A Summary Of Savings Banks That Have Failed In The State Of New York

Author : Willis Seaver Paine
Publisher : Theclassics.Us
ISBN 13 : 9781230365558
Total Pages : 40 pages
Book Rating : 4.3/5 (655 download)

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Download or read book A Summary of Savings Banks That Have Failed in the State of New York written by Willis Seaver Paine and published by Theclassics.Us. This book was released on 2013-09 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1906 edition. Excerpt: ...paid. The court held (reversing judgment below, which was in favor of receiver): "1. That no fraud or other misconduct being imputed to defendant, and as the interest received from the investment of the funds of depositors exceeded the interest or dividends paid them (although the bank's expenses were in excess of its earnings and income), he has, by the common law, incurred no liability, the corporation having suffered no actual loss, because the interest was an indebtedness for the payment of which the prop erty was appropriated. 2. The dividends referred to in the provision of the Revised Statutes that "it shall not be lawful for the directors of any moneyed corporation to make dividends except from the surplus profits arising from the business of the corporation," means something quite different from interest; and the statutory provision making it unlawful for the directors or managers of certain companies to make dividends except upon "surplus profits," has no meaning or adaptation to savings banks; and if it had, it became inoperative after the passage of the Act of 1875, the intent of which was to treat the whole subject de novo, and prescribe a pole and complete rule for their existence and the exercise of their powers. 3. As to Section 33 of the Act of 1875, enacting that "no dividends or interest shall be declared, credited or paid except by the authority of a vote of the board of trustees, duly entered upon their minutes, whereon shall be recorded the ayes and noes upon such note, and whenever any interest or dividends shall be declared or credited in excess of the interest or profits earned and appearing to the credit of the corporation, the trustees voting for such dividends shall be jointly and...