shall examine bank on request of five officers or creditors, or depositors, etc., No dividend to be declared or paid, until authorized by the trustees after examination, xxi vi proceedings by, when bank is insolvent, or in a hazardous condition, Schedule of effects to be delivered to receivers and commissioners. Omcers may be examined under oath, Commissioners to examine the accounts, vi vii DEPOSITS, LOANS AND INVESTMENTS. Limit to amount of deposits, and of interest, Investments. Net indebtedness, how construed. Real estate, acquired by foreclosure. Exemption from taxes. Pledge of securities, No officer charged with the investment of funds to borrow of the corporation, or to become surety,. Savings banks, etc., not to receive brokerage, etc., on account of a loan. Penalties, Applications for loans to be made in vii vii viii vili viil ix X X writing, XXV XXV xxvi X xi Receivers to deposit unclaimed moneys, etc., with state treasurer, and books and papers with commissioners, xxviii Copies of records, books and accounts to xii be competent evidence, Unclaimed deposits,. AAX Deposits, how withdrawn. Payments to minors. Payments on orders after. death of drawer,. Depositor may set off the amount of his deposit in proceedings by the corporation, In actions for deposits, claimants may be made defendants, etc. Deposits may remain, or be paid into court,. etc., When a deposit is made in trust, name, etc., of persons for whom made, to be disclosed; to whom payable in case of death, Depositor to be notified when amount entitled to dividend is exceeded, List of amounts due depositors not entitled to dividend, to be published once in five years, SPECIAL TRUST FUNDS. Corporations may receive funds in trust for parks, shade trees, cemeteries, and drinking fountains. Exemption from attachment, Probate courts may authorize executors, etc., holding funds in trust for such purposes, to deposit same, Shade-tree and cemetery fund. Statement of the amount thereof to be made every third year, etc., If the corporation ceases to do business, these funds, where to be deposited,. BOOKS AND RETURNS. Commissioners may prescribe manner of keeping and auditing books, etc., Treasurer to make annual report, Classification of deposits, Commissioners to furnish forms of reports; to report to the general court, xxii xxil xxiii xxiii xxiii xxiii xxiv xxiv XXV xxi P. S., Chapter 116. [With Amendments and Additional Legislation Noted in the Margin.] COMMISSIONERS OF SAVINGS BANKS. SECTION 1. The board of commissioners of savings Appointment banks shall consist of three commissioners appointed by the governor, with the advice and consent of the council, subject to removal in like manner, each of whom shall be sworn, and shall hold office for the term of three years, unless sooner removed. Upon the occurrence of a vacancy before the expiration of a term, an appointment shall be made for the remainder of the term. The governor shall designate a member of said board to be the chairman thereof. The annual salary of the chairman of the board shall be thirty-five hundred dollars, that of the other commissioners three thousand dollars each. and tenure of 1889, chap. 321. office of board. and allowances. 252. SECT. 2. The board shall be allowed three thousand Compensation two hundred dollars a year for clerical assistance, and 1878, 124, §1. also the actual expenses incurred in travelling in the dis- 1889, 77. charge of its official duties. visit and exam. annually. 1876, 231, § 3. SECT. 3. The commissioners shall visit once in every The board to year, and as much oftener as they deem expedient, every ine every bank savings bank and institution for savings incorporated by 1866, 192, § 2. authority of this Commonwealth, and when such institu- 1888, chap. 51. tions are connected with a national bank they shall make such arrangements with the national bank examiner, if possible, that their visits shall be simultaneous. At such visits they shall have free access to the vaults, books and papers, and shall thoroughly inspect and examine all the affairs of each of said corporations, and make such inquiries as may be necessary to ascertain its condition and ability to fulfil all its engagements, and whether it has complied with the provisions of law. They shall preserve in a permanent form a full record of their proceedings, including a statement of the condition of each of said corporations. |