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A

TREATISE ON THE LAW

OF

NATIONAL AND STATE BANKS

INCLUDING THE

CLEARING HOUSE AND TRUST COMPANIES

WITH AN

APPENDIX

CONTAINING THE

NATIONAL BANK ACT AS AMENDED

AND

INSTRUCTIONS RELATIVE

TO THE

ORGANIZATION OF NATIONAL BANKS

By H. W. MAGEE, B. L.
Member of the Los Angeles Bar, and formerly one of the Board of Bank

Commissioners of the State of California

ALBANY
J. B. LYON COMPANY, PRINTERS

COPYRIGHT, 1906 By H. W. MAGEE

PREFACE.

The aim of the author in writing this book, has been to make it a treatise of special value and practical service to the Banker and Lawyer. With this object in view and to accomplish this end, the laws as found enacted in the statutes, and established by the courts are presented. From this authentic source, the banker, lawyer, and student may be able to obtain the information desired upon all questions arising in the organization, business and management of a bank.

Banking is a business which, by legislation, is placed under the control and regulation of law; and at the present time there are but few private banks in existence in the United States. The law in some of the States forbidding the privilege of banking to private persons. Therefore banks are now very largely incorporated associations, deriving their authority from the national banking laws enacted by Congress, and the laws enacted by the States.

All banks incorporated under the national banking laws derive their authority from the government of the United States, and are, therefore, called national banks. The national banking system originated as a financial measure in the early years of the Civil War. It was urged as a measure of currency reform, and also as a means of replenishing the United States treasury. Its prime object being to stimulate and improve the sale of government bonds, and to provide a national currency which would have a uniform value.

The Supreme Court of the United States in construing the purpose and object of national banks has judicially declared that

they are institutions designated to be used to aid the government in the administration of an important branch of the public service.

of

Banks which are incorporated under the State laws are designated and called State banks, deriving their power and authority from the laws enacted by the State.

All incorporated banks obtain their powers directly from the statute laws authorizing their creation. These powers or rights are denominated and called statutory or expressed powers. They have also inherent, incidental, and implied powers, such as are necessary to carry out and into effect the full purposes the corporation.

The author has endeavored, in the treatment of the subject, to define these various powers, and laws, which control and regulate the business of banking. An earnest effort has been exerted to present the law and demonstrate what a banking corporation can, or cannot, do. With this object in view all the leading cases reported, involving the rights and powers of a bank, have been reviewed and considered; and when deemed expedient the opinion of the court, as rendered in the case, has been quoted in full. This plan has been adopted for the reason that an analysis of the cases or opinion of the court frequently fails to correctly express and record the law as rendered by the court. In other instances the law principle is simply and plainly stated, and supported by citation of cases rendered by the court. And as a result, the production of this work, which may rightfully be called a ready reference or working book on banking.

It is also designed and was originally intended to be a digest of the law and a work for the busy lawyer, to be used in the practice, determination, and settlement of questions arising and growing out of the business of banking and in the trial of bank cases.

The author has given unlimited time and care to the selection and compilation of cases directly in point, and the labor thus performed is labor saved to the busy practitioner.

All subjects and questions of importance relating to, and affecting banks and banking, are presented, including a chapter devoted to (each) The Clearing House and Trust Companies.

A chapter has also been added entitled Inspection and Examination of Banks. This chapter is a discussion in a general way of the procedure and mode required to be followed by the examiner in the examination and checking up a bank.

The appendix to the work contains all the laws of the Na

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