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


applies to any expenses of examining
titles. and. making conveyances upon
loans made by savings banks. Parties
making a loan from savings bank
shall pay all expenses incurred by
reason thereof.
Sec. AZ. No officer OF the corpora
ton shall use or appropriate any of
its funds for his own private purpos-
es. under the penalties for embezzle-
ment.
Sec. 4S. The bank commissioner. at
least once in every three years. shall
cause the books of the savings de-
positors in savings banks or institu-
tons for savings. and in every trust
and banking company. to be verified,
by such methods and under such rules
as he may prescribe.
All necessary expenses for the pur-
pose of such verification, publication.
or printing of the results Of such YER
ification, as may be necessary for the
purpose of this act, shall be appropri-
ated and paid out of the fund received
by the state from the tax upon saw
ings banks. institutions for savings
and trust companies.
The bank commissioner. deputy
bank commissioner and all examiners
and employees of the department act
ing under the foregoing provisions,
shall have full access to every part of
the bank, institution for savings or
trust company under examination,
and te all books, papers. vouchers. re-
sources and all other records and prop
erty belonging to said bank. insti-
tuition for savings or trust company,
whether in it's immediate possession
or otherwise. for the purpose of facil-
itating such verif1cation.
If any representative of the bank
ing department designated to make
such audit or verification as herein
specified shall communicate or impart
to any person or persons. except to
said bank commissioner or as witness
in court. any information obtained by
said audit or verification. he shall be
punished by Imprisonment not eX-
ceeding one year or by fine not eX-
cecding one thousand dollars or both.
Sec. 40. Savings banks and institu-
lions for savings are under the
charge of the bank commissioner for
the purposes of examination. He shall
visit every savings bank and institu-
ton for savings. incorporated by au-
thority of the state. once in every
year and as much oftener as he deems
eXpedient At such visits he shall
have free access to the vaults, books.
and papers. and thoroughly inspect
and examine all the affairs of each OF
said corporations, and make such in
uuiries as are necessary to ascertain
it's condition and ability to fulfill all
its engagements. and whether 1t has
complied with the law. and its officers
shall, whenever required to DO SO ny
the bank commissioner. furnish nm
with statements and full information
relating to the condition and standing
of their institution. and of all matters
pertaining to it's business affairs and
management. He may prescribe the
manner and form of keeping the
books and accounts of said corpora
lions. which, however, need not be
tvH
manent FORM a full record of his pro-
ceedings. including a statement OF
the condition Of each of said corpora
lions, copy of which statement shall
be published by such corporation i'm
mediately after the examination of
the same, in newspaper in the place
where it is established. if any. other
wise in newspaper published in the
nearest place thereto. Joint eXamina-
tions of state and national banking
institutions occupying the same
rooms shall be made at least once in
each year at such times and under
such conditions as the twd depart
upon.
Sec. so. Whenever in the opinion OF
the bank commissioner and major
ity of the trustees Of any savings
bank. or institution for savings. it is
ineXpedient. for any reason. for said
bank to continue the further prose
cution of it's business. said trustees
in an application to any justice of the
supreme judicial court for the liquid
alton of the affairs of such corpora
ton. Upon presentation of such APP
plication. such justice may issue an
injunction wholly or partially re-
stra ming further payment of deposits
until further order of court. If, after
notice and hearing on such applica-
ton, such justice is of the opinion
that it is ineXpedient for said bank to
continue the further prosecution OF
its business. he may make such orders
and DEGREES in the premises as seem
proper for liquidating the affairs OF
said bank the distribution of its as
sets and the protection of it's deposit
ors. Further proceedings on such APP
plication may he in the manner pro-
vided for the liquidation of an in
solvent savings bank: or such justice
may authorizes the president and
trustees of such bank then in office to
liouidate it's affairs under the direc..
ton of the court The provisions OF
section fifty-seven are hereby made
applicable to such applications.
Sec 81 The commissioner may
summon all trustees. officers or
agents of any such corporation. and
such other witnesses as he thinks
transactions and condition thereof.
and for that purpose may administer
oaths: and whoever. without justifi-
able cause. refuses to appear and
testify when thereto required. or OBJ
structs said commissioner in the dis
charge of his duty. shall be fined not
exceeding one thousand dollars. or
imprisoned not exceeding two years;
Sec. So. If. upon examination OF
any such corporation. the commission
err is of the opinion that 1T is insolN-
ent. or that it's condition is such as to
render it's further proceedings haz-
ardous to the public or to those hav-
ing funds in it's custody. he shall APP
ply, or if. upon such examination. he
is of the opinion that it has exceeded
it's powers or failed to comply with
any of the rules. restrictions or con-
ditions provided by law. he may APP
ply to one of the justices of the SUI
preme judicial court to issue an in
junction to restrain such corporation
in whole or in part from proceeding
further with its business until a
hearing can be had. Such justice may
forthwith issue process for such pur-
pose. and after a full hearing of the
corporation. may dissolve or modify
the injunction or make the same per-
petual. and make such orders and de-
crees to suspend. restrain or prohibit
the further prosecution of its busl-
ness as may be needful in the prem
Uses. according to the course of pro-
ceedings in equity; and he may APP
point one or more receivers or trust
ces to take possession of its prop
crty and effects. subject to such rules
and orders as are from time to time
prescribed by the supreme judicial
court. or by any justice thereof in va
cation. Such receivers or trustees shall
annually, in May and at such other
times as the commissioner requires,
make report to him of the progress
made in the settlement Of the affairs of
said corporation; and the commission
err shall seasonably give notice of the
time and furnish blanks for the re-
port. The court in it's discretion may
appoint the bank commissioner or
deputy bank commissioner. receiver
for such purpose. in which case NO