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acting as officers or agents of the corporation, as the majority of the trustees of the corporation shall by resolution prescribe for specified duties to be performed, such resolutions being approved by the judge, or judges, of the circuit court of the county in which the said savings bank is located; but it shall not be lawful to pay such trustees, as such, for their attendance at meetings of the board. (Acts 1917, c. 56.)

§ 13. Officers not to borrow for themselves or others.—No trustee, officer, clerk, or servant thereof, shall directly or indirectly, for himself or as the agent or partner of others, borrow any of the funds or deposits of the corporation; or become an endorser or surety for any moneys loaned by such corporation. (Code 1916, c. 54.)

§ 14. Deposits and dividends.-Such savings banks may receive on deposit any sum or sums of money that may be offered for that purpose, and invest the same and declare credits and dividends thereon, as hereinafter authorized and not otherwise. (Code 1916, c. 54.)

$ 15. Regulations concerning deposits.—The sum or sums so de. posited, together with any dividend credited thereon, shall be repaid to such depositors respectively, or their legal representatives, after demand in such manner and at such times and after such previous notice and under such regulations as the board of trustees shall prescribe; which regulations shall be printed in the pass books or other evidence of deposit furnished by the corporation, and shall be evidence of the contract: Provided, That every such corporation may limit the aggregate amount which any one person may deposit, may refuse to receive a deposit, and may at any time return a deposit. (Code 1916, c. 54.)

$ 16. Payment of deposits to minors or married women. The board of trustees of every such corporation shall have full power, at their discretion, to pay on application to any minor or married women, whether the deposit was made by the woman before or after marriage, such money, or any part thereof, as he or she may have deposited to his or her credit, or any interest or dividend accruing thereon, without the assent of the parent or guardian of such minor, or the husband of such married woman, as the case may be. And whenever it shall become apparent to the trustees or officers of any such corporation that it would be unwise or injurious to the interests of a minor to pay upon his or her application any money standing to his or her credit, the board of trustees may demand a written order to make such payment from the parent or guardian of such minor; and in the event of the minor having neither parent nor guardian, may require an order from the circuit court of the county in which such minor shall reside, before making such payment. (Code 1916, c. 54.)

§ 17. Investment of deposits.—The trustees of any such savings bank shall invest the deposits of the bank and the income derived therefrom only as follows:

1. In the first mortgage or deeds of trust on real estate situate 'in this state, or in states contiguous thereto, such real estate in another state not being situated at a distance exceeding fifty miles from such bank, to an amount not to exceed sixty per cent of the valuation of such real estate; and no loan on real estate security shall be made except upon the report of not less than two members of the board of trustees who shall certify to the value of the premises to be encumbered, according to their best judgment, and such report shall be filed and preserved with the records of the corporation.

2. In bonds or securities of the United States, or of any state, or of any county, magisterial district, independent school district, or other school district, city, town or village in this state, or in any bonds for which the faith of the United States is pledged; or in the notes of any citizen of this state, with a pledge of any of the aforesaid securities at no more than eighty percent of the market value and not exceeding the par value thereof.

3. In the notes of any citizen of this state with a pledge as collateral of the stock of any bank or banking association incorporated under the authority of this state or of the United States at no more than eighty percent of the market value and not exceeding the par value thereof; provided, that such corporation shall not hold as security for loans more than onequarter of the capital stock of any one bank, or banking association. Savings banks may deposit not to exceed twenty per cent of their deposits, on call, in such bank or banking associations, and may receive interest for the same.

4. In loans upon personal notes of the depositors of the corporation, but not exceeding the amount of his deposit to a depositor; and in such cases the deposit and book of the depositor shall be held by the corporation as collateral security for the payment of the loan.

5. If such deposit and income cannot be conveniently invested, not exceeding one-third part thereof may be invested in bonds or other personal securities, payable at a time not exceeding one year, with at least two sureties, if the principal and sureties are all citizens of this state and resident therein.

6. Fifteen per cent of the deposits of any such corporation, but not exceeding one hundred thousand dollars, may be invested in the purchase of a suitable site and the erection or preparation of a suitable building for the convenient transaction of its business; and from portions of which, not required for its own use, a revenue may be derived.

7. Any such corporation may take real estate, stocks, bonds and securities in payment in whole or in part of any debt bona fide owing to it, or may purchase the same if deemed necessary to secure or obtain payment of any such debt in whole or in part; and may manage, use and dispose of what has been taken or purchased as a natural person might do; but all taxes, foreclosure expenses and costs of maintenance shall be paid out of the income of the bank.

