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To have on hand teen per cent. of amount liable to

at all times fif

withdrawal, &c.

SECTION 2. Such corporation shall at all times have on hand, as a reserve, in lawful money of the United States, an amount equal to at least fifteen per centum of the aggregate amount of all its deposits, which are subject to withdrawal upon demand or within ten days; and whenever said reserve of such corporation shall be below such per centum of such deposits it shall not increase its liabilities by making any new loans, until the required proportion between the aggregate amount of such deposits and its reserve shall be restored; provided, that Proviso. in lieu of lawful money, one-third of said fifteen per centum may consist of balances, payable on demand, due from any national bank doing business in this Commonwealth approved by the commissioner of savings banks, and one other third of said fifteen per centum may consist of bonds of the United States or of this Commonwealth, the absolute property of such corporation.

der money with

its control to with this corpo

be deposited

ration.

quired to assume

SECTION 3. Any court of law or of equity, including Courts may orcourts of probate and insolvency of this state, may, by in decree or otherwise, direct any moneys or properties under its control, or that may be paid into court by parties to any legal proceedings, or which may be brought into court by reason of any order or judgment in equity or otherwise, to be deposited with said corporation, upon such terms and subject to such instructions as may be deemed expedient: provided, however, that said corpora- Not to be retion shall not be required to assume or execute any trust trust without its without its own assent. Said corporation shall also have own consent. power to receive and hold moneys or property in trust, or on deposit, from executors, administrators, assignees, guardians and trustees, upon such terms or conditions as may be obtained or agreed upon: provided, also, that all Loans and insuch moneys or properties received under the provisions of this section, shall be loaned on or invested only in the authorized loans of the United States, or of any of the New England states, or cities or counties or towns of this state, or stocks of state or national banks, organized within this Commonwealth, or the first mortgage bonds of any railroad company incorporated by any of the New England states, which has earned and paid regular dividends on its stocks, for two years next preceding such loan or investment, or the bonds of any such railroad company unencumbered by mortgage or first mortgages on real estate, in this Commonwealth, or in any securities in

vestments.

Proviso.

Total liability of any person not to exceed one

which savings banks are allowed to invest or upon the notes, with two sureties, of manufacturing corporations created under the laws of this state, or of individuals with a sufficient pledge as collateral of any of the aforesaid securities; (but all real estate, acquired by foreclosure of mortgages, or by levy of execution, shall be sold at public auction within two years of such foreclosure or levy:) provided, also, that all such money or property received, invested or loaned under this section shall be a special deposit in said corporation, and the accounts thereof shall be kept separate, and such funds and the investment or loans of them shall be specially appropriated to the security and payment of such deposits, and not be subject to the other liabilities of the corporation; and for the purpose of securing the observance of this proviso, said corporation shall have a trust department, in which all business authorized by this section shall be kept separate and distinct from its general business.

SECTION 4. The total liabilities to this corporation, of any person, firm or corporation, other than cities or fifth of capital. towns, for money borrowed, including in the liabilities of a company or firm the liabilities of its several members, shall, at no time, exceed one-fifth part of such amount of the capital stock of this corporation as is actually paid up.

Returns to be made semi-annually to the commissioner of savings banks.

SECTION 5. Said corporation shall semi-annually make a return to the commissioner of savings banks in this Commonwealth on or before the second Mondays of May and November, and at two other times during the year when said commissioner shall from time to time by written notice direct the same to be made, which shall be signed and sworn to by a majority of its board of directors; and said return shall specify the following, namely: capital stock; amount of all moneys and property, in detail, in the possession or charge of said company as deposits; amount of deposits payable on demand or within ten days, trust funds or for purposes of investment; number of depositors; investments in authorized loans of the United States or any of the New England states, cities, counties or towns, in bank stock, in railroad stock, and in railroad bonds; loans on notes of corporations, stating amount in each; loans on notes of individuals; loans on mortgage of real estate; cash on hand;-all as existing at the date of making of such return, with the rate, amount and date of dividends since last return. The commis

to have access to

sioner of savings banks shall have access to the vaults, Commissioner books and papers of the company, and it shall be his books and paduty to inspect, examine and inquire into its affairs, and pers. to take proceedings in regard to them in the same manner and to the same extent as if this corporation were a savings bank, subject to the general laws which now are or hereafter may be in force relating to such institutions

turns to be pub

in this regard. Abstracts of such returns, showing the Abstract of reresources and liabilities of said corporation, in a form to lished. be approved by said commissioner, shall be published in a newspaper in the city of Fall River at the expense of such corporation.

visions of 1865,

SECTION 6. Said corporation shall be subject to the Subject to proprovisions of chapter two hundred and eighty-three of 283. the acts of the year eighteen hundred and sixty-five, and any acts now existing, or which may hereafter be passed in amendment thereof.

oath to be re

personal prop

trust.

