A Survey Of The Savings Banks Of Boston Classic Reprint

Author : Walter L. Fleming
Publisher : Forgotten Books
ISBN 13 : 9780243217175
Total Pages : 50 pages
Book Rating : 4.2/5 (171 download)

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Download or read book The Freedmen's Savings Bank written by Walter L. Fleming and published by Forgotten Books. This book was released on 2017-01-30 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from The Freedmen's Savings Bank: A Paper In most of the copies of the law as published at the time the amendment limit ing the bank to Washington City is omitted, and both the Nation and the Bank cr's Magazine assert that both amendments slipped out of the enrolled bill. But in the pamphlet laws as published in the Globe, 38th Cong, 2d Sess., Appendix, p. 143, only the name of Chase is omitted. The first section of the act named fifty prominent gentlemen as incorporators and trustees,1 with power to fill vacancies by election, at least ten votes being necessary to the election of a trustee. A successor might be elected to any trustee who neg lected for six months to attend the meetings of the board. These meetings were to be held at least once a month. The trustees were to elect from their number a president and two vice presi dents; and nine trustees, one of whom must be the president or a vice president, constituted a quorum. At least seven affirma tive votes were acquired to authorize any investment, sale, or transfer of securities. The object of the corporation, as stated in the law, was to receive deposits from negroes and invest at least two-thirds of them in securities of the United States, one third being held on deposit or otherwise as an available fund for current expenses. Not more than seven per cent. Interest was to be allowed on deposits. The interest on deposits uncalled for within two years after the death of a depositor would be applied' to the education of negroes, and the principal was to be so applied if not claimed within seven vears. No one connected with the bank as trustee or official was to be allowed, directly or indirectly, to borrow the funds of the bank. None of the trustees, except the president and the vice presidents, was to receive any com pensation whatever. The officials were to receive such salaries and give such bonds as might be fixed by the trustees. The books of the bank were at all times to be open to the inspection of the agents of Congress. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.