CHAPTER IX
SAVINGS BANKS
While of National importance, savings banks are chartered by the respective states in which they exist, and as such are distinctly local institutions.
Unlike the National, the savings bank is not established as a money-making corporation.
The ostensible and actual purpose of the savings bank is to encourage people of small means to save.
The savings bank provides a safe place for the care of such deposits, and it pays such rates of interest on such deposits as are warranted by the earnings of its investments after paying the expenses incident to the proper conduct of its officers.
When a savings bank receives authorization to act, through a charter from the state, the organizers choose a board of directors and the proper officers.
Usually the officers occupying positions of trust and responsibility are required to give bonds for the proper discharge of their duties.
HOW BUSINESS IS CONDUCTED
With all the legal conditions complied with, and a suitable office provided, the savings bank is ready for business.