Officers, etc. to be required to

verify accuracy of transcripts,

etc.

Superintendent money, etc.

to receive

Names, etc., to

be reported.

SEC. 296. The superintendent of the banking department shall require the officers and receivers who make the transcripts or statements herein provided for, and it shall be their duty, to verify the completeness and accuracy of the same in a satisfactory manner. The superintendent shall receive the said moneys, and shall give a receipt therefor, and shall forthwith deposit the money in some solvent savings bank or savings banks. in this State to the credit of the superintendent of the banking department, in his name of office, in trust for the depositors and creditors of the closed savings bank for which they were received. And the said superintendent shall report to the legislature, annually, in his report relative to savings banks, the names of such closed savings banks, and the sums of unclaimed and unpaid deposits to the credit of each of them respectively. The superintendent may pay Payments over to the persons respectively entitled thereto the money so held by him, upon being furnished with satisfactory evidence of their right to the same; and in case of doubt or of conflicting claimants, he may require an order of the supreme court authorizing and directing the payment thereof. The superintendent may apply the interest earned by the moneys so held by him, toward defraying the expenses incurred in the payment and distribution of such unclaimed dividends

Interest may be applied toward

expenses.

to the depositors or creditors entitled to receive the same. And the said superintendent shall include in his report on savings banks, annually transmitted to the legislature, a statement of the amount of interest earned by such unclaimed dividends.

LAWS OF 1885.

CHAPTER 477.

AN ACT

TO AMEND CHAPTER FOUR HUNDRED AND NINE OF THE LAWS OF EIGHTEEN HUNDRED AND EIGHTY-TWO, ENTITLED "AN ACT TO REVISE THE STATUTES OF THIS STATE RELATING TO BANKS, BANKING AND TRUST COMPANIES."

PASSED JUNE 9TH, 1885; THREE-FIFTHS BEING PRESENT.

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

SECTION I. Section two hundred and ninety of Chapter four hundred and nine of the laws of eighteen hundred and eighty-two, entitled, "An act to revise the statutes of this State relating to banks, banking and trust companies," passed July first, eighteen hundred and eighty-two, is hereby amended so as to read as follows:

Savings banks not to receive deposits in ex

SEC. 290. It shall be unlawful for any savings bank, directly or indirectly, to receive cess of $3,000 from any individual a deposit or deposits in

from any one

depositor,

judicial

ex

and interest credits.

cept in case of excess of three thousand dollars; but this sales limitation shall not apply to deposits arising from judicial sales or trust funds; nor shall it be construed as prohibiting the crediting of interest on individual accounts which may have reached the maximum limit, provided that thereafter no interest shall be allowed on such increase.

SEC. 2. This act shall take effect immediately.

LAWS OF 1886.

CHAPTER 569.

AN ACT

TO AMEND SECTION TWO HUNDRED AND SIXTY-ONE OF CHAPTER FOUR HUNDRED AND NINE OF THE LAWS OF ONE THOUSAND EIGHT HUNDRED AND EIGHTY-TWO, ENTITLED, "AN ACT TO REVISE THE STATUTES OF THIS STATE RELATING TO BANKS, BANKING AND TRUST COMPANIES."

PASSED JUNE 4TH, 1886.

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

SECTION I. Section two hundred and sixty-one of Chapter four hundred and nine of the laws of one thousand eight hundred and eighty-two, entitled, "An act to revise the statutes of this State relating to banks, banking and trust companies," is hereby amended so as to read as follows:

SEC. 261. It shall be the duty of the trustees of any such corporation, as soon as practicable, to invest the moneys deposited

Investments by

trustees of sav

ings banks.