-"wf !im t VOLUME 9, NUMBER 8 mi by tho stato banking board until a statement shall lavi boon lod with said board, that tho proposed J crwiio i of capital has been paid In, and Bald statement shall bo sworn to by tho pros dent or cashier. Second, whenever any corporation trans acting ft banking business lii this stato shall de nim to go into voluntary liquidation, thoy Bhall llt'Ht obtain tho wrltton consent of tho stato bank ing board, who may, If thoy doom it advisable, before granting such request, order a special ex amination made of tho affairs of such bank, for which tho samo feos may bo collected as la reg ular examination. . ... Sec. :ifi. Every stockholder In any banking1 cor poration transacting a banking business undor this act shall bo llablo to tho creditors of such ' bank for an amount, over anu auovc mo anuru ur shares of stock so held, equal to tho paid up valuo thereof, for all liabilities accruing while Buch stock Is owned or held by such shareholder, and In caso any person holding any stock In any banking corporation shall sell, transfer or dis pose or such Block, knowing that such bank Is ln tiolvont, ho shall bo deemed tho owner of such utnntr nn1 llnhlii llinrnnn flin HILITIO nH if SUCll BtOCk lin1 tint linnn hmM f vntiHforrnil or diSMOHOd of: uiw.Ii lln)illltf mnv Iw nnfnrpnil wiionovnr linnlrlticr nnmnrni Inn Hliftll bo Rdltldircd and Riinh insolvent without regard to tho probability of tho assots of such Insolvent bank, being sufficient to pay all of Us liabilities. See. so. Any corporation, designating its dubi ncHH as that of a savings bank, shall have power to carry on a savings bank business, as prescribed and limited In this act. Any savings bank may rocelvo deposits from the general public, and all doposlts In any bank shall bo paid to depositors, or tholr lawful representatives when required and at such time and with such intorest and under such regulations as Bhall bo proscribed by said bank and approved by tho stato banking board, which regulations shall bo printed and conspicu ously posted in somo placo accessible and vislblo to all persons In tho business ofllco of said bank. Tho funds of any savings bank, oxcopt tho rescrvo provided for In this act, shall bo Invested In bonds o( tho United States, or of any stato of tho United Statos, or In tho public debt or bonds of any city, county, township, vlllago or school district of any stato of tho United Statos, which shall havo boon authorized by tho loglslaturo of tho stato, or shall bo loaned on nogotlablo paper, eoourod by any of tho above mentioned classes or soonrJty, or upon notes or bonds secured by mort gago Ucn upon unincumbered real ostato; Provided, that second mortgago loans may bo mado on Im proved farm lands, but no loans shall bo mado on suph Improved farm lands, or other real ostato which including tho aggregate amount of incum brance thereon, shall oxcocd fifty per cent of tho caBh valuo thoroof, or upon notes secured by col lateral security of known marketable value, or held as caBh, or Bhall bo deposited In good solvent banks; Provided, that chattel mortgages shall not 2aJ?,lllicS11atornl. sedu.rlty and savings banks are prohibited from Investing tholr funds in. them. Sec. 37. A pass-book shall bo Issued to each depositor In a savings bank for all monoy deposited fOnniani,oponittC00Un,t Such pass books shah con tain tho rules and regulations adopted by such nYi"?s bank govorning such deposits. In such pass books shall bo onterod each deposit mado unless In tho pass book at tho tlmosK trans action Is had. t Provided, that no ting in this socl tlon shall prohibit a savings bank from issuing ?atoB for legitimate3 deposits. Prodded nll0vhen any deposit is mado in any savings bank by a porson being a minor thn ni7i ilv?5 may pay to such depositor ouch sums ae IS Sec. 38. Tho president and cashier or thn o names and residences of all tho stock ioMte atHaaaBss county jail not less than thirty nor moi-otiSS 81 q& ll&'8' VJP VV,ln th? aisorotlffl ? of the cftt bee. 30. It shall bo unlawful for nnv nm. ' sBa-a.? flsi'if as" s -! F JflfSVa'i ffiillf S kno!gJ550vf,l?n5r bnn,c tlio provisions tfiBUoffK? J,loln.ti,1ny "' and llniiiiiHoa tr i'".i. ra,".sror Its rosoureos process of consolidating but no VLii0".1 ls ln bo mnrto wii,, Vi.):,"5,f"t.no. consolidation shnli E bo made without" the consent of r Payoff an W&BfcVfira ,WWto by a certified statement with tlX fSJ,Ind iU.Uon "Hnp setting forth tkctiLtilfu? b,oard been paid, and tho siirronderlni nf H.illt,e?.Jmvo of authority to traiisan? ri5i.?' u? certificate simu ceaso to bo subject to th & ,uua,noss, it net; provided, that tho atnV1 ,0. W.0.)