that notice has been given, as herein provided, pay the amount due on said book or issue a duplicate book therefor; and upon such payment or delivery of a new book, all liability of the savings bank, cooperative bank or trust company on account of the original book shall cease. Chapter 264, Acts of 1913. AN ACT TO AUTHORIZE CO-OPERATIVE BANKS TO HOLD REAL ESTATE. SECTION 1. Any co-operative bank incorporated under the laws of this commonwealth may, subject to the approval of the bank commissioner, invest a sum not exceeding its surplus account in the purchase of a suitable site and the erection or preparation of a suitable building for the convenient transaction of its business, but in no case exceeding two per cent of its dues capital. SECTION 2. This act shall take effect upon its passage. Approved March 8, 1913. Chapter 369, Acts of 1913.. AN ACT TO SHORTEN THE FORMS OF CO-OPERATIVE BANK MORTGAGES. Chapter five hundred and two of the acts of the year nineteen hun- 1912, 502, § 6, dred and twelve is hereby amended by striking out section six and amended. inserting in place thereof the following: - Section 6. (Statute form, Statute form mortgage.) of consideration paid, grant to County, for of per with mortgage covenants, to secure the payment of wife of said mortgagor, release to the mort gagee all rights of dower and homestead and other interests in the mortgaged premises. of mortgage. Witness (Seal.) hand and seal this (ACKNOWLEDGMENT.) day of Every mortgage in substance in the above form, when duly executed, Force and shall have the force and effect of a mortgage deed to the use of the effect. mortgagee and his heirs and assigns, with mortgage covenants as defined in section eighteen of this act, to secure the payment of the money or the performance of any obligation therein specified; (CONDITION.) Provided, nevertheless, except as otherwise specifically stated in the Condition. mortgage, that if the mortgagor, or his heirs, executors, administrators, or assigns shall pay unto the mortgagee or his executors, administrators or assigns the principal and interest secured by the mortgage, and shall perform any obligation secured, at the time provided in the note, mortgage or other instrument or any extension thereof, and shall perform the condition of any prior mortgage, and until such payment and performance shall pay when due and payable all taxes, charges and assessments, to whomsoever and whenever laid or assessed, whether on the mortgaged premises or on any interest therein, or on the debt or obligation secured thereby; shall keep the buildings on said premises insured Power. Statutory Power of Sale. Statute form, co-operative bank mortgage. against fire in a sum not less than the amount secured by the mortgage, or as otherwise provided therein for insurance, for the benefit of the mortgagee and his executors, administrators and assigns, in such form and at such insurance offices as they shall approve, and, at least two days before the expiration of any policy on said premises, shall deliver to him or them, a new and sufficient policy to take the place of the one so expiring; and shall not commit or suffer any strip or waste of the mortgaged premises, or any breach of any covenant contained in the mortgage or in any prior mortgage; then the mortgage deed, as also the mortgage note or notes, shall be void. (POWER.) But upon any default in the performance or observance of the foregoing or other condition, the mortgagee or his executors, administrators, successors or assigns may sell the mortgaged premises or such portion thereof as may remain subject to the mortgage in case of any partial release thereof, either as a whole or in parcels, together with all improvements that may be thereon, by public auction on or near the premises, or at such place as may be designated for that purpose in the mortgage, first complying with the terms of the mortgage and with the statutes relating to the foreclosure of mortgages by the exercise of a power of sale, and may convey the same by proper deed or deeds to the purchaser or purchasers absolutely and in fee simple; and such sale shall forever bar the mortgagor and all persons claiming under him from all right and interest in the mortgaged premises, whether at law or in equity. The foregoing "condition" shall be known as the Statutory Condition, and may be incorporated in any mortgage by reference. The foregoing "power" shall be known as the Statutory Power of Sale, and may be incorporated in any mortgage by reference. The parties may insert in such mortgage any lawful agreement or condition. (STATUTE FORM, CO-OPERATIVE BANK MORTGAGE.) of County, Massa chusetts (being unmarried) for consideration paid, grant to County, Massachusetts, with mortgage cove nants to secure the payment of even date, the land (description and said mortgagee dollars, and hereby transfer and pledge to the shares in the series of its capital stock as collateral security for the performance of the con ditions of this mortgage, and upon which shares said sum of been advanced to The monthly payments