244 BANKS AND TRUST COMPANIES. [ART. 11

deposits in any savings institution may be withdrawn at such time and
in such manner as its by-laws may permit, but such institution may
at any time require a depositor to give a notice, not exceeding ninety
days, of his intention to withdraw the whole or any part of his deposit.

1910, ch. 219, sec. 33 (p. 16).

34. No savings institution shall, out of its net earnings, in the
course of any year, declare or pay any dividend or interest to its
depositors, unless there shall be reserved and set aside, as a guarantee
fund, an amount equivalent to at least one-eighth of 1 per cent, per
annum on the whole amount of deposits then held, until such guarantee
fund shall amount to at least 3 per cent, on the whole amount of
deposits. The guarantee fund shall at all times be maintained for the
protection of depositors, and shall never be impaired by the payment
of any interest or dividends.

1910. ch. 219, sec. 34 (p. 16).

35. The dividend or interest to the depositors in such savings insti-
tution shall be declared and paid from the net income or profits after
deducting expenses for management, necessary credits to premium
account, taxes, and the amount reserved for guarantee fund, but this
dividend shall not exceed such net income or profit remaining after
the above deductions, nor shall it at any time impair the guarantee
fund of 3 per cent, provided for. In ascertaining the profits or earn-
ings, no savings institution shall be required to charge off from the
premium of bonds purchased or held more than an amount proportionate
to the life of the bond, and in ascertaining the amount of said guar-
antee fund the assets shall not be valued above their market value.

1910, ch. 219, sec. 35 (p. 16).

36. The treasurer of every savings institution, without capital
stock, shall annually, within twenty days after the last of December,
make a report to the Bank Commissioner, showing accurately the con-
dition thereof at the close of business on the said last day of December.
The report shall specify the following particulars, viz.: The name of
institution, number of depositors, amount of deposits, amount of guar-
antee fund, undivided surplus, and other liabilities, if any; an itemized
list of all stocks and bonds owned, giving the par value, book value and
market value of each; the amount loaned upon pledge of securities of
whatever kind, designating each particular loan with a statement of
the securities pledged therefor and the estimated market value thereof;
the amount loaned upon mortgage on real estate, the amount of each
mortgage, the location of the mortgaged premises and the estimated
value thereof; the amount invested in real estate and ground rents, the
location of each ground rent and each piece of real estate owned and
the book and estimated market value thereof: the amount of cash on
hand or on deposit, with the name of each depository; amount of
deposits received during the year, amount of interest and other items.