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duty to demand a sworn statement from the officers of said bank or other institutions, covering all the points of controversy, to be mailed to him at his office once every thirty days (not for publication but for his own information and guidance), until he is satisfied that the irregularities have been corrected; said examination to be paid for by the bank or other institution the same as regular examinations. The said commissioner shall also have authority to call for special reports and make special examinations of any bank or other institution which he may have good reason for believing is not properly conducted. If any examination made by the commissioner, under the provisions of this section, discloses assets the validity of which, in the judgment of the commissioner, is quiestionable, or shall disclose over-due assets, the commissioner shall order that such questionable assets be charged off the books of the bank as part of the assets thereof within a period of three months from the giving of notice by the commissioner to such bank, and legal proceedings for the collection of such over-due assets be forthwith instituted. (Code 1916, c. 54.)

$ 26. Insolvent banking institution; control by commissioner; liquidation; receiver; suits. If any such institution shall neglect or refuse for a period of sixty days to make special reports to the commissioner, as he may demand, or shall fail, neglect or refuse to comply with the provisions of the next preceding section, or if at any time the commissioner shall find a bank or other institution subject to his supervision in an insolvent condition, or if such institution shall neglect or refuse to correct any irregularities or violation of this act which he may call to the atten. tion of the president, cashier or board of directors, he shall have authority to take charge of such institution and shall report at once such insolvency, irregularity, or violation to the governor, and shall have the power, with the consent of the governor, to appoint a competent person as receiver of such institution; such receiver, under the direction of the commissioner of banking, shall take possession of the books, moneys, records and assets of every description of such institution, and collect all debts, dues and claims belonging to it, and upon the order of a court of competent jurisdiction, or the commissioner of banking, may sell or compound all bad or doubtful debts, and on like orders may sell all its real and personal property on such terms as the

court or commissioner of banking may direct, and if necessary to pay its debts, the commissioner of banking may enforce the individual liabilities of its stockholders. A suit for such purpose may be instituted against resident stockholders, either in the name of such receiver or the commissioner of banking, in the circuit court of the county in which its banking house or office is located, and as to non-resident stockholders the suit may be brought in any county of any state where such stockholder resides or where service of process may be had on such stockholders; provided, however, that before any such receiver shall take charge of any moneys or assets of any such institution he shall give bond in such penalty as the governor shall prescribe, with sureties to be approved by the governor, conditioned for the faithful discharge of his duties as such receiver and the paying over as required by law or directed by order of court, or the commissioner of banking, of all moneys and assets which shall come into his hands as such receiver; such bond shall be made payable to the state of West Virginia, and shall be filed in the office of the commissioner of banking, and suits or actions thereon may be brought by any person injured by reason of any breach of its condition, but all suits and actions against such receiver shall be brought in the state and county where the banking house is located. The commissioner of banking shall have concurrent jurisdiction with the circuit court of the county in which the bank is situated to appoint a receiver for any bank for any of the causes specified in this or in the next preceding section, but no receiver shall be appointed by any such court unless the commissioner of banking neglects, fails or refuses to act. All expenses on account of any receivership shall be paid out of the assets of such association before distribution of the proceeds thereof by and on order of the commissioner of banking; and such receiver may, upon the order of the commissioner of banking, make a ratable dividend of the money in his hands on all such claims as may have been proved to his satisfaction or adjudicated in a court of competent jurisdiction, and as the proceeds of the assets of such association are paid to the receiver, he shall on like order, make further dividends on all claims previously proved or adjudicated, and the remainder of the proceeds, if any, shall be paid over to the shareholders of such association, or the legal representatives, in proportion to the stock by them

respectively held. This section of this act shall have a retroactive effect. (Code 1916, c. 54.).

$ 27. Receiving deposits during insolvency.—No bank shall accept or receive on deposit, with or without interest, any money, bank bills or notes, or United States treasury notes, gold or silver certificates, or currency, or other notes, bills, checks or drafts, when such bank is insolvent, and any officer, director, cashier, manager, member employee or stockholder of any bank, who shall knowingly violate the provisions of this section or be accessory to or permit or connive at the receiving or accepting on deposit of any such deposits, shall be guilty of a misdemeanor and upon conviction thereof shall be punished by a fine in a sum of not less than one hundred dollars nor more than one thousand dollars, or by imprisonment in the county jail not less than sixty days nor more than one year, or by both such fine and imprisonment. For the purpose of this section only, a bank shall be deemed insolvent when the available solvent assets, under its control and not hypothecated, are not of sufficient value to pay off and discharge all of its liabilities, except that for capital stock. (Code 1916, c. 54.)

