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$247. Restrictions on Amount of Deposits; Refusal or Return of Deposits.

1. The aggregate amount of deposits to the credit of any individual at any time, including in such aggregate all deposits credited to him as trustee or beneficiary of a voluntary and revocable trust and all deposits credited to him and another or others in either joint or several form, shall not exceed five thousand dollars, exclusive of dividends, and exclusive also of deposits arising from judicial sales or trust funds standing in his name as executor, administrator or trustee named in a will or appointed by a court of competent jurisdiction, provided a certified copy of the will, judgment, order or decree of the court authorizing such deposits or appointing such executor, administrator or trustee is filed with the savings bank; and exclusive, also, of trust funds and deposits credited to an individual and another or others in either joint or several form, received and credited by the savings bank prior to July first, nineteen hundred and thirteen. Additional accounts, may, however, be maintained in the name of a parent as trustee for a dependent or minor child and in the name of a child as trustee for a dependent parent, provided, however, that not more than two hundred and fifty dollars shall be deposited to any such account during any six months period.

2. The aggregate amount of deposits to the credit of any society or corporation at any time shall not exceed five thousand dollars, exclusive of dividends, unless such deposit has been made pursuant to a judgment, order or decree of a court of record and a certified copy of the judgment, order or decree is filed with the savings bank.

3. Every savings bank may further limit the aggregate amount which an individual or any corporation or society may deposit, to such sum as it may deem expedient to receive; and may, in its discretion, refuse to receive a deposit or at any time return all or any part of any deposit.

$252. Guaranty Fund.

The surplus of every savings bank, at the time this act takes effect, the contributions of its incorporators or trustees under the provisions of section two hundred and thirty-four of this article, and the sums credited thereto from its net earnings under the provisions of section two hundred and fifty-five of this article shall constitute a guaranty fund for the security of its depositors and shall be held to meet any contingency or loss in its business from depreciation of its securities or otherwise, and for no other purpose except as provided in section two hundred and thirty-six, two hundred and thirty-seven and subdivision six of section. two hundred and fifty-six of this article.

$265. Compensation of Trustees, Officers and Attorneys.

A trustee of a savings bank shall not directly or indirectly receive any pay or emolument for his attendance at meetings of the board, or for any other services as trustee, except as provided in this section. 2. Trustees acting as officers of the savings bank, whose duties require and receive their regular and faithful attendance at the institution, and the trustees appointed as a committee to examine the vouchers and assets pursuant to section two hundred and seventy-two of this article, to perform the duties required by subdivision six of section two hundred and thirty-nine of this article, or to render other special services as members of committees provided for in the by-laws, may receive such compensation as in the opinion of a majority of the board of trustees shall be just and reasonable; but such majority shall be exclusive of any trustee to whom such compensation shall be voted.

3. An attorney for a savings bank, although he be a trustee thereof, may receive a reasonable compensation for his professional services, including examinations and certificates of title to real property on which mortgage loans are made by the savings bank; or if the savings bank requires the borrowers to pay all expenses of searches, examinations and certificates of title, including the drawing, perfecting and recording of papers, such attorney may collect of the borrower and retain for his own use the usual fees for such services, excepting any commissions as broker or on account of placing or accepting such mortgage loans.

4. If an officer or attorney of a savings bank shall receive, on any loan made by the savings bank, any commission which he is not authorized by this section to retain for his own use, he shall immediately pay the same over to the savings bank.

Rules and Regulations of a Savings Bank Respecting Deposits and

Payments.

1. Every person desirous of becoming a depositor shall, at the time. of making his or her first deposit, sign his or her name on a signature card, as prescribed by the Bank, and shall thereby signify his or her assent to the Rules and Regulations of the Bank and willingness to be bound thereby; and shall, in connection with the signature state his or her business, occupation or calling, and place of residence; and every such depositor will receive a book containing these Rules and Regulations, in which their names will be inscribed and the amount of their deposits inserted.

2. No money will be received from any depositor unless his or her book be presented, and an entry thereof be made by the proper officers

of the Bank, at the time of making the deposit; and no sum less than one dollar will be received as a deposit.

