Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1917-04-25

combined net earnings OF tic separate
companies shall have complied with the
requirements of subdivision c.
ID. In the bonds of telephone COM
panies located in the United States,
when such bonds are secured by the de-
post of collateral having a 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
least forty million dollars for each of the
last three fiscal years next preceding
such investment; and
F.. 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 OH 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
vestments shall have been at least three
times the interest on all funded debt out
standing, including such additional bonds
issued.
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
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
lis 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.
Sec. 3. Subdivision V of section 8 oil
No. 1873 of the acts of 1910 (subdivisior
V of section s238 of the General Laws
:. as proposed) is hereby amended so a:
TO read as follows:
| LOANS ON PERSONAL SECURITY
INCLUDING COLLATERAL
LOANS.
V. In loans or renewals of loans Of
! the class hereinafter described, payable
and to be paid or renewed at time moi
exceeding one year from the date there
Of; but not more than a third of thu
h. assets of bank shall be so invested, moi
+ shall bank loan to person, partner
ship, association or corporation upof
e personal security Creating loans to tn,
: individual members of partnership "a
e loans to the Partnership, more than tel
S thousand dollars until banks deposits
amount to one million dollars, aftc
e which the sums so loaned may be in
: creased one per cent of the deposits il
: excess of one million dollars up to, bu
= not exceeding fifty thousand dollars, o.
: Tin cases where ten per cent of the CAPT
n tai and surplus exceeds fifty thousant
s dollars) up to, but not exceeding, ten pc
d cent of the capital, if any, and surplus
: but this limitation shall not apply to tn
), purchase of municipal or railroad bonds
II or to notes with such bonds as collateral
/ (a) A note bearing as makers, sure
S, ties, or indorscrs, the signature of a
n least two approved names of resident
of this state, or of persons who resid
s within fifty miles of the bank making tn
loan;
d CD A note or accepted draft give
s. by individuals, firms, or corporations re
d siding without this state, for goods man
IS ufactured within this state and payabl
l. to individuals, firms or corporations 10
+ Gated within this state and Endorsed b
l. at least one responsible citizen of thi
IT state;
l. (c) A note of a corporation incor
n porated under the laws of this stat
d with one or more substantial suretie
lie resident in this state, or approved col
!. lateral at not more than eighty per Ger
II of its market value;
'r (d) A note of responsible borrowe
lie with pledge as collateral, in such forl
ot as the bank commissioner shall approv
lie of:
W Vic VI IlOIC IlISt mortgages
,. real estate such as might be lawful
ID purchased by bank, as in cases of NOR
N cages bought by the bank, provided tn
st amount of such. note is not in excess {
n the amount which the bank might loa
n on note secured by mortgage on sal
I'd land; or
'r (2) Municipal bonds in which til
e. bank might legally invest, at not moi
S. than ninety per cent of their mark,
"a value; railroad bonds in which the bar
r might legally invest, at not more tina
r eighty per cent of their market value
e. and bank stocks in which the bar
Of might legally invest, at not more tina
y eighty per cent of their market value;
IS CD Deposit books or certificates
ID deposit of depositors in banks of tn
state, including national banks, at the
6 full value, and in banks of any of II
~ New England states and of New Yor
ne under state or federal supervision. at NJ
IS, more than ninety per cent of the amour
by of deposits therein shown, provided wri
lg ten notice of such assignments has bee
re given to the bank carrying the deposi
or
of CD Acceptances based on export
at imports, or domestic commercial tran
he actions, when the accepting bank is OF
lg that the law permits an account wit
er and when such acceptances are draw
ar for not longer than ninety days; or
all go Other collateral approved by Il
he directors and bank commissioned, at n
he more than eighty per cent of its mark