Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1917-04-25

companies shall have complied with the
requirements OF subdivision c.
d. In the bonds of telephone COM
panies located in the United States,
when such bonds are secured by the de-
post of collateral having market value
of at least twenty-five per cent in excess
of the par value OF such bonds; and
+ T. Provided That gross earnings OF
any such company shall have been at
least forty million dollars for each OF the
4 last three fiscal years next preceding
such investment; and
4 F. Provided: That net earnings for
each Of the said last three fseal years,
after deducting ali operating expenses.
maintenance and depreciation charges,
rentals and taxes, shall have been at
least three times the annuai interest
charge on the entire funded debt out
standing at the end of each of the last
three fiscal years next preceding such
investment. and provided further that in
case additional bonds are issued during
an incompleted fiscal year, net earnings
as provided above for the last available
twelve months next preceding such IN
vest1neuts shall have been At least three
times the interest on all funded debt out
standing, including such additional bonds
issued
i G. In the bonds of telephone com
panies doing general telephone business
in this state
H. Provided: That gross earnings of
any such Company shall have been at
least fifteen million dollars for each of
the last three fiscal years next preceding
such investment and
| l. Provided: That net earnings for
/ each of the said last three fiscal years,
after deducting all operating expenses,
maintenance and depreciation charges,
rentals and taxes, shall have been at
least three times the annual interest
charge on the entire funded debt out
standing at the end of each OF the last
/ three fiscal years next preceding such
/ investment, and provided further that III
case additional bonds are issued during
an incompleted fiscal year net earnings
as provided above, for the last available
twelve months next preceding such in
vestment shall have been at least three
| times the interest on all funded debt out
standing, including such additional bonds
issued
/ ]. Provided: That no investment
| shall be made in the bonds of any such
company mentioned in this section, which
! is in default on any of its debt or which
! is IN the hands of a receiver.
| But not more than ten per cent of the
| deposits shall be so invested.
0CN- y SuOQiNlSAOll V VI SCNllOll . VI
/ No I5S of the acts of 1910 Subdivision
| V of section 5238 of the General Laws,
as proposed) is hereby amended so as
to read as follows:
LOANS ON PERSONAL SECURITY,
INCLUDING COLLATERAL
LOANS.
" In loans or renewals of loans of
the class hereinafter described, payable
and to be paid or renewed at time not
exceeding one year from the date there
| of; but not more than a third of the
assets of bank shall be so invested, nor
shall a bank loan to a person, partner
ship, association or corporation upon
personal security Creating loans to the
individual members of a partnership as
loans to the partnership, more than ten
thousand dollars until a banks deposits
amount to one million dollars, after
which the sums so loaned may be in
creased one per cent of the deposits in
excess of one million dollars up to, but
not exceeding fifty thousand dollars, or
! Gin cases where ten per cent of the CAPT
tai and surplus exceeds fifty thousand
dollars) up to, but not exceeding, ten per
cent of the capital, if any, and surplus;
but this limitation shall not apply to the
purchase of municipal or railroad bonds,
or to notes with such bonds as collateral.
! (a) A note bearing as makers, sure
ties, or indorsers, the signature of at
least two approved names of residents
of this state, or OF persons who reside
within fifty miles of the bank making the
loan;
! (b) A note or accepted draft given
by individuals, firms, or corporations re-
siding without this state, for goods man
Iufactured within this state and payable
to individuals, firms or corporations To-
icated within this state and Endorsed by
at least one responsible citizen of this
state;
Co A note of a corporation incor-
porated under the laws of this state,
with one or more substantial sureties
resident IN this state, or approved col
lateral at not more than eighty per cent
iof its market value;
Cd A note of responsible borrower
with pledge as collateral, in such form
as the bank commissioner shall approve,
lof:
/ Cd One or more first mortgages of
real estate such as might be lawfully
purchased by bank, as in cases of mort
cages bought by the bank, provided the
amount of such note is not in excess of
the amount which the bank might loan
on note secured by mortgage on said
land; or
(2) Municipal bonds in which the
bank might legally invest, at not more
than ninety per cent of their market
value; railroad bonds in which the banl,
might legally invest, at not more than
eighty per cent of their market value;
and bank stocks in which the bank
might legally invest, at not more than
eighty per cent of their market value or
Cd Deposit books or certificates of
deposit of depositors in banks of this
Estate, including national banks, at their
full value, and in banks of any OF the
New England states and of New York,
under state or federal supervision, at not
more than ninety per cent of the amount
of deposits therein shown, provided writ
ten notice of such assignments has been