§ 28. Reports by banks to commissioner.—Every bank operating under the provisions of this chapter shall make to the commissioner of banking not less than four reports each year, corresponding as to time as nearly as possible to the calls made by the comptroller of the currency on the national banks, according to the form that may be prescribed by him, verified by the oath or affirmation of the president or cashier of said bank, and attested by the signatures of at least three of the directors. Each report shall exhibit in detail, and under appropriate heads, the resources and liabilities of the bank at the close of business on any past day by him specified, and shall be transmitted to the aforesaid commissioner within five days after the receipt of a request or requisition therefor from him; and in the same form in which it is made to the commissioner, shall be published in a newspaper published in the place where the bank is situated or if there be no newspaper in the place, then in one published nearest thereto in the same county, at the expense of the bank,

and such proof of publication shall be furnished as may be required by said commissioner. (Code 1916, c. 54.)

§ 29. Bank beginning business; certificate of authority; receiving deposits before certificate issued.—When any bank authorized by this chapter desires to begin business, it must notify the commissioner of banking, who shall at his earliest convenience make a personal examination of its affairs, and shall ascertain whether fifty per centum of its capital stock has, in good faith, been actually paid in, and whether all the other provisions required to be complied with, before commencing the business of banking, have been carfully observed. Having satisfied himself that all the conditions precedent have in good faith been complied with, the said commissioner shall then issue to such bank, under his hand and official seal, a certificate of authority reciting that such examination has been made and that the bank is authorized to commence business; which certificate shall be conspicuously displayed in the principal business room of the bank. But the commissioner may withhold from any association his certificate authorizing the commencement of business whenever he has reason to suppose that the stockholders have formed the same for any other than the legitimate objects contemplated in this act. The president, cashier and directors, of any bank that shall receive deposits before the certificate of authority contemplated in this section has been issued, shall be deemed guilty of a misdemeanor, and on conviction thereof shall be fined not less than five hundred dollars and, at the discretion of the court, imprisoned in the county jail not less than three months nor more than six months. (Code 1916, c. 54.)

§ 30. Collection of unpaid bank capital.—All banks which have not collected the full amount of their capital stock shall collect the same as provided in section five of this chapter; and on receipt of each installment the president or cashier of such bank shall transmit to the commissioner of banking a statement of the fact, verified by his oath and attested by the signature of at least three of the directors. (Code 1916, c. 54.)

[ 31. Compensation and fees of commissioner and assistants.For making such examination and for preparing and preserving

all records and reports contemplated in this act, the said commissioner shall be paid the sum of thirty-five hundred dollars per annum salary, and necessary expenses out of the state treasury, by proper warrant drawn by the auditor upon the treasurer, and the first assistant commissioner of banking shall receive twenty-four hundred dollars and other assistant commissioners shall receive eighteen hundred dollars per annum salary and necessary expenses, payable upon like warrants. There shall be paid by each of said banks or other institutions examined, to the state, as follows: If the total assets are less than one hundred and fifty thousand dollars, fifteen dollars; if one hundred and fifty thousand dollars and less than two hundred and fifty thousand dollars, twenty dollars; if two hundred and fifty thousand dollars and less than five hundred thousand dollars, twenty-five dollars; if five hundred thousand dollars and less than one million dollars, thirty dollars; if one million dollars, or over, thirtyfive dollars; and said commissioner of banking shall collect all such fees and pay the same into the state treasury; provided, that building and loan associations when the total assets are less than one hundred thousand dollars are to pay ten dollars, if one hundred thousand dollars or over, twenty dollars. (Code 1916, c. 54.)

§ 32. Annual report of commissioner.-On or before the first day of December, the said commissioner shall make out, and submit to the governor, a careful and complete report, of all work done by his department, showing the total resources and liabilities of all the banks subject to his supervision, the increase or decrease for the year in such resources and liabilities, carefully noting any failures that may have occurred, stating the cause thereof, and making such remarks, suggestions and recommendations as he may deem pertinent; which report the governor shall bind with his message and documents and lay before the legislature. (Code 1916, c. 54.)

§ 33. Same: verification.--The report provided for in the next preceding section of this act shall be verified by the affidavit of said commissioner, who shall swear that in making the examination and inspection of each of the banks and other institutions provided for in this act, he has personally and carefuly in

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