under this mortgage are said note dollars has by the mortgagee. dollars. In the event of an assignment of this mortgage, interest on the unpaid balance of the principal shall be at the rate of per cent per annum. This mortgage is upon the statutory co-operative bank mortgage condition, for any breach of which the mortgagee shall have the statutory co-operative bank power of sale. I, wife of said mortgagor, release to the mortgagee all rights of dower and homestead and other interests in the mortgaged premises. Witness hand and seal this day of (Seal.) (ACKNOWLEDGMENT.) Every co-operative bank mortgage in substance in the above form Force and when duly executed, shall have the force and effect of a mortgage deed effect. to the use of the mortgagee and its successors and assigns, with mortgage covenants as defined in section eighteen of this act, to secure the payment of the money or the performance of any obligation therein specified. (CO-OPERATIVE BANK CONDITION.) Provided, nevertheless, that if the mortgagor or his heirs, executors, Condition. administrators or assigns shall pay unto the said mortgagee, its suc'cessors or assigns, at its place of business the monthly dues, interest and premium, if any, together with all fines on payments in arrears, monthly at or before the stated meetings of said bank, until said shares shall reach their matured value, or if the mortgagor or his heirs, executors, administrators or assigns shall otherwise sooner pay said loan unto the said mortgagee, its successors or assigns, together with the said interest and fines to the time of the next stated monthly meeting after such payment, and shall pay when due all taxes and assessments levied or assessed on the mortgaged premises, and all taxes which the said mortgagee may be required to pay as holder of this mortgage, shall keep the buildings thereon insured against fire in a sum satisfactory to and for the benefit of the said mortgagee, its successors or assigns, at such insurance office and by such insurance company as it or they shall approve, or, in default thereof, shall on demand pay to the said mortgagee, its successors or assigns all such sums as it shall reasonably pay for such taxes, assessments and insurance, with interest, and shall not commit or suffer any strip or waste of the mortgaged premises, or any breach of any covenant herein contained, or in any prior mortgage, then the mortgage deed, as also the mortgage note, shall be void. (CO-OPERATIVE BANK POWER.) But in case of non-payment of the aforesaid monthly dues, interest Power. or fines and premiums, if any, for more than four months after any payment thereof shall be due, or upon any other default in the performance or observance of the foregoing or other condition, the mortgagee or its successors or assigns may sell the mortgaged premises or such portion thereof as may remain subject to the mortgage in case of any partial release thereof, either as a whole or in parcels, together with all improvements that may be thereon, by public auction on or near the premises, or at such place as may be designated for that purpose in the mortgage, first complying with the terms of the mortgage and with the statutes relating to the foreclosure of mortgages by the exercise of a power of sale, and may convey the same by proper deed or deeds to the purchaser or purchasers absolutely and in fee simple; and such sale shall forever bar the mortgagor and all persons claiming under him from all right and interest in the mortgaged premises, whether at law or in equity. The foregoing "co-operative bank condition" shall be known as the Statutory Statutory Co-operative Bank Condition, and may be incorporated in any Bank ConCo-operative co-operative bank mortgage by reference. dition. The foregoing "co-operative bank power" shall be known as the Statutory. Statutory Co-operative Bank Power of Sale, and may be incorporated in Co-operative any mortgage by reference. Bank Power of Sale. If any buildings on the mortgaged premises shall be wholly or partly Proceedings destroyed by a fire in respect to which the company or companies in- in case suring the same shall deny liability to the insured, the mortgagee may at premises are damaged, etc., its option forfeit said shares, and, after applying the withdrawal value by fire. thereof to the payment of said loan, interest and fines, may assign the mortgage with the note and debt thereby secured to such company or companies upon payment by it or them of the balance then owing to the mortgagee on account of said loan; whereupon said note and mortgage shall forthwith become a note and mortgage payable on demand with interest at the rate set forth in said mortgage, payable semi-annually, the first payment of such interest to become due six months after the date of such assignment. The parties may insert in such co-operative bank mortgage any l y lawful agreement or condition. Approved March 27, 1913. Chapter 567, Acts of 1914. AN ACT RELATIVE TO THE RECEIVING OF DEPOSITS BY INSOLVENT Any officer of any trust company, savings or co-operative