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certificate of deposit shall be issued except as representing money actually on deposit.

R. S., 1540, L. 1882, ch. 409, § 117.
L. 1886, ch. 564.

§ 85. When bills of exchange to be without grace.All checks, bills of exchange or drafts appearing on their face to have been drawn upon any bank or individual banker carrying on banking business under the laws of this state, which are on their face, payable on any specified day or in any number of days after the date or sight thereof, shall be deemed due and payable on the day mentioned for the payment of the same, without any days of grace being allowed, and it shall not be necessary to protest the same for nonacceptance.

R. S., 1541, L. 1882, ch. 409, § 120.

§ 86. Transfers of securities by superintendent to be countersigned by treasurer.- No transfer of securities now held or hereafter received by the superintendent to secure circulation shall be valid or of binding force or effect unless countersigned by the treasurer of the state, or in his absence or inability to perform the duties of his office, by his deputy. The treasurer shall keep in his office or in the office of the superintendent of banks, a book in which shall he entered the name of every bank or individual banker, from whose account such transfer of securities is made by the superintendent, and the name of the party to whom such transfer is made, unless such transfer shall be made in blank, in which case the fact shall be stated in such book; and the par value of any stock so transferred shall be entered therein, and the treasurer shall immediately upon countersigning and entering the same, advise by mail the bank or individual banker from whose accounts such transfer is made, of the kind of security and amount of the same thus transferred. The treasurer

shall present, in his annual report to the legislature, the total amount of such transfers or assignments countersigned by him.

The treasurer shall at all times during office hours have access to the books of the superintendent of banks for the purpose of ascertaining the correctness of the transfer or assignment presented to him to countersign; and the superintendent shall have access to the book above mentioned kept by the treasurer during office hours to ascertain the correctness of the entries upon the same.

R. S., 1541, L. 1882, ch. 409, §§ 121, 122, 123.

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887. Unauthorized banking prohibited. - No unauthorized by law shall subscribe to or become a member of, or be in any way interested in any association, institution or company formed or to be formed for the purpose of issuing notes or other evidences of debt to be loaned or put in circulation as money; nor shall any such person subscribe to or become in any way interested in any bank or fund created or to be created for the like purposes or either of them. No corporation, without being authorized by law, shall employ any part of its property, or be in any way interested in any fund which shall be employed for the purpose of receiving deposits, making discounts, or issuing notes or other evidences of debt to be loaned or put into circulation as money. All notes and other securities for the payment of any money or the delivery of any property, made or given to any such association, institution or company, or made or given to secure the payment of any money loaned or discounted by any corporation or its officers, contrary to the provisions of this section, shall be void.

No person, association of persons or corporation, except such as are expressly authorized by law, shall keep any office for the purpose of issuing any evidences of debt, to be loaned or put in circulation as money; nor

shall they issue any bills or promissory notes or other evidences of debt as private bankers, for the purpose of loaning them or putting them in circulation as money, unless thereto specially authorized by law.

Every person, and every corporation, director, agent, officer or member thereof, who shall violate any provision of this section, directly or indirectly, or assent to such violation, shall forfeit one thousand dollars to the people of the state.

R. S., 1578, L. 1882, ch. 409, §§ 297, 298, 299, 300, 301, 302, 303.

$88. Restrictions as to foreign corporations. - No foreign corporation, other than a national bank, shall keep any office for the purpose of receiving deposits or discounting notes or bills, or issuing any evidence of debt to be loaned or put in circulation as money, within this state.

R. S., 1578, L. 1882, ch. 409, § 304.

$89. Restrictions as to banks and their officers. - No bank in this state, nor any officer or director thereof, shall open or keep an office of deposit or discount other than its usual place of business.

Every such officer or director violating the provisions of this section shall forfeit to the people of the state the sum of one thousand dollars for every such violation.

R. S., 1578, L. 1882, ch. 409, § 305.

§ 90. Bills payable otherwise than in money prohibited.— No person shall give, pay or receive in payment, or in any way circulate, or attempt to circulate, any bank bill, or any promissory note, bill, check, draft or other evidence of debt, issued by any bank or individual banker, which shall be made payable otherwise than in lawful money of the United States.

Every person violating this provision shall forfeit to the people of the state the face amount or value of such bill,

note or other evidence of debt so given, paid, received, circulated or offered, to any person who will sue for the same within sixty days after the commission of the offense. R. S., 1579, L. 1882, ch. 409, §§ 308, 309.

§ 91. Certain bills declared to be promissory notes.All bills, notes or other instruments which shall be issued by any bank or individual banker purporting to be receivable in payment of debts due to it, shall be deemed and taken to be promissory notes for the payment on demand of the sum or value expressed in such instrument, and such sum shall be recoverable by the holder or bearer of such instrument, in like manner as if the same were a promissory note.

R. S., 1579, L. 1882, ch. 409, § 310.

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§ 92. Use of sign indicating bank by unauthorized persons prohibited. No person engaged in the business of banking in this state, not subject to the supervision of the superintendent and not required to report to him by the provisions of this chapter, shall make use of any office sign at the place where such business is transacted, having thereon any artificial or corporate name, or other words indicating that such place or office is the place or office of a bank; nor shall such person or persons make use of or circulate any letter-heads, bill-heads, blank notes, blank receipts, certificates, circulars, or any written or printed or partly written and partly printed paper whatever, having thereon any artificial or corporate name, or other word or words, indicating that such business is the business of a bank.

Every person violating this provision shall forfeit the sum of one thousand dollars. But this section shall not apply to any person or persons engaged in the business of banking prior to October 1, 1892.

R. S., 1579, L. 1882, ch. 409, § 311.

L. 1885, ch. 329.

ARTICLE III.

SAVINGS BANKS.

SECTION 100. Incorporation.

101. Notice of intention to organize.

102. Filing of certificate by superintendent.
103. Examination by superintendent.

104. Certificate of authorization.

105. When persons named in certificate become a corporation. 106. Must begin business within one year.

107. Trustees and their powers.

108. By-laws.

109. Meeting of trustees; quorum.

110. Vacancies.

111. Security may be required and salaries fixed.

112. Dividends, compensation and loans to trustees prohibited.

113. Repayment of deposits; regulations; limitation.

114. Deposits of minors, and trust deposits.

115. Wife witness against husband; claimants may be interpleaded.

116. In what securities deposits may be invested.

117. Limitation as to real property.

118. Available fund for current expenses; how loaned.

119. Temporary deposits.

120. Personal security prohibited; loans on bond and

mortgage.

121. Mortgaged property to be insured.

122. Restrictions on methods of doing business.

123. Rate of interest; extra dividends.

124. Per cent of surplus, how determined.

125. Compensation of officers.

126. No other report or inspection required.

127. Proceedings against delinquent corporations.

128. Examination of vouchers and assets by trustees.

129. Expenses to be paid.

130. Debts due savings banks from insolvent banks preferred. 131. Advertisements of unauthorized savings banks prohibited. 132. Charters to be conformed to this chapter.

133. Savings bank voluntarily closed.

134. When dissolution effected.

135. Deposit of unclaimed moneys.

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