in the management thereof and the guaranty fund, shall what man. be divided among its depositors or their legal representa- 1876, 203, § 14. tives at times fixed by its by-laws in the following manner: Ordinary dividends shall be made every six months, and shall not exceed two and one-half per cent. on all sums which have been on deposit for six months preceding, or one and one-fourth per cent. on all sums which have been on deposit for three months preceding; and no ordinary dividend shall be declared or paid except as above provided, nor upon a deposit of less than three months' standing; and any such corporation may, by its by-laws, provide that no dividends shall be declared or paid on a less sum than three dollars, or on the fractional part of a dollar. be paid unless one and one-half except, etc. SECT. 26. If, at the time provided by the by-laws for Dividend not to making ordinary dividends, the net profits for the six net profits are months preceding, over and above the sum to be added per cent., to the guaranty fund, do not amount to one and one-half 1876, 203, § 15. per cent. of the deposits, no dividend of the profits shall be declared or paid, except such as shall be approved in writing by the commissioners. chap. 150. may be paid once in every three years, 1876, 203, § 16. 1888, 355. SECT. 27. Once in every term of three years, if the Extra dividends net profits accumulated over and above said guaranty fund and dividends amount to one per cent. of the deposits when, etc. which have remained in such corporation for one year then next preceding, such net profits may be divided among the depositors whose deposits have remained therein for one year at least then next preceding, in proportion to the amount of dividends which have been declared on their deposits during the three years then next preceding. be declared or 1876, 203, § 17. SECT. 28. No dividend shall be declared until the No dividend to trustees cause an examination to be made, and find that paid, until, etc. the amount thereof has actually accrued; and no dividend or interest shall be paid unless authorized by a vote of the trustees after such examination. SECT. 29. The principal deposits in such corporations Deposits, how may be withdrawn at such time and in such manner as withdrawn. Payments to Payment on orders after 1885, 210, § 2. the by-laws direct, but the deposits so withdrawn shall be deducted in each case from the amounts last deposited. Money deposited in the name of a minor may, at the discretion of the trustees or committee of investment, be paid to such minor or to the person making such deposit; and the same shall be a valid payment. Savings banks and institutions for savings are hereby death of drawer. authorized and empowered to pay any savings bank order, drawn by any person who has funds on deposit to meet the same, notwithstanding the death of such drawer in the interval of time between signing such savings bank order and its presentation for payment when said presentation shall be made within thirty days after the date of such savings bank order; and at any subsequent period, provided the depositary has not received actual notice of the death of the drawer. Depositor may set off the amount of his deposits in proceedings by the corporation. 1878, 261, § 1. When deposits are claimed by a may SECT. 30. A person indebted to any such corporation, whether his indebtedness is secured or not, may, in any proceeding for the collection thereof or for the enforcement of any security therefor, set off the amount of a deposit held and owned by him at the time of the commencement of such proceeding, and of the interest due thereon, except a deposit purchased or acquired from another after the commencement of proceedings in equity to restrain the corporation from doing its actual business. SECT. 31. In actions against any such corporation for perpoint, money on deposit therewith, if it appears that the same claimant deren fund is claimed by another party than the plaintiff, whether by the husband or wife of such plaintiff, or otherpaid into court, wise, the court, in which such action is pending, on the 1876, 203, $ 19. petition of the corporation and on such notice as the dants, etc. Deposits may remain or be etc. 1877, 179. court considers proper to the plaintiff and to such claimants, may order the proceedings to be amended by making such claimants parties defendant thereto; and thereupon the rights and interests of the several parties in and to said funds shall be heard and determined. Such deposits may remain with the corporation until final judgment, and shall be paid in accordance with the order of the court, or may be paid into court to await final judgment; and, when so paid into court, the corporation shall be stricken out as a party to the action, and its liability for such deposit shall cease. The taxable costs of the corporation in such actions shall be in the discretion of the court, and may be charged upon the fund. when a deposit is made in trust, person for be disclosed; to In case death. SECT. 32. When a deposit is made in such corporation by any one in trust for another, the name and residence name, etc., of of the person for whom it is made shall be disclosed, and whom made to it shall be credited to the depositor as trustee for such whom payable person; and if no other notice of the existence and terms 1876, 203, § 20. of a trust has been given in writing to the corporation, in the event of the death of the trustee, the deposit, with the interest thereon, may be paid to the person for whom such deposit was made, or to his legal representative. notified when to dividend is 1876, 203, § 21. SECT. 