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CHAP. 144

on each of said days, together with a statement in detail of its assets, loans and investments and its deposits within and without the state, in separate columns. Such return shall also include a statement of the par value, cost to the bank and the book value of each item of assets claimed to be deductible under the provisions of the following section. Said return shall be made to the bank commissioner on or before the first Saturdays of April and October, and within thirty days thereafter, he shall fix and determine the book values of the investments aforesaid and transmit the same with such values so determined, to the board of state assessors for the assessment required by the following section.'

TAXATION OF TRUST COMPANIES.

Sec. 137. R. S., c. 9, sec. 71; relating to returns of certain deposits by trust and banking companies, amended. Section seventy-one of chapter nine of the revised statutes is hereby amended to read as follows:

'Sec. 71. Trust and banking companies shall semi-annually return the amount of certain deposits; penalties for false returns; valuation of securities. Every trust and banking company incorporated under the laws of this state, shall, semi-annually on the last Saturdays of March and September, make a return signed and sworn to by its treasurer, of the average amount of its time deposits and its deposits bearing interest at the rate of three per cent or more per annum for the six months preceding each of said dates, together with a statement in detail of the amount of United States obligations, all bonds, notes, and other obligations issued after the first day of February, nineteen hundred and nine, by this state, or any county, municipality, village corporation, light and power district, bridge district, pier site district, school district, or water district therein, the shares of corporation stocks such as are by law of this state free from taxation to the stockholders, and such notes and bonds secured by mortgages on real estate in this state as are exempt from taxation in the hands of individuals. Such return shall also include a statement of the par value, cost to the bank and the book value of each item of such assets. For wilfully making a false return, the treasurer of the corporation forfeits not less than five hundred, nor more than five thousand dollars. Said return shall be made to the bank commissioner, on or before the first Saturdays of April and October, and within thirty days thereafter, he shall fix and determine the cost to such company of the investments aforesaid, and transmit said returns with such cost so determined to the board of state assessors for the assessment required by the following section.'

Sec. 138. R. S., c. 9, sec. 72; relating to assessment of tax on trust and banking companies, amended. Section seventy-two of chapter nine of the

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revised statutes as amended by chapter two hundred twenty-one of the public laws of nineteen hundred and nineteen, is hereby further amended so that said section, as amended, shall read as follows:

'Sec. 72. Assessment of tax; when payable. The board of state assessors shall thereupon deduct from the average amount of the time and interest-bearing deposits so returned, an amount equal to the cost so determined of all the assets specially returned under the provisions of the preceding section, and upon the balance so found, assess an annual tax of one-half of one per cent; one-half of said tax shall be assessed on or before the fifteenth day of May on the balance of said deposits so ascertained for the six months ending on and including the last Saturday of March, and one-half on or before the fifteenth day of November on the balance of said deposits so ascertained for the six months ending on and including the last Saturday of September. The board of state assessors shall thereupon certify said assessment to the treasurer of state, who shall forthwith notify the several trust and banking companies interested, and all taxes so assessed shall be paid semi-annually within ten days after the fifteenth days of May and November.'

Sec. 139. R. S., c. 117, sec. 19; P. L., 1917, c. 220; relating to salaries and expenses in the banking department, amended. Section nineteen of chapter one hundred and seventeen of the revised statutes as amended by chapter two hundred and twenty of the public laws of nineteen hundred and seventeen, is hereby further amended by striking out the whole of said section as amended and inserting in place thereof the following:

'Sec. 19. Salary of bank commissioner; deputy bank commissioner, examiners, assistant examiners, and clerks may be employed; expenses of department chargeable, in part, to institutions under its supervision. The bank commissioner shall receive an annual salary of five thousand dollars; he shall receive his actual traveling expenses incurred in the performance of his official duties, and the reasonable and necessary expenses of his office, the payment of which shall be subject to the approval of the governor and council. He may employ at the expense of the state a deputy bank commissioner and as many examiners, assistant examiners and clerks as the business of the office may require, whose compensation shall be fixed by the governor and council. The deputy bank commissioner shall perform the duties of the commissioner whenever the latter shall be absent from the state or whenever he shall be directed by the commissionr, or whenever there shall be a vacancy in the office of commissioner. The deputy bank commissioner and all examiners and assistant examiners shall receive their actual expenses incurred in the performance of official duties, subject to the approval of the governor and council.

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'The expenses of the banking department necessarily incurred in the examination of the institutions under its supervision, including salaries, general office expenses, and verification of savings accounts, shall be chargeable in part to such institutions and shall be appropriated and paid as follows: Every savings bank, institution for savings, trust company, loan and building association, industrial bank, credit union, title company, loan society, and other institutions whose affairs the bank commissioner is required by law to examine, shall annually, on or before the first day of January, pay to the state treasurer a sum equivalent to two dollars and fifty cents for each hundred thousand dollars, or major portion thereof, of the resources, (exclusive of trust assets) of such institution, as shown by its books to have existed on the first day of December preceding. The aggregate of such payments shall be credited to a special account for the use of the banking department, to be available for the payment of expenditures lawfully incurred and regularly audited and chargeable to the appropriations for salaries, general office expenses, or verification of savings accounts, after the regular appropriations therefor shall have been exhausted.

