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capital must be paid in before commencing business..
directors to be elected annually...

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shall be not less than five nor more than thirteen

notice of elections shall be published

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Savings banks:

Attorney-general:

may proceed for neglect to make investments...
may bring action against delinquent corporation
may bring action to recover expenses

notice to, of dissolution.

Authorization:

By-laws:

(See certificates.)

to be made by trustees...

must be consistent with law....

to provide for election of officers.

to prescribe powers and duties of officers...

to provide for appointment and duties of committees...
to provide for general management

shall be transmitted to superintendent of banks.

superintendent must be notified of amendments.

may provide for loss of pass-books..

Certificates:

of incorporation

what to contain...

to be filed with county clerk

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Savings banks — (Continued) :

Certificates:

to be filed with superintendent of banks....

to be filed by superintendent.....

of authorization

shall be issued within sixty days.

to be filed by county clerk...

duplicate to be filed in office of superintendent.

superintendent may refuse to issue

refusal to be filed by county clerk

....

when filed persons named shall be a corporation............

Charters:

to be conformed to this chapter...

Definition:

meaning of term savings bank...

Deposits:

annual report of unclaimed....

may be received after incorporation..
repayment of .....

regulations to be prescribed by trustees
regulations to be posted in banking rooms.

regulations to be printed in pass-books.
amount may be limited.....

may be refused.....

individual limited to $3,000.....

society or corporation limited to $5,000.
of minors, how held...........

in trust, how paid...

claimants may be interpleaded..

wife witness against husband..

may be invested in certain securities..

with banks and trust companies limited....

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temporary, allowed with banks and trust companies...

with insolvent banks and companies entitled to preference.... 89

unclaimed to be transferred to bank superintendent when
dissolution is effected......

Dissolution:

proceedings against delinquent corporations........
may close voluntarily....

when effected..

Dividends:

to trustees for services prohibited...

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not to exceed five per cent per annum

net profits beyond fifteen per cent surplus to be paid.

may be regulated by classification...

to be limited to period of deposit.

to be declared by vote of trustees..

trustees liable for payment in excess of profits

extra to be paid from surplus profits....

notice of change in rate to be posted..

Investments:

value of, how estimated

limited to certain securities..

in mortgages limited to sixty-five per cent of deposits.
in real estate, limited..

loans on certain securities.

loans on personal securities prohibited

temporary deposits may be made.........

attorney-general may proceed for neglect in making

previous, not affected by this chapter

unlawful, by officers of.

Loans:

(See investment.)

Location:

manner of application.........

can be authorized by superintendent.

may be changed...

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Notice:

of intention to organize to be published.........

copy to be sent to other savings banks.

of regulations to be posted in bank..

of refusal of certificate by superintendent to be filed by county
clerk.....

of change in rate of interest to be posted in bank..

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Savings banks-(Continued) :

Notice:

to superintendent of dissolution..

to attorney-general of dissolution..

Officers:

post-office address must be sent to superintendent
names and residence must be sent to superintendent

election of, provided for in by-laws.......
salaries to be fixed by trustees..

shall give security for fidelity.
compensation of, allowed..

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to be made semi-annually to superintendent.....

18, 88

character of....

18, 88

verification of..

penalty for failure to make.

no other required

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Restrictions:

loans on personal property prohibited

mortgaged property must be insured..

must not transact unauthorized business.

must not issue certificate of deposit.

payment must be made only on presentation of pass-book....

surplus limited to fifteen per cent of deposits...

interest must not exceed five per cent per annum..

advertisements of unauthorized prohibited..

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Security:

may be required from office for fidelity.

may be accepted from surety companies..

premiums may be paid by bank.....

Superintendent of banks. (See general index.)
Surplus fund:

may accumulate up to fifteen per cent of deposits..
per cent of, how determined..

Trustees:

thirteen or more required to incorporate
two-thirds must be residents of county

....

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to be deposited for circulating notes...

to be held by superintendent for redemption of notes.

banks may receive interest on.....

may be returned when notes are destroyed...

transfers to be countersigned by state treasurer

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