Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1897-03-29

with its date, shall be entered on the
The treasurer shall dispose Of and secure
the safe keeping 1f all in TIE
manner designated by its bylaws, Il.
Section g. Section one hundred ana
fotXeiEht of shap shtesn hundred and
eighty-seven, is hereby. amended by strik-
ing out in the eleventh line Of said sec rec.
ton the word oh ne st aaS eu II the
same line the word '.five'' and inserting
the word ten; 50 that said section as
amended shall T read nr 81 foi aoS losses may
be distributed annually. semi-annually
or quarterly. to the shares then existing.
but shall be distributed at least once ~
shares is to be issued. Profits. and losses
shall be distributed to the various shares
existing at the time of such distribution.
in proportion to their value at that time:
and shall be computed upon the basis OF
single share. fully paid to the date OF
distribution. Losses shall be apportionedi
Immediately after their occurrence. AT
each periodical distribution of profits,
the directors shall reserve as guaranty
fund a sum not less than three nor more
than ten per cent Of the net profits accru-
ing since the next preceding adjustment.
until such fund amounts to five per cent
of the dues capital, which fund shai,
said fund shall be at all times available
to meet losses in the business of the asso-
citation from depreciation In It's securities
Section 4. Section one hundred and lf-
ty-one 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 fol-
lowing:
Section ISL. The bank examiner shall
perform, in reference to all loan and
hl1jlIinp associations. the same duties
and shall have the same powers as are
REQUIRED of him or given to him in
annually, by the first day of December,
make report to the governor and coun-
Gil of the general conduct and condition
of each of the associations visited by
him. making such suggestions as he
deems expedent and that the public in
terest require. The officers of such assoc
Citations shall answer truly all inquiries
made and shall make all returns required
by the bank examiner
Section 5. Chapter sixty-one of the
eighty-seven is hereby further amended
by adding thereto the following sections:
Section 152. The secretary, treasurer:
trust ' in loan an and and building associations
shall give bonds to the corporation for
the faithful discharge of the duties of
their offices in such sums as the directors
decide to be necessary for the safety of
the funds. and such bonds shall continue
to be valid from year to year SO long as
subject to renewal whenever ordered by
the bank examiner: or directors. The
directors may. in lieu of said bond. in
with some fidelity or guaranty company
which shall be satisfactory to the exam
liner. for the faithful discharge of the
such other clerks as may be employed
in such sums as they may decide to be
necessary for the safety of the funds in
the custody of the corporation. The ex-
amiper shall annually examine the bonds
given, as aforesaid. and inquTe into and
certify to the sufficiency thereof. and
he shall order a new bond to be given
within time by him specified.
Section 15s. Directors, shall cause. all
by them absolutely or In mortgage, to BIT
fully insured against loss by fire oil
lightning, and the expense of such insur.
to the amount of the mortgage debt, te
|; be refunded in case of payment or re-
. demption.'
Section 6. Chapter two hundred and
Eighteen hundred and nsnety ninety en-
titled "A AT for the Of th'
by amended e by striking sn out til the wore orc
first, section thereof. and inserting th'
ton as amended shall read as follows:
Section l. Every loan and buildint
shal on the last seeula
, days of April and October, make return
! signed and sworn to by its secretary Q
shareholders during the six months pre-
ceding each of said days. exclusive o
Withdrawals fines. interest and premi
ums Said return shall be made to tn
treasurer of state on or before the secon,
: Mondays of May and November, and 70
e willfully making false, return the sec
nor more than five thousand dollars. TIL
e treasurer of such association shall pa,
to the treasurer of state tax on accoun
4 of such dues. of one-fourth of one pc
n cent year on the amount so returned.
Y approved March 27)
. Chapter 32O.
z AN ACT relating to Fraternal Beneficiar
: Sec ton /. A fraternal beneficiary asso
citation is hereby declared to be corpora
4 ton. society or voluntary association
the sole benefit of it's members and thei
: beneficiares. and not for. profit. Fac
r association. shall have. "A lodge system
n with ritualistic form of work and repre-
sentative form of government, and sha
make provision for the payment of bene
. fts N case of death. and may make pro
l vision for the payment of benefits in cas-
: Of sickness, temporary or permanen
4 physical disability, either as the result O
D disea Sc: ACCIDENT or old age, provided tn
r period in life at which payment of physl
/ cal disability benefits ON account of oil
1 age commences. shall not be undo
seventy years. subject to their compli
Il Will us CONSTITUTION anu laws. L II
G fund from which the payment of sue
benei is shall be made, and the fund fror
: which the expenses of such association
8 shall be betrayed shall be derived fror
assessments or dues collected from it
$ members. Payments of death benefit
g shall be to the families, heirs blood rela
n uvcs, affianced husband or affianced wifi
Il of, CT to persons dependent upon tn
r mem er. Such associations shall be gov
I erneG by this act and shall be exemp
e from the provisions of insurance laws q
\ this state, except as herein provided an
IL no law hereafter passed shall apply t
!. them unless they be expressly designate
v therein.
a Section 2 Seven or more persons resi-
n dents of the state, desiring to form a fra
u ternal beneficiary corporation for the pur
: poses above provided and having signe
AN agreement therefor declaring therei
e the purposes of such corporation, may OF
i ganiZe as such in the manner provided /
r section one, two and three of chapte
: hfty-fve of the revised statutes, and sue
). corporation shall have all the powers
: privilo geS and immunities. and be subjec
E to all the liabilities named in said sectio
: Section 8. The presiding officer, treas
!. urer and a majority of the directors O
u other officers, shall forthwith make, sig
" and swear to a certificate setting fort
!, a true copy of the agreement and deciara
y ton CT the purposes of the association
: with the names of the subscribers thereto
u the date of the first meeting and the sue
. ceSSivo adjOurnmentS, if any, and Sha