Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1906-10-19

ton; provided no transfer shall be valid
until recorded by the treasurer, or, Sn his
absence, by one of the directors, in a
book kept for that purpose.
Sec. 10. The corporation hereby created
shall have power:
l. To receive moneys on deposit or in
trust at such rate Of interest or on such
terms as may be agreed upon, the rate
of interest TO be allowed for deposits not
exceeding the legal rate.
2. To accept and execute all trusts OF
every description not inconsistent with
the laws Of the state as may be committed
to It by any court or by any person or
persons whomsoever, or by any corpora
ton, and to act as executor or admins
traitor upon the estates of deceased per- |
sons and as guardian Of wards.
8. To take and accept by grant, as |
signment, transfer devise or bequest, and |
hold any real or personal estate. or trusts |
created In accordance with the laws of this |
state. and execute such legal trusts on
such terms as may be ordered. declared, |
established or agreed upon. and in case
no terms are ordered, declared, estab-
lished or agreed upon then the trust prop
erty is only to be invested as provided by
the terms of this act
4. To accept from and execute trusts
for married women in respect to their
sonal, and act as agent for them in the
management Of such property.
8. To accept deposits where public
officers or municipal or private corpora
lions are authorized or required by law
to deposit money In a bank; and such de-
posit may be made by such officers or
corporations with the said Brattleboro
Trust Company
6. To issue letters Of credit upon such
terms as may be agreed upon by the d.
rectors.
Sec. IL The directors Of said corpora
| ton may make such bylaws and regula-
tons as they may deem necessary and
| proper, not inconsistent with this act, or
| the laws OF this state.
Sec u. All trust property confided to
| said corporation shall be invested only
| according to the terms of the trust
Sec. 10. The corporation shall be al
! lowed as compensation for the care Of
trust property the investment and col
| lection OF the same, and for other SER
vices rendered in the execution of such
| trust such sum as may be agreed upon;
and In the absence OF any agreement,
such compensation as Is fixed by the by
laws or regulations of said corporation In
| force at the time such trust is created. or
by law. or by the court placing such trust
| in its hands.
Sec. IA. The directors and other officers
OF said corporation may. in their discre-
ton, pay to any minor or married woman
such sum as may have been deposited by
and be due to him or her the same as II
such minor were OF age and such married
woman unmarried; and the check, receipt.
or acquittance of such minor or married
woman shall be full discharge for the
amount for which 1t is given
Sec is. The directors shall have dis
cretionary power OF investing the moneys
received by them on deposit or In trust
in the methods permitted by law to saw
ings banks and trust companies: pro-
vided that when a special direction or
agreement is given or made by or with
those making deposits or leaving trust
property with said corporation, as the
mode of investment thereof, the same
shall be strictly followed
Sec. 16. No director. officer or employe
OF said corporation shall be at any one
time directly or indirectly Indebted to
said corporation for more than one-twen-
: tieth part of the capital stock actually
paid in No loan or discount OF CONNER
cial or business paper of any Individual
firm or corporation shall exceed one-tenth
I part of the capital stock actually paid in
Y nor shall any loan be made by such cor
4 poration upon a pledge OF its own stock
r but in the event any stakeholder is in
S debted to said corporation, said corpora
r ton shall have lien upon the stock Of
said stockholder for such Indebtedness
i unless such stock is otherwise legally
= pledged or attached, and may sell such
S stock as property is sold under condi'
I tional vendors lien.
, | liable at all events (the act OF God ant
h the public enemies only excepted for al
| deposits and for the safe keeping OF al
d bonds or other securities received by sale
h corporation in trust; provided that In cas-
= of the dissolution of said corporation b!
|, act OF law or otherwise the debts du
h from said corporation, incurred by de
posits in favor OF minors, insane person
: or married women in their own right
y shall have the preference and be satisfies
r before any other debts due from said cor
poration are paid.
: sec 49, This act shall not be construe'
t. to confer on said corporation any RICH
d or power to make any contract or TO ac
IS cept any trust whatever which 1t woul
h not be lawful for any individual under tn
It general rules of law which are or shall b
1, in force, to make. accept or execute.
l. Sec. 49, If at any time the capital stoc
n paid into said corporation shall be impare
y by loses or otherwise, the directors sha
e forthwith repair the same by assessment
N and no dividends shall be made or de
II clared upon the capital stock OF said cor
,e poration until the same are actual
? earned and realized over and above a
le losses and expenses.
II Sec. 20. Any president director 9
te other officer of said corporation VINO mis-
applies or dIverts the money!, funds, G
i other trust property confided to and ac
IN cepted by said corporation from the pun
l. poses and objects prescribed by this &C
m or who participates in such misapplicatio
m or diversion, shall be imprisoned In tn
n state prison not more than hve years
al fined not more than $5000 OF both.
n Sec 21. This corporation shall be SUI
Id ject to the provisions Of law applicable
n trust companies, and also to all generl
ir laws which may hereafter be enacted
I'd relation to trust companiesr and 10 81
at power Of the legislature at any time. herr
A. after TO repeal. alter, or amend this a.
- | as tha nlIblic good may require.
en- Sec. y. rms act shai eaAe sheS' ~