The Ottawa free trader., 1883-03-31
PROTECTION OF BANK DEP0sITOks.

tloH ol ucpOsllOIS al ualhSi o"''hS 50 '"'''
tulions, &c:
SECTION l. Be u endcted dc, That
hereafter It shall be the duty vi the presl
dent, cashier or secretary OF any bank
savings institution, loan aud trust compa
ny or corporation organized under the
laws Of this State or otherwise, for The pur
pose of banking, TO prepare and deposit IN
the office of the Auditor of Public Ac
counts quarterly statement OF their con
di,ion on the first Monday In January
April, July and October, annually, which
statement shall be sworn to by the presl
dent, cashier or secretary Of such bank
savings institution, loan and trust Compa
ny or corporation, and also BY a majority
of the directors.
! Sc. Said statement snail exhibit the
facts and items as follows, t0-Wit: ISL
! The loans and discounts on real estate
! 2d. The loans made 10 directors or ON
GERS. 3D. The amount of all other loauS
and discounts, and IN what securities. an
| The amount of oVerdratts. Jlh. Inc
amount of United States bonds 9th. The
amount OF State bonds on hand, ana lt
name of State issuing said bonds, aud me
amount held against such state. IN. Inc
amount of other bonds and stocks, and the
name Of the corporation, city, county oi
party issuing said bonds, ana the amount
held OF each. Slh. The amount OF real
estat. 9th. The value Of furniture ana
fixtures 10Th. The current expenses
llth. The cash ON hand. 12th. The
amount due from other banks or bankers
giving names of said banks or bankers
and the amount on deposit with each bank
or banker. 18Th. The suspended debt
18th The capital paid IN. 10Th. The in.
dividual profits. 10th. The dividends
unpaid. 18th. The surplus fund. 18Th.
The deposits drawing interest, and the
amount of interest paid. 18th. The de
posits drawing no interest 2Oth. The
amount due banks or bankers
SO. 1t shall be the duty of the presl.
dent, cashier or secretary OF any bank, say
lngs institution, loan aud trust company
or corporation under the laws of this State,
or otherwise, for the purpose of banking
to publish IN connection with the quarter
ly statement, the names OF. the stockhold-
ers, and the number OF shares held by
each
S4. Said statement shall be published
in full at the expense OF the bank, In
newspaper issued at the place where the
bank is located, or if there be no newspa.
per IN lha, place, then in the one nearest
thereto. One copy of the statement shall
be printed and posted up IN some conspicu
Gus place IN said banking institution, and
there remain for the benefit OF depositors
until the next statement is printed, then
the last statement shall take the place OF
the former, and so on.
So. The Auditor shall be authorized
to call fer such other specific items OF &C.
counts as he may deem essential 10 full
understanding of the affairs OF such banks,
saving Institutions, loan and trast Compa.
mics, or corporations organized under the
laws of this State, or otherwise for The pur.
pose of banking.
Sc 1t shall be the duty OF the Auditor
of Public Accounts, whenever ne shall
deem II eXpCdlent SO 10 do, in person, or
Oy his agent, To examine INTO the condition
OF any or all of the banks, savings lnstitu.
tious, loan ana trust companies or corpora
lions, organized under the laws OF this
State, or otherwise, for the purpose Of
banking; and it shall be the duty OF the
officers OF said banks, saving Institutions,
loan and trust companies or corporation
to cause their books to be opened Tor The
inspection of the Auditor, or the person
authorized by him, and otherwise to iaclll.
tate such examination so far as may be III
their power TO do, and TO pay all reasona-
Die expenses incurred thereby. And for
that purpose, the Auditor or the person
authorized by HIM, shall have the power 10
examine under oath, the officers OF any
bank, savings institution, loan and trust
companies or corporations, relative To the
business of sad institution; and whenever
the Auditor shall deem it for the best in
terest of the public SO to do, he shall pub
llsh at the expense of SAID institution the
result of SAID investigation In one or more
newspapers in the county where salu
banking institution is located.
81. Whenever it shall appear from the
reports and examinations, provided for IN
this act, that the affairs Of any such bank.
ing institutions are III an lnsOlVent condl
ton, or in such condition as TO render Its
further continuance in business dangerous
Ia It's dcpositors and stockholders, or to the
public, 1t shall be the duty of the Auditor
to at once furnish the Attorney General
with all such information as may be In his
possession touching the condition OF such
banking institution, and the Attorney
General shall immedately, IN the name Of
the people, take such action in chancery,
Or Otherwise, as may be necessary for the
appointment of receiver and the wind
ing up of the affairs OF such banking lnstl-
tuition, in su,h manner rs shall best pro,
teCt the interests of The depJsltors and the
general public interested in and dealing
with such banking institution.
So Every tank, saving institution,
loan and trust company, or corporation or
ganiaed under the laws OF this State, or
otherwise for the purpose OF doing bank.
ing business, failing to comply with the
provisions of this act, shall be subject to Il
fine of not less than thiee hundred dollars
nor more than one thousand dollars tor
each and every o1enSe, which penalty may
be collected by a suit brought by the Au-
ditor OF State, or by any or all the credit
ors of the bank, saving institution, loan
and trust companies or corporation, organ
lied under the laws Of this State, or other
wise, for the purpose of banking, before
any court of competent jurisdiction in the
district where such bank institution shall
be located and all sums OF money collect.
ed as penalties under this section shall be
paid into the treasury of this state.
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Il. =. Gordon, Mt. Carmel, H., says: Il
i.,, tpnrh customer tnac