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Commonwealth of Massachusetts.

IN SENATE, March 12, 1878. The Committee on Banks and Banking, to whom was referred the Order to consider whether any further legislation is expedient in regard to collateral securities of Savings Banks, report the accompanying Bill.

For the Committee,

C. J. HOLMES.

Commonwealth of Massachusetts.

In the Year One Thousand Eight Hundred and Seventy-Eigh

AN ACT

In regard to Collateral Securities of Savings Banks a

Trust Companies.

ies.

Be it enacted by the Senate and House of Representati in General Court assembled, and by the authority of same, as follows:

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1 Sect. 1. None of the provisions of chapter ty 2 hundred and three of the acts and resolves 3 eighteen hundred and seventy-six shall be so he 4 and construed as to invalidate or in any manner i 5 pair the title of a savings bank or trust company 6 any securities that have been or hereafter may 7 pledged to it as collateral for any loan made by, 8 indebtedness created to, such institution ; and sa 9 collateral securities shall be held for the purposes 1 10 which they were pledged.

This act shall take effect upon its p:

1 SECT. 2. 2 sage.

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