bank or Chapter 22, General Acts of 1916. AN ACT TO AUTHORIZE CO-OPERATIVE BANKS TO PROVIDE FOR AN AS- SECTION 1. Subject to the approval of the bank commissioner, a co-operative bank incorporated under the laws of this commonwealth. may provide in its by-laws for an assistant treasurer, and for his elec tion by either the shareholders or the board of directors. He shall have authority to perform any and all of the duties of the treasurer as provided in section eight of chapter six hundred and twenty-three of the acts of the year nineteen hundred and twelve. SECTION 2. This act shall take effect upon its passage. Approved March 6, 1916. Chapter 47, General Acts of 1918. AN ACT TO PERMIT CO-OPERATIVE BANKS TO SUSPEND CERTAIN MORTGAGE SECTION 1. For the accommodation of any borrower who is actually engaged in the military or naval service of the United States, or who is the wife or family-dependent of a person so engaged, the directors of a co-operative bank may, at their option, endorse on the mortgage note of such borrower held by the bank, the full value of the shares pledged to secure the same, and thereupon such shares shall be cancelled and further payments and fines thereon waived, provided that the person seeking such accommodation, or any person in his behalf, shall sign a written request therefor, agreeing in consideration thereof, to abide fully by the terms of this act. Interest, however, shall continue to be paid monthly on the balance at the original rate, subject to such fine as may be prescribed by the by-laws of the bank for default by shareholders in payment of interest and to foreclosure or other remedy provided by law, in case of default. SECTION 2. At any time after the expiration of the said military or naval service, or upon the alienation of the mortgaged estate, the person thus accommodated, or his successors in title, as the case may be, shall, at the request of the directors, subscribe to and pledge as security for said balance, one new share in the current series issued by the bank, for each two hundred dollars or fraction thereof of said balance. Failure to subscribe to and pledge such shares, when so requested, or to make payments thereon in accordance with law or the by-laws of the bank, shall render said balance immediately due and payable, and payment thereof may be enforced against the security by foreclosure proceedings or by any other remedy provided by law for the collection of debts. SECTION 3. Nothing in this act shall be construed to affect the rights of junior encumbrancers. SECTION 4. This act shall take effect upon its passage. Approved March 6, 1918. Extract from Section 2, Chapter 399, Acts of 1910. Subject to the written approval of the bank commissioner, any bank, at a meeting specially called to consider the subject, may vote to dissolve the corporation and liquidate its affairs: provided, that such a vote is passed by at least two thirds of the trustees or shareholders in a savings bank or co-operative bank or by stockholders of a trust company representing at least two thirds of its outstanding capital stock. A committee of three trustees, shareholders or stockholders shall thereupon be elected, and, under such regulations as may be prescribed by the bank commissioner, shall liquidate the assets, and after satisfying all debts of the corporation shall distribute the remaining proceeds among those entitled thereto in proportion to their respective interests therein. The following sections of chapter 590, Acts of 1908, also apply to co-operative banks: SECTION 1. In sections two to fifteen, inclusive, of this act, unless Definitions. the context otherwise requires, the word "bank" means a savings bank, co-operative bank, trust company or any other person, partnership, association or corporation incorporated or doing a banking business in this commonwealth which is subject to the supervision of the bank commissioner. Whenever used in this act, the words "savings banks", and, unless R. L. 113, § 10. the context otherwise requires, the words "such corporation", mean savings banks and institutions for savings, incorporated as such in this commonwealth. APPOINTMENT OF BANK COMMISSIONER. SECTION 2. There shall be a bank commissioner for the common- 1838, 14, §§ 1, 7. wealth, appointed by the governor, with the advice and consent of 1843, 43. the council, who shall not be an officer of or directly or indirectly in- 1844, 45, 1851, 127, §§ 1, 7. terested in any national bank or in any bank, trust company, corpora- G. S. 57, 1, 2. tion, business or occupation that requires his official supervision. He 1866, 192, § 1, 2. shall not engage in any other business, and shall hold his office for 1876, 231, §§ 1-3. P. S. 116, § 1. the term of three years from the date of his commission and until his 1889, 321, § 1. successor is appointed and qualified. He may be removed by the 1894, 317, § 1. governor, with the consent of the council. He shall give bond with R. L. 113. 1. sureties in the sum of twenty thousand dollars, to be approved by the 148 Mass. 242. 1906, 204, §§ 1, 5. |