Banking Laws of the State of Maine, 1907

Banking Laws of the State of Maine, 1907

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1907 edition. Excerpt: ... period---guaranty ical distribution of profits, the directors shall reserve u" as a guaranty fund a sum not less than three, nor more than ten per cent of the net profits accruing since the last adjustment, until such fund amounts to five per cent of the dues capital, which fund shall thereafter be maintained and held, and said fund shall be at all times available to meet losses in the business of the association from depreciation in its securities or otherwise. Sec. 73. Any association may purchase, at any May purchase......... real estate sale, public or private, any real estate upon which it upon which f v.... It hasllen. may have a mortgage, judgment, hen or other en-Isct, c. 6i. cumbrance, or in which it may have an interest, and may sell, convey, lease or mortgage at pleasure, the real estate so purchased, to any person or persons whatsoever. All real estate in whatever manner-8aie within acquired shall be sold within five years from theflve years. acquisition of title thereto; but the bank examiner, upon application of any association, may extend said time in which said real estate may be sold. Sec. 74. Directors shall cause all real estate of Directors an insurable character held by them absolutely or in aiijea"e8tate. mortgage, to be fully insured against loss by fire or IS9'c'319'55. lightning and the expense of such insurance in case of mortgage shall be added to the amount of the mortgage debt, to be refunded in case of payment or redemption. Sec. 75. The bank examiner shall perform, in Examlna. reference to all loan and building associations, the examiner.ank same duties and shall have the same powers as are 1897, "319'5 4" required of him or given to him in reference to savings banks; and shall, annually, by more

Product details

  • Paperback | 24 pages
  • 189 x 246 x 1mm | 64g
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236616847
  • 9781236616845