described herein, and all such powers shall be exercised subject to all restrictions and limitations imposed by the federal reserve act, or by regulations of the federal reserve board made pursuant thereto. The right, however, is expressly reserved to revoke or to amend the powers therein conferred. A compliance on the part of any such bank or trust company with the reserve requirements of the federal reserve act shall be held to be a full compliance with those provisions of the laws of this state which require banks or trust companies to maintain cash balances in their vaults or with other banks, and no such bank or trust company shall be required to carry or maintain reserve other than such as is required under the terms of the federal reserve act. Any such bank or trust company shall continue to be subject to the supervision and examinations required by the laws of this state, except that the federal reserve board shall have the right, if it deems necessary, to make examinations; and the authorities of this state having supervision over such bank or trust company may disclose to the federal reserve board, or to examiners duly appointed by it, all information in reference to the affairs of any bank or trust company which has become, or desires to become, a member of a federal reserve bank. (Acts 1919, c. 60.

§ 13f Powers of notary public interested in bank. It shall be lawful for any notary public who is a stockholder, director, officer or employee of a bank or other corporation to take the acknowledgement of any party to any written instrument executed to or by such corporation, or to administer an oath to any other stockholder, director, officer, employee or agent of such corporation, or to protest for non-acceptance or non-payment bills of exchange, drafts, checks, notes and other negotiable instruments which may be owned or held for collection by such corporation; provided, it shall be unlawful for any notary public to take the acknowledgement of an instrument by or to a bank or other corporation of which he is a stockholder, director, officer, or employe, where such notary is a party to such instrument, either individually or as a representative of such corporation, or to protest any negotiable instrument owned or held for collection by such corporation, where such notary is individually a party to such instrument. (Acts 1919, c. 60.)

§ 14. What is "bank" or "banking company."-The words "bank" or "banking company" in this act shall be taken and construed to include any bank, banker, banking company or trust company. (Code 1916, c. 54.)

§ 15. Reserve fund of banks.-All banks operating under the provisions of this chapter shall at all times maintain on hand as a reserve in lawful money of the United States, an amount equal to at least fifteen per centum of the aggregate of all its deposits which are subject to withdrawal on demand; and whenever said reserve of any such bank shall fall below said per centum of such deposits it shall not increase its liabilities by making any new loans until the required proportion between the aggregate amount of such deposits and its reserve fund shall be restored; provided, that in lieu of lawful money on hand, three fifths of said fifteen per centum may consist of balances payable on demand due from any national or state bank doing business in this state, or any solvent banking institutions outside of this state, that may be approved by the supervisor in said state. (Code 1916, c. 54.)

§ 16. Overdrafts.-The total amount of overdrafts in any banking institution shall at no time exceed five per centum of the total amount of the deposits. (Code 1916, c. 54.)

§ 17. Voluntary liquidation of banking company.-No bank or other institution subject to examination by the commissioner of banking shall go into voluntary liquidation or change to a national banking association without first giving to the commissioner of banking thirty days' notice of its intention to do so; and any person, officer or stockholder of any bank violating the provisions of this section shall be guilty of a misdemeanor, and upon conviction thereof shall be punished by a fine of not less than five hundred dollars nor more than one thousand dollars. (Code 1916, c. 54.)

§ 18. Bonds and oaths of bank officers.-The board of directors shall require the cashier, and other accounting officers of the bank, to take an oath and execute bonds for the faithful discharge of their duties, the penalty of such bonds to be commensurate

with the responsibility attached to the position. (Code 1916, c. 54.)

§ 19. Commissioner of banking; scope of powers.-The commissioner of banking shall have jurisdiction and control, as hereinafter provided, over all banks chartered by and operated in this state, and all other institutions mentioned in this act. (Code 1916, c. 54.)

