ÆäÀÌÁö À̹ÌÁö
PDF
ePub

cial condition and all such other information touching its affairs as the said commissioner may require, which statement and information shall be verified by the oath of the president or secretary of the association. Such foreign association shall also file with the commissioner of banking a certified copy of the laws of the state, territory or government under which it is incorporated, and of its constitution and by-laws and all amendments thereto; and shall appoint an attorney in each county in which it transacts or solicits business, who shall be a resident of such county. It shall file with the commissioner of banking a written instrument, duly signed and sealed, authorizing such attorney of such association to acknowledge service of process in behalf of such association, consenting that the service of process, mesne or final, upon such attorney shall be taken and held as if served upon the association, according to the laws of this or any other state, and waiving all claim or right of error by reason of such acknowledgment of service. If, after examination of such statement, and certified copy of instruments, and after such association shall have complied with the provisions of this act with reference to the appointment of an attorney or attorneys, the commissioner of banking shall be satisfied that said association is solvent and that the capital and investments are secure, and that the laws, charters, articles of incorporation, constitution and by-laws governing it afford as ample protection to the interests of its members as is afforded by the laws of this state to members of associations chartered by and doing business in this state, he may grant such an association a certificate of authority permitting it to transact business in this state until the thirtyfirst day of the next succeeding December; but the same statements and the same certificates shall be renewed every year as long as such association shall continue to do business in this state; and for every certificate issued the commissioner of banking shall collect a sum of twenty-five dollars and pay the same into the treasury of the state. Any person, agent or company doing business or attempting to do business in this state for any foreign building association, mutual investment company or trust company, which shall not at that time be a holder of a valid certificate of authority, as provided for in this act, shall be deemed guilty of a misdemeanor, and on conviction thereof shall be fined not less than five hundred dollars nor more than one thousand dollars for each and every offense. (Code 1916, c. 54.)

CHAPTER 5.

MONEY AND INTEREST; PUBLIC FUNDS.

§ 1. Money of account.-The money of account of this State shall be the dollar, cent and mill; all accounts by public officers shall be so kept. (Code 1916, c. 96.)

§ 2. Failure to express sums in money of account.-No writing shall be invalid, nor the force of any account or entry be impaired, because a sum of money is expressed therein otherwise than in the said money of account. (Code 1916, c. 96.)

§ 3. Ascertainment of value of foreign currency. In any suit for a sum of money expressed in any foreign currency, or otherwise than in the money of account of this State, the jury, if there be one impaneled for any other purpose, and if not, the court, shall ascertain the value in the said money of account of the sum so expressed, making such allowance for the difference of exchange as shall be just; and the judgment or decree may either be for what may be so ascertained, or for the sum of money expressed as aforesaid, to be discharged by the sum so ascertained. (Code 1916, c. 96.)

§ 3a. Silver coin as legal tender. That the silver coin issued by the government of the United States shall be a legal tender for the payment of all debts heretofore or hereafter contracted by the citizens of this State, and the same shall be received in payment of all debts due to the citizens of this State, and in satisfaction of all taxes levied by the authority of the laws of this State. (Code 1916, c. 96.)

§4. Rate of interest.-Legal interest shall continue to be at the rate of six dollars upon one hundred dollars for a year, and proportionably for a greater or less sum, or for a longer or shorter time, and no person upon any contract, shall take for the loan or forbearance of money, or other thing, above the value of such rate. Provided, a charge of one dollar may be made for any loan or forbearance of money or other thing, where the interest at the rate aforesaid would not amount to that sum, and the same shall not be a usurious charge or rate of interest. (Acts 1917, c. 55.)

§ 5. Usury. All contracts and assurances made directly or indirectly for the loan or forbearance of money or other thing at a greater rate of interest than six per cent., except where such greater rate is now allowed by law, shall be void as to any excess of interest agreed to be paid above that rate, and no further. (Code 1916, c. 96.)

§ 6. Same: pleadings; evidence; issues; trial.—Any defendant may plead in general terms that the contract or assurance on which the action is brought, was for the payment of interest at a greater rate than is allowed by law, to which plea the plaintiff shall reply generally, but may give in evidence upon the issue made up thereon, any matter which could be given in evidence under a special replication; under the plea aforesaid, the defendant may give in evidence any fact showing, or tending to show, that the contract, or assurance, or other writing upon which the action was brought, was for an usurious consideration. And upon such plea the court shall direct a special issue to try and ascertain : 1. Whether or not, the contract, assurance or other writing is usurious. 2. If usurious, to what extent. 3. Whether or not interest has been paid on said contract, assurance or other writing, above six per cent., and if so, to what extent. And if a verdict be found upon the plea of usury, for the defendant, a judgment shall be rendered for the plaintiff for the principal sum due, with interest at the rate of six per centum per annum, and if any interest has been paid above the rate of six per centum per annum, the excess over and above that rate shall be entered as a credit on the sum due, and if nothing be found due after applying all credits and all excesses of interest paid above six per cent., judgment shall be entered for the defendant. (Code 1916, c. 96.)

