OF THE SAVINGS BANKS OF MASSACHUSETTS IN EACH YEAR 1892, INCLUSIVE.

by Acts 1834, Chapter 190.]

Average Rate of

Dividend.

STATUTES

OF THE

Commonwealth of Massachusetts

RELATING TO

SAVINGS BANKS AND INSTITUTIONS

FOR SAVINGS

CORRECTED TO OCTOBER 31, 1892

P. S., CHAPTER 116, AS AMENDED TO

OCT. 31, 1892.

[WITH REFERENCES TO THE AMENDMENTS AND ADDITIONAL LEGISLATION NOTED IN THE MARGIN.]

COMMISSIONERS OF SAVINGS BANKS.

SECTION 1. The board of commissioners of savings 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.

SECT. 2.

The board shall be allowed two thousand seven hundred dollars a year for clerical assistance, and also the actual expenses incurred in travelling in the discharge of its official duties. SECT. 3. The commissioners shall visit once in every year, and as much oftener as they deem expedient, every savings bank and institution for savings incorporated by authority of this Commonwealth, and when such institutions 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 com