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

from such amounts so pledged In prefer
ence to all other creditors.
Sec. a. Every trust company shall be
required to deposit with the general treas
urer OF this state, In bonds OF this state
or OF the state Of New York. or OF some
Of the New England States or OF the Unit
ed States. or In the bonds, notes, or other
financial obligations OF any town or city
In this state or In any securities or the
classes In which the board OF commits
sioners OF sinking funds OF this state are
authorized TO invest the moneys received
by them. or in first mortgages on improv-
ed real estate in this state OF the class
required for savings bank investments, an
amount that shall be at all times equal I'm
value TO twenty per centum OF the entire
capital stock OF said corporation. which
bonds shall be held by said treasurer az
an additional security for the faithful per
formance by said corporation OF Its duties
as trustee. executor. custodian. conserva-
tor. guardian, assignee, or receiver, and
also as an additional security for the re-
payment OF moneys deposited with said
corporation by executors, administrators.
custodians. conservators, guardians, as
eignees. or receivers. or trustees on spe-
cial agreement, and by reason Of which
deposits such depositors are exonerated
under this act from personal liability to
the estates on account OF which such de-
posts were made; and the parties intend
ed hereby TO be secured by such deposits
shall. in case OF loss. be first fully indem-
nined out OF such deposit, In preference TO
all other creditors OF said corporation:
Provided. however. that whenever such
deposit OF any part thereof shall consist
OF mortgages on real estate. the company
so depositing the same shall execute an
assignment thereof and OF the debts Sc
cured thereby In favor or the general
treasurer OF the state In trust, for tho
uses and purposes herein mentioned: Pro
rated before the passage OF this act and
which shall have organized under their
charters and be doing business at the
time OF the passage OF this act, which by
the express provisions OF their charters
were required TO deposit bonds with the
general treasurer OF this state only when
ever after their incorporation they should
receive and assume TO execute certain
trusts specified In their charters. shall not
be- subject TO the provisions OF their re-
spective charters I'm this behalf for five
years next after the passage OF this act:
and no such company shall accept or as
sumo to perform any OF the trust duties
mentioned In this section or receive any
deposits from any of the trustees herein
mentioned until such deposit shall have
been made.
Sec. a. Upon the receipt by said general
treasurer OF such securities from said cor
poration. said general treasurer shall give
10 said corporation a certificate stating
the securities and amount OF each. Said
general treasurer shall at all times pay
over to said corporation the interest which
may be received upon such securities and
shall at nll times permit said corporation.
by it's treasurer or other authorized
agent, to examine said securities to re-
ccive all coupons on the same. nv they
shall mature and to collect for the ure
OF said corporation all interest due there
on or on said securities, however the
same may he evidenced or secured; and
shall also permit said corporation 10 re.
tire any securities 80 deposited on substi-
tuting therefor other securities Of any OF
either OF the classes mentioned above, To
such an amount that the market value or
the whole deposit shall not be less than
the sfnfbunt required by the provisions OF
the preceding section.
REGULATION OF BANKS, SAVINGS
BANKS. AND TRUST COMPANIES.
RETURNS.
Sec. 30. Every bank and trust company.
at such times as the bank commissioners
may require, but at least five times with
In any calendar year, shall make report
90 said bank commissioner signed and
sworn to by It's president or vice president
and secretary. or treasurer or cashier. or
auditor. and attestod by at least three OF
its board Of directors. showing accurately
the condition OF such corporation at tho
close OF business on any past day by him
specified: and said report shall he trans
mtted 10 said commissioner within ten
days, exclusive OF Sundays and holidays.
after his request or requisition therefor,
and shall specify the following: capital
stock; amount OF all money and property
I'm the possession or charge OF said corpo-
ration AZ deposits; amount OF deposits
payable on demand or within ten days:
amount of savings or participation depOs-
it's and the amount set aside for the pro-
,.f .gl,.sro is.lt Inn 1an
itors. number OF depositors. Investments
in loans Of the United States or any OF
the United States, or counties, cities or
towns thereof: Investments In bank
stocks. railroad stocks, and railroad
bonds. and all other stocks and bonds,
stating the amount In ench and the num-
bor Of shares OF stocks or bonds with the
par value. book value. and estimated mar
ket value thereof; loans on notes OF corpo-
rations. firms. and individuals. loans on
notes secured by collateral; loans on mort
cages OF real estate. cash on hand. cash
on deposit with other banks; amount and
date OF dividends since last return and
such other information as the commission
er may require. Every trust company shall
also include In It's first return. made after
the first day OF February In each year. tho
amount Of trust funds held by H. Such
returns shall he summarized In the form
OF a balance sheet Of it's books. and shall
specify the different kinds OF it's liabilities
and assets. with the amount OF each kind.
in accordance with blank form 10 be
furnished by said commissioner, and shall
be published, by and at the expense OF
such corporation, In n newspaper OF the
city or town OF this state In which such
corporation r. located. or near thereto. at
such times and In such manner as may be
directed by said commissioner, and shall
also be Included In the annual report or
said commissioner: Provided, however.
that after the first day OF February, 1913.
or AZ and from such time prior thereto as
II shall have wholly yet apart it's savings
or participation deposits for the protection
OF its savings or participation depositors
under the provisions Of this act. any bank
or trust company which shall maintain
savings or participation department or re-
ceive deposits as savings or on participa-
tlon shall only be required 10 make re-
turn OF tho condition 81 such department.
or such deposits In such way or manner
as n provided In this act for the returns
OF savings banks.
Sec. 81. Every savings bank Incorporated
within this state shall. at such times as
the bank commissioner may require, but
AZ least twice within any calendar year.
make a report 10 said bank commissioner.