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

Any person, partnership, assocIat,o"
or corporation , y,o,au LINZ b .'s en- oined /
erai equity Jurisdiction. on applica-
ton OF the bank commissioner or OF
any person; eor rp%rct.d nv Y sncb use. |
and any person or persons violating
the provisions Of this section either ,
individually. ~ members OF any as
ISOLATION or copartnership, OF ~
snail be punished by fine not ex-
ceeding one thousand dollars, or py
imprisonment for not less than sixty
days nor more than one year. or oy
both fine and Imprisonment.
ORGANIZATION OF SAVINGS
BANKS
Sec. 6. All Savings bank or insti-
tutions for savings, lawfully organ
ICED, are corporations possessed OF
the powers and functions OF corpora
lions generally, and a. such nave
W TO have perpetual succession,
each by It's corporate name.
III. 70 sue and be sued. complain
and defend. in any court OF la" OF
iii. To adopt and use common
~. To make bylaws not incon-
sistsnt With the s Laws o. Tor the the s.a man.
recuiation Of their'affairs. The clerk
shall file with the bank commiss'onIIr
copy of such by-!a"s anu an
amendments thereto. :,
v. TO receive money on deposit, 10
invest the same, to own, MAINTAIN ana
let safe deposit boxes and Vaulls' anu
further TO transact me e business nrnyi 1
Sec Z. Any number OF persons.
not less than thirteen. may associate
themselves for the purpose OF organ.
izing a savings bank In accoIaa"os
with this chapter: three-fourths or
such number shall reside in the coun-
ty where the proposed bank rs 10 pc
located, and may MI vacancies and
add 70 their number from r aimr
shall lie residents OF the state.
sec. s. Such persons shall execute
duplicate certificates, sworn 10 ".
fore n justice Of the peace, one on
which shall be deposited with me
secretary Of state for record, and the
other sent to the hank commissioner.
! in which shall be set forth: the name
Of the bank; the names o. al VI"
rornora,ors and the places where
thcy reside: THEW business occupa-
lions. and the place where It's bust
ness Is to be transacted; toe"tnr
with the reasons why bank is need
Sec Q. A notice Of intention to or
| Eanize such bank. signed ny an lne
rorporators. shall be published once
week for three weeks In some
newspaprr, puphsiis re ~ ~ ne s' Iocated' il
any. otherwise in some newspaper
published in an adjoining county
Sec 10. When the commissioner
receives the certifcate with the pun
lished order of notice. IL he finds that
the foregoing provisions have been
complied with, he shall. from the
best Information at his command az
certain whether public convenience
the establishment of such savings
bank.
satisfied, he shall. within sixty Gays
after the same has been received by
him for examination. issue under his
hand a certificate of authorization to
the persons named therein. or TO a
portion of them. together with such
named in such certificate of associa-
ton. in writing, approve; also du-
plicate to the secretary OF state;
which certificate. SO issued by him;
therein to open an office for the de-
post Of savings. as designated in the
certificate Of association. subject to
the five preceding sections.
Sec. ~. Upon the filing of such |
certificate with the secretary of state !
the persons named therein, and their
successors. are. thereupon and there,
by. constituted body corporate ana |
conferred. and charged with all the IL
abilities imposed by the six preceding
sections.
MANAGEMENT OF SAVINGS BANKS /!
Sec. 10. Savings banks and insti- !
buttons for savings, incorporated UNI |
der the authority OF the state. may |
exercise the powers and shall be gov |
erned by the rules and be subject !!
to the duties, liabilities and provi- |
sions in their charters, in the follow
relating to corporations, unless 9TH
erwise specially provided.
Sec. IA. Savings banks and fnsti-
tutions for savings which have eXer- |
cised the privileges thereof and done |
business as such for one year, shall
be held to be legally organized.
Sec. Is. Every such corporation
shall consist of not less than thirty |
members. and may, at any legal meet
ing, by vote of at least two-thirds
of those present, elect by ballot any |
citizen OF the county wherein the |
corporation is located, or of an adj |
jacent county, to be member there.
member after removing from the |
state. Any member who fails to at
tend the annual meetings FOR Two !
Der, unless reelected by a vote of J
the corporation.
Sec. 16. The officers of every such |
corporation shall consist of presi- ,
QGnt, treasurer ana, WHeT III tle OplIl-
ion of the trustees necessary. vice.
president and an assistant treasurer, |
and not less than five trustees, not |
more than two of whom shall be di- |
rectors of any one national bank, !
trust company or other banking in
stitution. who shall elect from their |
number or otherwise such other Off
GERS as they see fit. All officers shall
be annually sworn to the faithful per,
Torrance of their duties, and shall !
hold their several offices until others
are chosen and qualified in their
stead. The trustees, in their discre-
ton. may appoint an investment |
board to have charge OF the loans
and investments of the bank. but all |
doings of such boards shall be re-
ported to the trustees at their regu- |
lar meetings.
Sec. II. No president, treasurer, ,
clerk or employee of any savings |
bank shall act as agent or represent |
alive of any corporation engaged in !
the business of selling or negotiating !
any bonds. mortgages. notes or other
chooses in action. nor receive directly |
or indirectly any fee. commission, |
bonus or other compensation for the !
sale or transfer of any security. No !
cashier in a national hank or trust |
and banking company shall be treas
urer of any savings bank. the deros-
fifty thousand dollars; and If the
treasurer Of savings bank. having
deposits not exceeding one hundred |
and fifty thousand dollars. is cashier
in a national bank or trust and bank
ing company, the board OF trustees
Of such savings bank shall not in
clude more than one director, nor /
more than two stockholders in the
national bank or trust and banking
company so connected herewith. No |