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

there is remaining In his hands funds
due depositors who cannot be found
and whose heirs or legal representa-
tives are unknown. the court may or
der such unclaimed funds to be paid
into the state treasury. together with
a statement giving The names of such
depositors and the amount due each.
the same to be held subject for TWEEN
ty years thereafter to be paid to the
person or persons having established
lawful right thereto when made to
appear upon proper proceedings In
stituted in the court ordering such
disposition of such unclaimed funds;
| provided. however. that whenever any
less than two hundred dollars the
claimant thereto may make applica-
ton to any justice of the supreme jul
dicial court. who may after identif1ca-
ton to him satisfactory. issue an order
under the seal Of the supreme judicial
court directing the treasurer OF state
to pay said fund to the claimant
therein named and said fund shall be
paid as directed.
Sec. 81. All attachments Of the
solved by the decree of sequestration.
and all pending suits discontinued
and the claim in suit presented to the
commissioners, unless the court. or
some justice thereof in vacation, on
application of the plaintiff within
three months from said decree. passes
an order allowing the receiver to be
made party to the suit. and that the
same may be prosecuted to final judg-
ment. After Q decree of sequestra-
ton. no action at law shall be main
tanned on any claim against the bank.
unless the court or a justice thereof
in vacation. on application therefor
within the time above named. author
ICES it. and in such case the receiver
shall be made party; any judgment
recovered as herein provided shall be
added to the claims against the bank.
Sec. 55. All claims not presented to
the commissioners within the time
fixed by the court, or litigated as
aforesaid. are forever barred.
Sec. Sc. Whenever savings bank
or institution for savings. is insolv-
ent by reason Of loss on. or dcprecia-
ton in the value of any of its assets.
without the fault of its trustees, the
supreme judicial court. in term time.
or any justice thereof. in vacation.
shall, on petition in writing. Of ma
jority of the trustees. and the bank
commissioner, setting forth the facts.
appoint a time for the examination of
the affairs of such corporation. and
cause notice thereof to be given to all
parties interested, in such manner as
may be prescribed: and. if upon ex-
animation Of it's assets and liabilities.
and from other evidence. he is salts
fled of the facts set forth in said pc
tition, and that the corporation has
L
comply with any of the rules. restric-
tons and conditions provided by law.
he may. if he deems it for the inter-
est of the depostors and the public.
by proper decree. reduce the deposit
account of each depositor. so as to di-
vide such loss pro rata among the de-
positors, thereby rendering the cor
poration solvent. so that it's further
proceedings will not be hazardous to
the public. or those having or placing
funds in it's custody; and the depositors
shall not draw from such corporation,
q larger sum than is thus fixed by the
court, except as herinafter authorZ-
ed: provided. however. that its treas
urer shall keep an accurate account
of all sums received for such assets
of the corporation held by it at the
time of filing such petition: and if
larger sum is realized therefrom than
the value estimated as aforesaid by
the court. he shall. at such times as the
court prescribes. render to the court
true account thereof. and thereupon
. the court. after due notice to all
parties interested. shall declare pro
: rata dividend of such excess among
the depostors at the time of filing
; the petition. Such dividend may be
! declared by the court whenever the
!, court deems it for the interest of the
depositors and the public. whether all.
or only portion. of such assets has
been reduced to money: and any such
dividend may at any time, in the dis
a final one. No deposit shall be paid
. or received by such corporation after
the filing of the petition until the de-
cree of the court. reducing the depos-
it's as herein provided. If the petition
is denied. the bank commissioner
shall proceed to wind up the affairs
of the corporation as provided in sec
; ton fifty-two.
Sec. 81. Whenever 1t may become
necessary to preserve the assets or
| n m ha nj
} the supreme judicial court in equity.
on application of the bank commits
sloner or trustees of such bank. may,
after due notice. make an order re-
straining the bank from paying out
its funds or any portion thereof. or
from declaring or paying any divi-
dends or deposits for such time as the
court shall deem advisable. The court
may at any time revoke or modify the
original order and authorize the bank
to pay dividends upon it's deposits. or
pay any portion of its deposits to
such as may desire to withdraw the
same. or make any other or further
order that may be necessary to pro-
! tect the depositors in such institution.
: Nothing in this section shall be con-
strued to take away the rights of the
parties in interest to proceed under
the provisions of sections fiftytwo
and iiftysix of this chapter.
Sec. So. The commissioner shall.
annually, make report to the gov
ernor and council, of the general con-
duct and condition of each of the
banks visited by MN. making such
suggestions as he deems expedicnt
Such report shall be printed and laid
before the legislature at its next ses-
sion. and one copy sent to each saw
ings bank in the state.
Sec. So If. in the opinion of the
comm ssioner. any savings bank or it's
officers or trustees have persistently
violated any provision of this chapter
he shall forthwith report the same,
with such remarks as he deems eX-
pedient. to the attorney-General. who
shall forthwith institute a prosecu
ton therefor in behalf of the state.
The penalty for such violation, unless
otherwise prescribed. is not less than
one hundred, no more that five hum
drcd dollars
Sec 60. The powers. privileges du-
ties and restrictions conferred and
imposed upon any savings corpora
ton, by whatever name known, in its
charter or act of incorporation. are so
far abridged. enlarged or modified.
that every such charter or act shall
conform to this chapter; and every
such corporation possesses the pow
ers. rights and privileges, and is sub
ject to the duties. restrictions and
liabilities herein conferred and i'm
posed. anything in their respective
charters or, acts of incorporation to
the contrary notwithstanding.
TRUST AND BANKING COMPANIES
Sec. 81. Five or more persons. a
majority of whom shall be residents
of the state, who associate themselves
by an agreement In writing for the
purposes of forming trust company.
may, upon compliance with the pro-
visions of sections siXty-one to seven
come a corporation. subject to all the
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