3. Deposits may be made by one person as trustee, for the benefit of another, or of any unincorporated society or association, at the discretion of the Treasurer. In all such cases the deposits shall be made in the name of the trustee, "in trust for" such person, society or association, and the trustee, or his successor, shall alone be entitled to receive payments, and his receipt with the production of the book, shall be a sufficient discharge. Provided, however, that in case of deposits for the benefit of another person, the corporation may, at their discretion, by a vote of the Board, make payment to such person on production of the book, which payment shall also be a sufficient discharge.

On deposits in this Bank, interest at a rate not exceeding Four per cent per annum will be allowed, but it will only be calculated on the deposits from the first days and fifteenth days of each month subsequent to each deposit. Interest will be made upon all deposits remaining in the institution half-yearly, to wit, on the first days of April and October, and will be paid to depositors on demand, on these days; but if not drawn, will go to their credit, and be compounding. No interest will be calculated in the fractional part of a dollar.

5. Deposits made in this bank can only be withdrawn on notice being given to the Treasurer, as follows:

If the sum proposed to be drawn be―

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All.notices will be canceled if money is not drawn within ten days after expiration of notice.

If the amount be $50, or under, no notice will be required, but an interval of one week must elapse before another withdrawal may be made.

If deposits be withdrawn prior to the regular interest days, viz.: First of April and first of October, no interest which might have accrued since the next preceding interest day will be allowed.

Not less than one dollar will be paid, unless to close an account. When money is to be drawn out, the book must be brought to the bank to have the payment entered therein, and in all cases in which the whole amount is drawn, the book must be given up to the corporation. Absent depositors may withdraw their deposits on their orders properly witnessed-blanks for which purpose will be furnished at the bank.

6. In case a book be lost, destroyed or obtained from a depositor fraudulently, immediate notice thereof must be given at the bank, and after two weeks from the time of such notice, with satisfactory evidence of the loss, and indemnity given (if required by the trustees), another book will be furnished. If any person shall present a book, and falsely allege himself or herself to be the depositor named therein, and thereby obtain the amount deposited, or any part thereof, this institution will not be liable to make good any loss the actual depositor may sustain thereby, unless previous notice of his or her book having been lost or taken shall have been given at the bank.

Suggested Readings on Chapter X.

Moulton, H. G.-Financial Organization, Chapter XVIII. Kniffin, W. H.-The Savings Bank and Its Practical Work. Hamilton, J. H.-Savings and Savings Institutions.

Willis, H. P., and Edwards, G. W.-Banking and Business, Chapter XX.

Kemmerer, E. W.-Postal Savings.

Questions and Problems on Chapter X.

I. Get statistics of savings banks by territorial distribution. Explain the distribution.

2. Argue for or against the mutual savings plan as compared with the stock savings plan.

3. What chances have the savings departments of commercial banks and trust companies of driving out the exclusive savings bank?

4. Why should any group of men wish to start a mutual savings bank?

5. Explain why, when 7 and 8 per cent could be obtained on safe investments, the savings banks could not increase the rate paid to depositors to at least 6 per cent.

6. What are the advantages and disadvantages of naming specific railroads whose bonds may be purchased for investment?

7. Which is the most efficient method of handling savings: through the savings bank, the investment banker, or the life insurance company? What is your test of efficiency?

8. Considerable agitation has arisen to permit savings banks to invest in bankers' acceptances. The New York law permits it. Discuss the proposal from the standpoint of safety, liquidity, return, and attention needed.

9. What would be the advantages and disadvantages of having all of the savings banks' funds invested in commercial paper?

IO. Make a list of examples of each type of investment permitted by the New York State law, and of each type not permitted by law. Trace the course of prices of the various investments. Is the law wise?

II. Which of the regulations about investments of savings banks in New York can be justified as promoting safe investments and diversifying the risk? Are there any types of safe and desirable investments which the New York savings banks cannot use?

12. Can you suggest any influence started by war financing in the United States which may lessen the need for savings banks?

13. As an impartial reader, which of the rules of the savings bank seem to be fair and which unfair?

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