Imágenes de páginas

20. Reserve in cash and in banks. Reserve depleted shall be restored.

Every bank shall at all times have on hand in available funds an amount equal at least to fifteen per centum of all its immediate liabilities; three-fifths of this amount of available funds may consist of balances due to the bank from good, solvent banks or trust companies, and two-fifths of such sum shall be held in reserve in cash on hand; immediate liabilities shall include all deposits payable on demand made by individuals, firms or corporations, or by banks or trust companies, and all items in the nature of claims payable on demand; whenever the available funds of any bank shall be below fifteen per centum of its immediate liabilities such bank shall not make any new loans or discounts otherwise than by discounting or purchasing bills of exchange, payable at sight, nor make any dividends of its profits, until the required proportion between its immediate liabilities and its available funds has been restored.

21. Circulating notes.

It shall not be lawful for any bank, under the provisions of this act, to issue as money or put in circulation for use as money, any bills or notes, and any violation of the provisions of this section shall be deemed a misdemeanor, and, on conviction thereof, the person or persons offending shall be punished accordingly; but this provision shall not apply to any corporation of the state organized under special charter, nor shall it affect or restrict the rights or powers contained in the charter or certificate of incorporation of any existing corporation of this state.

22. Cashiers to give bonds.

The directors of every bank shall require the cashier appointed by them, before he performs or enters upon any duties as such cashier, to give a bond

or bonds, with good and sufficient security, to be approved by the board of directors thereof, in the penal sum of at least twenty thousand dollars, conditioned for the faithful performance of the duties of such cashier, and it shall be the duty of the directors of said bank, as often as once in every year, to pass upon the sufficiency of the said bond or bonds, and if insufficient to require without delay new and additional bonds and securities to be given; if the directors of said bank shall fail to perform any or all of the requirements of this section they shall be jointly and severally liable to the bank to the extent of any defalcation of or deficiency in the funds of said bank created or caused by said cashier, not in excess of the sum of twenty thousand dollars, the same to be recovered by said bank in any court of competent jurisdiction of this state.

23. When examination of bank to be made.

Every bank shall be subject to the inspection and supervision of the commissioner of banking and insurance, and it shall be the duty of said commissioner, either personally or by some person or persons to be appointed by him, whenever he shall deem it expedient, or at the request of any such bank, to examine any such bank, and it shall be the duty of the officers and employees of such bank to exhibit its books, securities, records and accounts to the person or persons authorized by said commissioner of banking and insurance to conduct the examination, and otherwise to facilitate the same so far as it may be in their power; the said commissioner of banking and insurance, or any examiner appointed by him shall have power to examine under oath or affirmation the directors, officers and employees of any such bank relative to its business and affairs, and for that purpose any such examiner shall have power to administer oaths and affirmations.

24. Proceedings against unsafe banks.

Whenever it shall appear to the commissioner of banking and insurance from any report submitted or examination made under the provisions of this act, that the affairs of any bank are in an unsound condition because of illegal or unsafe investments, or that its liabilities exceed its assets, or that it is transacting business without authority or in violation of law, or that it is unsafe or inexpedient for such bank to continue business, it shall be the duty of the attorney-general, on notice by the commissioner of banking and insurance, to institute such proceedings against the bank as are hereinafter authorized in the case of insolvent banks, or such other proceedings as the nature of the case may require; if from any such examination the commissioner of banking and insurance shall have reason to conclude that any such bank is in an unsound or unsafe condition to do banking business, he may forthwith take possession of such bank's property and business and retain such possession until the termination of the action or proceeding instituted by the attorneygeneral, or until the appointment of a receiver pursuant to the provisions of this act, and pending such possession by the commissioner or such proceedings by the attorney-general, all remedies at law or in equity of any creditor or stockholder against the said bank shall be suspended.

25. Proceedings against delinquent banks.

If any bank shall refuse to submit its books, papers and concerns to the inspection of the commissioner of banking and insurance or any examiner appointed by him, or if any director or officer thereof shall refuse to submit to be examined upon oath touching the concerns of such bank, the com

missioner of banking and insurance may report the fact to the attorney-general, who may proceed against said bank in the manner hereafter directed with respect to insolvent banks; if it shall appear to the commissioner of banking and insurance that any bank has violated its charter or any law of this state binding upon it, or is conducting business in an unsafe or unauthorized manner, he shall by an order under his hand and official seal, addressed to such bank, direct a discontinuance of such illegal or unsafe practices, and conformity with the requirements of its charter and safety and security in its transactions; in case such bank shall refuse or neglect to comply with such order, the commissioner may report the facts to the attorney-general, who may proceed against the bank in the manner hereinafter directed with respect to insolvent banks.

26. Examination by order of the court of chancery.

Upon the application of creditors or shareholders of any bank whose claims or shares shall amount to one thousand dollars or more, stating facts verified by affidavit, the court of chancery may, in its discretion, order a strict examination to be made by one of the masters of the court, or by any other person or persons not exceeding three, appointed by it for that purpose, of all of the affairs of such bank for the purpose of ascertaining the safety of its investments and the prudence of its management, and may make such order in respect to the expense of such examination as it may deem proper; and may also make such other order or orders and direct such further and other proceedings as it may deem necessary and proper for the due protection of the interests of the creditors and stockholders of said bank.

27. Commission to investigate and report.

It shall be the duty of the court of chancery of this state upon application made to it by a petition by two or more directors, creditors or stockholders of any bank upon a proper case made by the oath or affirmation of the petitioners or others in its behalf to appoint one or more commissioners with full power to investigate the situation and affairs of the said bank and to report thereon without delay, under oath or affirmation, to the said court of chancery, and it shall be the duty of the officers of the said bank to give the said commissioner or commissioners free access to the offices, vaults, safes, notes, bills, moneys, books, papers and every other place or thing of the said bank under pain of being declared insolvent by the said court of chancery; in case of refusal and after the said commissioner or commissioners shall have made his or their report, as aforesaid, it shall be the duty of the court of chancery, if, in its opinion, the interest of the public or of the stockholders requires it, to direct the attorney-general to proceed against such bank in the manner herein directed with respect to insolvent banks.

28. Compensation of commissioners.

The said commissioner or commissioners shall receive such reasonable compensation as the court of chancery may deem just and proper to be paid by or recovered of the said petitioners in case no injunction issues after his or their report is made, but if an injunction shall be issued then such compensation shall be paid out of the funds or assets of the bank.

« AnteriorContinuar »