!8'0"8 ?f this k uu,"ubr ooara shall The Commoner ftSE S trtros? od!l0iolVyal?Ua liabilities, except to stockholder havo been paid. Sec. 43 Any bank may place its affairs and assets undor control of tho stato banking board by posting on its door tho following notice: "This bank is in tho hands of tho state hanking board. Tho posting of such notice, or tho taking posses sion of any bank by tho stato banking board or by any bank oxaminor, shall be sufllcient to place all of its assets of whatever nature, Immediately in tho possession of tho stato banking board, and shall operate as a bar to tho levying of attach ments or executions thereof, and shall operate to dissolve and relcaso any attachment levied thereon within thirty days next preceding such action. Sec. 44. For tho purpose of providing a guar anty fund for tho protection of depositors In banks, every corporation engaged in tho business of bank ing undor tho lawB of this state, shall bo subject to assessment, to bo levied, kept, collected and applied as hereinafter provided. Sec. 45. Within thirty days after tho taking effect of this act, and on tho first day of De cember, 1909, and on tho first day of June and December of each year thereafter, every corpora tion engaged in banking under tho provisions of this act, shall make and fllo with tho stato bank ing board a statement in writing, verified by tho oath of its president, vlco president or cashier, showing tho average dally deposits ln its bank for tho preceding six months, exclusive of public money othorwiso secured. And on tho first day of tho month next succeeding tho date fixed for the making and filing of such statement, tho state banking board shall levy assessments against tho capital stock of each of said banking corpora tions as follows: Within sixty days after tho taking effect of this act, one-half of ono per cent of tho average dally deposits, as shown by tho first statomont of such average dally deposits required to bo mado and filed by tho provisions of this section; on tho first day of January, 1910, one-fourth of ono per cent of tho average dally deposits, as shown by tho statement required to bo mado and filed on tho first day of December, 1909; on tho first day of July, 1910, one-fourth of ono por cont of tho average daily deposits, as shown by tho statement required to bo filed on tho first day of June, 1910; on the first day of January, 1911, and on tho first day of July and January of each year thereafter, one-twontloth of ono per cent of the average dally deposits, as shown by tho statement thereof required to bo mado and filed next preceding such assessment. Provided, however, that any bank commencing business and receiving deposits less than six: months prior to tho date when tho statement referred to in this section is required to bo mado and filed shall show tho average daily deposits for that portion of the said semi-annual period during which it has been engaged in business and receiving deposits. Sec. 45. Any bank organized subsequent to tho dato whon this act takes effect, shall pay into the depositors' guaranty fund, four per cent of tho amount of its capital stock when such banlc opens for business, which amount shall constitute a credit fund, subject to adjustment on tho basis pf said bank's average daily deposits, as shown by tho first two semi-annual statements required by section 45 of this act. Tho baniclng board is authnrinoa ana umpowercd to make such an ad fwo1"01 ? the rates of assessments to bo paid by any bank that engages in tho banking business subsequent to the timo when this act tales effect! as shall require such bank to contribute to the depositors' guaranty fund, a just and eaultablo sum and tho state banking board shall adjust assessments of such bank so that the first two assessments, together with tho credit fund of four per cent of the capital stock paid in by said bank whon It begins business shall at least equal ono per cent of the average daily doposlts of the said bank as shown by the two first semi-annual state ments required by section 45 of this act Prol vided, however, that said four per cent will not bo required of new banks formed by the re-orirSS-izatlon of consolidation of banks that havo yiously complied with the terms of this act with reference to tho payment of assessments Any person making oath to any of tlio stat ments herein required, knowing the sum? ?n ? false, shall bo deemed guilty of a . folSSy and h2 punished by a fine of not less than ono huJfdro nor more than one thousand dollars or hnfm pri!onied ln the Penitentiary for a term of nn ess than ono. nor more than flvo veari o? v?u In tho discretion of tho court Gars, or both less than ono per cent of tb ,ioii amount deposits, as shown by tho last 5L.aferas? statements thereof filed, tho Hfnt m "an,nPal board shall levy a spec rtal assessmmS 2,,baiik!nS capital stock of tho corpbratlonanvWiniSt tno provisions of this act to i covor S"idV tn which special assessment ahal P be f b5s0dfli0,Viy' said average dallv deDosltq nmi ,. ased on tho for the purpose of ffic5&&Mroiqu,ro.a tors, said special assessment ZT Lt0ftloposl" ssssf.tja'tinn S3 pnS Q7 this act is impaired or tftfe business under conducting its hi wines? In an nSVcorporatlon J zed manner, or Is i endaniSHn unF uuthor its depositors, or upon thJ ISnSro of nitorests of tlon to make any of the renortq n? J? corPra qulred by the provisions of ffi statements ro wlth tho provisions of said aSi iaSn or to C0"Ply state banking board shall comn un LtnSp?ctsV "'0 to tho attorney general who qiVniiV0 tho fcts an application to bo made to tbnhVp,on causo of the county where ! cVrpSatina'lntaffs its bank and is thus conducting: Its business or to any judgo of such court, for tho appointment of a sultablo person as receiver to tako charge of the business, assets and property of ovory kind of said corporation and to wind up its affairs. Pro vided, however, that i tho judgo or judges of tho district court of tho county whore such applica tion should bo mado bo absont therefrom at tho timo such application is to bo made, any judco of tho supremo court may appoint such receiver but all proceedings