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its own capital stock nor be the purchaser or holder of any such shares, unless such security or purchase shall be necessary to prevent loss upon a debt previously contracted in good faith; and all stock purchased or acquired in such manner shall, within six months from the time of purchase, be sold or disposed of at public or private sale. (Code 1916, c. 54.)

§ 9. Limit on loans; amortization of securities.—The total liabilities to any bank or trust company of any person, or of any company, corporation or firm, for money borrowed, including the liabilities of the company or firm, the liabilities of the several members thereof, shall at no time exceed twenty per centum of the capital stock, plus the surplus fund and undivided profits. But the discount of bills of exchange drawn in good faith against actually existing values, and the discount of commercial or business paper actually owned by the person negotiating the same, shall not be considered as money borrowed. The corporation mentioned in this section shall not be construed to mean municipal corporations, districts or counties. The stocks, bonds and other interest-bearing securities purchased by a bank shall be entered on its books at the actual cost thereof, and for the purpose of calculating the undivided profits applicable to the payment of dividends, such stocks and securities shall not be estimated at a valuation exceeding their present cost as determined by amortization, that is, by deducting from the cost of any such stock or security purchased for a sum in excess of the amount payable thereon at maturity, and charging to profit and loss, a sufficient sum to bring it to par at maturity, or adding to the cost of any such stock or security purchased at less than the amount payable thereon at maturity, and crediting to profit and loss, a sufficient sum to bring it to par at maturity; but nothing herein contained shall prevent a bank from carrying such stocks, bonds and other interest-bearing corporate securities on its books at their market value. No officer, director, clerk or other employee of any bank shall borrow, directly or indirectly, from the bank with which he is connected, any sum of money without the written approval of a majority of the board of directors or discount committee thereof filed in the office of the bank or embodied in a resolution adopted by a majority vote of such board exclusive of the director to whom the loan is made. If an officer, director, clerk or other employee

of any bank shall own or control a majority of the stock of any other corporation a loan to that corporation shall be considered for the purpose of this sub-division as a loan to such officer, director, clerk or other employee. (Acts 1919, c. 60.)

§ 10. Bank dividends.—The directors of any bank may annually, semi-annually or quarterly, declare dividends, but such bank shall, before the declaration of any dividend, carry onetenth part of the net profit accrued to its surplus fund until the same shall amount to twenty per centum of its capital stock. No dividend shall be declared except from earnings remaining after deducting all losses, all sums due for expenses, and all over-due debts upon which no interest has been paid for a period of six months, unless the same are well secured and in process of collection. Any director voting for any dividend in violation of the provisions of this section shall be deemed guilty of a misdemeanor and upon conviction thereof shall be fined not less than five hundred dollars, and in the discretion of the court, provided in section four of this chapter. (Code 1916, c. 54.)

$ 11. Impairment of bank capital.-No bank, or any of the officers or directors thereof, shall during the time it shall continue its banking operations, withdraw, or permit to be withdrawn, either in the form of dividends or otherwise, any portion of its capital stock. Whenever the capital stock of a bank has become impaired, by losses or otherwise, it shall be the duty of the board of directors to restore the same within three months by an assessment pro rata on the stockholders, on the amount of the capital stock held by each. But nothing in this section shall prevent the reduction of the capital stock of the bank, as provided in section four of this chapter. (Code of 1916, c. 54.)

$ 12. Failure to pay back assessment or cure impairment of capital.-If any stockholder or stockholders of a bank shall neglect or refuse after three months notice, to pay the assessment as provided in the next preceding section or in section five of this chapter, it shall be the duty of the board of directors to cause a sufficient amount of the capital stock of such stockholder or stockholders to be sold at public auction, after thirty days' notice shall have been given by posting such notice of sale in

the office of the bank, and by publishing such notice in a newspaper of the city or town in which the bank is located, or in a newspaper published nearest thereto, to liquidate the deficiency, and the residue of the proceeds of said sale, if any, shall b paid to the delinquent stockholder or stockholders. A failure by the board of directors to make the assessment provided for in section eleven to cure an impairment of capital stock, or failure to carry out the provisions of this section, shall make the members of the board of directors subject to the penalties prescribed in section twenty-seven of this chapter. (Code 1916, c. 54.)