§ 7. Same remedy in equity; injunction. Any borrower of money or other thing may exhibit a bill in equity against the lender, and compel him to discover upon oath the money or thing really lent, and all bargains, contracts, or shifts relative to such loan, and the interest or consideration of the same; and if it appear that more than lawful interest was reserved, the lender shall recover his principal money or other thing with six per cent. interest only, but shall recover no costs. If property has been conveyed to secure the payment of the debt, and a sale

thereof is about to be made, or is apprehended, an injunction may be awarded to prevent such sale pending the suit. (Code 1916, c. 96.)

§ 8. State depositories.—The board of public works may designate any national bank or banks and any bank or banks chartered pursuant to the laws of this State, with paid up capitals of not less than twenty thousand dollars, as depositories of money belonging to the State and shall contract with said banks for the payment of interest thereon, at a rate of not less than two per cent. per annum, for such time as any deposit, or part thereof, may remain in such banks. Before allowing any money to be deposited with them they shall require said depositories to give bond with good security to be approved by the board of public works, in a penalty of not less than fifty thousand dollars, payable to the State of West Virginia, conditioned for the prompt payment, whenever lawfully required, of any State money, or part thereof, that may be deposited with them; which bond shall be renewed at least every two years from its date, and shall be recorded by the secretary of state in a book kept in his office for the purpose, and a copy of such bond or record thereof, certified by such secretary, shall be prima facie evidence of the execution and contents of such bond in any suit or legal proceeding. The amount of deposits in any bank shall at no time exceed three-fourths of the amount of the penalty of said bond; and all such bonds shall be examined by the board of public works at least once in every three months, and whenever the bond is deemed insufficient by the board of public works additional bond shall be required. Any depository violating any of the provisions of this act shall be discontinued as a State depository. (Code 1916, c. 17.)

9. Same: how payments made and credited. All payments shall be "to the credit of the treasury of West Virginia," and the person making a payment shall take a certificate of deposit from the proper officer of some bank, designated as a State depository, and present the same to the auditor who shall by endorsement thereon, direct upon what account or accounts the treasurer shall receipt for the payment; and if on more than one account, he shall direct what amount is to be credited on each. Upon presentation to him of such certificate the treasurer shall retain and file the same, charging the amount specified therein

to the proper bank, and shall deliver to the auditor a receipt, in duplicate, for the amount, stating the amount to be credited on each account according to the direction of the auditor, endorsed on the certificate. The auditor shall endorse on the original receipt as follows: "A duplicate hereof has ben filed in the auditor's office," and affix his signature and the proper date of such endorsement, which original receipt he shall then deliver to the person presenting the certificate of deposit, and retain and file the duplicate in his office, and charge the amount thereof to the treasurer's account. And no receipt of the treasurer shall be an acquittance or discharge to any person for any sum of money due this State, unless ordered by the auditor as aforesaid; and any person liable to pay money into the treasury, who shall pay the same otherwise than according to this chapter, shall remain liable for such money, and be subject to the same fine, penalty, forfeiture or damages to which he would have been subject if he had not paid the same. (Code 1916, c. 17.)

§ 10. Same: report of depository; transfer of money. Each depository of state funds shall once in every three months report to the board of public works by its president or cashier, the amount of state funds then on deposit therein, and said report shall be verified by the affidavit of the officer making it, for failure so to report, the board of public works in their discretion, may cause all state funds to be withdrawn from any depository so failing. They shall issue their order to the auditor directing him to draw his warrants on the treasurer for the full amounts of the deposits held by depositories neglecting or refusing to give the security at any time required, or to pay either principal or interest whenever lawfully required. Said order shall also designate the depositories to which said amounts shall be transferred and what amount to each. The board of public works may also thus cause transfers to be made whenever it becomes necessary in order to protect the interest of the State; and if at any time when the legislature is not in session they be of opinion that the safety of the public funds requires that no more money shall be paid to the credit of the treasury into any one or more of the depositories specified in this chapter, the governor shall announce the fact by proclamation to be published in some newspaper printed at the seat of government, and after such prodamation is published, it shall not be lawful to pay any sum of

« ÀÌÀü°è¼Ó »