The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1897-03-11

and repeating chapter AZ OF the laws OIL
1891.
Be it enacted by the legislature of the
state of Kansas:
Section 1. Any five or more persons
may organize themselves into a banking
corporation and shall be permitted to car
ry on the business of receiving money on
deposit and to allow interest thereon,
therefor; and of buying and selling ex-
change, gold, silver. foreign coin, bullion.
States, and of the State of Kansas and
bonds and warrants of cities, counties,
and school districts in the state of Kan
sas; of loaning money on real estate, chat
tel and personal security, at a rate of in
terest not to exceed the legal rate allowed
by law; of discounting negotiable notes,
and notes not negotiable, and to own
for the transaction of its business, of the
value not to exceed one-third of the CAPT.
in this section shall prohibit such bank
from holding and disposing of such real
estate as it may acquire through the col
lection of debts due to it.
Section q The name selected for such
bank shall not be the name of any other
shall include the word state" and the
capital stock shall not be less than IS, 000
and IN addition to other requirements OF
law, the charter of any such bank shall
contain the names and places of resi-
dence of its stockholders, and the amount
of stock subscribed by each, and may
contain such other provisions. not incon-
sistent with law, as the stockholders may
deem proper. The charter shall be sub
scribed by at least five of the stockholders
of the proposed bank who are residents of
the state of Kansas. and shall be acknow-
lodged by them; and the fun amount of
the capital stock shall be subscribed be-
fore the charter is filed
Section 3. The existence of such bank
as a corporation shall date from the fill
ing of its charter, from which time it shah
have and may exercise the powers con-
ferred by law upon corporations generally,
except as limited or modified by this act:
Provided, that such bank shall transact
the taking and aDnrOVing their Of
ricial bonds, the receipts of payments on
account of subscriptions to its capital
stock, and such other business is Incl
dental to its organization, until it has
been authorized by the bank commissioner
to commence the business OF banking as
Section 4, The capital stock of any such
association shall be divided into shares of
500 eech. and all subscriptions to said
capital stock shall be paid in cash; Pro
bank assets Of the old bank worth par
may be accepted in lieu of cash;
Section 5. When the capital of any such
bank shall have been paid in. the presi-
dent or cashier thereof shall transmit to
ment showing the names and residence of
stockholders. the amount of stock sub
and the bank commissioner shall there
upon have the same power to examine in
to the condition and affairs of such bank
as if it had been before that time engage
ed in the banking business; and he shall
| of such statement make such examination,
and shall examine especially as to the
amount OF money pa1Q IN on account OF
its capital, and by whom paid. and the
amount of capital stock of which each
I IS snch a3 has nan om r With
| the provisions Of law in all respects; and
if such bank has been organized as pre-
Scribed, and has in all respects complied
with the provisions of law, said commits
| sioner shall issue to such bank, under
| his hand and seal, certificate showing
that it has been organized and its capital
paid in as required by law, and is. au>
| thorized to transact a general banking
! business as provided by this act.
| Section 6. No increase in the capital
less the same shah be fully paid up at the
| time when subscriptions entered
| therefor; and a verified statement shall
be transmitted to the bank commissioner
| showing the amount of the increase, the
names and places of residence of the sub
| scribers therefor, the amount subscribed
by each. and that the same has been full
ly paid in. The date and amount of each
increase shall also be certified to the Sec
rotary of state.
! Section Z. Whenever any shareholder,
! or his assignee. fails to pay any assess
| ment on his stock, when the same is re-
bank may sell the stock Of such deiin-
| quent shareholder, or as much thereof as
! is necessary to satisfy the debt, at pub
| lie anction after having given three
weeks previous notice thereof in a news
| paper published and in general circulation
in the city or county where the bank is
| located to any person who will pay the
! highest price therefor, to be not less than
| the amount due thereon with the expens-
| es of the advertisement and sale; but said
| stock so bid for shall at the price bid be
| of said bank at said price, and if said
| stock is not taken by the said STOCKING old
ers or any of them, then said stock shall
| be sold to the said highest bidder, and the
! excess, if any, shall be paid to the delin-
| Ouent StOckhOlder. If no bidder can be
| found who will pay for such stock the
amount due thereon and the cost of the
! advertisement and sale, the amount pre-
| viously paid shall be forfeited to the
bank. and such stock shall be sold as the
/ from the time of such forfeiture. Any
| bank heretofore organized under the gen
| has not been paid in full, shall conform
| to the provisions of this act within six
| purpose amend its charter in conformity
| herewith.
| business under this act may be dissolved
| by the district court of the county in
! which its place of business is located. in
| the following manner: A verified petit
| ton shall be filed in the office of the
dent or majority of the board or direc-
| tors, setting forth that stockholders rep
| resenting two-thirdS in amount of the
| stock of such association have adopted
| a resolution favoring such dissolution,
| and directing proceedings to be instituted
for that purpose copy of which resolu>
| ton shall set forth that all claims and de-
| mands aga!nSt such assoc1atlon nave oeen
paid and discharged; ana thereupon no
tice shall be published for the time and
IN me manner , Pre scr; og me the, law I0r
| state the name of the court in which the
| purpose thereof, ana that unless obJec~
! lions are filed thereto on or before a time
to be stated. which shall not be less than
! forty-one days from the first publication.
! the relief prayed for will be granted. A
| copy of such notice shall be sent to the
bank commissioner within ten (10) days
| after the first publication thereof. and he
shall, within thirty (20 days thereafter
| make thorough examination of the af-
| fairs of such bank, and file certified
| copy of his report with said petition. Any
| creditor or stakeholder may, on be-
| fore the time fixed by the notice and aft
erwards if permitted by the court. file
written objections to the dissolution OF
| such corporation. The petition and objec-
| tions thereto If any, shall stand for hear
| ing the same as a civil action; and if up
| on the hearing thereof the court shall be
] satisfied that the petition is true, and that
| there is no valid objection to the dissolu-
| ton of such corporation, it shall render
! Judgment diSSolving the same.
| Section 9. The affairs and business of