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ceeds 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 their 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 sil

ificates, 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 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 carefully 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 miore 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 carefully inspected 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 of 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 seventeeen 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 sufficiency 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, asigns 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.)

S 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

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