'Any institution which shall fail to make such payment within the time specified herein, shall be subject to a penalty of not less than fifty, nor more than two hundred dollars, which, together with the amount due under the foregoing provisions of this section, may be recovered in an action of debt in the name of the state. All institutions so delinquent on the tenth day of January of each year, shall be reported by the state treasurer to the attorney general for the purpose of such action.'

Sec. 140. P. L., 1917, c. 298, sec. 6; relating to manner in which licensed loaning companies, firms or persons shall keep records, amended. Section six of chapter two hundred and ninety-eight of the public laws of nineteen hundred and seventeen is hereby amended by adding after the word "observed" in the third line of said section the words 'and shall report to the bank commissioner monthly all outstanding loans, the principal of which shall exceed ten dollars,' so that said section, as amended, shall read as follows:

'Sec. 6. Commissioner to prescribe manner of keeping records; report of outstanding loans of over $10 to be made; records to be preserved. The licensee shall keep such books and records as in the opinion of the bank commissioner will enable the commissioner to determine whether the provisions of this act are being observed, and shall report to the bank commissioner monthly all outstanding loans, the principal of which shall exceed ten dollars. Every such licensee shall preserve the records of final entry used in such business, including cards used in the card system, if

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any, for a period of at least two years after the making of any loan recorded therein.'

Sec. 141. P. L., 1917, c. 298, sec. 8; relating to limitation of amount of loan and rate of interest, amended. Section eight of chapter two hundred and ninety-eight of the public laws of nineteen hundred and seventeen is hereby amended by adding after the word "month" in the sixth line of said section the words 'provided, however, that a minimum charge of not exceeding twenty-five cents shall be allowable in all cases,' so that said section as amended shall read as follows:

'Sec. 8. Amount of loan and rate of interest limited; minimum charge of twenty-five cents permitted. Every person, copartnership and corporation licensed hereunder may loan any sum of money, goods or choses in action not exceeding in amount or value the sum of three hundred dollars, and may charge, contract for and receive thereon interest at a rate not to exceed three and one-half per centum per month; provided, however, that a minimum charge of not exceeding twenty-five cents shall be allowable in all cases. No person shall owe any licensee at any time more than three hundred dollars for principal.'

Sec. 142. Repealing clause; R. S., c. 52; R. S., c. 40, sec. 11-23; and all inconsistent statutes repealed. Chapter fifty-two of the revised statutes, sections eleven to twenty-three, inclusive, of chapter forty of the revised statutes, and all other acts and parts of acts inconsistent with the provisions hereof are hereby repealed.

Approved April 4, 1923.

Chapter 145.

An Act to Amend Section Fifty-five of Chapter Sixty-eight of the Revised Statutes, Relating to Commissioners on Disputed Claims in the Probate Court.

Be it enacted by the People of the State of Maine, as follows:

R. S., c. 68, sec. 55; relating to appointment of special commissioners on disputed claims against estates, amended. Section fifty-five of chapter sixty-eight of the revised statutes, is hereby amended, by insertng after the word "fourteen" in the tenth line thereof the word 'fifteen,' so that said section, as amended, shall read as follows:

'Sec. 55. Section 15, of R. S., c. 71, made applicable. When one or more claims against the estate of a person deceased, though not insolvent, are deemed by the executor or administrator to be exorbitant, unjust or illegal, on application in writing to the judge of probate, and after notice to the claimants, the judge, if upon hearing, he is satisfied that the alle

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gations in said application are true, may appoint two or more commissioners, who shall, after being duly sworn, and after notifying the parties as directed in their commission, meet at a convenient time and place and determine whether any and what amount shall be allowed on each claim, and report to him at such time as he may limit. Sections five, six, seven, eight, twelve, thirteen, fourteen, fifteen, sixteen and seventeen of chapter seventy-one apply to such claims, and the proceedings thereon. No action shall be maintained on any claim so committed unless proved before said commissioners; and their report on all such claims shall be final, saving the right of appeal.'

Approved April 4, 1923.

Chapter 146.

An Act to Amend Section Eighteen of Chapter Seventy of the Revised Statutes, Relating to Allowance to Minor Children.

Be it enacted by the People of the State of Maine, as follows:

R. S., c. 70, sec. 18; relating to allowances to minor children, if no widow, in insolvent estates, amended. Section eighteen of chapter seventy of the revised statutes is hereby amended by striking out after the word "estates" in the first line thereof, the words "if there is no widow," and in the seventh line, after the word "estates," the words "where there is no widow," so that said section, as amended, shall read as follows:

'Sec. 18. Allowances to minor children may be made in cases where deceased left a widow. In all insolvent estates, the judge may make a like. allowance from the personal estate to the minor children of the deceased, under fourteen years of age; and to those between fourteen and twentyone years of age, who from ill health are unable to labor. And if there is a widow and such children by a former wife, the judge may, at his discretion, divide such allowance among the widow and such children of a former wife. And in solvent estates, the judge may, at his discretion, make an allowance from the personal estate to minor children under twelve years of age, when the income from their distributive shares will be insufficient for their support and education.'

Approved April 4, 1923.

Chapter 147.

An Act to Amend Section Thirteen of Chapter Eighty of the Revised Statutes, Relating to Waiver of Provisions of Will.

Be it enacted by the People of the State of Maine, as follows:

15

R. S., c. 80, sec. 13; relating to waiver of provisions of a will, amended.

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