Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1916-12-08

ehCi CAOIc recommend tHC oPpOAA~
ment Of a commission. to serve under
pay. charged with the duty Of studying
banking needs and conditions OF the
State presenting their recommendations
to the legislature to convene in January,
1919.
'In order that there may be some i'm
mediate relief touching upon various
parts of our banking laws, I recommend
the passage of the following acts and
resolves:
AN act to provide a seal for the bank
ing department, and regulate its use.
AN act to change the time of issuing
new deposit books, where the original Is
lost, from six months to 80 days.
AN act to make legal the opening of
joint accounts in savings banks with a
maximum deposit double the present
maximum for individual accounts.
IAN act to provide for the equal tax
alton of all savings deposits whether in
State or national institutions.
AN act to allow trustees Of savings
banks to receive compensation for their
services.
IAN act to make short time notes. is
sued by counties, cities or towns within
the State. tax exempt in the same man.
ner and form as bonds are now tax ex-
empt
IAN act to provide that checks or Or
ders calling for the payment of moneys
signed by parties afterwards declared to
be of unsound mind, shall be legal un-
less notice of such incapacity has been
given to the bank.
AN act governing the deposit of
money n ha pkS hx iaA
by minors.
IAN act to provide time within
which signatures to check or order may
be denied by the owner of the deposit.
IAN act to amend the statutes rela-
tive to the place Of deposit of securities
owned by any bank.
IAN act to enlarge the list Of states
in the bonds of which the banks shall
be permitted to invest.
IAN act to permit savings banks to
invest in the electric railroad bonds of
certain states.
AN act to provide for the making of
joint utility and other public utility
/ bonds legal investments for savings
banks.
IAN act to provide penalties for any
bank official making a false report to
the bank commissioner.
AN act to give the bank commits
sioner authority to allow increase in
capital stock of trust companies organ
lied under special act Of the legislature.
IAN act to permit loan and building
associations to make. loans to each
other. ..s
AN Act to provide where husband
and wife jointly own stock in loan and
building associations. on the death of
either, the surviving party may with
draw full value of shares
"An act to prohibit trust Companies
from re-hypothecating collateral taken
as security for loans.
IAN act to provide a penalty for any
officer or employee Of a bank making
copies of it's records for its own use.
| IAN act to make first mortgage COL
lateral trust bonds legal investment.
Receiverships
while 1t is to be hoped that thu me-
| cessity will not arise for the appoint
ment Of receiver for any of the banks
in the State, yet it must be admitted
that such contingency may arise at
any time.
The history of receiverships in this
State has been far from satisfactory to
the depositors in the banks affected
| owing to the long delay in winding up
the affairs of institutions. thus keeping
/ the depositor from having the use of
his money. and this delay has been the
| cause of great deal Of anxiety and
vexation to the department.
| II believe that material change should
be made in our present law governing
liquidation of insolvent institutions. and
therefore recommend the enactment of
a statute similar to the statute now in
force in New York. under which the
commissioner may, believing the bank
to be insolvent, Immediately take DOS
session of the institution, appoint a dep-
uty commissioner, to serve under a ner
diem compensation, to manage the in
stitution for so long as is necessary and
If advisable liqudate it's affairs.
Il believe that the commissioner
should have all final orders and decree
approved by Judge Of the supreme
court and to whom he should also 20
for final order of dissolution or for
assessment. on the stockholders,
Il desire to express my appreciation
Tor the very courteous treatment ac-
corded to the commissioner and the va
rlous subordinates in the department by
all of the institutions and individuals
with whom the department has been
brought in contact during the past year.
and to again emphasize whatever sue
cess the department has had during the
year last past has been due in no small
part to the loyal and faithful service of
the various subordinates connected with
it."