the Commissioners of the Land Office pending a review of the appraisement made by the Commissioners of the Land Office in the said district court, until after ten (10) days from the date the order of the district court fixing the amount of said appraisement shall become final. The order making such forfeiture shall be spread upon the records of the Commissioners of the Land Office. The improvements on land so reverting to the State shall be sold under the direction of the Commissioners of the Land Office, at public sale, upon ten (10) days notice to the lessee; and the proceeds received therefrom shall inure to the owner of said improvements after payment shall have been made to the State for all rentals at the rental fixed by law, and all costs for the time said lands are withheld from the State, together with the expenses incurred in the making of such sale. The service of the notice herein provided, the time of entering said order of forfeiture, and the right of the preference right lessee to redeem, shall be as provided herein.

"That in all cases where improvements on lands reverting to the State under Sections 1 and 2, of this Act, and are bid off by the Secretary of the Commissioners of the Land Office for the amount of delinquent rentals, interest and costs of foreiture due and payable thereon, shall revert to the proper funds and the Commissioners of the Land Office may sell the improvements, on any tract of such lands at public auction. Provided, however, that before any such sale be made, the Commissioners of the Land Office shall cause legal notice to be published for two consecutive weeks prior to the date of said sale, in the county in which said lands are located. The proceeds from such sales shall be credited to the earnings of the fund to which said lands belonged."

Same-Misdemeanor.

Section 2. The failure, or neglect, or refusal of the officers of the Land Office to comply with the provisions of this Act shall be deemed a misdemeanor, and they shall forfeit their office.

Repealing Clause.

Section 3. All Acts and parts of Acts in conflict herewith are hereby repealed.

Emergency.

Section 4. It being immediately necessary for the preservation of the public peace, health and safety, an emergency is hereby declared to exist, by reason whereof this Act shall take effect and be in full force from and after its passage and approval.

Approved March 25, 1924.

CHAPTER 59.

SENATE BILL NO. 86.

Banks and Banking.

AN ACT amending Sections 4116, 4119, 4124 and 4125, Compiled Oklahoma Statutes, 1921, relating to the organization, regulation and power of banking corporations, and declaring an emergency.

BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:

Banking Corporations—Deposits-Loans.

Section 1. That Section 4116, Compiled Oklahoma Statutes, 1921, be, and the same is amended to read as follows:

"Section 4116. A banking corporation organized under the provisions of this chapter shall be permitted to receive money on deposit, and to pay interest thereon, not to exceed the rate that may from time to time be fixed by the bank commissioner, as the maximum rate that may be paid upon deposits by banks in this State; to buy and sell exchange, gold, silver, coin, bullion, uncurrent money, bonds of the United States or this State, or of any city, county, school district or other municipal corporation thereof, and state, county, city, township, school district or other municipal indebtedness; to lend money on chattel and personal security, or on real estate secured by first mortgages, running not longer than two (2) years; provided, that such real estate loans shall not exceed twenty (20%) per cent of the aggregate loans of any such bank; to own a suitable building, furniture and fixtures, for the transaction of its business, the value of which shall not exceed one-third (1-3) of the capital of such bank fully paid; provided, further, that nothing in this section shall prohibit such bank from holding and disposing of such real estate as it may acquire through the collection of debts due it; and provided, further, that all banking institutions now organized as corporations doing business in this state, are hereby permitted to continue said business as at present incorporated; but in all other respects their business and the manner of conducting same and the operation of said bank shall be carried on, subject to the laws of this State, and in accordance therewith; and provided, further, that no bank, except those that have complied with or that may be organized under the law of this State, relating to trust companies, shall engage in any business other than is authorized by this article."

Same-Board of Directors-Liability of.

Section 2. That Section 4119, of the Compiled Oklahoma Statutes, 1921, be, and the same is amended to read as follows:

"Section 4119. The affairs and business of any banking association, organized under the laws of this State, shall be managed or controlled by a board of directors of not less than three (3), nor more than Twenty-one (21) in number, who shall be selected from the stockholders, at such time and in such manner as may be provided by the by-laws of the association. No person shall be eligible to serve as director of any bank. organized or existing under the laws of this State, unless he shall be a bona fide owner of Five Hundred ($500.00) Dollars of the stock of such bank, fully paid and not hypothecated. Any director, officer or other person who shall participate in any violation of the laws of this State, relative to banks and banking, shall be liable for all damages which the said bank, its stockholders, depositors or creditors shall sustain in consequence of such violation, and the directors of any bank operating under the provisions of this Section, shall be individually liable for any loan made in excess of the amount prescribed in Section 4125, which section defines the liability of loans to any one person, firm or corporation, and shall be required to eliminate the same from the assets of their bank upon the request of the bank commissioner. The board shall select from among their number the President and Secretary, and shall select from among their stockholders a cashier. Such officers shall hold their offices for a term of one (1) year and until their successors are elected and qualified. The board shall require all active employees of all State banks, to give Fidelity Bonds to the State of Oklahoma, as provided for in House Bill No. 122, Chapter 157, of the Session Laws of 1923, to be approved by them, and held by the State Banking Board. The Board of Directors shall hold at least six (6) regular meetings each year, and at such meetings a thorough examination of the books, records, funds and securities held by the bank shall be made and recorded in detail upon its record book, twice each year. A certified copy thereof shall be forwarded to the bank commissioner and to each stockholder of record within ten (10) days.