33. The treasurer of every such corporation, Depositor to be upon making up each semi-annual dividend, shall send amount entitled written notice by mail to each depositor, who for six exceeded. months then next preceding has not been entitled to a dividend on the whole amount standing to his credit, because the same exceeds the amount on which interest is allowed, specifying the amount not entitled to dividend. List of amounts due depositors dividend to be years. SECT. 34. Every such corporation shall once in five years publish, in some newspaper of the county where it not entitled to is established, a list of the amounts standing to the credit published once of depositors who have not been entitled to dividends on 1876, 203, § 22. the whole amount standing to their credit for two years then next preceding, because the same exceed the amount on which interest is allowed, with the names and last known residences of the persons to whose credit such amounts stand, which publication shall be continued in three successive papers. SPECIAL TRUST FUNDS. for parks, shad SECT. 35. Any such corporation may receive on de- Funds in trust posit to any amount funds in trust for the purpose of trees, ceme GRADUATE SCHOOL OF PUBLIC 1 teries and drink- setting out shade-trees in streets and parks, and improvPrincipal not to ing the same ; for purchasing lands for parks, and improv Ing fountains. be withdrawn, and to be exempt from attachment. 1875, 174, § 1. Probate courts may authorize to deposit funds ing the same; for maintaining cemeteries or cemetery lots, and for the erecting and maintaining drinking fountains in public places, or for any or all of said purposes. Such funds shall be placed on interest in such corporation, and the interest and dividends arising therefrom shall be paid semi-annually to such city, town or cemetery authorities as may be designated by the donors of said funds or the will of the person bequeathing the same, and shall be expended by such authorities within their respective cities, towns or cemeteries for any or all of said purposes, as may be specified by such donors or such will. No part of the principal of such funds shall be withdrawn or expended, and the same shall be exempt from attachment or levy on execution. SECT. 36. A judge of the probate court, after due executors, etc.. notice and a hearing, if in his judgment it is expedient so in trust for such to do, may authorize an executor, administrator or trus1877, chap. 192. tee holding money or other personal property for any of ригровев. Statements of the amount thereof to be made every 1875, 174, § 2. the purposes mentioned in the preceding section, to deposit such moneys or the avails arising from such personal property in any such corporation designated by the judge, to be held by it in the manner and for the uses and purposes mentioned in said section, and upon the trusts upon which said executor, administrator, or trustee, held the same; and upon the deposit of such money and its receipt and acceptance by such corporation the said executor, administrator or trustee shall be discharged from further care and responsibility therefor. SECT. 37. The funds held in accordance with the two preceding sections shall be known as the "Shade-Tree third year, ete. and Cemetery Fund," and the treasurer of the corporation in which they are deposited shall give a certificate of gift to each donor of such funds, and shall send by mail or deliver in the month of January in every third year after the first deposit to the mayor of any city, or the chairman of the selectmen of any town within the limits of which the interest and dividends of any such fund are to be expended, a written statement, signed by such treasurer, of the amount of funds on deposit for the purposes aforesaid, which statement shall be recorded in the office of the clerk of such city or town. tion ceases to do funds to be de another. SECT. 38. If a corporation holding such funds surren- If the corporaders its charter or ceases to do business the supreme business, these judicial court may order said funds to be transferred and posited in deposited in some other such corporation upon the same 1875, 174, § 8. trusts as aforesaid; and if the laws authorizing such corporations are repealed, the court may order said funds to be transferred and deposited in such banking institutions as it may deem proper, to be held upon the trusts aforesaid. BOOKS AND RETURNS. SECT. 39. The commissioners may prescribe the manner and form of keeping and auditing the books and accounts of any such corporation. Board may pre of keeping and scribe manner auditing books, etc. 1880, 28, § 1. make annual SECT. 40. The treasurer of every such corporation Treasurer to shall annually within twenty days after the last business report to board. day of October make a report to the commissioners showing accurately the condition thereof at the close of business on said day. The report shall be in such form as the commissioners shall prescribe and shall specify the following particulars, namely; Name of corporation and number of corporators; place where located; amount of deposits; amount of each item of other liabilities; public funds, including all United States, state, county, city and town bonds, stating each particular kind, the par value, estimated market value and amount invested in each; loans on public funds, stating amount on each; bank stock, stating par value, estimated market value and amount invested in each; loans on bank stock, stating amount on each; railroad bonds, stating par value, estimated market value and amount invested in each; loans Particulars to be stated in same. 1888, chap. 127. 1 |