Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1913-10-23

Investment aforesaid. The total bonded
Indebtedness of such city, county or town
shall not, at the time of such Investment,
exceed fve per centum of the assessed
valuation therein, and such bonds shall
have been issued pursuant to the law of
the state in which city, county or town
is situated.
(e) First mortgage bonds Of any steam
or street railway, public utility, or indus
trial corporation operating partly or
wholly in the United States.
Provided, That the same shall have
been approved by the comptroller of the
currency.
(D First mortgage bonds or deeds Of
trust issued by any real estate corpora
ton:
Provided, That no such bond issue or
deed of trust shall exceed in amount 50
per centum of the assessed value of the
real estate upon which it constitutes
lien.
SCRUTINY OF INVESTMENTS.
The federal reserve board shall have
power further to define the conditions un-
der which the said mortgages, deeds of
trust, notes, bonds and other securities
| hereinbefore enumerated may be pur-
chased by any such savings bank depart
mcnt, and may at It's discretion make
and issue lists of such securities having
its approval, or may list securities in
which the savings bank department afore-
said shall be prohibited from investing
| Such lists may be published in any man.
ner deemed best by the said federal
reserve board.
| It shall be the duty of every national
bank to maintain with respect to the de-
mand liabilities of it's commercial depart
ment the reserves applicable thereto, as
provided by the national banking act and
by this act.
1t shall be the duty Of every national
bank to maintain, with respect to all de-
post liabilities of It's savings department
a cash reserve in lawful money equal tC
not less than four per centum of It's tota
deposit liabilities and every national banl
authorized to maintain a savings depart
ment is hereby exempted from the re
serve requirements Of the national bank
ing act and of this act in respect to thu
said deposit liabilities of it's savings de
partmcnt. except as in this section pro
vided.
Every national bank authorized to oper
ate a commercial department and saw
, ings department under the provisions o
this section shall segregate in its vault
, the lawful money reserve of each sue
department and shall separately main
tain. report and account for such re
, serves Whenever any such department
whether savings or commercial snail de
,,.i4 .I..,. Ia Il
such deposits shall be credited upon tn
books of such other banks rs made b
and belonging to the department of tn
dcpositing bank by which or in who's
, interest they We're originally made, an
shall be Paid only upon the order Of sue
department. No department of any sue
national bank shall receive deposits fror
any other department Of the same banl
, SEPARATE ACCOUNT BOOKS.
+ 1t shall be the duty of every nation
e bank to maintain separate books Of ac
h count for each of its departments, and
; segregate and keep separate and distinC
e in each such department the cash. st
= curities, investments and property there
= to belonging; and each such departmer
= shall, in the transaction of its bushes
5 and the making of its investments he eN
e clusvely governed and controlled by tn
g provisions of law and regulations of tn
= federal reserve board or of the conn
e troller of the currency specifically mad
4 and provided with reference thereto.
/ Any national bank authorized under tn
$ provisions of this section to maintain
e savings department may make and pub
lish rules and regulations defining tn
!. conditions under which deposits shall b
= received and paid by such savings d.
q partment. Such regulations may specif
a the period of notices which such depart
= ment may at its option requ re for tn
withd avail of such deposits
= Provided, That no such deposits sha
II be subject to a requirement of less tina
n sixty days notice of withdrawal
= The said rules and regulations shall /
8 subject to the approval of the conn
a troler of the currency, and he shall hay
l. power to direct their alteration at h
discretion
n Every officer, director or employee
= any national bank who knowingly or wi
= fully violates any of the provisions of tn
It section shall be guilty of a felony, and {
n conviction thereof shall be punished by
al fine not exceeding 5000, or by impriso,
II ment not exceeding two years.