R. S. 36, § 71. lowing sections as far as the same are consistent with the 1834, 190, § 1. provisions of their respective charters; and any such cor- G. S. 57, § 135. poration may, by vote at its annual meeting or at a meeting P. S. 116, § 11. called for the purpose, accept any provision of said sections 1894, 317, § 11. which is inconsistent with its charter. 1876, 203, § 1. may make tions, etc. 1828, 96, § 17. An 1834, 190, § 12. R. S. 36, §§ 40, 41, 84. 103, 155. G. S. 57, §§ 102, SECTION 13. Savings banks and their officers shall be General court subject to examination by a committee of the general court further regulaappointed for the purpose, who may examine their affairs and shall have free access to their books and vaults. officer of any such corporation, or other person having charge of its books and property, who refuses or neglects to exhibit the same to such committee or obstructs its examination thereof, shall be punished by a fine of not more than ten thousand dollars or by imprisonment for not more than three years. 1876, 203, § 27. P. S. 116, § 12. 1894, 317, § 12. 9 Cush. 604. OFFICERS AND MEETINGS. corporations. 73. 137. SECTION 14. The officers of such corporation shall be officers of such a president, one or more vice presidents, a board of not 1834, 190, §§ 2, 3. less than nine trustees, a treasurer, clerk and such other R. S. 36, §§ 72, officers as it may find necessary for the management of its GS. 57, §§ 136, affairs. Such officers shall be sworn, and shall hold their 1876, 203, §§ 2, 3. several offices until others are chosen and qualified in their stead, except as hereinafter otherwise provided. president, vice president and trustees shall be chosen from the members, and no person shall hold an office in two such corporations at the same time. The P. S. 116, § 13. 1894, 317, § 13. give bond, etc. 1880, 162. 1893, 254, § 1. 73. SECTION 15. Every treasurer, vice treasurer and assist- Treasurer to ant treasurer shall give bond to the satisfaction of the 1876, 203, § 3. trustees for the faithful performance of his duties and shall P. S. 116, § 14. file with the board of commissioners of savings banks an 1889, 180. attested copy thereof, with a certificate of its custodian 1894, 317, § 14. that the original is in his possession. Such officer shall 19 Mass. 500. notify said board of any change thereafter made therein. If he fails, within ten days from the date thereof, to file a copy of his bond, or to notify the board of any change therein, he shall be liable to a penalty of fifty dollars. The board shall keep a record showing when said bonds expire, and the changes so notified, and, when in its judgment it is necessary for the security of the depositors, it shall require a new bond in such amount and with such sureties as said board may approve. Said officers shall give new bonds at least once in five years. Choice and 1834, 190, § 3. 1876, 203, § 4. S. P. 116,15. 1893, 254, § 2. 1894, 317, 15. Special meetings. 1834, 190, § 4. R. S. 36, § 75. 139. G.S. 57. 1876, 203, § 5. 1884, 150. 1894, 317, § 16. Members of 1834, 190, § 5. Regular meetings of trus. tees, etc. SECTION 16. The officers of such corporation, except the treasurer, vice treasurer and assistant treasurer, shall be chosen at its annual meeting to be held at such time as the by-laws direct, anything in its charter to the contrary notwithstanding. The treasurer, vice treasurer and assistant treasurer shall be appointed by the trustees and shall hold office during their pleasure. If an office becomes vacant during the year, the trustees may appoint a person to fill it until the next annual meeting; and if a person chosen or appointed does not, within thirty days thereafter, take the oath, his office shall thereupon become vacant. The person acting as clerk at such meeting shall, within ten days thereafter, notify all persons elected to office; and within thirty days thereafter shall publish in a newspaper published in the county in which the corporation is established a list of all persons who have taken the oath of office to which they were elected. A clerk who neglects to give such notice or make such publication or who makes a false publication, and a person who knowingly publishes or circulates, or knowingly causes to be published or circulated, a printed notice containing the name of a person as an officer of such corporation who has not taken the oath of office, shall be liable to a penalty of fifty dollars. SECTION 17. Such corporation may hold special meetings by order of its trustees; and its clerk shall notify special meetings upon request in writing of ten members of the corporation. Notice of all meetings shall be given by advertisement in a newspaper published in the county in which the corporation is established, and by seasonably mailing to each member a written or printed notice thereof. SECTION 18. Such corporation may, at a legal meeting, elect by ballot any citizen of this commonwealth to be a member thereof; and any person may, at an annual meeting, cease to be a member, if, three months at least before such meeting, he has filed with the clerk a written notice of his intention so to do. If a member fails to attend two consecutive annual meetings his membership may, by vote of the corporation at its next annual meeting, be declared forfeited. Such action and vote recorded shall be evidence of forfeiture of membership. No person shall continue to be a member after removing from this commonwealth. SECTION 19. A regular meeting of the board of trustees of such corporation shall be held at least once in three P. S. 116, § 18. months, for the purpose of receiving the report of its 1876, 203, § 7. 