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lils liabilities accruing while he or she remains such stockholder. It 's hereby made the duty of the president and cashier, within thirty los after organization, to file in the office of the recorder of deeds of the County in which such bank is located, a certified list of all the origia stockholders, giving the number of shares of stock held by each, and ofter a certificate of all transfer of stock, not later than ten days to such transfer. No transfer of stock shall operate as a release of utility provided in this section. § 1. Any and all persons and associations organizing under the provisions of this Act shall make to the Auditor a report according to the form which may be prescribed by him, verified by oath or affirmation of the president or cashier of such association, which report shall exhibit in detail and under appropriate heads the resources and liabilities of sloh bank or association at the close of business of any day he may those; and he shall call for such reports at least once every three Tooths of each year, and the officers of said bank shall transmit the time to the Auditor within five days after receiving call for the same; ld any bank failing to make and transmit such report, or to comply with any provisions of this Act, shall be subject to a penalty of one hundred dollars for each day after five days that such report is delayed ond that time. And he shall cause such report to be published at the onse of such bank in some newspaper published in the city or town where such bank is located; or if no newspaper is published in such town, then in the nearest newspaper to such town. Every such quaroly report shall be accompanied with a fee of five dollars to defray to expense of examining the same and preparing it for publication. $ 8. The Auditor, as often as he shall deem necessary or proper, to at least once in each year, shall appoint a suitable person or persons o make an examination of the affairs of every bank established under o provisions of this Act, which person shall not be a stockholder or or or employee of any bank which he may be directed to examine, to who shall have power to make a thorough examination into all the *is of the bank, and in so doing to examine any of the officers or outs or employees thereof on oath, and shall make a full and detailed "Tort of the condition of the bank to the Auditor; and the bank shall o be subject to any other visitorial power than such as may be authorled by this Act, except such as are vested in the several courts of law *Chancery. And there shall be paid to the Auditor of Public Accounts "ach such examination, a fee of twenty-five dollars ($25.00) and two * (*) additional for each one thousand dollars ($1,000) of the "a sets of the bank examined. Š " . Associations organized under this Act shall be bodies cor* and politic for the period for which they may be organized, may ** he sued, may have a common seal which they may alter or renew * Pleasure, may own, possess and may carry as assets the real estate *IV in which to do its banking business, and such other real estate oil it may obtain title in the collection of its debts, but shall not *"In its assets any real estate except its banking house for the period

"more than five years after acquiring title to the same.

§ 10. The total liabilities to any association, of any person or of any corporation or firm for money borrowed, including in the liabilities of a company or firm the liabilities of the several members thereof, shal at no time exceed fifteen per cent of the amount of the capital stock of such association actually paid in and unimpaired, and fifteen per cent of its unimpaired surplus fund: Provided, however, that the total lia. bilities of any such person, company or firm shall at no time exceed thirty per cent of the amount of capital actually paid in : And, provided, further, that undivided profits shall not be construed as a part of the surplus. But (1) the discount of bills of exchange drawn in good faith against actually existing values; (2) the discount of commercial or business paper actually owned by the person negotiating the same; (3) the purchase of or loaning money in exchange for, evidences of indebtedness which shall be secured by mortgage or trust deed upon productive real estate, the value of which, exclusive of buildings, as ascertained by the oath of two disinterested appraisers, is double the amount of the principal debt secured, and which mortgage or trust deed is ascertained by a guaranty policy of a title guaranty company approved by the Auditor of Public Accounts, or by a registrar's certificate of title in any county having adopted the provisions of the Land Titles Act, or by the opinion of a reputable attorney at law to be a first lien upon the real estate therein described; and (4) the purchase of, or loaning money in exchange for, evidences of indebtedness secured by a written pledge covering live stock, the president, vice president or cashier of such bank or association certifying at the time of such purchase or loan that the value of such live stock is double the principal debt secured, shall not be considered as money borrowed within the meaning of this section.

