St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-02-22
part of the penal code, and was rec
commended to pass.
CITIZENS ONLY

the mouse ana mas pGSu 1eCOLllliSiu-
ed to pass by the senate committee
on elections.
The committee of the whole rec
commended number Of other bills
for passage and deferred action upon
a number of others, which had been
placed upon general orders.
NEW BANKING LAW.
An important banking bill was intro
duced by Senator Wyman yesterday in
the senate and by Representative j. D.
Jones in the house. 1t was drawn by
NJ. D. Kenyon, the state bank examin-
err The old laws are revised and codi-
fed, and some new provisions are in
Guided. The bill relates solely to banks
of deposit and discount, and does not
touch savings banks or private banks.
Among the new features are the fol-
lowing: A board Of at least three di-
rectors is made obligatory, who shall
he elected for one year. When the
board grows to exceed nine the board
may select that number to constitute
its board Of directors.
In the case of the smaller number
the directors must be named in the
articles OF incorporation, or elected. at
a meeting held before the bank is au-
thorized to commence business, and if
! not elected then they may be chosen
at any subsequent meeting called after
due notice. In banks having a capital
stock of $4,000 or less, a director must
own and hold in his own name not
less than five shares of the capital
stock, and if the shares are less than
800 in par value the directors must
hold shares to the value of 81 900 where
there are less than nine, and $500 when
more than nine. The directors must
take oath to comply with the law.
No dividend shall be declared until
after provision is made for all eX-
penses, losses, ETC., and after at least
one-tenth of the net profits Of the
bank for the preceding half-year shall
be carried forward as part OF a surplus
fund until the surplus fund shall
amount to 20 per cent of its capital
stock.
The directors shall appoint a COM
mittea of their number to examine
their bank once every six months
Loans to bank officers, directors and
agents only upon the same security
required of others. Such loan to be
made only by the board and in the
absence OF the person applying for the
loan.
Reports shall be made to the super
intendent of banks four times a year,
which reports shall be attested by at
least two directors.
The total liability of any person or
| concern to the bank shall not exceed
Is per cent of the capital stock actually
paid in and of the permanent surplus
fund.
The discount of paper, based upon
the collateral security OF warehouse re-
ceipts, covering agricultural and manu-
featured products in elevators and
warehouses, is to be made upon these
conditions. The actual market value
shall be at least 10 per cent more than
the amount loaned. The property shall
be deposited in warehouses or eleva-
tors in which the borrower has no in
terest The full amount Of the property
must be covered by insurance
When a shareholder fails to pay an
| assessment upon stock the directors
| may sell the delinquent stock at auc-
ton after three weeks publication.
The articles of Incorporation of a
bank may be amended by vote of two
thirds of the stockholders
Section 20 provides that, on becoming
satisfied that the bank has refused to
pay deposits, in accordance with the
terms on which they were received
that it is insolvent, or that the books
are kept in a fraudulent manner, or
that it has violated any of the provis-
ions of this act, the bank superintend-
| ent may take possession and apply for
| a receiver. It also prescribes the man
ner in which the receiver shall conduct
| the affairs Of the bank and the manner
in which he may be released.
1t is provided that within ninety
| days after a bank has been notified by
the superintendent that its capital
stock has not been paid up or has been
! impaired, it must pay the deficiency by
| a pro rata assessment upon the stock
| holders. A failure to do this or to Oh
! tain the consent OF the superintendent
| to a reduction of the capital stock en-
titles the superintendent to apply for a
! receiver.
Banks can be consolidated only with
! the consent of the superintendent, and
| shall not defeat the collection of claims
| by creditors.
a bank may go into liquidation and
| be closed by a two-thirds vote of the
! stock, after notice to the superintend-
| ent and notice to creditors to present
| claims, published for eight weeks.
A national bank authorized by the
federal authorities 10 dissolve may, af-
ter taking the necessary steps for dis
solution, incorporate as a state bank
by the authority in writing of the
superintendent and two-thirds of the
stockholders. The act is to take effect
| Aug. l. 1895.
Senator Keller has introduced again
q bill for the relief of Mary Hoffman,
the widow Of Lieut.. John E. Hoffman,
who was killed by the Indians. This
bill asks for a larger sum than the
former one.
Senator Pottgieser introduced a bill
to allow the revival or extension of ar
ticles of incorporation.
INTERSTATE LAWS.
Senator Macarthur, believing in the
| need of uniformity among the states in
! several laws, has introduced a bill
after the passage of this bill the gov
| ernor shall appoint three commission
ers to be known as board for the pro-
motion of uniformity of legislation
| They shall examine the subjects OF
marriage and divorce, insolvency, in
| surance, the form of notorial certifi-
Gates and other laws, for the pur-
| pose of ascertaining the best means
of securing uniformity in the laws OF
the state and to invite other states tC
send representatives to a convention to
draft uniform laws. The commits
sioners shall hold office for five years
but shall draw no pay, but shall be
entitled to compensation for actual
expenses, provided that they shall not
exceed $1,000. The commission shall
make report to the next legislature
an account of their transactions, and
! their advice and recommendations
Senator Royerud proposes to elect
town officers every even numbered
year, as follows: Three supervisors
one of whom shall be chairman. a
! town clerk a treasurer an assessor