The Somerset reporter., 1897-04-01

to him In reference to savings banks; and
shall, annually, by the first day of December,
make report to The governor and council or
the general conducl and condition OF each OF
the associations visited by him, making such
suggestions rs he deems expedfent aud TINT
the public interest require. The officers Of such
Associations shall answer truly all Inquiries
made, and shall make all returns required py
the bank examiner
SECT. ). Chapter sixty ono of ths public laws
OF eighteen hundred and eighty seven, ID
hereby further amended by adding thereto the
following sections:
section l5a. Tho secretary, treasurer, and
other persons holding positions OF trust In loan
and building associations shall give bonds 10
the duties of their off1ces In such sums as tbs
directors decide to be necessary for tho safety
of the funds, and such bonds shall continue to
be valid from year to year so long as they arc
elected and hold snid Offices, subject TO renewal
whenever ordered by the bank examiner, or
directors. Tho directors may IN lieu Of said
bond, insure at the expense of the association
with some fidelity or guaranty company which
shall be satisfactory to the examiner. for the
faithful discharge Of the duties OF tbs score
tary and treasurer and such other clerks As
may be employed. In suoh sums as they may
decide to be necessary for the safety of the
funds In the custody OF tbs corporation, The
given, as aforesaid, and inquire into and GER
tify To the sufficienoy thereof. and when he
deems any such bond insufficient he shall
order new bond to be given, within time
Section 1853. Directors shall cause all real
estate of an insurabls character held By them
ees9ately or In mortgage, to be fully Insured
pense Of suoh insurance in case of mortgage
shall be added to tho amount OF tho mortgage
debt, to be Fefunded in case OF payment or
SECT g. Chapter two hundred and seventy
four OF the public laws Of eighteen hundred and
ninety thres, entitled "An Act for the taxation
by amended by striking out the word satur.
days" in the second line OF the first section
thereof and inserting the words secular days,
so that said section, al amended. shall read as
Section l. Every loan and building hssoots.
ton doing business In this state shall semi
annually on the last secular days OF April and.
October make return signed and sworn to by
Its SECRETARY of Its monthly capital dues paid
in by Its share. holders during the six months
preceding each of said days. exclusive OF
Said return shall be made to the treasurer of
state on or before the second Mondays Of May
and November, and for wilfully making false
return, the secretary forfets not less than five
hundred nor more than i've thousand dollars
The treasurer of such association shall pay to
the treasurer OF state tax on account OF snoh
dues, of one fourth of one per oent year on
the amount so returned
Improved Mar. a.
Chapter sac.
AN ACT relating 10 Fraternal Beneficiary
Scot: i. 4 fratsrpa! s.nenet.ry association
is hereby declared TO be corporation, society
or voluntary association formed or organized
and carried on for the sole benefs of Its men,
bers and their benefciariee, and not for
profit. Each association shall have lodge
system, with ritualistio form of work and rep:
resentative form Of government, and shall
make provision for the payment of benents in
of as ct 0t
porary OF permanent physical disability, either
ms the result OF disease, accident or old age.
provided the perhiod . IN me 9, which payment
old age oonmen shall not be under seven
ty years, subject to their compliance with Its
constitution and laws. The fund from which
the payment of such benefits shall be made,
and the filnd from which the expenses Of such
association shall be betrayed shall be derived
from assessments or dues collected from Its
members. Payments of death dement's shall be
to tho families, heirs, blood relatives, am.
anced husband or aflianced wife of, or to per-
sons dependent upon the member. Such asso.
Citations shall be governed by this act and
shall he exempt from tho provisions OF insur-
ance laws OF this state, except as herein pro-
vided and no law hereafter passed shall apply
to them unless they be expressly designated
therein.
SECT. 4 Seven or more persons, resident of
the state, desiring to form fraternal bench
ciaiy corporation for the purposes above pro-
for, declaring therein the purposes OF such
corporation, may organize as such in the man.
ner provided in sections one, two and three OF
chapter flfty-five of tho revised statutes, and
such corporation shall have all the powers,
privileges and immunitles, and be subject to
all the liabilities named in said section three.
SECT. g. The presiding officer, treasurer and
a minority OF the directors:or other officers,
shall forthwith make, sign and swear to a certi-
ficate setting forth true copy ofthe agreement
and declaration Of the purposes OF the Sssoei
tho date OF the first meeting, and the success
sivs adjournments, II any, and shall submit
such certificate and tho records OF the corpor-
alton to the insurance commissioner, who
shall make such examination and require such
evidence as he deems necessary; and II 1t
appears that the purposes OF the corporation
conform to law, he shall certify his approval
thereof, and the certificate shall then be filed
by said officers in the ONCE of the secretary of
state, who, upon payment OF fee OF nve dol
lars, shall cause the same with the endorse.
nents, to be recorded, and shall thereupon Issue
a certificate in the following FORM
STATE OF MAINE.
Be It known that whereas (here the names
of the subscribers to the agreement OF associa-
ton shall be inserted, have associated them.
selves with the intention Of forming corpora
ton under the name of (here the name of the
corporation shall be insertcd), for the purpose
(here the purpose declared In tho agreement
of association shall be inserted), and have
complied with the provisions of the statutes
as appears from the certificate of the officers
of the corporation, duly approved by the In
surance commissioner and recorded In this
office; now therefore, (here the name of the
secretary shall be inserted), secretary OF the
state of Maine, do hereby certify that said
(here tho names of the subscribers to the agree
rnent of association shall be inselted), their
associates and successors, are legally organized
aud established as and AFRO hereby made an
existing corporation under the name of there
the name of the corporation shall be inserted)
with the powers, rights and privileges, and
subect to the limitations, duties and restrictions
which by law appertain thereto. witness my
official signature hereunto subscribed, and the
seal OF the state of Maine hereunto affixed, this
day of In the year
lin these blanks tho day, month and year OF
execution OF tho certificate shall be inserted.)
The secretary shall sign the name and cause
the seal OF the state 10 be thereto Affixed, and
such certificate shall DO conclusive evidence OF
the existence of such corporation at the date OF
such certificate. He shall cause record OF
such certificate TO be made.
Scot 4. Any such corporation may hold at
any one time, as death fnnd belonging TO the
beneaciaries of anticipated deceased members,
an amount not exceeding ono assessment from
a general or unlimited membership, or An
amount not exceeding In the aggregate, one
assessment from each limited class or division
of its members; provided that nothing in this