Fund in the city of Boston, established under the provisions of chapter two hundred and thirty-seven of the acts of the year nineteen hundred. The said trustees shall serve without compensation. At the first regular meeting of the school committee of the city of Boston, after the adoption of this act, and in each fifth year thereafter, at one of the regular June meetings, or at some subsequent regular meeting of the said committee, it shall elect one member of the said board of trustees who shall hold office for the term of five years beginning with the first day of July in the year of his election. The board of trustees of the said Teachers' Retirement Fund shall elect one of the trustees of the said permanent school pension fund for the term of four years beginning with the first day of July of the current year, and shall, at the expiration of such term and in each fifth year thereafter, elect a member of said board of trustees for the term of five years beginning with the first day of July in the year of his election. Every such trustee shall subscribe, in a book kept for that purpose in the office of the city clerk in said city, a statement that he accepts the said office subject to the provisions of this act, and any elected member of said board of trustees whose term of office has expired shall continue to serve as a member of said board until his successor is duly elected and qualified. In case of a vacancy in the elected members of said board of trustees by reason of death, resignation or other cause, the body which elected the person whose place thus becomes vacant shall fill the vacancy by an election for the unexpired term.

SECTION 3. Said board of trustees shall have charge and control of said permanent school pension fund and of all amounts contributed thereto, and shall invest and reinvest the same in securities in which the funds of savings banks in the Commonwealth of Massachusetts may by law be invested, excepting personal securities, and said trustees may, from time to time, sell such securities and shall invest and reinvest the proceeds thereof, and any and all unappropriated income of said pension fund. The city treasurer of said city shall be the custodian of all securities and money belonging to the said permanent school pension fund and shall be responsible for the safe custody thereof; shall, whenever any of such securities are sold by the said trustees for the purpose of reinvestment, deliver the securities so sold upon receiving the proceeds thereof; shall, on such conditions and at such rates of interest as the trustees may approve, deposit temporarily in national banks doing business in Boston, or in trust companies organized under the laws of this Commonwealth and doing a banking business in Boston, any money belonging to said fund which, in the opinion of the said trustees, it is inexpedient for the time being to invest in securities authorized by this act; and shall forthwith invest any money belonging to said pension fund in such securities authorized by this act as the said trustees may direct, and upon such terms as they may specify. The said trustees shall keep a record of their proceedings, and shall annually on the first day of February, or as soon thereafter as may be, make a written report to the school committee of the amount and condition of said fund and of the income thereof for the preceding municipal financial year, as established from time to time by said city. Their records and the securities belonging to said fund shall at all times be subject to the inspection of the school committee. The secretary of the school committee shall be the secretary of the said board of trustees and shall have the custody of all records, documents and papers belonging to them. The expense of such additional clerical assistance as may be needed in the office of said secretary for the purposes of this act shall be paid from the annual appropriations for the expenses hereinafter provided for. SECTION 4. In addition to the amount which the school committee is now au

thorized by law to appropriate for the support of the public schools of the city, and for other purposes, it shall annually appropriate for the purposes contemplated by this act, and in the same manner in which it makes appropriations for other school purposes, the sum of five cents upon each one thousand dollars of the valuation on which the appropriations of the city council of the city are based, and shall from time to time pay to the treasurer of the permanent pension fund such portions of the proceeds of said five cents upon each one thousand dollars of the valuation aforesaid as, in the opinion of the school committee, will not be needed for the purpose of paying pensions to teachers during that year.

SECTION 6. The total amount of pensions payable hereunder in any one year shall not exceed the proceeds of the said five cents upon each one thousand dollars of the valuation aforesaid, together with the income accruing during that year from the investment of the permanent pension fund.

SECTION 7. The school committee of said city, by a majority vote of all of its members, may retire with a pension any member of the teaching or supervising staff of the public day schools of the city of Boston who, in the opinion of said committee, is mentally or physically incapacitated for further efficient service, subject however to the limitations hereinafter set forth. If the person so retired has attained the age of sixty-five years or has been engaged in teaching or supervising in the public day schools for a period aggregating thirty years, twenty of which shall have been in the public day schools of the city of Boston, such person shall be paid a pension at the rate of one hundred and eighty dollars per annum. If a person so retired shall be less than sixty-five years of age and shall have been engaged in teaching or supervising in the public day schools in Boston and elsewhere for a period aggregating less than thirty years, the annual pension paid to such person shall be such percentage of one hundred and eighty dollars as the total number of years of service of such person is of thirty years; provided, however, that if the annual pension of such person so determined shall be a larger percentage of one hundred and eighty dollars than the number of years which such person has taught in the public day schools in the city of Boston is of twenty years, then the annual pension paid to such person shall be such percentage of one hundred and eighty dollars as that person's length of service in the public day schools of said city is of twenty years; and provided, further, that the pension of any teacher retired under the provisions of this act shall terminate if and when, in the judgment of the school committee, the person's incapacity shall have ceased. In determining the aggregate length of service of any person retired in accordance with the provisions of this act any period of leave of absence under salary shall be considered as equivalent to an equal amount of actual teaching service. The city treasurer of the city shall pay pensions to teachers retired under this act in accordance with monthly payrolls prepared and certified to by the school committee.