§ 20. Same: appointment; assistants.-On or before the first day of April, one thousand nine hundred and fifteen, or as soon thereafter as possible, and every four years thereafter the governor of this state shall designate and appoint some competent person commissioner of banking, who is a citizen of this state, and who shall be experienced and skilled in the science of bookkeeping and banking, and who shall have had at least two years' experience as a cashier or an assistant cashier of a bank, or shall have served at least two years as assistant commissioner of banking, bank examiner or as an accounting officer of the state, and who is neither directly nor indirectly interested in any bank or corporation subject to his supervision, who shall examine into and report, as hereinafter provided, upon the affairs of all banks and other institutions specified in this act, doing business in this state, except those that are organized and carrying on business under the banking acts of the national government. The commissioner of banking may designate and appoint three assistant commissioners of banking, who shall have the same qualifications as the commissioner and who shall assist the commissioner of banking, and under his directions and authority may perform any or all of the duties, and exercise any or all of the powers by this act required of, or vested in, the commissioner of banking, and who may be removed by the commissioner of banking. The assistant commissioners of banking shall take the oath as is hereinafter required of the commissioner of banking. (Code 1916, c. 54.)

§ 21. Same: term; oath.-The commissioner of banking shall hold his office for a term of four years unless sooner removed by the governor, or until his successor is appointed and qualified, and before entering upon the discharge of his duty, he shall take

and subscribe, before some person competent to administer the same, an oath to support the constitution of the United States, and the constitution of the state of West Virginia, and to faithfully and honestly examine into the affairs of all banks and other institutions subject to supervision under this chapter, incorporated by and doing business in this state, and to perform all of the duties prescribed for such services under this act; and said oath shall be filed and preserved in the office of the secretary of state. (Code 1916, c. 54.)

§ 22. Same: office; records.-Said commissioner of banking shall maintain an office in the state capitol. In such office he shall prepare and keep a complete record of the financial condition of all the banks and other institutions subject to his supervision, as may appear in his reports. (Code 1916, c. 54.)

§ 23. Examination of banks.-At least twice in every year the commissioner of banking, either in person or by competent assistant, shall make a thorough examination of the books and affairs of every association mentioned in the next preceding section of this act. He shall carefully examine all notes and mortgages and all other assets of the concern, and shall ascertain the full amount of its liabilities. He shall see that the books are kept properly posted and balanced, and that complete trial balances are struck at regular intervals. Whenever it shall appear to the commissioner of banking that any institution which by law is required to obtain from him a certificate, or permit, to begin business, does not keep its books and accounts in such manner as to enable him readily to ascertain its true condition, he may issue an order requiring such institution, or the officers thereof or any of them, to open and keep such books or accounts as he may, in his discretion, determine and prescribe for the purpose of keeping accurate and convenient records of the transactions and accounts of such institution; and the expense thereof shall be paid by said institution. Every bank shall preserve all its records of final entry, including cards used under the card system and deposit tickets, for a period of at least six years from the date of making the same or from the date of the last entry thereon. Each official communication directed by the commissioner of banking or one of his assistants to a bank or to any officer thereof, relating to an

examination or investigation conducted by the banking department or containing suggestions or recommendations as to the conduct of the business of the bank, shall be submitted, by the officer receiving it, to the board of directors at the next meeting of such board, and duly noted in the minutes of the meetings of such board. If at any time he shall find one of these institutions in an insolvent condition, he shall deal with it according to the manner prescribed in section eighty-one-a (7) of this act. (Acts 1919, c. 60.)

§ 24. Same: duties of bank officials. For the purpose of making said examinations, as above required, the officers of said. banks, and other institutions, shall, upon his demand, furnish and give full access to said commissioner for such examination, all the books, papers, notes, bills and other evidences of debts due said bank or other institution, and shall disclose fully and truly all the institution's indebtedness and liability, and shall furnish him with all necessary clerical aid and assistance. And said commissioner shall have a right to administer to and examine under oath any and all of said bank officers touching any matter or things pertaining to said examination, and the affairs and conditions of said institution. Any officer failing or refusing to furnish said commissioner with any such papers or information, or who shall fail to do or perform any of the other duties or requirements of this act, shall be guilty of a misdemeanor, and upon conviction thereof shall be fined not less than one hundred dollars nor more than five hundred dollars, and may at the discretion of the court, be imprisoned in the county jail not less than three months nor more than one year. And it shall be the duty of said commissioner to report at once to the prosecuting attorney of the county in which the bank is situated, any such violation on the part of any such bank officer. (Code 1916, c. 54.)

§ 25. Same: correction of irregularities or bad conditions. If upon making his examination of any bank, or other institution, the commissioner should discover that the banking laws of the state are not being fully observed, or that any irregularities are being practiced, he shall at once call the attention of the officers and directors of the bank or other institution to the fact and demand that the same be promptly corrected; it shall also be his