Seattle daily post-intelligencer. [volume] (Seattle, W.T. [Wash.]) 1881-1888, 1886-02-07
TEE NEW BANKING law.

An act 70 amend sections 242i, e4Sl
and 24S4 Of the code Of Washington
relating 20 corporations. introduced b
Mr.. kinnear. a. amended, passed and
approved, rssds ss follows:
Be {. easctei y ne L<glsla;ivs .4sseg.-
9{s y ~ Isrri;0yZ e HaoaiAgtSs-
SECTION /. That sections 242l. 2i30
and 2434 Of the code Of Washington
Territory, relating 10 corporations, BE-
and are hereby amended 10 read a. fol-
lows. to ait:
Section 2421 10 amended te read as
follows:
Corporations for manufacturing, miu-
ing. milling, Nh trfne and decking. me-
ckanIcsl. banking, mercantile, iu prove
ment and building purposes. or fer tie
ooildIne. equipment and managing va
ter nnmss for tie transportation of
WOOD ssd lumber, or for the pQrPose of
building. sauippIpR aud running rail
roads. or constructing canals or engag
ing IN anS other species of trade or
business, may se formed according 70
the provisions of this chapter; such cor
porailons and the members Their of be-
ING subject TO all the conditions and
liabilities herein imposed. and none
others: Provided, That no such corpo-
ration shall commence business or insti-
tuie proceedings to condemn land for
corporate purposes until the whole
amount Of Its capital stock has been
subscribed
Sec. 2 That sectien 2l90 is amended
By adding at the end OF such section
the following prsviso. to Wit.
Provided, That the amount of the
capital stock OF any bank INCORPORATED
under thls act shall not be less than
twenty five thousand dollars, to be di-
vided into shares of one hundred dol
lars each, all of which shares shall be
subscribed, and three ffths of such
capital stock shall be paid in before
commencement OF business, the remain
der to be sabi.ct to the call of The
trustees; and it shall be the duty of the
trustees of any such bank to file with
their articles of Incorporation their aft
davit that three fifths of the capital
stock Of such bank has been actually
paid in"
Sec. 8. That section 2i34 is amended
by addiBg at the end of sush section
the following proviso, to wit:
Provided. That the stockholders of
every bank incorporated under this act
shall be held Individually responsible
equally and ratably, and not one for
another, for all contracts. debts and en-
gassments of such association accruine
while they remsin such stockholders, to
the extent of the amount of their stock
therein at the par value thereof in ad-
dltlsn to the amount invested in such
shares.
And all such banking corporations
shall file on the first Monday in June
each year, with the Territorial Auditor,
a report, sworn to by its president, vice
president or cashier. of its resources and
liabilities, stating the amount of depos-
its, the aggregate of loans and the
amount upOH each class of securities;
the names and residence of the share
holders and number of their shares: the
trustees or officers fer the time being,
and any other matters affecting the
safety of their deposits or interest of
their creditors.
And such banking corporation shall
have power to exercise by its board OF
trustees or duly authorized officers or
agents all such incidental powers as
shah be necessary to carry on the bust
ness of banking, by discoHRting and
negotiating promissOry notes. drafts,
bills Of exchange and other evidences
of debt, by receiving deposits, buying
and selling exchange, oo,u and bullion,
by ioaHing money on real estate or per
sonsl security, to accept or execute all
trusts, tiduclary or otherwise, as may be
committed to sdeh bank or corporation
by any person, persons or corporation
or by the order or direction of any
conrI, and may do any other business
pertaining 20 banking.
ANY person or persons who shall be
engaged in the business of banking, who
snail put up or cause to be put up OIL
exsibited any sign or advertisement
purporting thereby to be an incorpor
ated bank, or shall do business under 9
Corporate name, when they are not such
shall, on conviction thereof, be adjudeec
guilty Of q misdemeanor, and PUNISHED
by tine not exceeding two hundred
| dollars"
Ses. I. This act TO take effect and b,
IN force from and after its passage anC
approval by the Governor.
/ - 90