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§ 42. Meetings of directors or trustees and reports thereto. — The directors or trustees of every corporation to which this chapter is applicable shall hold a regular meeting once in each month. They shall by resolution duly recorded in the minutes of the proceedings of such corporations designate an officer or officers whose duty it shall be to prepare and submit to each director or trustee at each regular meeting of the board, or to an executive committee of not less than five members of such board, a written statement of all purchases and sales of securities, and of every discount and loan, exclusive of discounts and loans of less than one thousand dollars, made since the last regular meeting of the board, describing the collateral to the loans so made as of the date of the meeting at which such statement is submitted. Such statement shall also contain a list giving the aggregate of loans and discounts to each individual, firm, corporation or association, whose liability to such corporation has been increased one thousand dollars or more since the last regular meeting of the board, together with a description of the collateral to such loans held by such corporation at the date of the meeting at which such statement is submitted. A copy of such statement, together with a list of the directors present at such meeting, verified by the affidavit of the officer or officers charged with the duty of preparing and submitting such statement shall be filed with the records of the corporation within one day after such meeting, and be presumptive evidence of the matters therein stated.

(Former section 39a; L. 1908, ch. 155.)

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§ 43. Official acts of superintendent and details of department business to be made public. 1. The superintendent of banks shall keep in his office, in a place accessible to the general public, a bulletin board upon which he shall cause to be posted at noon on Friday of each week a detailed statement, signed by him or, in case of his absence from Albany or inability to act, by the deputy superintendent in charge, giving the following items of general information with regard to the work of the department since the preceding statement:

(a) The name of every corporation that has filed in the banking department a certificate of incorporation or organization, its location and the date of filing of such certificate.

(b) The name and location of every corporation or individual

banker authorized by the superintendent of banks to commence business, its capital, surplus and the date of authorization.

(c) The name of every proposed corporation to which a certificate of authorization has been refused by the superintendent of banks, and the date of notice of refusal.

(d) The name of every corporation that has applied to the superintendent of banks for permission to open a branch office, the date of such application and the location of the proposed branch.

(e) The name of every corporation that has been authorized by the superintendent of banks to open a branch office, the date of approval and the location of such branch office.

(f) The name and location of every corporation designated by the superintendent of banks as a depositary for the lawful money reserve of blanks or trust companies, its capital, surplus and the date of designation.

(g) The name and residence of every person appointed by the superintendent of banks as a deputy, examiner or employee in the banking department, the title of the office to which appointed, the compensation paid and the date of appointment.

(h) The date on which a call for a quarterly report by banks or trust companies was issued by the superintendent of banks and the day designated as the day with reference to which such report should be made.

(i) The name and location of every corporation or individual banker of whose property and business the superintendent of banks shall have taken possession and the date of taking possession, and the name and residence of every person appointed by the superintendent as a special deputy superintendent of banks.

(j) The name and location of every corporation or individual banker which shall have been authorized by the superintendent of banks to resume business, and the date of resumption.

(k) The name and location of every corporation whose creditors or depositors have been paid in full by the superintendent of banks and a meeting of whose stockholders shall have been called, together with date of notice of meeting and date of meeting.

(1) The name and location of every corporation subject to the banking law whose affairs and business shall have been finally liquidated and the corporation dissolved.

(m) The name and location of every corporation which has applied for approval of a change of name, and the name proposed.

2. Every such statement, after having been posted as aforesaid for one week, shall be placed on a file for such statements to be kept in the office of the superintendent of banks. All such statements shall be public documents and at all reasonable times shall be open to public inspection.

(Former section 39b.)

44. Banks designated as depositaries of court funds to give bonds and pay interest. The depositaries designated by the comptroller to receive funds or moneys paid into court, shall pay a fair rate of interest, and before receiving any such deposit shall give to the people of the state a good and sufficient bond with two or more sureties, in such form as the attorney-general shall prescribe, such bond to be approved by the county judge of the county in which such savings bank, bank, trust company, bank association or banker shall be located, and by the comptroller of the state, and filed in the office of the comptroller.

(Part of section 746, Code Civ. Pro.)

July 13, 1905, the attorney-general used the following language in reference to the right of a bank to take deposits from a city and secure the city on these deposits by pledging to it bonds or securities owned by the bank, forming a part of its "reserve." He said:

"I infer that the use of the word "reserve" is intended to be equivalent to the use of the word "assets," as the only "reserve," so-called, which the banking law apparently recognizes is the money reserve under section 47 (former number). "I do not find in the banking law any direct prohibition against the method of securing the city on its deposits, but it seems to me that it is against the spirit of the act, and is in effect creating a preferred class of depositors. It ties up so much of the assets of the bank, and in the event of a failure, would reduce the amount applicable to the payment of general depositors to the extent of the bonds so deposited.

"It certainly should be reported under section 20 (former number) as a preferred deposit, if the superintendent should allow the bank to secure the city in this manner. It borders very closely on an illegal preference, and it seems to me that the practice is one which the department certainly should not encourage, and, if possible, prevent."

45. Banks designated as depositaries of court funds to keep books. of account. Every bank or trust company holding any funds or money paid into court shall keep a book or books in which it shall make an exact account thereof. Such book or books shall state the

name of the court, the title of the case, the date of receipt, from whom received, the amount of money, if any, and a description of the securities or other property received, if any, and each addition of interest; also the date and description of each order for payment and the dates and amounts of payments thereunder and to whom paid; also an account of each change of investment, if any.

(Part of section 752, Code Civ. Pro.)

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61. Previous notice of intention to be given.

62. When superintendent shall file certificate.

63. Examination by and certificate of superintendent.
64. Amended certificate of incorporation.

65. Certificate of individual banker.

66. General powers.

67. Lawful money reserve.

68. Payment of capital stock.

69. Annual meeting and election of directors.

70. Oath of directors.

71. Individual liability of stockholders.

72. Limitation of liability of stockholders.

73. Powers of president and vice-president.

74. Rate of interest.

75. Interest permitted on advances on collateral security.

76. Deposit of banks and individual bankers with superintendent. 77. Prohibiton against sale of business by individual banker.

78. Change from State to national bank.

79. When deemed to have surrendered its charter.

80. Reduction of capital stock in such cases.

81. Certificate of change.

82. National bank may become State bank.

83. Circulating notes; plates.

84. Circulating notes of individual banker.

85. When bank may receive interest or dividends upon securities

deposited.

86. Redemption agencies.

87. Destruction of bank notes.

88. Destruction of plates and counterfeit notes.

89. Exchange of mutilated notes.

90. Redemption in notes of other banks.

91. Protest of notes and proceedings thereon.

92. Appointment of agent by new corporation.

93. Revocation of appointment.

94. Distribution of funds of insolvent banks.

95. Distribution of residue.

96. Publication of notes.

97. Redemption of notes held by banks and individual bankers.

98. Banks closing business.

99. Proceedings on closing bank.

100. Proportionate amount of securities to be returned when notes are

destroyed.

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