The Olneyville times. (Olneyville [Providence, R.I.]) 1887-1917, 1908-09-04

-
the county In which the corporation Is
established. Q list Of all persons who have
taken the oath OF once TO which they
were elected. and a list OF the board OF
trustees Said lists shall be included in
the annual report OF the corporation 10
the commissioner. and shall be kept on
file in his ONCE for inspection by the pub
he. Any such clerk who neglects 10 give
such notice or make such publication. or
who makes a Aslse publication. and any
person VINO knowingly publishes or circu-
lates or knowingly causes 10 be published
or circulated. printed notice containing
the name Of person as an officer OF such
corporation who has not taken the oath
OF Office. shall be deemed guilty of a mis-
demeanor and upon conviction thereof
shall be fined not more than fifty dollars
Sec. % A regular meeting OF the board
OF trustees OF such corporation shall be
held at least once in three months. for the
purpose OF receiving the report OF its
treasurer and for the transaction OF other
business A quorum shall consist OF not
less than FIVE trustees but less than
quorum may adjourn from time 10 time
or until the next regular meeting. AT
least once In every three months the
trustees shall cause TO be prepared a
statement showing the condition OF the
corporation as il appears upon its books.
in the form Of a balance sheet OF its ac-
counts. Such statement shall be posted
In a conspicuous place in its banking
room. where IL may be easily read by the
public. and shall there remain until an
other statement Is prepared as herein
before provided. record shall be made
at each meeting OF the transactions OF the
trustees and of the names OF those pres
ent. IL q trustee fails both to attend the
regular meetings OF the board. and 10 per
form any Of the duties devolving upon
him such trustee. for six consecutive
months. mis- Office may be declared vacant
by the board of trustees. record OF
such vacancy shall be entered upon the
books OF the corporation, and a tran
script OF such record shall be sent by mail
10 the person whose office is thus made
vacant. The trustees shall cause 10 be
published semi-annually. In newspaper
published in the county I'm which said
corporation is located. the names OF the
president. treasurer, members OF the board
Of investment. and other officers OF such
corporation charged with the duty of in
vesting its funds. The first publication
thereof shall be within thirty days OF the
election or appointment Of said officers.
and the second publication at the expira-
ton Of six months therefrom.
Sec. - Meetings of the board OF in
vestment OF such corporation shall be held
at least once in each month. The board
shall examine all loans made by such
corporation. all changes In the property
or security pledged or the rates OF inter
est charged therefor and all purchases or
sales OF bonds. stocks. and notes. and
shall perform such other duties as the by
laws may prescribe. A record shall be
made. at each meeting. Of the transac
tions Of the board and OF the names or
those present.
Sec. 25. At the first meeting after their
election the trustees shall appoint an su-
diting committee Of not less than two
trustees. of which neither the treasurer
nor more than one member OF the board
OF investment shall be members. who
shall. at least once during the twelve
months following their appointment. make
or cause 10 be made a thorough audit OF
the investments and books OF such cor
poration for the period elapsed since the
preceding audit, and the report OF such
committee relative thereto shall be read
at the next meeting Of the trustees after
such audit has been completed.
Sec. 26. Every treasurer and assistant
treasurer shall give bond I'm such form as
the bank commissioner may prescribe 20
the satisfaction of the trustees. for the
faithful performance of his duties. and
shall file with the bank commissioner AN
attested copy thereof. with a certificate
OF its custodian that the original IS in his
possession. Such officer shall notify the
bank commissioner OF any change there
after made therein. IL he fails within ten
days from the date of the giving Of said
bond to tle copy thereof. or within ten
days from any change therein 10 notify
the commissioner Of such change. he shall
be deemed guilty of a misdemeanor and
upon conviction shall be fined not more
than fifty dollars. The bank commission
er shall keep a record showing when said
bonds expire and the changes so notified.
and. when in his judgment il Is necessary
for the security Of the depositors, he shall
require new bond In such amount and
with such sureties as he may approve.
Said officers shall renew said bonds or
give new bonds at least once in five years.
The trustees shall require bonds OF such
other officers or employees. and in such
amounts. as they may consider necessary.
UNAUTHORIZED BANKING PROHIB-
TIED.
Sec. q. No corporation, either domestic
or foreign. and no person. partnership.
or association, except banks. savings
banks. or trust companies Incorporated
under the laws of this state. shall here
after make use OF any sign, at the place
where its business Is transacted. having
thereon any name. or other word or
words. indicating that such place OF Office
Is the place or ONCE OF bank, savings
bank. or trust company. Nor shall any
such corporation. person. association. or
partnership make use OF or circulate any
vi pTlHleO OT written ana
partly printed paper whatever. having
thereon any name. or other word or
words. indicating that such business is
the business of bank. savings bank. or
trust company; nor shall any such cor
poration. person. associa ton, or partner
ship receive deposits and transact bust
ness in the way or manner OF a bank
savings bank, or trust company. or in
such a way or manner as to lead the
public 10 believe. or as, In the opinion OF
the bank commissioner. might lead the
public 10 believe. that its business Is that
OF a bank. savings bank, or trust com
pany: Provided. however. that this sec
ton shall not apply TO domestic building
loan associations subject TO Chapter one
hundred eighty-eight OF the General
Laws. OF foreign buildingloa associa-
tons subject 10 Chapter one hundred
eighty-nine OF the Genera Laws. or 10
savings fund and loan associations or
building and loan associations incorpo-
rated by the general assembly prior 10
May 18th. A. u. 1896. and provided. fur
fher. that nothing IN this act shall be
construed 10 prevent any corporation
heretofore authorized by the laws OF this
siate 10 use the words bank" or bank
ing" as part of iis corporate name from