in relation to such receiver ship thereafter shall bo had before tho district court, or a judgo thereof, which might havo ap pointed such receiver in tho first instance, and tho petition and the order appointing such receiver shall bo forthwith transmitted to tho clerk of such district court. It shall bo sufficient to au thorize tho appointment of a receiver if any of tho facts heroin enumerated as a ground for the application for a receiver be mado to appear. Sec. 49. Tho court or Judge, appointing a re ceiver under the provisions of this act, shall, in tho order of appointment, fix tho amount of his bond in an amount sufllcient to protect all per sons interested ln tho assets and affairs to bo administered by such receiver, and tho receiver, before entering upon his duties as such receiver, shall give a bond in the amount thus fixed, with surotles to bo approved by tho clerk of said court, conditioned that ho will faithfully and impartially discharge such duties, and well and truly account for all money and property coming into his hands as such receiver, and -disburse tho same in con forming to the order of such court or judge, and to tho provisions of this act. Upon the approval pf such bond and tho taking of tho oath required by law, tho porson thus appointed shall have full power and authority, as receiver under the pro visions of this act. Sec. 50. After tho stato banking board, a bank examiner or receiver shall havo taken possession of any bank under the provisions of this act, tho stockholders thereof may repair its credit, restore or substitute its reserves, and otherwise place it in condition so that it is qualified to do a general banking business as before it was taken possession of as aforesaid, but "such bank shall not bo per mitted to reopen its business until the stato bank ing board, after careful investigation of its affairs, is of the opinion that its stockholders Tiavo com plied with the law, that theT bank's credit and funds are in all respects repaired and all advances, "..ny pado from the depositors' guaranty, fund, wI , interest, fully paid, Its reserve restored or sufficiently substituted, and that It should bo per mitted again to ro-open for business: whereupon said stato banking board is authorized to issue written permission for re-opening of said bank in the same manner as permission to do business Is granted after the incorporation thereof, and thereupon said bank may be re-opened to do busi ness under its charter originally granted under this act. ?ec V-'-l. As soo,nas a receiver, appointed under SlS-aSK bas qualified, which .shall bo within "ten days after his appointment, tho court in which aon P?dInsB a?a Pfnne. or a judge thereof shall make an order fixing tho time for filintr claims against tho corporation whoso propertv il under such receivership, which shall not bo more than sixty days from the dato of such orderand notice thereof shall bo given forthwith, by post ing a copy of such order on the front door of the bank, and by publication thereof in some news paper published ln tho county, to be designated tePkcourt or iu.dBe making 'such order. fSr at fixed. successive weeks prior to the date thus Sec. 52. The claims of depositors, for donoslt? Srfori?yaIm,ver0f alhl0lS?r f i S,xchan shall P hafo' ;?;; y 0Vir aH other claims, except federal atDe, ounty and municipal taxes, and subject 5uch J-a CSV sha11 at tbe time of tho closing of tho bank bo a first lien on all the assets of the banking corporation from which the? are duo and thus under recelvershln inning ing the liability of stockholders and, upon prSSf h,e& they ,sh.a11 be Paid immediately oSt of the available cash in tho hands of the receiver If tho cash in tho hands of the receiver ava.iin.hiA for such purpose, be Insufficient to pay thYclaiml of depositors, tho court In which tlio recelvern Is pending, or a judgo thereof, shall dote5mTn thS amount required. to supply tto doflffiv 5 cause the same to be certified tS the slatSy,bankd wlKra plied-jon the said cla?msof depositors' t0 b aP" unS0,ahaS?fb8o pfSlSWW S among tho sevfraf Solvent bank7 may e same is so as aforesaid f kept and mnn1 tho baSpee!?0 &TV3nftJ& safdgSaraSy 'tSnTtTsl !". J?aId r,m posltors tho state banking board ?ola!,mB of de ly. and whSn collcotod yshin hncelv1Sr Vordlns- are pending, or a Judtro wV su,ch Proceedings otho? andnftrfhor oiSefS aSfSJ&rSih W S4h as may bo necessary or nronnr tT f. udemonts admlnfstration of such recefvoroh SSUnSfla Pro,pe and equitable distribution nf ?k1,Up' aP a Just banking corporation amonc itJhnr0aets of ,such others entitled to parSSnati! tiild,tora Jind a11 the provisions of this act threin, subject to tltate'-bakynarri?1 h?n ordercd under the provisions Thereof ?nr0C.lvcr "tinted winding up the affairs of hS0 tn,e PPrPose of authority to tako noSsessinn nf(ioi,a,lk' ,sha11 have tho order of appoFAment sbnfi anyi anlc to "Ich the possession &2uchLnir "if Selatc and reta,n credits and property of ?vn! moneysi, rrghts, against any mesne or iinm JSy description, as court against such LSil1!100088 Issed by' any has boei?athu5 taken l)y suchhov0,P6rty of vhIc and until such mo as all n H?am,,n.r receiver, bank havo been fully in 8 1 Slrl1,afb11 t,os I soh any attachment lion against a,mdIsharErld' and quired within thirtv dnvJ , v. .uch P.rPerty. ac ing of such possossltm bJ "7u0ffrovSJSB th tak" cciver as aforesaid, lQ3X&LoI i