In computing the total liabilities of any person, corporation or firm for the purpose of this section, there shall not be included any liabilities of such person, corporation or firm which shall be secured by collateral approved as sufficient security therefor by the Auditor of Public Accounts, and deposited with him, or which shall be secured by a good and sufficient bond conditioned to indemnify and save harmless such bank from loss or damage on account of failure to pay such loan on maturity, filed with and approved by the Auditor of Public Accounts.

And, provided, further, that if any bank or association existing hereunder shall cause to be deposited with the Auditor of Public Accounts a good and sufficient bond, or shall cause to be deposited with him securities approved by him (such securities not being assets of said bank or association), the Auditor of Public Accounts may issue to such bank or association a permit, granting permission to such bank or association, within the period of one year from the date of said permit, to carry, without liability against the officers and directors of such bank or association, on account of such loans being excessive. loans otherwise excessive under the provisions hereof, to an aggregate amount equal to the amount of such bond, or to the value of such securities as determined by the Auditor of Public Accounts. Such bond

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shall run to the Auditor of Public Accounts for the use of said bank or isolation, its creditors and stockholders, and shall undertake to inkmnify and save harmless said bank or association, its stockholders all Creditors, against loss on account of loans carried under the permit ised by the Auditor of Public Accounts in pursuance of the filing of such bond; and such securities shall be deposited under a like conTitt running to the Auditor of Public Accounts for the use of said talk or association, its creditors and stockholders, undertaking that With securities shall be held to indemnify and save harmless said bank or Association, its stockholders and creditors, against loss on account i loss carried under the permit issued by the Auditor of Public Acouls in pursuance of the deposit of said securities with the Auditor: Protided, further, that if in the opinion of the Auditor of Public Acon's such bond or such securities shall become impaired in value, the Auditor of Public Accounts may revoke such permit unless such bank of association shall file with the Auditor of Public Accounts such adional bond or such additional securities as will, in the opinion of * Auditor of Public Accounts, fully indemnify such bank or associa": its stockholders and creditors, against loss by reason of loans made inder such permit. And, provided, also, that the total liabilities of any such person, im or corporation for money borrowed under the provisions of this *tion shall not exceed twenty-five per cent of the deposits of any bank of Association, and also that such total liabilities shall at no time exceed the amount of the capital stock of such bank or association. Every such loan made in violation of the provisions hereof shall be die and payable according to its terms and the remedy for the recovery "Any money loaned in violation of the provisions hereof or for the oforcement of any agreement collateral or otherwise made in connection With any such loan shall not be held to be impaired, affected or "oiled by reason of such violation, but such remedy shall exist not*landing the same. But every director of any such association who shall violate, or participate in, or assent to such violation, or who * Permit any of the officers, agents or servants of the association to o the provisions hereof, shall be held liable in his personal and individual capacity for all damages which the association, its shareo any other person shall have sustained in consequence of such

#TV o not be lawful for any bank to loan to its president, or to * To presidents or its salaried officers or employees, or to corany of o firrms controlled by them, or in the management of which

- "" are actively engaged, until an application for such loan

"Ye been first approved, both as to security and amount, by the

o of directors.

