This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1851 Excerpt: ...annually. If the recital of the bond or the corporation records make it appear that the office is annual, the bond should be renewed annually; otherwise, it is understood that the bond remains in force during the incumbent's continuance in office, though he be elected annually. We took occasion to advert, heretofore, ...
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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1851 Excerpt: ...annually. If the recital of the bond or the corporation records make it appear that the office is annual, the bond should be renewed annually; otherwise, it is understood that the bond remains in force during the incumbent's continuance in office, though he be elected annually. We took occasion to advert, heretofore, to the importance of carefully classifying the investments in savings, banks, under the appropriate modes prescribed by law; and our remarks upon what we termed mixed loans seem, in some quarters, to have created an impression that we objected to taking additional security of another character in any case where it may seem to be needed. Our design was, to enforce the propriety of so confining the security to one form that it could be justified within that particular mode. Upon that point, as well as in reference to the practice of substituting guarantors for sureties, a practice which is too prevalent, the Commissioners take this, opportunity to say that they have been gratified by the perusal of a report recently made by a Board of Auditors (consisting of Messrs. F. T. Merrick, C. A. Hamilton, and Charles W. Hartshorn) to the corporation of the Worcester County Institution for Savings, at Worcester, in reference chiefly to the mortgages belonging to that institution. The report is very thorough, and evinces patient research and a most conscientious regard for the welfare of the institution. We cannot forbear making an extract or two from this valuable report, as offering an illustration of our views on the two subjects adverted to, and as deserving the attention of similar committees elsewhere. Upon the matter of guarantors, these gentlemen say, " In the cases named, &c, it seems to have been considered necessary to take the guaranty o...
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