SECTION 7. Said corporation shall also annually, Statement under between the first and tenth days of May, return to the turned to tax tax commissioner a true statement, attested by the oath of commissioner of some officer of the corporation, of all personal property erty held in held upon any trust on the first day of May, which would be taxable if held by an individual trustee residing in this Commonwealth, and the name of every city or town in this Commonwealth where any beneficiary resided on said day, and the aggregate amount of such property then held for all beneficiaries resident in each of such cities and towns, and also the aggregate amount held for beneficiaries not resident in this Commonwealth, under the pains and penalties provided in section fourteen of chapter two hundred and eighty-three of the acts of the year eighteen hundred and sixty-five, and acts in amendment thereof, for corporations failing to make the returns provided by said act. Said corporation shall Tax to be paid annually pay to the treasurer of the Commonwealth a sum, the Commonto be ascertained by assessment by the tax commissioner, upon an amount equal to the total value of such property, at the rate ascertained and determined by him, under section five of chapter two hundred and eighty-three of the acts of the year eighteen hundred and sixty-five, and acts in amendment thereof.

to treasurer of

wealth.

made of money

SECTION 8. Said corporation shall also annually, Returns to be between the first and tenth days of May, return to the deposited upon tax commissioner a true statement, verified by the oath of interest.

some officer of the corporation, of the amount of all sums deposited with it on interest or for investment, other than those specified in the seventh and tenth sections of this act, together with the name of every city and town in this Commonwealth where any beneficial owner resided on said first day of May, and the aggregate amount of such deposits then held for the benefit of persons residing in each of such cities and towns, under a like penalty. Said Tax to be paid corporation shall annually pay to the treasurer of the into state treas. Commonwealth a sum, to be ascertained by assessment by the tax commissioner, upon an amount equal to the total value of such deposits, at three-fourths the rate ascertained and determined by him, under section five of chapter two hundred and eighty-three of the acts of the year eighteen hundred and sixty-five, and acts in amendment thereof.

ury.

County or town taxes not to be assessed upon property held in trust, &c.

Taxation of deposits with

SECTION 9. No taxes shall be assessed in any city or town for state, county or town purposes, upon or in respect of any such property held in trust or any such amounts deposited on interest, or for investment, but such proportion of the sum so paid by said corporation as corresponds to the amount of such property held for beneficiaries or payable to persons resident in this Commonwealth, shall be credited and paid to the several cities and towns where it appears from the returns or other evidence that such beneficiaries resided on the first day of May next preceding, according to the aggregate amount so held for beneficiaries and persons residing in such cities and towns respectively; and in regard to such sums so to be assessed and paid as aforesaid, said corporation shall be subject to sections eleven, twelve, thirteen, the last paragraph of section fifteen, and section seventeen of chapter two hundred and eighty-three of the acts of the year eighteen hundred and sixty-five and acts in amendment thereof, so far as the same are applicable thereto.

SECTION 10. Deposits with said corporation which can drawable on de- be withdrawn on demand shall for purposes of taxation be deemed money in possession of the person to whom the same is payable.

mand.

May act as agent

for issuing and

bonds, &c.

SECTION 11. The said corporation is also authorized countersigning to act as agent for the purpose of issuing, registering, or countersigning the certificates of stock, bonds or other evidences of indebtedness of any corporation, association, municipality, state or public authority, on such terms as may be agreed upon.

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SECTION 12. The capital stock of said corporation Capital stock. shall be one hundred thousand dollars, with the privilege to increase the same from time to time to not exceeding five hundred thousand dollars, and the same shall be paid for at such time and in such manner as the board of directors shall decide: provided, that no business shall be transacted by the corporation until the whole amount is subscribed for and actually paid in, and no shares shall be issued until the par value of such shares shall have been actually paid in in cash.

SECTION 13. Said corporation shall be entitled to Real estate. purchase and hold, for its own use, real estate not exceeding in value twenty-five per cent. of its paid-up capital.

be held individ

debts of associa

SECTION 14. The shareholders of said corporation Shareholders to shall be held individually liable, equally and ratably, and ually liable for not one for another, for all contracts, debts and engage- tion. ments of such association, to the extent of the amount of their stock therein at the par value thereof, in addition to the amount invested in such shares. The provisions contained in chapter two hundred and twenty-four of the acts of the year eighteen hundred and seventy, sections forty to forty-nine inclusive, shall apply to and regulate the enforcement of this liability.

SECTION 15. This act shall take effect upon its passage.
Approved June 9, 1873.

AN ACT TO AUTHORIZE THE BOSTON, BARRE AND GARDNER RAIL- Ch. 348.

ROAD CORPORATION TO MORTGAGE ITS PROPERTY.

Be it enacted, &c., as follows:

franchise and

SECTION 1. The Boston, Barre and Gardner Railroad May mortgage Corporation is authorized to mortgage all or any part of property. its property, real or personal, including its franchise, to secure its bonds to an amount not exceeding four hundred thousand dollars.

SECTION 2. This act shall take effect upon its passage.
Approved June 9, 1873.

AN ACT TO PREVENT THE DEFACEMENT OF NATURAL SCENERY, AND
FOR OTHER PURPOSES.

Be it enacted, &c., as follows:

Whoever paints or puts upon, or in any manner affixes to, any fence, or structure, or to or upon any rock or other natural object, the property of another, any words, device, trade-mark, advertisement or notice, without first obtaining the consent thereto of the owner of such property, shall upon complaint of the owner or tenant of such

Ch. 349.

Penalty for de

facement of na

tural scenery.

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