Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1907-03-29

ten SHARES OF the stock.
Section H. All the property or no,a-
y held in trust by any such COMPANY shs,
constitute special deposit and the A.
counts thereof, OF said trust department
shall be kept separate, and suc1 fuod.
and the Investment or loans Of them n ali
be- specially appropriated TO the eecuri,r
and payment Of such deposits, and not B.,
company. and for the purpose Of secur
ing the Observance of this proviSo, z,tcb
company shah have a tru.st department
trust property shall be kept separate ami
distinct from its generas business
Section Is. An administrator. executor
assignee ign guardian or trustee, any court
bate and insolvency. officers ana treas.
urers Of towns. cite. counties. ana say
post any moneys. bonds. stocks, evil
dencns of debt or of ownership IN prom
erty, or any. personal properly, with
said corporation. and any Of said courts
may direct any person deriving AUTHORITY
therefrom to ~ deposit the same
Section is. NO trust company shall loan
to any person. firm. business syndicate,
or corporation, an amount or amounts
AZ any time outstanding in excess Of ten
per cent Of its total capital. unimpaired
surplus and net undivided profits. excep.
OIL approval of majority OF its entire
investment board. unless secured by coll
lateral. nor in excess OF twenty-five per
cent thereof, except on such approval ana
secured by collateral. which in the judy
ment of said ma iority OF said investment
board shall he OF a value equal to the
excess OF sale loan above sg.d twenty
five per cent; provided that in ietcrnin-
ing said amount every person, firm, syn
dictate ol corporation appearing on any
loan as endorser. guarantor or surety
shall he regarded as an original promis.
CT. But the discount of bills of excha nge
drawn in good faith against actually tx
listing values, and the discount or com
by the person negotiating the same. shall
not be considered as money borrowed
Provided. however, that any such COM
pany now having loans outstanding IL
excess Of any OF the aforesaid rcstric-
tions may permit the Same to be renewed
from time tc time as they mature, for
periods not exceeding six months each,
il an amount equal to not less than tea
per cent of every loan 50 maturing shall
have first been paid in In cash. and If "a
equivalent amount shall be paid in at the
end of every six months on all demand
where leans in excess OF said ten per
cent are granted the records of the com
thereof, and said records and those r.
qurcd by section seventeen of this act
shall ccrlStitutc prima facic evidence Of
prosecutions and suits to enforce the
several provisions and penalties enu:ner-
ated IN section twenty-five Of this act.
Seeti"n L. Section n eighty .aI OF chap
hereby amended, so as to read as follows:
Section s.. No trust company shall
make any loan 10 its directors, officers.
agents or other persons in its employ. Or
on which any such director. officer. agent
or employee is all endorser. guarantor Or
surety. or to any firm or business syn
dictate Of which such director. officer.
agent or employee is u member. or to any
person or on the cndnr5emC ut or guaran-
t, of any person who is partner OF. or
member If a business syndicate with,
such director. officer, agent or employee,
or to AIRY corporation Of which any such
director. officer. agent or employee l. q
director officer, superintendent or man.
aser. until the proposition to make such
lean shall haze been submitted by til.
person desiring the same to the board Of
directors If such company, or to thc
accepted and approved by majority OF
the entire membership of such board or
committee provided, how evcr. that no
director of such company who is interest
ed il. said loan in any of the above ca
pacities. Or who is connected or associat-
ei with the borrower in any of the above
ways. shall be regarded as voting in the
affirmative on srch loan. Such approval
il the loan is made shall be spread upon
the records of the COMPANY: and this
record shall. in every instance. give thu
names of the directors authorizing the
inans. Nothing in this section or in c.
tim sixteen of this act shall make il an
prison. firm syndicate or corporal ton a
line III credit to an amount not exceeding
twenty-five per cent of its total capital.
uni1npared surplus ard o net N, un sir,El
as to percentage Of entire board anil
right Of interested persons to vote on
same contained in said sections. The
records Of the company shall show how
every director voted on. the same. and
when such line Of credit given the
tro lsurer may pay out i"anE IL accord
prevail. A line of credit SO given shall ex-
pirc in six months unless renewed in the
sam manner in which 1t is originally
given
Section Is. Every trust company shall
make such report of its condition from
time. to time as the bank examiner shall
require. ard shall cause the same TO "
publiS he'd az he may direct.
Section 70. Two CT the directors. at
leas.. sEall once in each year thoroughly
tic the trcasurers account. and report
Under cath TO the bank examiner the
standing OF the company. the situation ef
the winner CT re s res liz the NAME anne
ard according to the form that he pre-
scribes. and nl,blish an abstract thereof.
If required The examiner shall season
blanks for said examination and report.
Section 20. Any trust company organ
sary bylaws. not inconsistent with the
general laws of the state, for the man
agement of its affairs.
,s Ssct;Gn T. No trust company nov or
branch or agency in any city or town
other than that in which the parent insti-
tuition has its location until 1t shall have
received a warrant SO to do from the
bark examiner who shall issue such war
rant only when. satisfied that public con-
vcci' ace and advantage will be promoted
by Tic establishment of such branch or
agency and that the unimpaired capital
stock Of the parent institution is sufti.
cirnt to comply with the conditions Of
SECTION c1dt VI this act. r"rl; nin'' the
aGGr, gate pCI'rla ion OF it, home city Or
town and OF I'LL cities or tc Tn' IL which
it : authorized by its Charter. to estao-
F9h Prt,Irhcs r agencies. including thu
one uEdeI Consideration. Tho examiner
ma! require ,ch notice a. an apolica-
ton for branch or agency as he deems
prol"r. NJ tri st COMPANY shall be per-
nhtttd 10 establish branch or agency
except in it's Uwu or IN ad DINING county
u granted The bank examiner shall issus
lis warrant IN duplicate. one copy TO be
dtiirered to the trust company. and the
other to the secretary of state for record
The company shall within ten days after
opening said branch or agency. tile GER
tthcate thereof. signed BY its president
ana treasurer. with the bank examiner
The. right to open a branch or agency
shall laIse in one year from the date OF
ftlug the examiners fWrarramt with tho