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


year Tor the i've years last preceding
such investment dividends az not less
than four per centum per annum upon
all outstanding capital stock, or the bonds
OF any such street railway company Sc
cured 10y mortgage and guaranteed as 10
poration.
Cd) In the note or notes of an individual,
copartnership, or corporation. with
pledge as collateral of any OF the afore-
said securities the market value OF which
securities shall be at least twenty per
centum I'm excess OF the amount secured
Fourth. Ia. In the stock OF a banking
association located i'm any OF the New
England States or In the state OF New
York. and Incorporated under the au-
thority OF the United States. or I'm the
stock OF bank or trust company incor-
porated under the laws OF and doing
business in any OF the New England
States or I'm the state OF New York; but
such corporation shall not hold, both by
way OF purchase and as security for
I loans, moro than twenty-five per centum
l of its deposits I'm the stock OF such banks,
associations, or companies at the cost
thereof nor In any one such bank, as
/ sociation for company more than three
/ per centum Of its deposits In, nor more
I than one-fourth OF the capital stock of.
/ such bank. association. or company. Such
corporation may deposit not more than
T five per centum OF it's deposits I'm any one
such bank. association. or company, but
such deposit shall not exceed twenty-five
/ per centum OF the capital stock and sur
plus OF such depostsry.
/ (hl In the note or notes OF an indiVid-
ual copartnership. or corporation with
I a pledge as collateral OF any OF the atorc-
/ said securities or the stock OF any ma
/ tonal banking association. or OF any
bank or trust company Incorporated un-
der the laws OF the state In which II In
/ located which banking association, bank,
or trust company is located in. and *, a
member OF the clearing house Of. any city
! OF the United States which has at the
/ date OF such loan more than two hun.
7 dred thousand inhabitants AS established
] by the last national or st,ttc census pre-
{ ceding such investment, the market value
OF which securities shall be at least
/ twenty-five per centum In excess of the
/ amount secured.
/ Fifth. In loans TO "A depositor OF such
corporation upon his personal note to an
amount not exceeding ninety per ccntum
/ Of his deposit and the deposit and the
book OF the depositor shall be held by
the corporation as collateral security for
the payment OF such loan.
Sixth In first mortgages or any part
thereof, on real estate. not 10 exceed six
/ ty per centum OF the valuation OF such
/ real estate, hut not more than seventy
| per centum of the whole amount of such
deposits Snail be so invested and not
| more than thirty per centum of the
amount authorized TO bc so invested shall
/ be invested In mortgages on real estate
| outside OF this state. II n loan is made
| on unimproved and unproductive real es-
| tate. the amount loaned thereon shall
| not exceed forty per centum of the val
| uation OF such real estate. loan on
| mortgage shall not be made except upon
/ the report OF not less than two members
I of h.. pf ar
shall certify according TO their best judg-
/ mcnt to the value Of the premises TO bc
mortgaged and such report shall be filed
and preserved with the records of the cor
poration.
Seventh. II such deposits and income
cannot be prohtably invested I'm the
modes hereinbefore described, not ex-
cecdng one-third part thereof may bc
invested I'm promissory notes or other
personal securities payable and 20 be
paid at "A time not exceeding one year,
with at least one responsible surety. or
secured by collateral the market value
Of which shall be at least twenty per
centum i'm excess OF the amount secured
and TO be approved 10y at least two OF
the trustees or directors OF such corpora
ton: Provided that the total liabilities
to such corporation OF an individual, CO
partnership. or corporation for money
borrowed upon personal security. includ-
ing I'm the liabilities OF "A partnership tho
| liabilities OF the several members there
OF, shall not exceed two per centum Of
such deposits and income.
Eighth. In the note or notes OF a gas,
water. electric light or power, telephone,
railroad or street railway company in
corporated or doing business I'm this state
which has paid dividends OF at least -four
per centum I'm each fiscal year upon all
it's issues OF capital stock for five years
next preceding the date Of such invest
ment: Provided. the principal Of said
note or notes natures at time not *
ceeding three years from the date OF In
yestment therein; and provided. further
that said note or notes shall mature al
least five years before the expiration of
the franchise under which said gas
electric light or power, telephone, rail-
road or street railway company are op-
Grated.
Ninth. Such corporation may hold real
estate acquired by the foreclosure OF a
mortgage owned by IT, or by purchase al
sales made under the provisions OF such
mortgage or upon Judgments for debts
due TO g. or in settlements effected "a
secure such debts. All such real estate
shall be sold by the corporation within
FIVE years after the title thereof II vested
In it: Provided that the corporation
may have five years from tho H>zssage OF
this act in which 20 dispose ofAiny real
estate previously acquired but the bank
I commissioner. upon the pcutlon OF suci
corporation. and for cause. may grant adj.
ditional time for the sale Of the same or
of the securities mentioned In the FOL.
lowing clause.
Tenth Such corporation may hold
stocks, bonds, or other securities &C
quired In settlements effected 20 secure
loans or Indebtedness. but unless the time
Suring which securities may be- held ID
extended. az provided In the preceding
paragraph they shall be sold within five
years after being acquired. corpora
tlon holding such securities az the time OF
the passage OF this act SHAH not be re-.
quired TO sell the same within five years
thereafter.
Eleventh. Such corporation may invest
in the purchase Of "A suitable site and the
erection or preparation Of "a suitable
building for the convenient transaction
OF It's business.
Sec. g. The term met indebtednsss'
,ha1 mean the indebtedness ~ a county
city town or district emitting dsbtg ere
ated for Supplying the inhabitants wit'
= wat3r and debts exempted from the Op
Grafton OF the law limiting their indcbt