The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1897-03-30
CHAPTER 3l0.

AN ACT amendatory and additional to Chap
ter forty seven Of the Revised Statutes, az
amended by Chapter sixty-one Of the Public
Laws of eighteen hundred and eighty -seven,
and to Chapter two hundred and seventy
four of the Public Laws Of eighteen hum
dred and ninety three, relating to Loan and
Building Associations.
SECT. /. Section one hundred and thirty
nine Of chapter sixty one of the Public Laws of
eighteen hundred and eighty seven, is hereby
amended by striking out all Of said section
and inserting the following:
Section 139. The board Of directors shall
see to the proper investment of the funds 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 q rate of monthly
shall in no case exceed forty cents per share.
Any member may, upon giving security Salts
| factory to the directors, receive loan of two
hundred dollars for each share held by
him, or such fractional part of two hundred
dollars as the by laws may allow. Any associa-
ton may provide in its bylaws that instead of
the interest and premium, stated rate of
annual interest not to exceed eight per cent,
| may be charged upon the sum desired, pay
able in monthly installments. Such rate shall
include the whole interest and premium to be
unloaned to members may be invested in such
securities as are legal for the investment of
deposits in savings banks. No loan shall be
made on the gross premium plan.
SECT. 2. Section one hundred forty seven OF
chapter sfxty-one of the public laws of eight
cen hundred and eighty-seven, is hereby
amended by striking out 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 a trial balance, which shall
be recorded in book provided for that pur-
pose, 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-
vided by the association for the use of and to
shall be plainly marked with the name and
residence of the holder thereof, the 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. ALI moneys SO received
shall be originally entered by the proper officer
| in a 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 fines paid thereon, as
the case may be. Each payment shall be elias.
siied and entered in a column devoted to its
kind. Said cash book shall be closed on the
meeting is held, and shall be an exhibit of the
receipt of all moneys paid by shareholders
during said month. All payments made by
| the association for any purpose whatsoever
| shall be by order check or draft, signed by the
president and secretary, and Endorsed by the
| persons in whose favor the same are drawn
The name of the payee, the amount paid, ano
| the purpose, object or thing for which the pay
ment is made, together with its date, shall be
| entered on the margin OF said order, check OF
draft. The treasurer shall dispose Of an6
| secure the safe keeping OF all moneys, security
| and property of the corporation, In the manner
designated by its bylaws
| SECT. 3. Section one hundred and forty
| eight of chapter s1xty-One of the public law
| of eighteen hundred and eighty seven, is here
| by amended by striking out in the eleventh
line of said section, the word "one'' and insert
ing the word three and by striking out in thu
same line the word five" and inserting the
word 'ten,' so that said section, as amended
| shall read as follows:
section I4S. The profits and losses may be
distributed annually, semi:annually or quar-
terly, to the shares then existing, but shall be
| distributed at least once in each year, an(
whenever anew series of shares is to be issued
Profits and losses shall be distributed to tht
various shares existing at the time of suci
distribution, in proportion to their value al
that time, and shall be computed upon thu
basis of q single share, fully paid to the date
of distribution Losses shall be apportione(
Immediately after their occurrence. AT eaci
periodical distribution of profits, the Director
| shall reserve as guaranty fund sum not lesi
than three nor more than ten per cent OF thu
net profits accruing since the next preceding
adjustment, until such fund amounts to five
per cent of the dues capital, which fund shall
thereafter be maintained and held, and saif
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 ifty-ont
OF chapter sixty one of the public laws of eight
cen hundred and eighty seven, is hereb,
amended by striking out all OF said section ant
inserting the following:
Section Isl. The bank examiner shall per
form, in reference to all loan and building asso
Citations, the same duties and shall have thu