xviii SAVINGS BANKS. [Pub. Doc. No. 8. The law was enacted after the most thorough examination and discussion before the Legislature, and is the outcome of a century of experience in the practical working of similar corporations elsewhere. It is universally acknowledged to be the fairest and most equitable system of co-operative banking of any State in the Union. There have been but few changes required, and those in matters which looked to the improvement of the law. The great foundation principles have remained untouched, and it is probable that no change will ever be needed in them. But in a few particulars amendments may be made to free the law from ambiguity and inconsistency, and to remove some burdens which are now necessarily imposed on shareholders. Of this character are the amendments recommended by the Board in its report for 1892. It seems desirable that the law should be amended so as to allow the banks to take subsequent mortgages on real estate where they already hold all prior liens ; That the law of fines should be so amended as to prevent the accumulation of such penalties at the rate of 24 per cent. per annum, and to remove inconsistencies and ambiguities therefrom and That when a borrower purchases money for the purpose of reducing the premium on an existing loan, the transaction may be treated as an agreement for the reduction of interest, and evidenced by a writing to that effect, signed by the parties thereto. The reasons for these changes were explained at length in the last report of this Board, and it is unnecessary to amplify them at the present time. In the following pages will be found a balance sheet of the condition of each institution required to be included in this part of the report, together with the laws relating to co-operative banks and mortgage loan and investment companies, corrected to date. WILLIAM D. T. TREFRY, STARKES WHITON, SAMUEL O. LAMB, Board of Commissioners of Savings Banks. ABSTRACT OF ANNUAL REPORTS OF THE CO-OPERATIVE BANKS, SHOWING THEIR CONDITION AT CLOSE OF BUSINESS MADE IN CONFORMITY TO THE REQUIREMENTS OF CHAPTER 159 OF THE ACUSHNET CO-OPERATIVE BANK-NEW BEDFORD. Incorporated Nov. 15, 1889. Commenced business Nov. 16, 1889. 568 64 DATE OF ISSUE. Smallest loan to any one member, Amount of expenses of the corporation for the year ending Oct. 31, 1893, . Date of examination by commissioner: September 1. Reconciliation of Share Account with Dues and Profils Capital. 4,265 37 |