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

the state OF New York. and receive
interest Tor the same; and may de-
post, subject to the approval Of the
bank commissioner. with such banks
received as collateral for time loans
made to any person or corporation
without the state
Sec. SO. Savings banks and insti-
tutlons for savings may. by vote of
the trustees of such corporation.
when in the judemen of said trustees
such action is necessary to pay de-
posters and to prevent loss by sales
OF assets borrow money within or
without without the state and may. pledge
collateral therefor. The trustees of
such corporation shall cause CODY
or SAID vote to be sent forthwith to
the bank commissioner. and shall
hereunder.
Sec. 49, The trustees shall see to
the proper investment of deposits and
funds of the corporation. in the man.
ner hereinbef fore prescribed. No loan
shall be made directly or Indirectly
TO any officer of the corporation, or
to any firm of which such officer is
a member.
Sec. 324. The trustees, after pass
ing to the reserve fund one-quarter
of one per cent of the average
amount of deposits for the six months
previous to declaring a dividend. not
subject to be divided. shall declare
dividends, not exceeding two and one
halt per cent emi-annually, except
as hereinafter provided. at such times
as are required by their bylaws,
among depositors of three months
standing at least before dividend day.
The corporation may by it's bylaws
include deposits of less standing.
stantly on hand. to secure against
losses and contingencies, until it
amounts to FIVE per cent Of the de-
posts, All losses shall be passed to
the debit of said account. When said
reserve fund amounts to ten per
cent of the average amount of de-
posts for six months previous to de-
claring dividend, all net profits not
said banks, may be divided every
three years ratably among depositors
OF one. two and three full years
standing, as extra dividends. No
clareG. credited or paid. except by
vote of the board of trustees entered
upon their records, wherein shall be
recorded the yeas and nays upon such
vote. Trustees of savings banks and
savings institutions are forbidden to
make any semi-annual dividends of
rate per cent which will make
the aggregate amount of said dvi-
inGs of the bank or institution.
actually collected in said six months
period; provided, however. that
temporary deficiency in actual col
lections may be supplemented by talk
ing from the reserve fund. with the
written consent of the bank commits
sioner. an amount sufficient to MAIN
tain the customary dividend rate.
Sec. 50. The treasurer of every
savings bank or Institutions for saw
ings shall. within sixty days after
dividend is declared. credit the
same to the deposit account. Any
trea Surer neSlecting or refusing so to
do shall be punished by fine of
not less than one hundred. nor more
than two hundred dollars.
Sec. sc. No deposit shall be re-
ceivcd under an agreement to pay
any specified sum of interest for its
use. other than regular semi-annual
and extra dividends: provided how
ever. that savings banks may con-
tract. on terms to be agreed upon.
for the deposit at intervals within
period of twelve months. of sums
of money in the aggregate not in
excess of the statutory limit on de-
posts in savings banks, and for the
payment of interest on the same at
rate not more than the rate of
their last regular dividend on savings
if left in such a depository as a
regular savings deposit. within If
teen days after the date on which
money ordinarily begins to draw
interest. may. if the depository so
provides. draw interest from such
prior date.
Sec. 81. No savings bank shall be
REQUIRED to pay any depositor more
than fifty dollars at any one time or
in any one month until after ninety
days notice.
Sec. IS. The treas may, under
the direction of the trustees. assign
discharge and foreclosc mortgages
and convey real estate held is secur
ity for loans. or the title of which ac
crued from foreclosure of mortgages
or judgments of courts.
Sec. 80. The trustees shall cause
all real estate of an insurable char
acter held by them absolutely. or in
mortgage. to he fully insured. and
the expense of such insurance in case
Of mortgage. if paid by the bank
shall be added to the amount of the
mortgage debt to be refunded in case
of redemption.
Sec. 40. AZ coins. bills. notes:
debt comprising the assets OF any
savings bank connected with ma
tional or stock bank. shall be kept
separate and apart from the assets or
property of such national or stock
bank, and also separate and apart
from the assets or property of any
other bank. banker. corporation, part
nership. individual or firm.
Sec. Al. All securities owned or
held by savings banks shall be kept
within the state. except as provided
in sections thirty-one and thirtN-two
of this chapter. and except when n
sale or exchange thereof shall require
delivery out of the state. or when
necessary to send any of them out of
the state temporarily for purposes in
cident to the business of owning or
managing such securities by savings
banks: and the place of their deposit
shall be selected with reference to in
surfing the greatest possible security
for their safe-keeping. and shall he
commissioner.
Sec. AZ: The treasurer Of every
savings bank. shall, every saturday
make and declare trial balance.
which shall be recorded in a book
kept for that purpose; and shall also,
entered on suitable book. the net sum
of each individual deposit at fixed
date. and ascertain the aggregate of
all such deposits. and whether 1T
agrees with the other books of said
bank; and said books shall be open at
all times for the inspection of the
trustees, corporators and bank COM.
missioner.
Sec. AZ. The treasurer of every
savings bank and institution for saw
ings shall annually, and Is much Oft
ener as the bank commissioner may
require. make return of the condition
and standing thereof at such time as
the bank commissioner designates,
which return shall be made to said
commissioner within fifteen days aft
er the day designated in the blank
form of such return furnished to cv-
cry such bank or institution by the
commissioner.
See. A. The treasurer Of every
savings hank and institution for saw
ings shall on or before the first day
of November annually cause to be
published in newspaper in the place
where the bank or institution is To-
Gated If o cruise in g.