The Olneyville times. (Olneyville [Providence, R.I.]) 1887-1917, 1908-09-11

owned by the person negotiating the
| same shall not he considered as money
| borrowed.
See g.. No bank or trust company shall
/ make any loan 10 its president. its vice.
/ president. It's cashier or to any OF it's di-
rectors or any OF it's clerks, tellers. book
| keepers. agents. servants. or other per-
sons In its employ, until the proposition
/ 60 make suCv loan. stating the amount
terms. and security. II any offered there
\ for. shall have been submitted In writ
/ ing 10y the person desiring the same. TO
/ a meeting OF the board OF directors OF
4 such bank, or OF the executive or finance
/ committee OF such board. II any, and 'ac-
\ ceptcd and approved 10y the vote OF
/ majority OF those present constituting
quorum; no hank shall permit It's presi-
\ dent it's Vice president it's cashier, or
/ any OF it's directors clerks, telers, book
keepers. agents servants. or other per
sons I'm It's employ, to become liable To IL
/ hy reason OF oVerdrawn account; any
I president, vice president, director. CASH
/ Ter. teller. clerk, or agent OF any bank or
/ trust company who knowingly violates
/ this section or who aids or abcts any
officer. clerk. or agent I'm any such viola
ton, shall, upon conviction thereof, I've
| punished by "A fine OF not more than one
/ thousand dollars or 10y Imprisonment for
not moro than Ave years, or 10y both.
Sec. 60 No president. treasurer, member
! OF a hNAfu OF investment. Nl hiN'tl W
/ any savings bank, charged with the duty
/ OF investing it's funds, shall borrow or
| usa any portion thereof, he surety Tor
! loans TO others or. directly or indirectly.
/ whether acting individually or as trustee
for others, be ohligor for money bor-
| rowcd OF the corporation; and III such
member or officer. either Individually or
acting as trustee for others, becomes the
| owner OF real estate upon which n mort
/ gage Is held by the corporation, his Office
I shall become vacant at the expiration or
/ six months thereafter unless he has
/ ceased 60 be the owner thereof or has
| caused said mortgage 20 bc discharged or
/ assigned. The provisions OF this section
shall not prevent the deposit OF money,
| as provided I'm this act, I'm banks or trust
/ companies OF which one or more trustees
or officers OF such corporation are direct
| ors or officers.
Sec. "a. No bank or trust company shall
! make "A loan or discount on the security
OF the shares ~ it's own capital stock. nor
| be thcspurChascr or holder of such shares,
/ unless such security or purchase shall
| be necessary TO prevent loss upon debt
| previously contracted In good faith: Pro
| vided, however that whenever "A bank
shall make a valid loan or discount In
/ good faith upon the general credit OF spe-
| cinc security or collateral OF a shar"hold-
| cr. other than the shares In such bank,
nothing In this section contained shall bs
| construed 60 abridge or modify any or
/ the provisions OF the charter or bylaws
OF such bank, as affecting such transac-
ton giving Il lien upon, or any other
right or remedy relating To or affecting,
the stock OF such shareholder All stock
so purchased or acquired by the bank In
good faith as aforesaid shall, within one
year after its purchase. be sold or dis
posed OF at public or private sale.
Sec G5 Every person, not under guard
ianship who may make n deposit per
sonally I'm any bank. savings bank, or
trust company. may control, transfer, or
withdraw the money 80 deposited, ana
the dividends or interest that have ac-
crucd or may accrue thereon. notwith-
standing such person M the time of cNer-
cislng such control or or making such
transfer or Withdrawal may be minor.
Sec G6. If deposit is made with any
bank, savings bank. or trust company by
one person I'm trust for another, the
name and residence OF the person for
whom Il is made shall he disclosed, and
Il shall be credited TO the depositor as
trustee for such porson; and II no other
notice OF the existence and terms or n
trust has been given I'm writing TO the cor
poration, the deposit with the interest
thereon may. In case OF the death OF the
trustee bc paid TO the person for whom
such deposit was made or TO his legal rep
resentative.
See 81 when n deposit has been or shall
be made In any bank. savings bank, or
trust company I'm the name OF two per
sons and payable TO either or TO the sur
vivor such deposit, or any part thereof.
or any interest or dividend thereon may
be paid TO either OF said persons whcth-
er the other be living or not, and the re-
ceipt OF the person 80 paid shall be ~
valid and sufficient release and discharge
on account OF the payment 80 made.
Sec. 6S. Any deposit In a savings bank
srfts, ,..f,t a nlf or
trust company may be pledged by doliv-
cry OF the pass-book evidencing such de
posit to the plcdgee. with AN order Tor
It's transfer; but no such pledge shall be
effective 10 secure such deposit against
any person othor than the plcdRor, his
executor or administrator, unless an ac-
| tual transfer OF said deposit shall have
been made upon the books OF the saw
ings bank, or said order for such transfer
shall have been disclosed TO. and a copy
filed with the savings bank holding such
deposit.
Sec 60. The bylaws OF any bank saw
| ings bank or trust company shall not be
altered amended. or added TO except upon
approval OF the board Of bank incorpora-
| ton a certified copy OF the proposed al
| teration, amendment, or addition shall be
submitted to said board. which shall
thercupon endorse thereon it's approval or
It's dlsapprOval thereof. and shall file the
]
shall notify said corporation OF the action
| of the said board thereon II said board
disapprovcs the said alteration. amend
ment, or addition. no further proceedings
shall be had, but the application for APP
proval may be renewed after six months
from tho date of said refusal III said
board approves said alteration. amend
ment or addition. the corporation shall,
within six months thereafter, take action
thereon. otherwise said approval shall be
, Of no effect.
Gee TO- Every director OF any bank or
. trust company must, during his whole
term OF service. own IN his own right.
free and unpledRcd shares OF the capital
stock OF the corporation Of which he is u
Director 30 the amount Of Ave hundred
dollars Of the par value thereof. Any di-
rector who ceases 20 be the owner, as
fnrein provided. OF such amount Of the
capital stock Of such corporation, or be-
comes In any othor manner disqualified.
shall thereby vacate his place.
Sec. II. Every director OF any bank or
trust company. when appointed or elect