The last legislature passed a resolve requiring the Commissioners of Savings Banks and the Commissioner of Corporations to consider the subject of a general law for the regulation of these institutions, and to report a bill therefor to this general court. This duty has been attended to, and a bill will soon be reported.

CO-OPERATIVE SAVING-FUND AND LOAN ASSOCIATIONS.

There are now twenty-five co-operative saving-fund and loan associations doing business in the Commonwealth, seven more than last year.

These associations have continued to prosper, and have increased their assets $382,992.51 during the year, which now amount to $1,036,135.31.

On the next page is a table of statistics showing the general condition of each association.

The Public Statutes relative to savings banks, with such additions and amendments as were made by the last legislature, are published in the succeeding pages.

[P. S., CHAPTER 116.]

OF SAVINGS BANKS AND INSTITUTIONS FOR SAVINGS.

Appointment and tenure of oflice of board.

1866, 192, §§ 1, 2. 1876, 231, §§ 1-3.

Compensation and allowances. 1879, 124, § 1. 1882, 148.

The board to
visit and exam-
ine every bank
annually.
1866, 192, § 2.
1876, 231, § 3.

may summon and examine officers, etc.;

penalty for refusing to obey

summons, or

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

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

proceedings by, when bank insolvent, or in

COMMISSIONERS OF SAVINGS BANKS.

SECTION 1. The board of commissioners of savings banks shall consist of two commissioners appointed by the governor, with the advice and consent of the council, and 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.

SECT. 2. The annual salary of each of said commissioners shall be two thousand eight hundred dollars; and the board shall be allowed two thousand dollars a year for clerical assistance, and also the actual expenses incurred in travelling in the discharge of its official duties.

SECT. 3. The commissioners shall visit once in every year, and as much oftener as they deem expedient, every savings bank and institution for savings incorporated by authority of this commonwealth. 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 said corporations.

SECT. 4. Either of the commissioners may summon all trustees, officers, or agents of any such corporation, 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.

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 examination any such corporation appears to be insolvent, or its 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.

SECT. 7. When receivers are so appointed, the treasurer of the corporation shall make a schedule of all its property; and its treasurer, board of investment, and other officers transferring its property to the receivers shall make oath that said schedule sets forth all the property which the corporation owns or is entitled to. 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.

SECT. 8. The commissioners, or one of them, shall at 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.

to report violations of law

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

1878, 253, § 4.