Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-02-03
>,nge Bank Laws law
lpo..S...d from Page one)

snis '9 On Dodge Of Portland.
b Ra .,;,ting the report for the
IN subnll,.nf the Legislature the
s,se expressed the nope no r,a AIN" and M
nrll!,si;t lis provisions are PAN ,atad any ~
that 10 and that, if adopted. II
sseaaoF, otisfactory in its workings
Il prove s" the somewhat extensive
y y! !ss' which have been made IN inc
stuie law. &c = summary Of the i'm
FOLLOW Changes proposed by the
sini.tse: . ,,rrcT1NG SAVINGS
~LM' BANKS
,.vs and amendments
l-By mnst be submitted to Bank
ssrsto m nnsr for his approval, ana
pnnlssSs.oa%w With the Department:
spiss llle s uriyation of new institu-
:. vn,ssrmitted only when i na u pToi nc
.ssns,aisnce and advantage Will "
rcnoted: =, Number of trustees
4 Ts MN from five to seven.
iFs asTrustees allowed to appoint "and
fn.r investment board ., mn t's,i
rils' shall be reported to the 1uil
sinS :. .n their regular meetings,
Oard a. oeicial or employee to re-
~ directly or indirectly t,a ANY ca nee
w bonus or otner coin-
pnn .ion for the sale OF transfer
sry security. ;s,or+ irons
1ot TO engage directly or in
u a., Nv; in sny other business or oc-
, .',isD without the consent OF the
paoc .r of the trustees, evidenced
. T rvs required to hold reg
nsptings at least monthly. ana
!" . m full and complete records
tat. nroceedings TO be kept.
II ~. All employees having access TO
,,ns or securities to bc bonded.
I MN, bond -or treasurer S No.,
'' anI for other employees $4,000.
n, Savings Bank Investment
Az vas altered IN 'he oiio"ihs
'' cayerur,ent obligations. Direct
urinary obligations of the DO
~jon Of Canada. payable IN l hited
has funds. admitted.
| State obligations. Obligations
any STATE which has not detaulted
rs obligations for tc. years made
bible. 49,. a,.,.
Inns Of Maine counties admitted.
Ia COMMITTEES in states whose bonds
> eligible if population exceeds
n hundred thousand and net debt
ps than three per cent of the
ntiop. Issues for highway pun'-
ns must be serial. must mature
Min Il years. and must be pay
Ne from direct tax on taxable
perty.
Il Municipal obligations. All in
rd obligations of any municipal
Quasi-municipal corporation in
;ine admitted, if they are q direct
Egation on all taxable property
tein. Obligations Of similar COR
palions in other states whose Sc
nteS are eligible are admitted if
municipality has been incorpor-
Id for % years. and has had Il
pulaton of not less than 10000 at
th Of the last two Federal CEN
W Municipality must not have
kaulted in payment OF any obliga-
IN within ten years: net debt must
\ be in excess Of five per cent Of
luaton.
e Steam railroad obligations.
tlds, notes and other interest
Ering obligations of any Maine
operation owning and operating a
Fam railroad located principally
fhin the state, and having a mile
3 Of not less than 800 miles. in
adng assumed and guaranteed
pIlsatlOns. admitted. Similar bonds
sutd and assumed by roads of
htf states admitted if Cd mileage
cetds five hundred miles. or eX-
tCs one hundred miles and gross
tlsllhg income exceeds ten mil
A dollars; CD security is first
eHsase or first and refunding
o7sage on % per cent of property
VIBRATING road or of leased road
rnlns substantial portion of the
stm, tj) net income for five
ATS mas been one and one-hali
4ss annual interest on the bonds
question and all prior liens ex-
aalns from such period the period
s~ernment operation and two
s thereafter; az authorized
ul Issues do not exceed three
rss outstanding capital stock.
aqlpment bonds or notes issued
V. lne Philadelphia plan. secured
s@Huard equipment leased to any
a4 ,aliroad whose bonds are elig-
!, admitted 9
C Sam'sase bonds of terminal or
ss company guaranteed by rail-
s"poratlon whose MORTGAGE OBJ
M G'V's are eligible admitted.
"" more than Twenty-Five ror
raa 'lle deposits may be invested
M sa ~ railroad obligations. and not
INV Aah Two percent in obligations
'n vs., single company.
,o .u0'!c utility obligations. Bonds
him. rv'es issued or assumed bv any
tta, corporation. 20 under the juris-
ss ta VI the Public Utilities Com
,s o,' ana authorized by such com
So.satlons of electric r,;1ro,d
co msnt and power and artificial
s,so companies, or COMMUNICATIONS
rsd u' m other states subject to the
isson . and Of a public utilities COM
isyjo n ana anu authorized by such COM
bit a. a.; ttulhitted, if ca fifty-one per
ty.onaa s property is located in. and
ans @s percent of it's bnsiness
Ety.oDo ea IN the United States: (o)
tnsJ Il. i percent of it's property is
bee va, ,ee' (Sl gross earnings for
upa.sSy years have averaged three
lnngs thousand dollars: a, net
eding voa .ol each of the three pre-
rhe ANS mus nave been not less than
pesti@ annual a. interest ON bonds in
ap bas all" n all prior liens: tO com :
ens Wi,h nol defaulted on its obliga-
htions m.,, three years; Co obi
More eyn nature at least five years
hise Or 'p n, of principal fran
ewal Of fmoper agreement for re-
l,Ieas' MIRA franchise exists; CO obli-
81 and rss be secured by first or
e Of sta sserunding mortgage as in
ahOrzed ha railroads; (S) total of
Iced ,hro oo,ios and notes must not
Stock ee times outstanding capt.
u Of the e a. Than twenty-five per
public n, uueposlts may be invested
nr..