P. S., Chapter 116.

[With Amendments and Additional Legislation Noted in the Margin.]

COMMISSIONERS OF SAVINGS BANKS.

and tenure of

office of board.

1889, chap. 321.

SECTION 1. The board of commissioners of savings Appointment 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.

and allowances.

1886, 252.

SECT. 2. The board shall be allowed three thousand Compensation two hundred dollars a year for clerical assistance, and 1879, 124, § 1. also the actual expenses incurred in travelling in the dis- 1889, 77. charge of its official duties.

visit and exam.

annually.

1876, 231, § 3.

1888, chap. 51.

SECT. 3. The commissioners shall visit once in every The board to year, and as much oftener as they deem expedient, every ine every bank savings bank and institution for savings incorporated by 1866, 192, § 2. 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 complied with the provisions of law. They shall preserve in a permanent form a full record of their proceedings, including a statement of the condition of each of

The board may

summon and ex

etc; penalty for

summons, or obstructing commissioner. 1866, 192, § 3. 1876, 231, § 3.

SECT. 4. Either of the commissioners may summon

amine officers all trustees, officers or agents of any such corporation, refusing to obey and such other witnesses as he thinks proper, in relation to the affairs, transactions and condition of the corporation, and for that purpose may administer oaths; and whoever refuses, without justifiable cause, to appear and testify when thereto required, or obstructs a commissioner in the discharge of his duty, shall be punished by fine not exceeding one thousand dollars, or imprisonment not exceeding one year.

shall examine bank on request of five officers, or creditors, etc. 1866, 192, § 4. 1876, 231, § 3.

proceedings

by, when bank is

SECT. 5. Upon the certificate under oath of any five or more officers, trustees, creditors or depositors of any such corporation, setting forth their interest and the reasons for making such examination, directed to the commissioners and requesting them to examine such corporation, they shall forthwith make a full investigation of its affairs in the manner before provided.

SECT. 6. The commissioners, if upon such examinainsolvent, or in tion any such corporation appears to be insolvent, or its

a hazardous

condition. 1866, 192, § 5.

1876, 231, § 3.

condition such as to render its further proceeding hazardous to the public or to those having funds in its custody, shall apply, or, if such corporation appears to have exceeded its powers or failed to comply with any rule, restriction or condition provided by law, they may apply to a justice of the supreme judicial court to issue an injunction restraining such corporation, in whole or in part, from further proceeding with its business until a hearing can be had. Such justice may, with or without previous notice, issue such injunction, and, after a full hearing, may dissolve or modify it or make it perpetual, and may make such orders and decrees according to the course of proceedings in equity to restrain or prohibit the further prosecution of the business of the corporation as may be needful in the premises; and may appoint one or more receivers to take possession of its property and effects, subject to such directions as may from time to time be prescribed by the court or a justice thereof.

effects to be

and delivered to

copy thereof to

Officers may be examined

SECT. 7. When receivers are so appointed, the treas- Schedule of urer of the corporation shall make a schedule of all its made, sworn to property; and its treasurer, board of investment, and receivers and a other officers transferring its property to the receivers commissioners. shall make oath that said schedule sets forth all the under oath. property which the corporation owns or is entitled to. 1878, 253, § 5. The treasurer shall deliver said schedule to the receivers and a copy thereof to the commissioners, who may at any time examine under oath such treasurer, board of investment, or other officers, in order to determine whether or not all the property which the corporation owns or is entitled to has been transferred to the receivers.

to examine the accounts, etc.,

of receivers 1878, 253, §§ 1,

annually.

2, 3.

SECT. 8. The commissioners, or one of them, shall at Commissioners least once in every year, and as much oftener as they deem expedient, examine the accounts and doings of all such receivers; and shall carefully examine and report upon all accounts and reports of receivers made to the supreme judicial court and referred to the commissioners by the court; and, for the purposes of this section, shall have free access to the books and papers relating to the transactions of such receivers, and may examine them under oath relative to such transactions.

SECT. 9. The commissioners, if in their opinion any such corporation or its officers or trustees have violated any law in relation to savings banks, or institutions for savings, shall forthwith report the same, with such remarks as they deem expedient, to the attorney-general, who shall forthwith institute a prosecution for such violation in behalf of the Commonwealth.

SECT. 10. The commissioners, whenever in opinion any such receiver has violated his duty, present the facts to the supreme judicial court.

SAVINGS BANKS AND INSTITUTIONS FOR SAVINGS.

their

to report violations of law.

1866, 192, § 7. 1878, 253, § 6.

1876, 231.

lations of law

to report vioshall by receivers.

1878, 253, § 4.

and institutions

powers and

SECT. 11. All savings banks or institutions for sav- Savings banks ings, incorporated under the authority of this Common- for savings, wealth, may exercise the powers, and shall be governed duties of.

1876, 203, § 1.

Power of gen.

eral court over

for obstructing

investigation.

103, 155.

1876, 203, § 27.

provisions contained in the following sections, so far as the same are consistent with the provisions of their respective charters; and any such corporation may, by vote at its annual meeting or at a meeting called for the purpose, accept any provision of said sections which is inconsistent with its charter.

SECT. 12. The general court may make other or same. Penalty further regulations for the government of such corporaG.S., 102, tions, or may take away their corporate powers; and every such corporation and its officers shall be subject to examination by any committee of the general court appointed for the purpose, who may examine into the doings of the corporation, and shall have free access to its books and vaults. An officer of such corporation, or other person having charge of its books and property, who refuses or neglects to exhibit them to such committee, or who in any way obstructs its examination thereof, shall be punished by fine not exceeding ten thousand dollars, or imprisonment not exceeding three years.

Officers of such

corporations.

OFFICERS AND MEETINGS.

SECT. 13. The officers of every such corporation shall 1876, 203, §§ 2, 3. consist of a president, one or more vice-presidents, a board of not less than nine trustees, a treasurer, clerk, and such other officers as it may find necessary for the management of its affairs. The president, vice-president and trustees shall be chosen from the members, and no person shall hold any office in two such corporations at the same time. Such officers shall be sworn, and shall hold their several offices until others are chosen and qualified in their stead, except in the cases hereinafter provided otherwise.

Treasurer's bond, and duty

SECT. 14. Treasurers, vice treasurers and assistant of trustees and treasurers of savings banks and institutions for savings,

board concern

ing same.

1893, 254.

if such offices are created under the provisions of section thirteen of chapter one hundred and sixteen of the Public Statutes, shall give bonds for the faithful discharge of their duties, to the satisfaction of the trustees, and shall