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

| conferred and imposed upon them se-
tpectively by this act. and in addition
| thereto shall have all the powers. rights.
and privileges and be subject To all the
| duties restrictions and liabilities set
| forth i'm Chapter one hundred seventy.
seven OF the General Laws and IN any
| act In amendment thereof or In addition
thereto 50 far only as is not repugnant
20 or inconsistent with the provisions OF
| this act
| Sec. a. Every bank shall have power
| 10 exercise. by it's board OF directors or
| duly authorized officers or agents. subject
| 10 law. all such incidental powers as
| shall be necessary 10 carry on the busi-
ness OF banking; - discounting. and ne
| gotiatng promissory notes. drafts, bills
| of exchange. and other evidences OF debt,
| 10y buying and selling exchange. coin. and
| bullion; and by loaning money on per
| sonal security; by receiving deposits and
| paying interest thereon: Provided, how.
| ever that from and after the first day OF
| October, a. II. iSs, the total amount OF
| such deposits on hand shall never exceed
| ten times the combined amount Of its
surplus and capital stock paid In.
| Sec. &5. Savings banks shall have the
| power 10 receive money on deposit and
| pay interest thereon and 10 invest the
same I'm such manner as may be pre-
| scribed by law.
Sec &C. Every trust company shah have
| the power:
| ta) To receive and hold moneys In trust
or on deposit upon such terms and condi-
| tions as may be agreed upon. and TO al
| low such interest upon the same as may
| be obtained or agreed upon, and 10 loan
| any moneys In it's hands for such interest
as may be agreed upon. and 10 invest it's
| capital stock and moneys In its hands In
such bonds. obligations, or property. real.
| personal. or mixed as II may deem pru-
dent. subject, however. TO any duties re-
strictions or limitations imposed by the
| provisions OF this act
h) To receive from executors, admin
! istrators. assienees. or receivers. trustees
| custodans conserVators, or guardians OF
the estate OF any person. moneys I'm their
| hands, and To allow such rate OF interest
| thereon as may be agreed upon; and the
| deposits so made shall discharge the said
| executor administrator. assignee. or re-
ceiver. trustee. custodian. conservator. or
| guardian So making the same from all
| personal liability for any loss or damage
| Which may ensue 10 the estate In his
hands by reason OF having made such
| deposit.
(c) To receive from executors. admin
| istrators, assignees or receivers, trustees,
| custodians, conservators, and guardians.
| bonds. notes, mortgages, certificates OF
| stocks and other securities, as well as
| moneys. and To collect. pay over. or In
| vest the dividends. income. interest. and
| profits thereof according to the require
|
| may be held by said dspositors and re-
ceived by said trust company: and such
| executors, administrators. assignees. or
| receivers. trustees custodians, conserv-
| ators, and guardians depositing any OF
! such securities with said trust company
shall bc exempt from liability therefor M
| ~ they had deposited moneys In their
| hands with the said corporation.
| (d) Every trust company may receive.
| upon deposit and for safe Keeping. plate.
| jewelry. stocks. bonds. and property of
| every description. upon terms prescribed
| by said corporation, and may construct,
own. lease and maintain safe deposit
| vaults with suitable boxes and places for
the reception and deposit Of such proper
| ~, and may lease and let the use Of such
| places and boxes to individuals and cor
porations. upon such terms as such cor
poration may prescribe and such corpo-
| ration shall In no case incur any liability
on account OF the deposit OF any such
property so made with II. or by reason
OF Ihe leasing or letting OF any such place
of deposit other than such liability as
said corporation shall expressly assume
In each case by the terms Of the contract
| or receipt under which IL shall accept
| such deposit or shall have let such place
| OF deposit.
(c) In all cases In which such corpora
tion shall receive and accept appointment
| as executor administrator, custodian,
| conscrvator, or guardian OF any estate
| bond shall be given by said corporation
| In the same manner as provided by law
In the case OF individuals so appointed.
| except that said corporation shall not be
| required 10 give surety upon such bonds
unless some person pscuniarily interested
| In such estate shall. before such bond is
| given, f1le "A written request, In the court
OF probate making said appolntmeDt that
| bond with surety may be given; In which
case such court may require said corpora
,.slsl 80. fl..
satisfactory 10 such court In the Same
manner as provided by law In the case OF
individuals appointed as aforesaid.
| % Such corporation shall also have
power 10 accept and execute all such
trusts and to hold In trust all such prop
| erty OF every description. as may be
committed TO II by any person or per
| sons, or by any corporation, or by any
| court OF this state or OF the United States;
| and also 10 accept and execute the Office
| and appointment OF executors, admins
| traitors custodians, conservators. guard
| ians OF estates, assignees, or receivers
| OF any kind or nature whatever, whether
| such ONCE or appointment be conferred
| or made by any person or persons. or by
| any court OF probate or other court; and
| any court OF probate In this state IL here
| by empowered in It's discretion. TO APP
| point such corporation as administrator.
| custodian. and guardian OF the estate
! only Of any person who may be subject
| 20 guardianship. or conservator In any
! case within It's jurisdiction, excepting az
| administrator or custodian upon the es-
| tate Of wife dying intestate, anything
| in the provisions OF the court and prac-
| tice act 10 the contrary Notwithstanding:
| Provided, that any trust company may,
| upon the petition Of the husband. be ap-
I pointed administrator or custodian upon
| the estate OF wife dying intestate: Pro-
! vided. that such corporation shall not be
! authorized 20 act In any case as OK
| ecutOr. administrator. guardian, cuHiO-
! dian or conservstor. and no letters tesla
| rnentsry Of administration. OF guardian
| ship. 81 custodianship, or Of conaervator-
| ship shall be issued 90 such corporation,
| until It's acceptance In writing 81 the ap-
pointrnent and trust shall be filed and re-
corded In the probate court In which said
! appointment shall be made.
! (gj To receive Bnd execute all trusts
which may Re created or transferred TO
/ n by the decree Of any court, ana 10 re-
ceive all moneys that may be deposited
| with n by any order of court, upon such
/ terms a. may be agreed upon: ~ every