or interfere with him in the discharge of his duties, or refuse to be examined on oath touching the concerns of the bank, the Commissioner may revoke the authority of such bank to transact a banking business, and may institute proceedings for the appointment of a receiver for such bank to wind up the business.

ness after re

SECTION 47. Any officer of any bank whose authority Doing busito transact a banking business has been revoked as here- vocation, penalty. in provided, who shall receive or cause to be received any deposit of whatever nature after such revocation, shall be subject to the same penalty provided for persons transacting a banking busines without authority.

SECTION 48. A bank may purchase, hold and convey real estate for the following purposes: First, Such as shall be necessary for the convenient transaction of its business, including its furniture and fixtures, but which shall not exceed one-third of the paid in capital; Second, Such as shall be conveyed to it in satisfaction of debts previously contracted in the course of its business; Third, Such as it shall purchase at sale under judgment, decree or mortgage foreclosures under securities held by it; but a bank shall not bid at any such sale a larger amount than enough to satisfy its debts and costs. Real estate shall be conveyed under the corporate seal of the bank, and the hands of its president or vice-president and cashier. No real estate acquired in the cases contemplated in the second and third subsections above shall be held for a longer time than five years, it must be sold at a private or public sale within thirty days thereafter.

Real estate

owned by bank.

SECTION 49. Any bank now doing business in this Real estate holdings Territory, which owns real estate in excess of fifty per reduced. cent of its capital paid in, shall reduce its holdings, by converting same into cash or other good assets, to an amount not exceeding 50 per cent of its paid up capital, within six months after the passage of this Act.

stock.

SECTION 50. The shares of stock of an incorporated Transfer of bank shall be deemed personal property, and shall be transferred on the books of the bank in such manner as

Loans to stockholders limited.

Receivers' report.

Blanks. form of

Bank com missioner, salary and expenses.

the by-laws thereof may direct; but no transfer of stock shall be valid against a bank or any creditor thereof so long as the registered holder thereof shall be liable as principal debtor, surety or otherwise to the bank for any debt which shall be due and unpaid, nor in such cases shall any dividend, interest or profits be paid on said stock so long as such liabilities continue, but all such dividends, interests or profits shall be retained by the bank and applied to the discharge of such liabilities; and no stock shall be transferred on the books of any banks where the registered holder thereof is in debt to the bank for any matured and unpaid obligations.

SECTION 51. It shall be unlawful for any bank to loan its funds to its stockholders on their stock as collateral security; and the total indebtedness of the stockholders of any incorporated bank shall at no time exceed 50 per cent of its paid up capital: Provided, That any bank may hold its stock as additional security or to secure a debt previously contracted.

SECTION 52. Receivers of all insolvent banks shall make reports to the Bank Commissioner in the same manner as is required of solvent banks and shall cause such statements to be published in like manner.

SECTION 53. For the purpose of carrying into effect the provisions of this Act, the Bank Commissioner shall provide a form for the necessary blanks for such examinations and reports; and all examinations and reports received by him shall be preserved in his office.

SECTION 54. The Bank Commissioner shall receive for his services a salary of $1,800 per annum. The Legislature shall appropriate a sum not to exceed $600 for each year to cover the incidental expenses of the Bank Commissioner's office, and to defray the traveling expenses of the Commissioner. All money actually and necessarily paid out by the Commissioner for traveling and incidental expenses shall be paid to him upon the Auditor's warrant, to be issued upon sworn vouchers containing an itemized account of such expenses.

er's report to governor.

SECTION 55. The Bank Commissioner shall make a re- Commissionport to the Governor on or before September 1, of every even numbered year, which report shall contain the names of the owners, or the principal officers, the paid up capital of each, the number of banks in the Territory, the name and location of each, the number and date of examination and reports made of and by each, and such other information concerning the same as may be necessary to inform the Governor of the condition thereof.

SECTION 56. Any Commissioner who shall neglect to perform any duty provided for by this Act, or who shall make any false statement concerning any bank, or who shall be guilty of any misconduct or corruption in office, shall, upon conviction thereof, be deemed guilty of a felony, and punished in the manner provided for in Section 36 of this Act, and in addition therto shall be removed from office.

Commissioner's neglect of duty, felony.

by county attorney.

SECTION 57. It shall be the duty of the Bank Commis- Proceedings sioner to inform the county attorney of the county in which the bank is located of any violations of any of the provisions of this Act which constitute a misdemeanor or felony, by the officers, owners or employees of any bank, and upon receipt of such information the county attorney shall institute proceedings to enforce the provisions of this Act.

SECTION 58. Every officer or employee of a bank required by this Act to take an oath, or affirmation, who shall wilfully swear or affirm falsely shall be deemed guilty of perjury, and, upon conviction thereof, shall be punished as provided by the laws of this Territory in case of perjury.

False oath, perjury.

former acts.

SECTION 59. Chapter 4, of the Session Laws of 1897, Repealing relating to the incorporation of banks and to the governing of institutions doing a banking business, and receiving deposits, shall be and the same is inoperative and void, and all laws and parts of laws inconsistent herewith are repealed: Provided, That this Act shall not affect any offense committed or right of action accruing from [prior

to] the taking effect hereof, but all such offenses or rights of action shall remain and be prosecuted under the law existing at the time such offense was committed or such right of action accrued.

SECTION 60. This Act shall be in force and effect from and after its passage and approval. Approved, March 10th, 1899.

CHAPTER V.

BONDS.

Supplemental bonds,

SECTION.

1. Supplemental bonds.

AN ACT to authorize County Commissioners to issue bonds in certain

cases.

Be it Enacted by the Legislative Assembly of the Territory of Oklahoma:

SECTION 1. Where the board of county commissione:s of any county of this Territory have heretofore made application to the district court to issue bonds to fund the outstanding warrants of said county, and where the court has duly examined the list of warrants and found by its order and decree that certain warrants were of the class and nature provided by statute to be bonded, and where the court has by its order and decree specified and ordered that the county commissioners should issue bonds of said county to fund said warrants, and the amount of county warrants so ordered bonded by the court did not exceed four per cent of the assessed valua tion of said county at the time said order and decree was entered, but, through an error in the footings of said list and calculation of the interest then due on said warrants so allowed and ordered bonded, sufficient bonds were not issued by said county commissioners to pay off said warrants ordered funded and the interest thereon, the county commissioners of said county are hereby authorized

and directed, on application of, any person holding any of said warrants, to issue bonds sufficient to redeem and pay off the balance of said warrants and interest so found due by said court. Said bonds shall be a supplement to the same series and shall bear the same rate of interest and become due and payable at the same time as the bonds heretofore issued under and by order of said district court, that is, said bonds shall be issued in a series and a supplement to the series of bonds provided by saidorder and decree of said district court, and shall be divided into payments to become due at the same time as said original bonds of said series provided for by said funding order of said district court. And said bonds shall also state on their face that they are issued under and by authority of this Act. Said bonds shall not be sold at less than par, nor exchanged for the warrants which they fund at less than par.

SECTION 2. This Act shall take effect from and after its passage and approval.

AN ACT concerning the taxation of property of mutual building and loan associations doing business in the Territory of Oklahoma.

Be it Enacted by the Legislative Assembly of the Territory of Oklahoma:

from taxation.

SECTION 1. The real estate, furniture, fixtures and all Exempting personal property, except as hereinafter provided, of mutual building and loan associations, organized and doing business in this Territory, shall be subject to taxation in the same manner and to the same extent as other like