o Banks or banking associations may be organized under the

city o "f this Act at any place in this State. If not within any . . 0

. Incorporated village, with a minimum capital stock of ten

tions "and dollars ($10,000); if within a city, town or incorporated village, the capital stock shall be according to the population of such city. town or village, as determined by reference to the last preceding Unite States census, as follows: (a) In all cities, towns and villages of not exceeding five hun dred (500) inhabitants with a minimum capital stock of ten thousan dollars ($10,000). (b) In all cities, towns and villages of over five hundred (500) inhabitants and not exceeding fifteen hundred (1,500) inhabitants. with a minimum capital stock of fifteen thousand dollars ($15,000). (c) In all cities, towns and villages of over fifteen hundre. (1,500) inhabitants and not exceeding five thousand (5,000) inhabitants, with a minimum capital stock of twenty-five thousand dollar: ($25,000). (d) In all cities, towns and villages of over five thousand (5,000) inhabitants and not exceeding ten thousand (10,000) inhabitants, with a minimum capital stock of fifty thousand dollars ($50,000). (e) In all cities, towns and villages of over ten thousand (10,000) inhabitants and not exceeding fifty thousand (50,000) inhabitants with a minimum capital stock of fifty thousand dollars ($50,000): but a bank so incorporated in a city, town or village of over ten thousand (10,000) inhabitants and not exceeding fifty thousand (50,000) inhabitants, with a capital stock of not less than one hundred thousand dollars ($100,000), shall not accept deposits in excess of five hundred thousand dollars ($500,000), so long as its capital stock is less than one hundred thousand dollars ($100,000). Such bank may at any time increase its capital stock to not less than one hundred thousand dollars ($100,000), and if the Auditor shall find the deposits in excess of the limitation contained herein, he shall order such bank to increase its capital stock to at least one hundred thousand dollars ($100,000) within ninety days from the date of such order. If any such bank shall fail to increase its capital stock within said time, the Auditor of Public Accounts shall revoke and cancel the permit and authority of such bank to carry on such banking business, and shall file a duly certified copy of such revocation and cancellation at the office for the recording of deeds in the county where such bank has conducted such business, and upon the recording of said revocation, said bank shall cease to receive deposits and shall proceed to dispose of its assets and wind up its affairs within one year from the date of such revocation, and at the end of said year the authority of said bank to conduct any business under the provisions of this Act shall cease and determine. (f) In all cities, towns and villages of more than fifty thousand (50,000) inhabitants, with a minimum capital stock of one hundred thousand dollars ($100,000); but a bank so incorporated in a city, town or village of more than fifty thousand (50,000) inhabitants, with a capital stock of less than two hundred thousand dollars ($200,000), shall not accept deposits in excess of one million dollars ($1,000,000), so long as its capital stock is less than two hundred thousand dollars ($200,000).

Such bank may at any time increase its capital stock to not less than two hundred thousand dollars ($200,000), and if the Auditor shall find the deposits in excess of the limitation contained herein, he shall order such bank to increase its capital stock to at least two hundred thousand tollars ($200,000), within ninety days from the date of such order. If any such bank shall fail so to increase it” capital stock within said time, the Auditor of Public Accounts shal) ..evoke and cancel the Permit and authority of such bank to carry on such banking business, and shall file a duly certified copy of such revocation and cancellation at the office for the recording of deeds in the county where such bank has conducted such business, and upon the recording of said revocation, said bank shall cease to receive deposits and shall proceed to dis* of its assets and wind up its affairs within one year from the date i such revocation, and at the end of said year the authority of said link to conduct any business under the provisions of this Act shall cease and determine. Should the capital stock of any bank organized under this Act beome impaired, the Auditor shall give notice to the president to have the impairment made good by assessment of the stockholders or a reducon of the capital stock of such bank, if the reduction should not bring the capital below the provisions of this section; and if the capital stock of said bank shall remain impaired for thirty days after notice by the Auditor, he shall have power, and it is hereby made his duty to enter it against each stockholder in the name of the People of the State of lios, for the use of said bank, for his or her pro rata proportion of old impairment, and when collected shall pay over the amount thereof o said bank, and the judgment in such case shall be for the amount aimed with all costs and reasonable attorney’s fees, which fees shall *ived by the court, or, if it appears from the reports made to the Audiof under this Act, or from any examination made by or on behalf of * Auditor that the conditions of any bank organized under this Act * such that the impairment of the capital stock cannot be made good that the business of any such bank is being conducted in an illegal, "illent or unsafe manner, he may, in his discretion, without having on the steps provided in this section to make good the impaired capi"stock, forthwith appoint a receiver, and require of him such bond *Sourity as he deems proper. Such receiver, under the direction of * Auditor, shall take possession of the books, records and assets of * description of such bank, collect all debts, dues and claims belong to it, and, upon the order of a court of record of competent *iction, may sell or compound all bad or doubtful debts, and, on * Order, may sell all the real and personal property of such bank, "oh terms as the court shall direct; and may, if necessary to pay the loss of such bank, enforce the individual liability of the stockholders. The Auditor of Public Accounts shall, upon appointing a receiver, * otice to be given by advertisement in such newspaper as he may * for three consecutive months, calling on all persons who may have

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