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

estate may be SOFA ~,
real estate Of an insurable character
held by them absolutely or In more
gage to be fully insured against loss
BY fire or lightning and the expense
OF such insurance IN case Oh null, a.
Of the mortgage debt. to be refunded
In case OF payment or redemption;
sec. 11S. The bank. commits
sloner shall perform bu IN reisFea ass
sociations. the same duties and
shall have the same powers as
him in reference to savings banks;
and shall. annually. make report 70
the governor and council Of the gen.
eral conduct and condition of each OF
the associations visited by him. max
ing such suggestions as he deems
expedient or the public interest re-
quires. The officers Of such associa-
lions shall answer truly all inquiries
made, and shall make all returns re-
uuired by the bank commissioner.
The bank commissioner. at least once
in every three years. shall cause inc
pass books OF shareholders In loan
and building associations to be veri-
fled by such methods and under such
rules as he may prescribe.
Sec 119. Except as hereinafter
provided, no person, association or
corporation shall carry on the busi-
investing the savings Of its members
or of other persons In the manner OF
loan and building associations, or
carry on any business similar thereto
within this state. unless incorporated
under the laws thereof for such pur-
pose.
Sec 100. The bank commissioner
may authorize any such association
or corporation duly established under
the laws of another state to carry on
in, q
association or corporation shall not
transact such business in this state
unless it shall first deposit with the
treasurer of state. the sum or twenty
five thousand dollars and thereafter
q sum equal to fifteen per cent OF the
deposits made in such association or
corporation by citizens of the state,
the amount of percentage or deposits
so required to be determined from
time to time by the bank commas
sioner; or in lieu thereof the whole
or any part of said sum may consist
of any Of the securities in which saw
ings banks may invest. s regulated
in section twenty-seven of this chap,
ter, at their par value ana the saiu
deposit shall be held in trust by said
treasurer for the protection and in
demnity of the residents of the state
with whom such associations or cor
porations respectively have done or
may transact business. Said moneys
posed of only on the order of sore
court of competent jurisdiction. made
on due notice to the attorney general
of the state. and upon such notice 10
the creditors and shareholders OF sucn
association or corporation as the
court shall prescribe. For the pur..
pose of ascertaining the business and
! financial condition Of any such assoc
citation or corporation doing or dcsir-
| ing to do such business. the bank
n
tions of such associations or corpora
tions, at such times and at such
places as he may desire. the expense
| of such examinations being paid by
| amined, and may also require returns
| to be made in such form and at such
| times as he may elect. whenever.
upon examination or otherwise. it is
| the opinion of the bank commissioner
| that any such association or corpora
! ton rs transacting business in such
manner as to be hazardous to the
public, or it's condition is such as to
render further proceedings by il haz-
ardous to the public. said bank COM
missioner shall revoke or suspend
! the authority given to said associa-
ton or corporation; but this section
shall not prevent such association.
! corporal ton or institution incor-
porated under the laws of another
state from loaninG money upon mort
the state.
Sec. 1ol. Whoever violates any
provision Of the two preceding sec
lions, shall be punished by fine not
exceeding one thousand dollars; and
any provision thereof may on petit
ton. be enforced by Injunction is
sued by justice of the supreme
judicial court or Of either superior
court.
Sec 1oc When the owner of shares
in any loan and building association,
evidenced by both passbook and GER
tif1cate. or either of them. or the
executor. administrator or guardian
of said owner. in writing notifies the
association issuing the same. that
such passbook or certificate of shares
is lost and that he desires to have
| duplicate passbooll or certificate of
shares issued to him, said secretary
shall give public notice of such appli-
cation by publishing at the expense
of such applicant an Advertisement
once week for three weeks sue
cessively in some newspaper pub
lished in the town in which said loan
and building association is located, if
any, otherwise in one published in
the county. if any. if not. then in the
state newspaper If such missing
pa ssbooll or certincate of shares is
not presented to said secretary within
sixty days after the last advertise
ment, then he shall issue a duplicate
passbook or certificate of shares to
the person thus requesting the same
and such delivery of the duplicate re-
lieves said association from all LA
bility on account of the original
pa ssbook or certificate of shares, so
advertised.
REGISTRATION OF DEALERS IN
SECURITIES
C'Blue Sky Law'D
Sec. rs. NO dealer in securities
g hv
ton or through agents or statesmen,
or by letter. circular or advertising.
sell, offer for sale, or invite offers
for or inquiries about. securities I'M
less registered as dealer under the
provisions of the following sections
state. in behalf of any dealer. sell,
offer for sale, or invite offers for or
inquiries about, securities unless
registered as a salesman or agent of
such dealer. under the provisions OF
the following sections.
Sec. 124. Any dealer desiring reg
istration shall file written application
therefor with the bank commi ssion-
er. which shall be in such form as
may be prescribed by the commits
place of business. the name or style
of doing business, and the address of
the dealer. the names, residences and
business addresses of all persons in
terested in the business as principals,
officers, directors or managing agents.
specifying as to each his capacity and
title, and the length of time during
which the dealer has been engaged in
the business. Each application shall
be accompanied by. certificates or
repute. and. if required by the COM
missioner. a copy of the securities to
be sold, statement in detail of the
assets and liabilities of the issucr of