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any private bank shall not be considered or accepted as a part of its assets. [Id., § 448.]

Capital Stock; How Reduced.— Sec. 130. The capital stock of any bank doing business under this act may be reduced at any time by resolution adopted by a vote of its stockholders representing three-fourths of the capital of such bank, at any regular meeting, or at a special meeting held for that purpose, of which all stockholders shall have notice as provided in the by-laws, subject to the approval of the bank commissioner. When the bank commissioner has approved of any such reduction, a certificate signed by the president and cashier of the bank setting forth the reduction of its capital and the names and amount of stock held by its stockholders shall be filed with the secretary of state, and a duplicate copy shall be forwarder! to the bank commissioner. Whenever the capital of any bank shall be reduced as provided in this act, every stockholder, owner or holder of any stock certificate shall surrender same for cancellation, and shall be entitled to receive a new certificate for his proportion of the new stock; no dividend shall be paid to any such stockholder until the old certificate shall have been surrendered. [Id., $ 449.]

Stock Impaired.-- SEC. 131. Whenever it shall appear that the capital stock of any bank doing business under this act has been impaired, the bank commissioner shall notify such bank to make such impairment good within ninety days; and it shall be the duty of the officers and directors of any bank roceiving such notice from the bank commissioner to immediately call a special meeting of its stockholders, for the purpose of making assessment on its stock sufficient to cover the impairment of its capital: Provided, That such bank may reduce its capital to the extent of the impairment, if such reduction will not place its capital below the amount required by this act. [Id., $ 450.]

Other Bank may Organize as State Bank.-- SEC. 132. Any private bank or national bank doing business in this state

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may incorporate as a state bank as provided herein for the organization of banks: Provided, That the bank commissioner may accept good assets of such private and national banks worth not less than par, in lieu of cash in payment for the stock of such state bank. [Id., $ 451.]

Private Banks.- SEC. 133. Each individual or firin engaging in the banking business shall conform to the provisions of section two of this act, so far as said section relates to its name and capital: Provided, That the word "state" shall not be a part of its name: And provided further, That in all advertisements or published statements made by such bank, and upon all stationery used by it, the words “private bank shall appear. [Id., $ 452.]

List of Shareholders for Inspection.- Sec. 134. The president and cashier of every incorporated bank shall cause to be kept, at all times, a full and correct list of the names and residences of all the shareholders in the bank and the number of shares held by each, in the office where its business is transacted. Such list shall be subject to the inspection of all the shareholders and creditors of the bank and the officers authorized to assess taxes under state authority, during the business hours of each day in which business may be legally transacted. A list of the owners of private banks shall be kept in like man

A copy of such list, on the first Monday in January of each year, verified by oath of such president, cashier, or owners, shall be transmitted to the bank commissioner. [Id., $ 453.]

Refusal to be Examined.--SEC. 135. Whenever any otticer of any bank shall refuse to submit the books, papers and concerns of such bank to the inspection of the commissioner, deputy, or examiner appointed as aforesaid, or shall in any manner obstruct or interfere with him in the discharge of his duty, 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, with the con


currence of the attorney-general, institute proceedings for the appointment of a receiver for such bank to wind up its business. [Id., $ 454.]

Authority of Bank Revoked.- Sec. 136. Any officer of any bank whose authority to transact a banking business has been revoked as herein provided, who shall receive or cause to be received any deposit of whatever nature after such revocation, shall be subject to the penalty provided in section sixteen [$ 102 of this compilation] of this act. [Id., $ 455.]

For what Purposes Bank may Hold Real Estate.Sec. 137. Any bank may purchase, hold and convey real estate for the following purposes, but no other: 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, decrees or mortgage foreclosure under securities held by it; but a bank shall not bid, at any such sale, a larger amount than to satisfy its debts and costs. Real estate shall be conveyed under the corporate seal of the bank and the hand of its president or vice-president and cashier or treasurer. No real estate acquired in the cases contemplated in the second and third sub-sections above shall be held for a longer time than

If not sold before the expiration of five years, it must be sold at private or public sale within thirty days thereafter, or charged off out of the earnings or surplus of sail bank. [Id., $ 456.]

Real Estate not over 50 Per Cent.- Sec. 138. Any bank now doing business in this state which owns real estate in excess of fifty per cent. of its capital shall reduce its holdings by converting same into cash or other good assets, to an amount not exceeding fifty per cent. of its paid-up capital, within one year after the passage of this act. [Id., $ 457.]

five years.

Transfer of Stock.- SEC. 139. The shares of stock of an incorporated bank shall be deemed personal property, and shall be transferred on the books of the bank in such manner as the by-laws thereof may direct; but no transfer of stock shall be valid against a bank 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 case shall any dividend, interest or profit be paid on such 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 bank without the consent of the board of directors, where the registered holder thereof is in debt to the hank for any matured and unpaid obligation; and no transfer of stock shall be made when the bank is in a failing condition, or when its capital is impaired. All transfers of stock shall be certified to the bank commissioner immediately. [Id., $ 458.]

Banks in Hands of Receiver to be Examined.-Sec. 140. The bank commissioner shall examine each and every bank in the hands of a receiver at least once in each six months until its affairs shall be wound up, and shall file a copy of each such examination with the clerk of the district court in the county where such bank is located. Receivers of all insolvent banks shall make reports to the bank commissioner in the same manner as is required of other banks, and shall cause such statements to be published in like manner. Any receiver of an insolvent bank who shall fail to comply with the provisions of this section, or who shall neglect or refuse to submit the affairs of such bank to an examination by the bank commissioner or his deputy, or who shall violate any of the provisions of this act relating to the examination of banks, shall be subject to the same penalties provided for officers or employés of banks. [Id., $ 459.]

Form; Reports Preserved; Fees.- SEC. 141. For the purpose of carrying into effect the provisions of this act, the

bank commissioner shall provide a form for and make requisition upon the secretary of state for the necessary blanks for such examinations and reports; and all examinations and reports received by him shall be preserved in his office. It shall be the duty of the bank commissioner to furnish a certified copy of any published official statement made by the bank, to any person demanding same, upon the payment to him of the sum of ten cents per folio for each and every folio therein, and fifty cents for his certificate thereto; which fees shall be paid to the state treasurer quarterly, and by him placed to the credit of the bank fund. [Id., $ 460.]

Receiver to Institute Proceedings.-SEC. 142. If after the expiration of one year from the closing of any incorporated bank it shall appear to the receiver thereof that the assets of such bank are insufficient to pay its liabilities, it shall be the duty of such receiver to immediately institute proper proceedings, in the name of the bank, for the collection of the liability of the stockholders of such bank; all sums so collected to become a part of the assets of such bank, and to be distributed pro rata to the creditors thereof in the same manner as other funds. No action by any creditor against any stockholder of such bank for the recovery of such liability shall be maintained unless it shall appear to the satisfaction of the court that the receiver has failed to commence action as herein provided. [Id., $ 461.]

Commissioner's Biennial Report.-SEC. 143. The bank commissioner shall make a report to the governor on September first of every even-numbered year, which report shall contain the names of the owners or the principal officers, the paidup capital of each, the number of banks in the state, the name and location of each, the number and date of examinations and reports made of and by each during the period covered by the report, and such other information concerning the same as the bank commissioner may deem necessary to inform the governor of the condition thereof. [Id., S 462.]

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