Annual Report Of The Commissioner Of Banks For The Year Ending October 31 1926 Vol 1

Download or read book Annual Report of the Commissioner of Banks for the Year Ending October 31, 1926, Vol. 1 written by Massachusetts Commissioner of Banks and published by Forgotten Books. This book was released on 2019-01-09 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from Annual Report of the Commissioner of Banks for the Year Ending October 31, 1926, Vol. 1: Relating to Savings Banks and Institutions for Savings The General Court, at its previous session, enacted two measures which are of vital importance to savings banks. Chapter 351 legalized for investment, bonds Of certain public utility corporations and Chapter 283 permitted the investment in certain railroad equipment Obligations. While the latter opened new avenues Of investment, the public utility issues offered broader opportunities and presented more difficult problems in determining eligibility. In consequence of this legisla tion there devolved upon this department the responsibility of analyzing the terms Of the indentures under which public utility bonds were issued, as well as certain features of the financial condition of the issuing corporations whose securities might become eligible for investment, in order to determine that each issue actually complied with the requirements of the act. In accordance with established policy, strict construction and interpretation have been applied to every provision of this act, one result of which was the admission to eligibility of the bonds of companies Operating in only twenty-six states. By reason of this and other strict applica tions of the provisions of the statute, the list of bonds available for investment is not as large as had been generally expected; but it is gratifying to note that certain of the corporations are making the necessary changes in their indentures to meet these rulings and interpretations. 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.