Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-02-03

lleHS.
Not more than twenty-five per
cent OF deposits may be invested in
such obligations, and not more than
two percent in the obligations of a
single corporation.
i. Stocks Of Maine corporations,
Stocks of Maine Corporations other
than banks, transacting their BUSH
ness III this state admitted, if aver
age net income for three years is
equivalent to six percent on the on
tire outstanding issue.
Not more than five percent of tho
deposits may be invested in stocks
and not more than one percent in
the stock of any single corporation.
j. Mortgage loans. Investments
in notes or bonds secured by first
mortgages or real estate in Maine IN
sixty percent of the market value
admitted. Total of authorized in
creased from fifty to sixty percent
of deposits.
x. Collateral loans. Loans on
collateral restricted to these secur-
tiles which the bank itself may law
fully hold. Market value of COLA
teral must always show a margin of
ten per cent. Loans on savings de-
posts in other banks permitted,
I. Loans to municipal corpora
tons. Loans to any municipal or
quasi municipal corporation in Maine
admitted when duly authorized by
such corporation.
10. Savings banks are authorized
to hold all investments heretofore
lawfully acquired.
IL. PROVISIONS requiring banks
purchasing securities at a premium
to carry them on their books at par
repealed.
l.. Provision requiring distribu-
ton of surplus earnings every three
years made optional.
IS. Maintenance of usual dividend
rate authorized by taking necessary
amount from reserve with the con-
sent of the Bank Commissioner.
II. Christmas and Vacation Clubs
specifically authorized.
Is. Commissioner authorized to
require reports of condition when
ever he deems necessary.
16. In case of liquidation the court
is authorized to appoint the Bank
Commissioner or Deputy Bank Com
missioner, receiver No fees or COM
missions to be paid to such official.
in said capacity, but his expenses to
be charged against the assets. The
Attorney General to render necessary
legal services.
i. Commissioner required to is
sue Semi-annual lists of legal invest
mentS.
II. LAW AFFECTING TRUST
COMPANIES
I. Trust companies authorized to
act as guardian or administrator.
=. Directors required tos hold
regular monthly meetings. Executive
committee authorized and required to
keep full minutes of all business
transacted. and to report their
transactions at the meetings of the
directors.
3. All employees having access to
moneys or securities to give bonds
as in case of savings banks.
4. Loans to treasurer and sub
ordinate employees on stock as col
lateral prohibited with exception OF
renewal of existing loans.
.. No bonds to be counted as cash
for purposes of reserve, except those
of United States government and
State of Maine.
6. Minimum surplus fund to be
accumulated increased from one
fourth to one half of the capital
stock.
Z. Bylaws and amendments must
be approved by Commissioner, and
copies must be filed with the De-
partment.
8. Opening of branches must in
all cases be authorized by the Com
missioner.
9. Right to require ninety day
notice of depositors limited to with
drawals of more than fifty dollars al
any one time or in any one month
as in case of savings banks.
10. Stockholders liability 10 con-
tinue for thirty days after transfer
of stock.
II. commissioner given authority
to impose assessment on StOckhold
erS in case of impairment of capital
subject to appeal to the Supreme
Court.
II. No trust company not mem
Der of the Federal Reserve System
may borrow or rediscount after Jan
1st.. 1928, in excess of it's capital
| surplus, and net undivided profits
except to meet Withdrawals of de.
poSitors. or to prevent loss by sales
of assets. This provision not to ap.
ply to existing Indebtedness or nee
eSsary renawals thereof.
10. In case of receivership, court
may appoint Commissioner. or De-
putty Commissioner. receiver as in
case of savings banks.
III. LAWS AFFECTING LOAN &
BUILDING ASSOCIATION
I. Issuance of shares on perman.
| cnt plan authorized.
2. Minors allowed to hold shares
by guardians as we'll as trustees.
3. Bylaws and amendments to be
approved by Commissioner. ant
copies filed with the Department
4. Officers REQUIRED to be sworr
annually.
| 5. Manner Of effecting withdraw.
ais may be regulated by bylaws.
6. Matured shares allowed to re-
| main after maturity upon issuance o
! proper certificates therefor, subjec
to one months notice of intention tt
withdraw.
| I. Bank Commissioner required tt
verify deposit accounts at least once
in every three years, as in case Of
savings banks and trust companies.
~. BLUE SKY LAW
y /. Commissioner authorized tt
grant registration upon reasonable
conditions imposed by him.
! >. Registration of statesmen made
optional instead of mandatory.
5. Securities authorized by Maine
Public Utilities Commission excepted
from operation of the law.
4. Revocation of registration au.
| thOriZed if securities offered will Worl
a fraud upon the purchasers.
5. No appeal from refusal t.
grant registration permitted unit
after formal hearing. but the com
| missioner authorized to waive fOrma