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I. BANKS.

Constitutional Provisions.- SEC. 87. No bank shall be established otherwise than under a general banking law. The state shall not be a stockholder in any banking institution. [Const., Art. 13, SS 1, 5.]

(Chapter 43, Laws of 1891, of which the following act takes the place, was held constitutional in Blaker v. Hood, 53 Kan. 499.)

Organization and Powers.— Sec. 88. Any five or more persons may organize themselves into a banking corporation, and shall be permitted to carry on the business of receiving money on deposit* and to allow interest thereon, giving to the person depositing credit therefor; and of buying and selling exchange, gold, silver, foreign coin, bullion, uncurrent money, bonds of the United States and of the state of Kansas, and bonds and warrants of cities, counties and school districts in the state of Kansas; of loaning money on real estate, chattel and personal security, at a rate of interest not to exceed the legal rate allowed by law; of discounting negotiable notes, and of notes not negotiable, and to own a suitable building, furniture and fixtures for the transaction of its business, of the value not to exceed one third of the capital of such bank: Provided, That nothing in this section shall prohibit such bank from holding and disposing of such real estate as it may acquire through the collection of debts due to it. [G. S. 1901, § 407.]

Sec. 89. The name selected for such bank shall not be the name of any other bank doing business in the state, but shall include the word "state," and the capital stock shall not be less than ten thousand dollars; and in addition to the other re

*A bank may receive a deposit of money to be paid out upon the hap. pening of a contingency. (National Bank v. Quinton, 57 Kan. 750; National Bank v. Presnall, 58 Kan. 69–75.)

quirements shall contain the names and places of residence of its stockholders, and the amount of stock subscribed by each, and may contain such other provisions not inconsistent with law as the stockholders may deem proper. The charter shall be subscribed by at least five of the stockholders of the proposed bank who are residents of the state of Kansas, and shall be acknowlcdged by them, and the full amount of capital stock shall be subscribed before the charter is filed: Provided, That all banks previously chartered with a capital stock of less than ten thousand dollars shall be required, within two years from the taking effect of this act, to increase their capital stock to comply with the provisions hereof. [Laws 1903, ch. 68, $ 1.]

Date of Incorporation.— Sec. 90. The existence of such bank as a corporation shall date from the filing of its charter, from which time it shall have and may exercise the powers conferred by law upon corporations generally, except as limited or modified by this act: Provided, That such bank shall transact no business except the election of officers, the taking and approving their official bonds, the receipts of payments on account of subscriptions to its capital stock, and such other business as is incidental to its organization, until it has been authorized by the bank commissioner to commence the business of banking as hereinafter provided. [G. S. 1901, $ 409.]

Shares Cash.- SEC. 91. The capital stock of any such association shall be divided into shares of one hundred dollars each, and all subscriptions to said capital stock shall be paid in cash: Provided, That in the reorganization of a bank, assets of the old bank worth par may be accepted in lieu of cash. [Id., $ 410.]

Statement to Bank Commissioner.Sec. 92. When the capital of any such bank shall have been paid in, the president or cashier thereof shall transmit to the bank commissioner a verified statement showing the names and residence of stockholders, the amount of stock subscribed, and the amount paid in by each; and the bank commissioner shall thereupon have the

same power to examine into the condition and affairs of such bank as if it had been before that time engaged in the banking business; and he shall, within thirty days from the receipt of such statement, make such examination, and shall examine especially as to the amount of money paid in on account of its capital, and by whom paid, and the amount of capital stock of which each stockholder is in good faith the owner, and whether such bank has complied with the provisions of law in all respects; and if such bank has been organized as prescribed, and has in all respects complied with the provisions of law, said commissioner shall issue to such bank, under his hand and seal, a certificate showing that it has been organized and its capital paid in as required by law, and is authorized to transact a gencral banking business as provided by this act. [Id., $ 411.]

Increase of Capital Stock.— Sec. 93. No increase in the capital stock of any such bank shall be made unless the same shall be fully paid up at the time when subscriptions are entered therefor; and a verified statement shall be transmitted to the bank commissioner showing the amount of the increase, the names and places of residence of the subscribers therefor, the amount subscribed by each, and that the same has been fully paid in. The date and amount of each increase shall also be certified to the secretary of state. [Id., $ 412.]

Delinquent Shareholder's Stock, how Sold.Sec. 94. Whenever any shareholder or his assignee fails to pay any assessment on his stock when the same is required to be paid, the directors of such bank may sell the stock of such delinquent shareholder, or as much thereof as is necessary to satisfy the debt, at public auction, after having given three weeks' pre vious notice thereof in a newspaper published and in general circulation in the city or county where the bank is located, to any person who will pay the highest price therefor, to be not less than the amount due thereon with the expenses of the advertisement and sale; but said stock so bid for shall at the price bid

be first tendered to the other stockholders of said bank at said price, and if said stock is not taken by the said stockholders or any of them, then said stock shall be sold to the said highest bidder, and the excess, if any, shall be paid to the delinquent stockholder. If no bidder can be found who will pay for such stock the amount due thereon and the cost of the advertisement and sale, the amount previously paid shall be forfeited to the bank, and such stock shall be sold as the directors shall order, within six months from the time of such forfeiture. Any bank heretofore organized under the general corporation law, the capital of which has not been paid in full, shall conform to the provisions of this act within six months after its passage, and may for that purpose amend its charter in conformity herewith. [Id., § 413.]

How Dissolved.- SEC. 95. Any corporation transacting business under this act may be dissolved by the district court of the county in which its place of business is located, in the following manner: A verified petition shall be filed in the office of the clerk of said court, signed by the president or a majority of the board of directors, setting forth that stockholders repre senting two-thirds in amount of the stock of such association have adopted a resolution favoring such dissolution, and directing proceedings to be instituted for that purpose, a copy of which resolution shall set forth that all claims and demands against such association have been paid and discharged; and thereupon a notice shall be published for the time and in the manner prescribed by the law for service by publication. Such notice shall state the name of the court in which the petition has been filed, the substance and purpose thereof, and that unless objections are filed thereto on or before a time to be stated, which shall not be less than forty-one days from the first publication, the relief prayed for will be granted. A copy of such notice shall be sent to the bank commissioner within ten days after the first publication thereof, and he shall, within thirty days thereafter, make

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