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amount credited to the depositors of any savings bank shall be invested in the acceptances of or deposited with a bank, national banking association or trust company of which a trustee of such savings bank is a director.

§ 2. This act shall take effect immediately.

L. 1914, ch. 369, § 239, subd. 7. (i), as amended by L. 1919, ch. 160, amended.

Investment

by savings banks in railroad

bonds.

Chap. 718.

AN ACT to amend the banking law, in relation to investments of savings banks.

Became a law May 11, 1920, with the approval of the Governor. Passed, three-fifths being present.

The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. Paragraph i of subdivision seven of section two hundred thirty-nine of chapter three hundred sixty-nine of the laws of nineteen hundred fourteen, entitled "An act in relation to banking corporations and individuals, partnerships, unincorporated associations and corporations under the supervision of the banking department, constituting chapter two of the consolidated laws," as amended by chapter one hundred sixty of the laws of nineteen hundred nineteen, is hereby further amended to read as follows: (i) The first mortgage bonds of a railroad the entire capital stock of which, except shares necessary to qualify directors, is owned by, and which is operated by a railroad whose last issued refunding bonds are a legal investment under the provisions of paragraph (a), (e), or (f) of this subdivision, provided the payment of principal and interest of said bonds is guaranteed by endorsement thereon by the company so owning and operating said road, and further provided the mortgage securing said bonds does not authorize an issue of more than twenty thousand dollars in bonds for each mile of road covered thereby. But no one of the bonds so guaranteed shall be a legal investment in case the mortgage securing the same shall authorize a total issue of bonds which together with all the outstanding prior debts of the company making said guarantee, including therein the authorized amount of all previously guaranteed bond issues, shall exceed three times the capital stock of said company, at the time of making said investment.

Bonds which have been or shall become legal investments for eavings banks under any of the provisions of this section shall not be rendered illegal as investments, though the property upon which they are secured has been or shall be conveyed to another corporation, and though the railroad corporation which issued or assumed said bond has been or shall be consolidated with another railroad corporation, if the consolidated or purchasing corporation shall assume the payment of said bonds and shall continue to pay regularly interest or dividends or both upon the securities issued against, in exchange for or to acquire the stock of the company consolidated or the property purchased or upon securities subsequently issued in exchange or substitution therefor, to an amount at least equal to four per centum per annum upon the capital stock outstanding at the time of such consolidation or purchase of said corporation which has issued or assumed such bonds.

Not more than twenty-five per centum of the assets of any savings bank shall be loaned or invested in railroad bonds, and not more than ten per centum of the assets of any savings bank shall be invested in the bonds of any one railroad corporation described in paragraph (a) of this subdivision, and not more than five per centum of such assets in the bonds of any other railroad corporation. In determining the amount of the assets of any savings bank under the provisions of this subdivision its securities shall be estimated in the manner prescribed for determining the per centum of par value surplus by section two hundred and fifty-seven of this article.

Street railroad corporations shall not be considered railroad corporations within the meaning of this subdivision.

The time during which any railroad is operated by the government of the United States under the provisions of an act of congress approved August twenty-ninth, nineteen hundred and sixteen, an act of congress approved March twenty-first, rineteen hundred and eighteen, or any other act or acts of the congress of the United States, and two years thereafter,' and the earnings made and dividends paid during said time and said two years thereafter shall not be taken into consideration in determining whether the bonds of the railroad corporation comply with any of the provisions of this section. Any railroad corporation, which,

1 Words "and two years thereafter" new.
2 Words " and said two years thereafter new.

at the time that the operation of its railroad by the government of the United States under the provisions of such act or acts began, had complied with the provisions of paragraph e of this subdivision for one or more years next preceding the commencement of such government operation and control shall be entitled to include in computing the period of five years prescribed by the provisions of said paragraph e each year a portion of which its railroad shall have been operated by the government of the United States under the provisions of such act or acts and the two years succeeding the termination of such operation, in determining whether such corporation has complied with the provisions of said paragraph e each year for five years as required by said paragraph. Except as hereinbefore provided, whenever a reference is made in this subdivision to a period of five years preceding the date of an investment in the bonds of any railroad corporation, such period shall be deemed exclusive of any time during which the property of such railroad corporation has been operated by the government of the United States under the provisions of such act or acts and of the two years succeeding the termination of such operation. Any bonds acquired prior to the passage of this amendment and at any time hereafter which comply with the provisions of this section as amended may so long as they continue to comply herewith be retained as investments authorized by law.

