tion one of chapter seventy-seven of the acts of the year eighteen hundred and eighty-two, shall be made at the time when the payment into the treasury of the Commonwealth of such unclaimed moneys or dividends is required by law to be made and not before. Section one hundred seventy-three of chapter one hundred nineteen, and section forty-four of chapter one hundred sixteen of the Public Statutes are hereby repealed, but receivers of any insolvent savings bank or institution for savings in whose case final decree of distribution has been made at the passage of this act shall make payments into the treasury of the Commonwealth as required by the provisions of section forty-four of chapter one hundred sixteen of the Public Statutes notwithstanding, and persons or parties entitled to receive any portion of such sums or of the sums already paid into the treasury under the provisions of said section, or of the acts of which they are a continuation may within two years from the passage of this act and persons or parties entitled to receive any portion of the sums paid into the treasury under the provisions of the first section of this act may within two years from the time of such deposit and notice given make claim to the auditor of the Commonwealth therefor. Upon establishing the validity of their claim, certification, warrant and payment shall follow as in case of other valid claims against the Commonwealth. Copies from the records, books and accounts of a savings bank and institution for savings, incorporated under the laws of this Commonwealth, shall be competent evidence in all cases, equally with the originals thereof, if a clerk of a court of record, or notary public, under the seal of such court or notary public, setting forth that the affiant is the officer having charge of the original records, books and accounts and that such copy is true and correct and is full so far as it relates to the subject-matter therein referred to. AN ACT CONCERNING UNCLAIMED DEPOSITS IN SAVINGS BANKS. (Chapter 319, Acts of 1887.) SECTION 1. The treasurer of every savings bank shall within fifteen days after the last business day of October in the year eighteen hundred and eighty-seven, and every fifth year thereafter, return to the commissioners of savings banks a sworn statement containing the name, the amount standing to his credit, the last known place of residence or post-office address and the fact of death, if known to such treasurer, of every depositor who shall not have made a deposit therein or withdrawn therefrom any part of his deposit, or any part of the interest thereon, for a period of more than twenty years next preceding; and the treasurers of such savings banks shall give notice of these deposits in one or more newspapers published in or nearest to the city or town where such banks are located, at least once a week for three weeks in succession provided, however, that this act shall not apply to the deposit made by or in the name of any person known to the bank to be living or to any deposit which, with the accumulations thereon, shall be less than twenty-five dollars. SECT. 2. The commissioners of savings banks shall incorporate in their annual report, or in a supplementary annual report, each return which shall have been made to them as provided in section one. SECT. 3. The treasurer of any savings bank neglecting or refusing to make the sworn return required by section one shall be subject to a fine of one hundred dollars. AN ACT REQUIRING SAVINGS BANKS AND INSTITUTIONS FOR SAVINGS TO CALL IN THEIR BOOKS OF DEPOSIT AT STATED INTERVALS. (Chapter 40, Acts of 1888.) During the year eighteen hundred and eighty-nine and every third year thereafter savings banks and institutions for savings shall call in the books of deposit of their depositors for verification in such manner as their respective boards of trustees may elect. AN ACT REQUIRING SAVINGS BANKS AND INSTITUTIONS FOR SAVINGS TO MAKE AN ACCURATE THEIR DEPOSITORS' LEDGERS. TRIAL BALANCE OF (Chapter 88, Acts of 1889.) Every savings bank and institution for savings shall, as often as once in each of its fiscal years, make an accurate trial balance of its depositors' ledgers. AN ACT PROVIDING FOR THE FINAL DISTRIBUTION OF SUMS OF MONEY DEPOSITED IN THE NAME OF A JUDGE OF PROBATE COURT, AS TRUSTEE, OR BY ORDER OF ANY COURT. (Chapter 449, Acts of 1889.) SECTION 1. All sums of money hereafter deposited in savings banks, institutions for savings or trust companies, in the name of a judge of probate court, as trustee, or by order of any court, shall draw interest, or dividends, at the same rate as other deposits in the same bank, institution or company, while they remain therein, without regard to the amount deposited. SECT. 2. The probate court, court of insolvency or other court, respectively, shall, upon the application of any person interested or of the attorney-general, and after such public notice as the court or any judge or justice thereof may deem proper to be given, order and deposited in a savings bank, institution for savings or trust company, by authority of either of said courts or any judge or justice thereof, and which shall have remained unclaimed for a period of more than five years from the date of such deposit, with the increase and proceeds thereof, to be paid to the treasurer of the Commonwealth, to be held and used by him according to law, subject for fifteen years only to be paid with interest at the rate of three per cent. per annum from the time it is so paid to said treasurer to the time it is paid by him to the person or persons having, and established, a lawful right thereto. AN ACT RELATIVE TO THE BUSINESS OF SAVINGS BANKS, INSTITUTIONS FOR SAVINGS AND TRUST COMPANIES. [Chap. 230, Acts of 1893 ] SECTION 1. No bank, and no person or persons, association or body corporate, except savings banks and institutions for savings, incorporated under the laws of the Commonwealth, and trust companies so incorporated previous to the first day of January in the year eighteen hundred and ninety-three, which are organized and doing business on the first day of October in said year, shall advertise or put forth a sign as a savings bank, or in any way solicit or receive deposits as a savings bank. Every bank, association, corporation or person violating this provision shall forfeit for every offence the sum of one hundred dollars for every day such offence shall be continued. SECT. 2. This act shall take effect on the first day of October in the year eighteen hundred and ninety-three. INVESTMENTS AND LOANS AUTHORIZED BY THE STATUTES OF MASSACHUSETTS TO BE MADE BY SAVINGS BANKS AND INSTITUTIONS FOR SAVINGS. Deposits and the income derived therefrom shall be invested only as follows (see section 20, chapter 116, Public Statutes): Bonds or notes of any county, city or Unlimited. town of this Commonwealth. Bonds or notes of incorporated districts in Massachusetts whose net indebtedness does not exceed five per cent of the last preceding valuation of the property therein for the assessment of taxes. Unlimited. Bonds or notes of any city of the Unlimited. |