§ 13. List of bank stockholders. The president and the cashier of every bank or association shall cause to be kept at all times a full and correct list of the names and residences of all the stockholders in the bank or association, 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 stockholders and creditors of the bank or association and the officers authorized to assess taxes under state authority, during business hours of each day in which business may be legally transacted. A copy of such list on the first Monday of July of each year, verified by the oath of such president and cashier, shall be transmitted to the commissioner of banking. (Code 1916, c. 54.)

§ 13a Deposits by trustees or in name of another.—When any deposit shall be made by any person describing himself in making such deposit as trustee for another and no other or further notice of the existence and terms of a legal and valid trust than such description shall have been given in writing to the bank; in the event of the death of the person so described as trustee, such deposit or any part thereof, together with the dividends or interest thereon, may be paid to the person for whom the deposit was thus stated to have been made. When a deposit shall have been made by any person in the name of such depositor and another person and in form to be paid to either, or the survivor of them, such deposit thereupon and any additions thereto made, by either of such persons, upon the making thereof, shall become the property of such persons as joint tenants, and the same, together with all interest thereon, shall be held for the exclusive use of the persons so named, and may be paid to either during the life-time of both,

or to the survivor after the death of one of them; and such payment and the receipt or the acquittance of the one to whom such payment is made, shall be a valid and sufficient release and discharge to said bank, for all payments made on account of such deposit prior to the receipt by said bank of notice in writing signed by any one of such joint tenants, not to pay such deposit in accordance with the terms thereof. (Acts 1919, c. 60.)

Note. See $35 of this chapter.

$ 13b Circulation of false statement.-Any person who shall willfully and maliciously make, circulate or transmit to another or others, any false statement, rumor or suggestion, written, printed or by word of mouth, which is directly or by inference derogatory to the financial condition or affects the solvency or financial standing of any bank, savings bank, banking institution or trust company doing business in this state, or who shall counsel, aid, procure or induce another to start, transmit, or circulate any such statement or rumor, shall be guilty of a misdemeanor, and upon conviction thereof, shall be punished by a fine of not more than one thousand dollars or imprisoned in the county jail not more than one year, or both, in the discretion of the court. (Acts 1919, c. 60.)

$ 13c Forged or raised check; nonpayment of check.- No bank which has paid and charged to the account of a depositor any money on a forged or raised check issued in the name of said depositor shall be liable to said depositor for the amount paid thereon unless either (1) within one year from notice to said depositor that the vouchers representing payments charged to the account of said depositor for the period during which such payment was made are ready for delivery, or (2) in case no such notice has been given, within one year after the return to said depositor of the voucher representing such payment, said depositor shall notify the bank that the check so paid is forged or raised. The notice referred to may be given by mail to said depositor at his last known address with postage prepaid. No bank shall be liable to a depositor because of the non-payment through mistake or error and without malice of a check which should have been paid unless the depositor shall allege and prove

actual damage by reason of such non-payment and in such event the liability shall not exceed the amount of damage so proved. (Acts 1919, c. 60.)

§ 13d Transaction of business on Saturday afternoon.—Nothing in any law of this state shall in any manner whatsoever affect the validity of, or render void or voidable, the payment, certification or acceptance of a check or other negotiable instrument or any other transaction by a bank in this state because done or performed on any Saturday between twelve o'clock noon and midnight; provided, such payment, certification, acceptance, or other transaction would be valid if done or performed before twelve o'clock noon on such Saturday; provided, further, that nothing herein shall be construed to compel any bank in this state, which by law or custom is entitled to close at twelve o'clock noon on any Saturday, to keep open for the transaction of business or to perform any of the acts or transactions aforesaid, on any Saturday after such hour except at its own option. (Acts 1919, c. 60.)

..$ 13e Membership in federal reserve bank.—The words “federal reserve act,” as herein used, shall be held to mean and to include the act of congress of the United States approved December twenty-three, one thousand nine hundred and thirteen, as heretofore and hereafter amended. The words “federal reserve board” shall be held to mean the federal reserve board created and described in the federal reserve act. The words “federal reserve bank” shall be held to mean the federal reserve banks created and organized under the authority of the federal reserve act. The words “member bank” shall be held to mean any national bank, state bank or banking and trust company which has become or which becomes a member of one of the federal reserve banks created by the federal reserve act. Any bank or trust company incorporated under the laws of this state shall have the power to subscribe to the capital stock and become a member of a federal reserve bank. Any bank or trust company incorporated under the laws of this state which is, or which becomes, a member of a federal reserve bank is vested with all powers conferred upon member banks of the federal reserve banks by the terms of the federal reserve act as fully and completely as if such powers were specifically enumerated and

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