Penalty for knowing violation of this prohibition.. Reserve not restored within thirty days after Commissioner's no- tice, bank deemed an 102 99 Commissioner to take charge of Proceedings thereupon 115 115 In receiver's hands, to be examined every six months 140 Receivers to report to Bank Commissioner 140 Individual liability of stockholders to be enforced, when and how.. 142 Investments - Total, exclusive of U. S. bonds, not to exceed four times capital 128 Commissioner may require conversion of, made outside the state... 128 No person nor firm or its members in aggregate to be liable for 100 100 Cashier and other officers handling funds to give bond.. 96 President or vice-president must hold $500 stock in good faith, in own name and right .... How as to representative of trust company 36 96 96 Penalty for failure of officer or employé to conform to act or to And not be subject to personal debts till bank liabilities paid.. 129 Assets must not be used in owner's private business... 129 His note not considered bank assets 129 How private or national bank may become state banking asso- 132 Pledged assets not to exceed twenty per cent. more than sum 127 But bank may rediscount, in good faith, any of its negotiable notes, 127 rowed ..... 127 Certificate of deposit not to be issued for borrowed money. 127 Commissioner may call for special report from any bank. 104 In places of less than 5,000, twenty per cent. of deposits.. 99 In other places, twenty-five per cent.... 99 But half may be balances in solvent banks.... 99 But depositary of other banks must keep on hand twenty-five per 99 Cash items not considered part of reserve fund... 99 Reserve impaired, bank may take only sight drafts, and can declare no dividends, till restored 99 Bank Commissioner to notify bank to make reserve good...... 99 99 Commissioner may refuse to consider balances in banks refusing Savings banks, etc., must keep ten per cent. of deposits in cash 66 Revocation of authority - For failure or refusal to comply for ninety days with Commission- Proceedings in such cases For refusal to permit examination 107 107 135, 136 Statements (see "Dividends ")— Verified statement to be made to Bank Commissioner when capital At least four statements each year Before January 10, each year, verified statement of receipts and 105 But bank not required to make statement to Secretary of State 105 Stockholders (see "Individual Liability of Stockholder ")— Verified copy to be sent Bank Commissioner first Monday in Jan- If no bidder, payments forfeited and bank to sell stock within six 94 Surplus - Ten per cent. of net earnings to be carried to, before dividend de- 119 Until surplus equals half capital 119 Losses in excess of undivided profits may be charged to. 120 But must be reimbursed from earnings.. .. 120 And not more than half net earnings to be divided till surplus 120 Voluntary Liquidation Bank may place itself in Commissioner's hands, how.. 116 116 BLACKLISTING: Prohibited 65 Employer must on demand give in writing cause or reason for dis- charge Penalty for violating act Receivers may be appointed where such taxes not paid.... 151 152 153 BUILDING AND LOAN ASSOCIATIONS: Exempt from charter-board act 193 May be incorporated by not less than twenty-five residents of the 155 Copy certified by register of deeds to be filed with Secretary of 156 What articles to contain 156 156 "Building and Loan Association" must be part of name Name must not be same as that of a similar existing corporation.. 156 in two years from its date .... No power to borrow money for any purpose. Dividends may be declared Preëxisting association may do business under provisions of act, 157 172 173 175 175 176 176 176 178 By-Laws - Shareholders may adopt by-laws, rules and regulations. 157 Copy to be filed with Bank Commissioner.... 157 Such by-laws to determine number, title, functions, terms and time of election of officers ... 158 And qualifications of electors 158 Director must own two shares and not be delinquent as to dues... 158 |