Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-04-11

manufacturing, steam railroad, tele-
phone. telegraph. or any other public
corporation shall, for each of the
three years next preceding the time
when such loan Is made, have paid
dividends upon such stock or any is
sue Junior thereto at q rate of not
less than six per cent per annum, or
interest upon such bonds at rate
OF not less than five per cent per an
mum: the market value of such col
lateral to be at all times at least
twenty per cent in excess Of the loan.
e-The aggregate of all collateral
loans made by any bank. other than
| those secured by obligations of the
United States government, shall at
| no time exceed ten per cent of its
deposits and not more than one per
| cent of its deposits shall be loaned
| on the obligations and stock of any
| single corporation.
VIII. LOANS TO THE MUNICIPAL
CORPORATIONS
In loans to any municipal or quasi
| municipal corporation in this state
when duly authorized by such munich
| pality or corporation.
XIV. LOANS TO MAINE CORPO-
RATIONS
In loans to any religious, chart
| table, educational or fraternal cor
| Of this state. or to the trustees of
any unincorporated religious. chart
| table. educational or fraternal as
! ISOLATION in this state. or to any log
| the laws of this state, and in loans
| to any corporation whose stock may
| be purchased under the provisions
of sub section X of this section; pro-
aded f oaes that the ,3,a
and of the par value of its stock
| owned by the bank shall al no time
exceed two per cent of the deposits
of said bank.
XIV. ACCEPTANCEs
AIN bankers acceptances and
bills of exchange of the. kind and
maturities made eligible by law for
rediScount with Federal Reserve
banks. provided the same are ac-
ceptcd by trust and banking com
pany incorporated under the laws of
this state. or a member of the Federal
Reserve System located in any of the
New England states or the state of
New York.
bin bills of exchange drawn by
the seller on the purchaser of goods
sold and accepted by such purchaser
of the kind and maturities made
eligible by law for redscount with
Federal Reserve banks. provided the
banking company Incorporated under
the laws of this state, or a member
| of the Federal Reserve System
| located in any of the New England
c-Not more than ten per cent of
| the assets of any savings bank or
| institutions for savings shall be IN
| vested in such acceptances The
! aggregate amount of the liability of
| any trust and banking company or
of any nationa, bank to any saw
! ings bank or institution for savings.
| whether as principal or indorser. for
! acceptanccS held by such savings
bank or institution for savings. shall
not exceed twenty per cent of the
| paidup capital and surplus of such
| trust and banking company or ma
| tional bank. and not more than five
| per cent of the assets of any saw
| ings bank or institution for savings
| shall be invested in the acccptances
of trust and banking company or
i OF a national bank of which trustee
| of such savings bank or institution
| for savings is a director.
XVI. DEPARTMENT CERTIFICATES
OF LEGALITY
Tho hank commissioner shall ascer-
| tain what bonds and other interest
vestments under the provisions Of
| sub section | to VIII. inclusive, of
! this section. and within the first ten
| days cf May and November of each
| year shall send to each savings
bank a certificate stating, over his
signature. that upon Investigation he
| finds the Obligations specified in said
/ certificate ar legal investments
Said certitrr,te shaII he lima facic
! evidence of the correctness of the
| sholi 81 ,nntin,,e mil mo issuance
IF Tho neyt Variability of said com
| n,iseiopo, o. 81 an ir.crme6iato
| certificate correcting and changing
| Tho certific.,to last issued Eothinn
| harcin cnntainod ahaII he con-
strnad ia rnn,,iro am action NV
| ne hank commi ssioner as a con.
dition nrnccCnnt 10 Tho riob+ nf