SECTION 8. All acts and parts of acts inconsistent herewith are hereby repealed.

CHAPTER 590.- Limits for deposits in savings banks and institutions for savings not applicable to labor unions.

SECTION 46 (as amended by Acts of 1909, Chapter 491, Section 7). Such corporation may receive on deposit from any person not more than one thousand dollars; and may allow interest upon such deposits, and upon the interest accumulated thereon, until the principal, with the accrued interest, amounts to two thousand dollars; and thereafter upon no greater amount than two thousand dol

lars; but the provisions of this section shall not apply to deposits by a religious or charitable corporation or labor union, or credit union, or in the name of a judge of probate, or by order of any court, or on account of a sinking fund of a city or town in this Commonwealth.

SECTION 1. The prison commissioners may, with the approval of the governor and council, retire from active prison service and place upon a pension roll, any officer of the state prison, or of the Massachusetts reformatory, or of the state farm, or of the reformatory prison for women, or of any jail or house of correction, who has attained the age of sixty-five years or over, and who has been employed in prison service in Massachusetts, with a good record for not less than twenty years; or who, without fault of his own, has become permanently disabled by injuries sustained in the performance of his duty; or who has performed faithful prison service for not less than thirty years: provided, however, that no officer of the state farm shall so be retired except upon the recommendation of the trustees of that institution; and provided, further, that no officer of any jail or house of correction shall so be retired except upon the recommendation of the sheriff and county commissioners of the county, except in the county of Suffolk, that, where the recommendation, as to officers of the jail, shall be made by the sheriff, and the mayor of the city of Boston, and, as to the officers of the house of correction, by the penal institutions commissioner, and the mayor of the city of Boston.

SECTION 2. The words "prison service," as used in section one of this act, shall be construed to mean service in the state prison, the Massachusetts reformatory, the state farm, the reformatory prison for women, or in any jail or house of correction in Massachusetts; and an officer of one of the said institutions shall, for the purposes of this act, be credited with all the time which he has served as an officer, with a good record, in any of them. The words "good record" shall be construed to mean that the officer has not been discharged for misconduct from any of said institutions, or that, if so discharged, it was afterward found that he was not at fault; and the restoration to duty or reappointment in the institution from which he was discharged shall be sufficient evidence for the exoneration of any officer.

SECTION 3. An officer who is retired, as provided in this act, shall be allowed a pension equal to one half of the salary which he was receiving at the time of his retirement. The pension, in the case of an officer of the state prison, Massachusetts reformatory, state farm, or reformatory prison for women, shall be paid in monthly installments from the treasury of the Commonwealth; and in the case of an officer of a jail or house of correction, the pension shall be paid in monthly installments from the county treasury.

CHAPTER 605. — Regulation of the business of making small loans.1 SECTION 1. No person, firm or corporation shall engage in the business of making small loans of two hundred dollars or less upon which a rate of interest greater than twelve per cent per annum is charged, and for which no security, other than a note or contract with or without an endorser is taken, without first obtaining a license for carrying on such business in the city or town in which the business is to be transacted. Such licenses may be granted in Boston by the police

1 See Acts of 1909, Chapter 419, Section 25, page 131; Chapter 514, Sections 121-126, pages 36, 37.

commissioner, in other cities by the mayor and aldermen, and in towns, by the selectmen.'

SECTION 2. The licensing officer or board shall from time to time establish regulations respecting the business carried on by the persons so licensed and the rate of interest to be charged by them, having due regard to the amount of the loan and the time for which it is made; and no licensee shall charge or receive upon any loan a greater rate of interest than that fixed by the licensing officer or board.