8. That farm loan bonds issued by federal land banks or joint stock land banks, under an act of congress approved July seventeenth, one thousand nine hundred and sixteen, entitled “An act to provide capital for agricultural development, to create standard forms of investment based upon farm mortgage, to equalize rates of interest upon farm loans, to furnish a market for United States bonds, to create government depositories and financial agents for the United States, and for other purposes,” shall be a lawful investment for savings bank deposits, for all fiduciary and trust funds, for the funds of insurance companies and savings and loan associations, and for the workmen's compensation fund. Said farm loan bonds shall be accepted as security for all public deposits on the same terms as any bonds for which the faith of the United States is pledged. (Acts 1917, c. 56; 2nd Ex. Sess., c. 11.)

§ 18. Time for such investment; reserve fund.-Investments shall be made as soon as practicable, except that for the purpose of meeting current expenses and payments in excess of receipts, there may be kept an available fund not to exceed ten per cent. of the whole amount of deposits, and such fund may be invested only in such loans as are provided for in subdivisions two, three, four, five and seven of section seventeen. (Code 1916, c. 54.)

$ 19. Deposit of deposits in other banks.—The excess of current receipts over the payments may be deposited to the credit of the corporation in such banks as may be designated by the trustees; and moneys so deposited shall be withdrawn only on the checks of the president or treasurer, countersigned by such other officer as the trustees may designate. (Code 1916, c. 54.)

$ 20. Powers as to real estate.-The real estate which it shall be lawful for any such corporation to purchase, hold and convey, shall be only such as is hereinbefore provided. (Code 1916, c. 54.)

§ 21. Loans.--All applications for loans shall be made in writing through the treasurer of the corporation, who shall keep a record thereof, showing the date, name of applicant, amount asked for and the security offered, and he shall cause the same to be presented to the investment committee of the board of trustees, and in all cases of loans upon real estate, the borrower shall be required to pay all expenses attending the examination of title and securing the money laned. (Code 1916, c. 54.)

§ 22. Certificates of deposit; interest or dividends; pass books. -No savings bank organized under this act, shall make or issue any certificate of deposit, or pay any interest on a deposit, except semi-annual dividends, nor pay any interest or deposit, or portion of a deposit or check, drawn upon itself by any depositor, unless the passbook of the depositor be produced and proper entry be made therein at the time of the transaction; provided, however, that when any passbook issued by any such savings bank has been lost or destroyed, the person in whose name such book was issued, or his legal representatives, may make written application to the bank which issued such passbook for payment of the amount of the deposit represented by said book, or for the issuance of a duplicate book therefor, and shall give public notice of such application by advertising the same at least once

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a week for three weeks successively in a newspaper published in the city, town or village in which such bank is located; or if no newspaper be published in said city, town or village, in a newspaper having a circulation in said city, town or village. If said book shall not be presented to said bank within three months after the date of the first advertisement, as aforesaid, said bank shall, upon proof that there has been given as hereinbefore provided, pay the amount due on said book or issue a duplicate therefor, and upon such payment or delivery of a new book all liability of the bank on account of the original book shall terminate. Notwithstanding anything hereinbefore contained, any such bank may, in any case, at its treasurer's discretion, pay or cause to be paid to the owner the amount due on a lost or destroyed book issued by the bank, or issue a duplicate therefor to such owner, taking from the owner of the lost or destroyed book such securitiy or indemnty to the bank, as the treasurer may deem sufficient, against loss, damages, expenses and costs in anywise arising to the bank from or by reason of such payment or issuance of such duplicate, and waiving the publication of such notice. (Acts 1917, c. 56.)

$ 23. Guaranty fund.-Every such savings bank shall, at the time of making each semi-annual dividend, reserve as a guaranty fund from the net profits which have accumulated during the six months then next preceding, not less than one-eighth nor more than one-fourth of one per cent. of the whole amount of deposits, until such fund amounts to five per cent. of the whole amount of deposits; which fund shall be thereafter maintained and held to meet losses in its business from depreciation of its securities or otherwise. (Code 1916, c. 54.)

$ 24. Division of profits; dividends. The income or profits of every such savings bank, after a deduction of all reasonable expenses incurred in the management thereof and the guaranty fund, shall be divided among its depositors or their legal representatives, at times fixed by its by-laws, in the following man

Ordinary dividends shall be made every six months and shall not exceed two and one-half per cent. on all sums which have been on deposit for six months preceding, or one and onefourth per cent. on all sums which have been on deposit for three months preceding; and no ordinary dividend shall be declared or paid except as above provided, nor upon a deposit of less than

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