spected the books, papers and affairs of said banks, and other institutions, and that in no case has he received or agreed to receive directly or indirectly any reward, gift, or promise thereof, from any bank officer or individual other than that specified in this act. (Code 1916, c. 54.)

§ 34. Institutions subject to act. It is further expressly provided that all savings banks, co-operative banking associations, and all trust, title insurance, guaranty, surety and indemnity companies doing a banking business, and all other companies similar in character, whether heretofore or hereafter organized under the laws of this state, shall be subject to the provisions of this law, so far as it is applicable to them, and to the extent that the said commissioner shall semi-annually, or oftener if necessary, make a thorough examination of their books, papers, and affairs, and see that the laws under which they are operating are being carefully observed. And in case he finds that such institutions are being improperly conducted he shall proceed against them after the manner specified in section twentysix of this act. (Code 1916, c. 54.)

§ 35. Bonds of state depositories. Whenever a bank or banking institution in this state applies to the board of public works to be made a depository of state funds, the bond of such bank or banking institution which is submitted to the board of public works to secure the state funds which may be deposited, and which is submitted in pursuance of section one of chapter seventeen of the code, shall first be submitted by said bank or banking institution to the commissioner of banking, who shall thereupon investigate the sufficiency of the security thereon, and endorse his opinion as to such sufficiency thereon and transmit the same to the board of public works. If such bond be accepted. and approved by the board of public works, and said bank or banking institution made a state depository, as set out in said section one of chapter seventeen of the code, the secretary of state, when such bond is recorded, shall thereupon make a certified copy of the said bond and transmit the same to the commissioner of banking. It shall be the duty of the commissioner of banking to carefully preserve said certified copy, and at intervals of six months report in writing to the governor the suf

ficiency or insufficiency of the security thereon. (Code 1916, c. 54.)

§ 36. Embezzlement or fraud by bank officers or employees.Every president, director, cashier, teller, clerk or agent of any institution mentioned in this act who embezzles, abstracts or wilfully misapplies any of the money, funds or credits of the institution, or who, without authority from the directors, issues or puts in circulation any of the notes of any bank or other institution, or who, without such authority, issues or puts forth any certificates of deposits, draws any order or bill of exchange, makes any acceptance, assigns any note, bond, draft, bill of exchange, mortgage, judgment or decree; or who makes any false entry in any book, report, or statement of the institution, with intent, in either case, to injure or defraud the institution or any other company, body politic or corporate, or any individual person, or to deceive any officer of any bank or other institution or any agent appointed to examine the affairs of such bank or other institution, and every person who with like intent, in any way aids or abets any officer, clerk or agent in the violation of this section, shall be deemed guilty of a felony, and on conviction thereof shall be imprisoned in the penitentiary not less than five nor more than ten years. (Acts 1917, c. 11.)

§ 37. Certifying check falsely. Any officer, agent or clerk of any bank mentioned in this act who shall wilfully certify any check drawn upon such bank, unless the person, firm or company drawing the same has on deposit with the bank at the time such check is certified, an amount of money equal to the amount certified in such check, or shall certify such check before the amount thereof shall have been regularly entered to the credit of the person, firm or company drawing the same, upon the books or deposit slips of the bank, shall be guilty of a misdemeanor, and upon conviction thereof shall be fined not more than five hundred dollars or imprisoned in the county jail not more than one year, or both, in the discretion of the court. (Code 1916, c. 54.)

§ 38. Issue of certificate of deposit to borrow money.-It shall be unlawful for any bank, banking company or trust company,

doing business in this state, to issue a certificate of deposit for the purpose of borrowing money. (Code 1916, c. 54.)

§ 39. General penalty under act.-Any violation of this act for which a penalty is not herein elsewhere specially provided, shall be deemed a misdemeanor and any person convicted thereof shall be fined not less than one hundred dollars nor more than five hundred dollars, or imprisoned in the county jail not less than one month nor more than six months. All acts and parts of acts coming within the purview of this act and inconsistent therewith are hereby repealed. (Code 1916, c. 54.)

§ 40. Payment of deposits to minors.-Whenever any minor shall make or have credit for a deposit in any bank or trust company in his or her name, such bank or trust company may pay such money on the check or order of such depositor the same as in cases of depositors of legal age, and such payment shall be in all respects valid, except when such bank or trust company has been specifically directed to do otherwise, in writing, by the parent or guardian of such minor. (Code 1916, c. 54.)