2. This act shall take effect immediately.

L. 1914, ch. 369,

§ 46, as

Chap. 719.

AN ACT to amend the banking law, in relation to publication of unclaimed deposits, dividends and interest.

Became a law May 11, 1920, with the approval of the Governor. Passed, three-fifths being present.

The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. Section forty-six of chapter three hundred and sixty-nine of the laws of nineteen hundred and fourteen, entitled

3 Words "and the two years succeeding the termination of such operation,"

new.

4 Remainder of sentence new.

L. 1919,

amended.

“An act in relation to banking corporations, and individuals, amended by parterships, unincorporated associations and corporations under ch. 158. the supervision of the banking department, constituting chapter two of the consolidated laws," as amended by chapter one hundred and fifty-eight of the laws of nineteen hundred and nineteen, is hereby further amended to read as follows:

846. Superintendent must publish list of unclaimed deposits, dividends and interest every five years. On the second Wednesday in January, nineteen hundred and sixteen, and on the second Wednesday in January in each fifth year thereafter the superintendent shall cause to be published in a newspaper in the city of New York designated by him and in a paper in Albany in which notices by state officers are required by law to be published, a list containing the names of the banks, trust companies, private and individual bankers and savings banks which, according to their last reports to him, held unclaimed deposits, dividends or interest, and the names of the liquidated corporations and private and individual bankers for the benefit of whose unlocated depositors, creditors, stockholders and shareholders, the superintendent holds deposits, dividends or interest as trustee, together with the full names of the persons 1to whom such unclaimed deposits, dividends or interest are credited in amounts of five dollars or more. § 2. This act shall take effect immediately.

Chap. 720.

AN ACT to amend the banking law, in relation to reports to the superintendent by investment companies.

Became a law May 11, 1920, with the approval of the Governor. Passed, three-fifths being present.

The People of the State of New York, represented in Senate and Assembly, do enact as follows:

ch. 369,

$ 298

Section 1. Section two hundred ninety-eight of chapter three L. 1914. hundred and sixty nine of the laws of nineteen hundred and fourteen, entitled "An act in relation to banking corporations, and individuals, partnerships, unincorporated associations and cor

1 Remainder of section formerly read: "entitled to receive such unclaimed deposits, dividends or interest from each of said corporations and bankers or from the superintendent."

amended.

porations under the supervision of the banking department, constituting chapter two of the consolidated laws," is hereby amended to read as follows:

§ 298. Reports to superintendent; penalty for failure to make. On or before the first day of February in each year, every investment company and every foreign corporation licensed by the superintendent to transact the business of an investment company in this state, shall make a written report to the superintendent of banks which shall contain a statement of its condition on the morning of the first day of January in said year and shall be in the form and contain the matters prescribed by the superintendent. The superintendent may, however, in his discretion accept from an investment company which has branches in a foreign country or countries a report containing a statement of its condition as of a date not later than the first day of January and not earlier than the first day of November in the preceding year. Every such report shall be verified by the oaths of the two principal officers in charge of the affairs of the investment company or foreign corporation at the time of such verification, which shall state that the report is true and correct in all respects to the best of the knowledge and belief of the persons verifying it, and that the usual business of the investment company or foreign corporation has been transacted at the location required by this article and not elsewhere.

Every such investment company and foreign corporation shall also make such other special reports to the superintendent as he may from time to time require, which shall be in such form and filed at such date as may be prescribed by the superintendent and shall, if required by him, be verified in such manner as he may prescribe.

If any such investment company or foreign corporation shall fail to make any report required by this section on or before the day designated for the making thereof, or shall fail to include therein any matter required by the superintendent, it shall forfeit to the people of the state the sum of ten dollars for every day that such report shall be delayed or withheld, and for every day that it shall fail to report any such omitted matter, unless the time therefor shall have been extended by the superintendent as provided by section forty-nine of this chapter.

§ 2. This act shall take effect immediately.

1 Following sentence new.

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