1888, 96. treasurer and for the transaction of other business. A 1882, 50. quorum shall consist of not less than seven trustees, but 1894, 317, § 18. less than a quorum may adjourn from time to time or until the next regular meeting. At each regular meeting the trustees shall cause to be prepared a statement showing the condition of the corporation as it appears upon its books, in the form of a trial balance of its accounts, and such statement shall be posted in a conspicuous place in its banking room, and there remain until the next regular meeting of said board. A record shall be made at each meeting of the transactions of the trustees and the names of those present. If a trustee fails both to attend the regular meetings of the board and to perform any of the duties devolving upon him as such trustee, for six consecutive months, his office shall thereupon become vacant. A record of such vacancy shall be entered upon the books of the corporation and a transcript of such record shall be sent by mail to the person whose office is thus made vacant. The trustees shall cause to be published semiannually in a newspaper published in the county in which said corporation is located the names of the members of the board of investment or other officers of such corporation charged with the duty of investing its funds. The first publication thereof shall be within thirty days of the election of said officers and the second publication at the expiration of six months therefrom. BANKING HOUSE. TRANSACTION OF BUSINESS. transacted at only, etc. 1884, 253, § 1. is94, 317, § 19. 1889, 91, § 1. SECTION 20. Such corporation shall carry on its usual Business to be business at its banking house only, and a deposit shall banking house not be received nor payment on account of deposits be made by such corporation or by a person on its account in any other place than at its banking house, which shall be in the city or town in which such corporation is established; but its annual meeting and meetings of its trustees may be held at other places in such city or town. tween savings 1898, 567, §§ 1, 2. SECTION 21. A savings bank shall not occupy the same connection beroom with a bank or national banking association, unless and national such savings bank shall have first filed with the board of banks. commissioners of savings banks an agreement signed by the president and the cashier or treasurer of such bank or national banking association, in accordance with a vote duly passed by its board of directors or trustees, that it Business not to be transacted over same counter. 1898, 567, § 3. [1 Op. A. G. 569.] Committee to examine condition. 1898, 567, § 4. Bond by savings bank. 1898, 567, § 5. and they will permit and facilitate an examination of the SECTION 22. A savings bank shall not transact its business over the same counter or occupy in common the same safes or vaults with a bank, national banking association or trust company; but a savings bank may occupy within such vault a safe or compartment over which it has exclusive control, or may transact business over a part of the same counter which is separated by a suitable partition or lattice work from the part of the counter used exclusively by such other bank, banking association or trust company. SECTION 23. If a savings bank transacts its business within the same enclosure with a bank or national banking association a committee of not less than three shall be chosen by the trustees of such savings bank from their own number, who shall at least once in every six months examine the condition of such savings bank at the same time that a similar examination is made of the condition of such bank or banking association by the directors thereof, or by any other person appointed by them. SECTION 24. If a savings bank transacts its business within the same enclosure with a bank or national banking association or if such banks have the same president, treasurer or cashier, the treasurer, tellers and clerks of the savings bank shall give a bond of a company authorized to transact fidelity insurance or corporate suretyship in this commonwealth, in a form and for a sum to be approved by the board of commissioners of savings banks. DEPOSITS, LOANS AND INVESTMENTS. deposits 1874, 393. 1876, 203, § 8. 1889, 86; 449, SECTION 25. Such corporation may receive deposits Amount of from any person until they amount to one thousand dol- limited. lars; and may allow interest upon such deposits, and 134, 190, § 6. upon the interest accumulated thereon, until the principal, G5:57, § 141. with the accrued interest, amounts to one thousand six 1875, 100. hundred dollars; and thereafter upon no greater amount P. S. 116, $19. than one thousand six hundred dollars; but the provisions $1. of this section shall not apply to deposits by religious or charitable corporations, or to deposits made in the name of a judge of probate or by order of any court. SECTION 26. Deposits and the income derived there- Investment of from shall be invested only as follows: 1894, 317, § 20. deposits, etc. P. S. 116, § 20. -in mortgages. 4, 190, § 7. G. S. 57, §§ 142, 16, 203, § 9, R. S. 36, § 78. P. S. 116, § 20, First. In first mortgages of real estate situated in this commonwealth, not to exceed sixty per cent of the valuation of such real estate; but not more than seventy per cent of the whole amount of deposits shall be so invested. A loan on mortgage shall not be made except upon the report of not less than two members of the board of l. 1. investment, who shall certify, according to their best c. 1 judgment, to the value of the premises to be mortgaged and such report shall be filed and preserved with the records of the corporation. 1894, 317, § 21, [1 Op. A. G. 34. - in public funds. Second. a. In the public funds of the United States, or of any of the New England states, or of the state of 1884, 190, § 7. New York. 1881, 214, § 2. P. S. 116, § 20, cl. 2. R. S. 36, § 78. G. S. 57, § 142. 1863, 175, § 1. 1876, 203, § 9, cl. 2. 1880, 177. b. In the bonds or notes of a county, city or town of 1894, 317, § 21, this commonwealth. * not ex cl. 2. c. In the bonds or notes of an incorporated district in 1885, 111. this commonwealth whose net indebtedness does ceed five per cent of the last preceding valuation of the property therein for the assessment of taxes. * d. In the bonds or notes of any city of Maine, New Hampshire, Vermont, Rhode Island or Connecticut, whose net indebtedness does not exceed five per cent of the last preceding valuation of the property therein for the assessment of taxes; or of any county or town of said states whose net indebtedness does not exceed three per cent of such valuation. * See page xxix for definition of net indebtedness. |