§ 41. Assessment of stock and realty of banks.-The shares of stock in a bank, trust company or national banking association, shall be assessed at their true and actual value, according to the rules prescribed in section 12, chapter 29, Code, to the several holders of such stock in the county, district and town where such bank, company or association is located, and not elsewhere, whether such holders reside there or not. The holder of shares of stock in any bank, trust company or national banking association may have deducted from the value of such stock the amount due another or others as principal debtor as provided by section 67, chapter 29, Code, by filing with the bank a list of the indebtedness which he desires deducted, properly sworn to, prior to the time such bank is required by law to make its return to the assessor, which list of indebtedness shall be filed by the bank with the assessor along with its return. The real and actual value of such shares shall be ascertained according to the best information which the assessor may be able to obtain, whether from any return made by such bank, company or association to any officer of the state or the United States, from actual sales of

the stock, from answers to questions by the assessor, as hereinafter provided, or from other trustworthy sources, the cashier, secretary or principal accounting officer of every such bank, company or association shall cause to be kept a correct list of the names and residences of all the shareholders therein, and the number of shares held by each, which list shall be open to the inspection of the assessors of the county, and of the state tax commissioner or assistants; and such cashier, secretary or officer shall answer under oath such questions as the assessor may ask him concerning the matter shown by said list, and concerning the value of said shares, and shall be subject to the same penalties for failure to do so, which are imposed by law upon individuals failing to answer questions which the assessor is authorized to ask. The taxes so assessed upon the shares of any such bank, company or association shall be paid by the cashier, secretary or proper accounting officer thereof, and in the same manner and at the same time, as other taxes are required to be paid in such county, district and town. In default of such payment such cashier, secretary or accounting officer as well as such bank, company or association shall be liable for such taxes, and in addition, for a sum equal to ten per centum thereof. Any taxes so paid upon any such share may, with interest thereon, be recovered from the owners thereof by the bank, company, association or officer paying them, or may be deducted from the dividends accruing on such shares. The real estate of any such bank, company or association shall be assessed as in other cases, and a proportionate share of such assessed value shall be deducted in ascertaining the market value of the shares. The return shall be made as of the first day of the assessment year. (Code 1916, c. 54.)

§ 42. Savings banks and other institutions subject to chapter. -It is further expressly provided that all savings banks, cooperative banking associations and trust companies engaged in a general banking business shall be subject to the provisions of this chapter, but nothing herein contained shall be construed to authorize any trust company to do business in this state with capital of less than one hundred thousand dollars, paid up and unimpaired. (Code 1916, c. 54.)

CHAPTER 2.

SAVINGS BANKS.

§ 1. Incorporation.-Any number of persons, not less than thirteen, citizens of this State, whose responsibility and fitness for the proposed trust shall be certified by the judge or judges of the circuit court of the county where the proposed savings bank is to be located, may associate themselves together for the purpose of organizing a savings bank, without being a joint stock company. At least three-fourths of their number shall reside in the county where the proposed bank is to be located. (Code 1916, c. 54.)

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§ 2. Same: agreement of incorporation.-Such persons shall sign an agreement to the following effect: "The undersigned agree to become a corporation by the name of (here insert the name) for the purpose of conducting a savings bank, under an act of the legislature, passed on the thousand eight hundred and eighty-seven, and entitled 'An act for the incorporation of savings banks;' which corporation shall keep its office, or principal place of business, at in the county of in the State of West Virginia. And each member of said association whose name is hereunto subscribed, agrees that he will accept the responsibilities and faithfully discharge the duties of a trustee of the said corporation, if the same shall be authorized to transact business, and he shall be named a trustee therein. In testimony whereof we have hereunto subscribed our names, and specified our respective places of residences, post-office address and occupation." (Code 1916, c. 54.)

§ 3. Same: acknowledgement of agreement; charter.-This agreement shall be acknowledged by the several incorporators, and the said agreement with said acknowledgment, shall be delivered to the secretary of state, who, upon being satisfied. of the responsibility, good character and general fitness for the discharge of the duties appertaining to such a trust, of the persons named in said agreement, shall issue to the said corporators his certificate, under the great seal of the State, to the following effect: "I, A. B., secretary of state, of the State of West