SECTION 3. In the case of a loan to which the provisions of section one apply, an amount not exceeding two dollars if the loan does not exceed twenty-five dollars, not exceeding ten dollars if the loan exceeds one hundred dollars, not exceeding three dollars if the loan exceeds twenty-five dollars but does not exceed fifty dollars, and not exceeding five dollars if the loan exceeds fifty dollars but does not exceed one hundred dollars, may, if both parties to the loan so agree, be paid by the borrower or added to the debt, and taken by the lender as the expense of making the loan, and such amount shall not be counted as part of the interest on the loan. A greater amount than that above specified shall not be taken for such purpose, and any money paid, promised or taken in excess of such amount shall be deemed to be interest.

SECTION 4. Whoever not being duly licensed as provided in section one, on his own account or on account of any other person, firm or corporation, not so licensed, engages in or carries on directly or indirectly, either separately or in connection with or as a part of any other business, the business of making loans to which the provisions of section one apply, shall be punished by a fine of not more than three hundred dollars or by imprisonment for not more than sixty days, or by both such fine and imprisonment.

SECTION 5. The licensing officer or board may revoke the license granted in accordance with the provisions of section one, of any person guilty of a violation of its terms, or of the regulations established by said officer or board and governing said business.

SECTION 6 (as amended by Acts of 1909, Chapter 317). National banks, all banking institutions which are under the supervision of the bank commissioner, and loan companies and loan associations established by special charter and placed under said supervision, shall be exempt from the foregoing provisions of this act.

SECTION 7. No assignment of, or order for, wages to be earned in the future to secure a loan of less than two hundred dollars, shall be valid against an employer of the person making said assignment or order until said assignment or order is accepted in writing by the employer, and said assignment or order, and the acceptance of the same have been filed and recorded with the clerk of the city or town where the party making said assignment or order resides, if a resident of the Commonwealth, or in which he is employed, if not a resident of the Commonwealth.

SECTION 8. No such assignment of, or order for, wages to be earned in the future shall be valid, when made by a married man, unless the written consent of his wife to the making of such assignment or order is attached thereto.

SECTION 9. All acts and parts of acts inconsistent herewith are hereby repealed.

1 Limited by Acts of 1909, Chapter 278, page 126.

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CHAPTER 278.

8. ACTS OF 1909.

Certain fraternal mutual benefit societies exempted from the operation of certain provisions of law regulating the making of small loans. SECTION 1. A fraternal mutual benefit society the membership of which is limited to the employees of any one person, firm or corporation, and which makes loans to its members only, shall be exempt from obtaining a license in accordance with the provisions of chapter six hundred and five of the acts of the year nineteen hundred and eight.

CHAPTER 363. Rights of action of employees against employers."

SECTION 1. If a defect in the ways, works or machinery of a person, partnership or corporation has been reported to the person whose duty it is to remedy said defect, or cause it to be remedied, or to report its existence, and such defect is not remedied within a reasonsable time, and by reason of said defect an employee is injured, such employees shall not be held to have assumed the risk of such injury.

SECTION 2. This act shall take effect on the first day of January in the year nineteen hundred and ten.

SECTION 1. There shall be a bureau of statistics, the duties of which shall be to collect, assort, arrange, and publish statistical information relative to the commercial, industrial, social, educational, and sanitary condition of the people, the productive industries of the Commonwealth; . . . to establish and maintain free employment offices as provided for by chapter four hundred and thirty-five of the acts of the year nineteen hundred and six and amendments thereof; and to take the decennial census of the Commonwealth required by the constitution and present the results thereof in such manner as the General Court may determine.

SECTION 2. Said bureau shall be in charge of a director who shall be appointed by the Governor with the advice and consent of the Council for a term of three years and until his successor is appointed and qualified. . . . He shall appoint a chief clerk, who, in the absence of the director, shall act as his deputy. . . . The director may expend for clerical assistance, special agents, and contingent expenses, such amount as the General Court may annually appropriate for these purposes. He may require the attendance of witnesses, and the production of books and documents, and may examine witnesses under oath; and such witnesses shall be examined in the same manner and be paid the same fees as witnesses before the superior court.

SECTION 3. The director of the bureau of statistics shall annually on or before the third Wednesday in January submit to the general court a statement summarizing the work of the bureau during the preceding year, and shall make therein such recommendations as he may deem proper. He shall also prepare annually for distribution as public documents, a report on the statistics of labor, which shall embody statistical and other information relating especially to labor affairs in the commonwealth; a report on the statistics of manufactures, to be gathered as hereinafter more particularly provided for; . . . and a report covering the work of the free employment offices. The secretary of the commonwealth shall

1 See Acts of 1909, Chapter 514, Sections 127, 134, pages 38, 40.

2 See Acts of 1909, Chapter 514, Sections 1-9, pages 3, 4.