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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 All acts and parts of acts coming within the purview of this act and inconsistent therewith are hereby repealed.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 matters 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 responsibilty 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 day of thousand eight hundred and eighty-seven, and entitled 'An act for the incorporation of savings banks;' which corporation shali 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 subseribed, 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 shell 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.)

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§ 3. Same: acknowledgment of agreement; charter.—This agreement shall be acknowledged by the several incorporators, and the said agreement with said acknowledgments, 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 Virginia, hereby certify that an agreement, duly acknowledged, has been this day delivered to me, which agreement is in the words and figures following: (here insert it.) Wherefore, the corporators named in the said agreement, and who have signed the same, and their successors and assigns, are hereby declared to be, from this date until the

day of poration by the name and for the purposes set forth in said agreement. Given under my hand and the great seal of the said State, at

this
day of

(Code of 1916, c. 54.)

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$ 4. Recordation of charter.—Upon the filing for recordation, of such certificate, in the office of the clerk of the county court of the county, in which the said savings bank is to be located, the persons named therein, and their successors and assigns, shall be a corporation by the name and for the purposes therein specified, for a period of fifty years from the date of the said certificate. (Code 1916, c. 54.)

§ 5. Trustees. As soon as practicable after the certificate of incorporation shall have been filed for record, the corporators named in such certificate, with such others as they may elect to associate with them in the corporation, subject to the approval of the judge or judges of the circuit court of the county in which said bank is located, shall select from their number fifteen trustees, who shall constitute a board of trustees, and said board shall have power to do, or cause to be done, all things that are proper to be done by the corporation. Within three months after this act takes effect, the judge or judges of the circuit court of the county in which any savings bank, incorporated under the act of which this act is an amendment, is located, shall select a board of fifteen trustees from the trustees heretofore appointed or elected for such bank, which selection shall be recorded in the order book of the court, and such fifteen trustees, so selected by such judge or judges, shall constitute a board of trustees with power to do, or cause to be done, all things that are proper to be done by the corporation. (Code of 1916, c. 54.)

$ 6. Officers and employees; by-laws and regulations. The said board of trustees shall elect from their number a president and vice-president, and appoint such committees as they shall see fit, and from their number or otherwise shall appoint a treasurer and such clerks, agents or employes of the corporation as in their judgment shall be necessary for the conduct of the corporation's business, and make such by-laws, rules and regulations as they may think proper for the general conduct of the business of the corporation, not inconsistent with the constitution and laws of the United States or of this state. (Acts 1917, c. 56.)

$ 7. Filling vacancies in trustees; quorum. All vacancies in the board of trustees shall be filled by ballot of the board, at a regular meeting, and soon as practicable after such vacancy shall occur, and the affirmative votes of a majority of the whole number of trustees shall be necessary for the election of any trustee, and the election of a trustee shall be subject to the approval of the judge or judges of the circuit court of the county in which such savings bank is located. A majority of the board of trustees shall constitute a quorum for the transaction of business, and may transact any business and exercise all rights and powers which such board can lawfully transact or exercise. Any act heretofore done by or under authority of a majority of the board of trustees of any bank incorporated under said act, entitled “An act for the incorporation of savings banks,!' which would be valid if done by or under the authority of the whole board, shall be valid and binding. (Code 1916, c. 54.)

§ 8. Regular meetings of trustees.--Regular meetings of the board of trustees shall be held as often as once in every three months for the purpose of receiving reports of its officers and committees, and for the transaction of other business. (Code 1916, c. 54.)

§ 9. Same: failure of trustee to attend.—Any trustee omitting to attend the regular meetings of the board for six months in succession may thereupon, at the election and discretion of the said board, be considered to have vacated his place, and a successor may be elected. (Code of 1916, c. 54.)

$ 10. Removal of trustees. The judge, or judges, of the circuit court of the county in which the said savings bank is located, may at any time, for due cause, remove any trustee or member of the corporation, after due notice to such person and affording him an opportunity to be heard in his defence. (Code 1916, c. 54.)

$ 11. Bonds and salaries of officers and employees.—The trustees may require security from the officers, clerks and agents of the corporation, and fix the salaries of such officers, clerks and agents. (Code 1916, c. 54.)

$ 12. Compensation of trustees; liability for losses.—No trustee shall receive any compensation for his services as trustee, except as hereinafter provided; nor shall he be liable for any loss, except such as may happen from his negligence, willful or corrupt misconduct. It shall be lawful for the trustees of any such savings bank to receive such reasonable compensation, when

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