Same-Funds on Hand.

Section 3. That Section 4124, Compiled Oklahoma Statutes, 1921, be, and the same is amended to read as follows:

"Section 4124. Every bank doing business under the laws of this State shall have on hand at all times in available funds the following sums, to-wit: Banks located in towns or cities, having a population of less than 2500 persons, an amount equal to Fifteen (15%) per cent of their entire deposits, and in towns having a population of more than 2500 persons, an amount equal to twenty (20%) per cent of their entire deposits, two-thirds of which amounts may consist of balances due to them from good, solvent banks, selected from time to time with the approval of the Bank Commissioner, and one-third shall consist of actual cash; provided, that any bank that has been made the depository for the reserve of any other bank or banks shall have on hand at all times in the manner provided herein, twenty-five (25%) per cent of its entire deposits. Whenever the available funds in any bank shall be below the required amount, such bank shall not increase its liabilities by making new loans or discounts, otherwise than the discounting or purchasing of bills of exchange, payable at sight, nor make any dividends of its profits, until the required proportion between the aggregate amount of its deposits and its lawful money reserve has been restored; and the Bank Commissioner shall notify any bank whose lawful money reserve shall be below the amount required to be kept on hand to make good such reserve and if such bank or association shall fail to do so for a period of thirty (30) days after such notice, it may be deemed to be insolvent, and the Bank Commissioner may take possession of the same, and proceed in the manner herein provided relating to insolvent banks. The Bank Commissioner may refuse to consider, as a part of its reserve, balance due to any bank from any other bank association, which shall refuse or neglect to furnish him with such information as he may require from time to time, relating to its business with any other bank doing business under this Act, which shall enable him to determine its solvency; provided, that all savings associations which do not transact a general banking business, except building and loan associations, shall be required to keep on hand at all times in actual cash a sum equal to ten (10%) per cent of their deposits, and shall be required to keep a like sum invested in good bonds of the United States, or State, County, school district or municipal bonds of the State of Oklahoma, worth not less than par."

shall be

Same-Total Liabilities.

Section 4. That Section 4125, Compiled Oklahoma Statutes, 1921, be, and the same is amended to read as follows:

"Section 4125. The total liabilities to any bank or any person, corporation or firm for money borrowed, including in the liabilities of such person, corporation or firm the liabilities of the several stockholders, officers or members thereof, shall not at any time, exceed fifteen (15%) per cent of the combined capital stock and surplus of such bank; but the discount of bills of exchange drawn in good faith against actual existing values, as collateral security and a discount of commercial or business paper, actually owned by the person, shall not be considered as money borrowed; provided, that all banks now operating under the provisions of this section prior to the present amended form, may have twelve (12) months' time from the date of the passage of this Act, in which to reduce their loans to meet the requirements herein set forth."

State Treasurer-State Depositories.

Section 5. That Section 8605, Compiled Oklahoma Statutes, 1921, be, and the same is hereby amended to read as follows:

"Section 8605. The State Treasurer is hereby authorized and directed by and with the consent of the Governor and Attorney General to select a number of banks within the State of Oklahoma as depositors of the public funds of the State; such banks must be in good standing and conducting a regular banking business and they shall pay to the State, interest at the rate of three (3) per cent. per annum, on daily balances, and shall collect free of charge to the State, such drafts, bills of exchange and checks as may be deposited by the State in the regular course of business, and shall pay all checks and drafts legally authorized and duly drawn on the State funds deposited in such bank. There shall not be deposited in any one of such banks, of the State funds, an amount to exceed the capital stock of any such bank. Such banks shall make quarterly reports of the fiscal year of the amount deposited and checked out or withdrawn and the balances on hand, including accrued interest belonging to the State."

Emergency.

Section 6. It being immediately necessary for the preservation of the public peace, health and safety, an emergency is hereby declared to exist, by reason whereof this Act shall take effect and be in full force from and after its passage and approval.

Approved March 22, 1924.

CHAPTER 60.

SENATE BILL NO. 87.

Soldiers' Relief Commission.

AN ACT Amending Sections Two and Three, Chapter Nine, Session Laws of the State of Oklahoma, 1923, reating to expenditure of appropriation for aid to sick, wounded and disabled Soldiers, etc., and declaring an emergency.

BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:

Soldiers' Relief Commission-Expenditures.

Section 1. Section 2, of Chapter 9, Session Laws of the State of Oklahoma, 1923, is hereby amended to read as follows:

"Section 2. Authority is hereby given the Soldiers' Relief Commission of the State of Oklahoma, to expend said sum of One Hundred Thousand ($100,000.00) Dollars, as set out in Section One (1), of this Act, upon the recommendation and approval of any Executive Officer of the State Department of the American Legion of Oklahoma."

Same-American Legion of Oklahoma.

Section 2. Section 3, Chapter 9, Session Laws of Oklahoma, 1923, is hereby amended to read as follows:

"Section 3. Authority is hereby given the Soldiers' Relief Commission of the State of Oklahoma to expend not to exceed the sum of Five Hundred ($500.00) Dollars, per year, of said monies to reimburse the American Legion of Oklahoma for expenses of Communication, printing, stationery and supplies, in connection with such relief."

Emergency.

Section 3. It being immediately necessary for the preservation of the public peace, health and safety, an emergency is hereby declared to exist, by reason whereof this Act shall take effect and be in full force from and after its passage and approval.

Approved March 8, 1924.