lean. Any balance remaining
unloaned TO members may be invested in such
securities as are legal for the inv estment of
deposits in savings banks. No loan shall be
made on the gross premium plan,
SECT, .. Section one hundred forty seven of
chapter aiXty-one of the public laws OF eight
cen hundred and eighty seven, is hereby
amended by striking ont all OF said section
and inserting the following:
section 147 The general accounts Of every
such association shall be kept by double entry.
The secretary shall at least once each month
make and declare trial balance, which shall
be recorded in 4 book provided for that pur-
nose, and it shall at all times be open to the
inspection of the directors and shareholders
of the association. All moneys received from
the members shall be receipted for by persons
designated by the directors in pass-book pro-
vidaG by the association for the use Of and to
be held by the member, and said pass book
shall be plainly marked with the name and
residence OF the holder thereof, tho number of
shares held by him and the number or desig-
nation of the series or issue to which said
shares respectively belong and the date of the
Issue of such series. All moneys SO received
shall be originally entered by the proper officer
in book to be called the cash book and the
entries therein shall be SO made as to show the
name OF the payer the number of the shares,
the number or designation Of the series, or
issues OF the particular share or shares so
entered together with the amount OF dues
| interest, premiums and tines paid thereon. as
the case may be. Each payment shall be cas-
| sitied and entered in a column devoted to its
kind. Said cash book shall be closed on the
| last day of the month in which each stated
meeting Is held, and shali he an exhibit of the
| recent of ali moneys paid ny shareholders
! during said mon1h All payments made by
| the association for any purpose whatsoever
shah be by order check or draft, signed by the
| president and secretary, ana lndorsed by the
persons in whose favor the same are drawn
| The name of the p0yee the amount paid, enG
| the purpose, object or thing TOR which the pay
uent is made, together with its date, shall be
! entered on the margin Of said order, check OF
| draft. The treasurer shall dispose of ane
| secure the safe Keeping OF all moneys, security
| and property OF the corporation, III the manner
| designated by its bylaws
| SECT. 8. Section one hundred and forty
eight of chapter sixty-one of the public laws
of eighteen hundred and eighty seven, is here
by amended by striking out in the eleventh
line Of said section, the word zone" and insert
ing the word three and by striking out ii thu
same line the word "fve'' and inserting the
| word ten so that said section, as amended
shall read rs follows:
section l45. The profits and losses may be
distributed annually senll.lnnually or quar-
terlV. to the shares then existing, but shall bt
distributed Mt least once in each year, anI
| wheneveranew series of shares is to be issued
Profits and losses shall be distributed to thu
various shares existing at the time Of sucl
distribution, In proportion to their value 81
that time, aud shall be computed upon TIN
basis OF IL single share, fully paid to the dat
of distribution. Losses shall be apportionc'
Immediately after their occurrence, At eacl
periodical distribution of profits, the director
shall reserve as guaranty fund sum not les
than three nor more than ten per cent of tn
net profits accrling since the next precedin;
adjustment until such fund amounts to fv
per cent OF the dues capital, which fund shal
thereafter be maintained and held, and sail
fund shall be at all times available TO NEE
losses in the business of the association from
depreciation In its securities or otherwise.
SECT. 4. Section one hundred and fifty on
OF cha pter siXty-one of the public laws of eight
cen hundred and eighty-seven, is hereb
amended by striking out all OF said section an
inserting he following:
Section ISL. The bank examiner shall pei
form, in reference TO all loan and building assC
Citations. the same duties and shall have til