The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-03-22
not be longer than thirty years.


executed in triplicate one to be recorded
With the county clerk, one filed in the
office of the Corporation Commission
and one recorded in the office of the
Secretary of State.
The act of 1901 to revise the corpora
tion laws of North Carolina. chapter ,,
shall be applicable to banks organized
under this act.
At least fifty per cent of the capital
stock of every bank shall be paid in in
cash before 1t shall be authorized to
commence business and the remainder
of the capital stock shall be paid in, in
| monthly installments of at least 10 per
cent in cash, of the whole of the capital,
payable at the end of each succeeding
month from the time 1t was authorized
to commence business.
Whenever any stakeholder or his as
signee fails to pay any installment ON
the stock the directors may sell his
stock, first giving him twenty days no
tice. If the stock is not paid for, the
amount previously paid shall be for
feited to the bank and the stock sold
within six months, or if not sold, can
celled and deducted from the capital
of the bank.
The section as to individual liability
| of stockholders remains unchanged
Every bank shall at all times keep a
correct list of the names of all its stock
holders and once a year. or whenever
called upon, shall file in the office
of the Corporation Commission a correct
copy of such list
] Every bank, association. firm or in
divdual now doing a banking business
without being organized by State
| charter shall conform to all the provis-
| ions of this act before carrying on any
further business. But such banks shall
nave sixty days within which to conform
to this act: Provided further, that this
shall not apply to individuals or firms
doing business as bankers in their own
names
The Corporation Commission shall
have power to make such rules for the
government of the banking institutions
Of this State as it may be wise and ex
pedient
Every bank shall furnish to the Cor
poration Commission not less than four
reports each year, according to the forms
prescribed by the board Such reports
shall also be published in a newspaper
of the county in which such bank is
located. The Corporation shall have
power to call for special reports from
any banking institution whenever neces
sary.
Moreover the Corporation Commission
shall appoint suitable persons to make
examinations into the affairs of every
bank as often as shall be deemed neces-
sary and proper and at least once every
year. These examiners shall have power
to make a thorough examination into
all the books, papers and affairs OF the
bank and to administer oaths to any
banker, officer, agent, partner or clerk
Of such bank and compel the attendance
of any person in the State to testify
under oath in relation to the affairs of
such bank Such examiners shall make
detailed report of the condition OF
the bank to the Corporation Commission
1t is provided that if any examiner shall
aid or abet the officers of any bank to
operate an insolvent institution he shall
be deemed guilty of a felony and shall
be imprisoned from two to ten years.
For the annual examination and for
every other examination the bank shall
pay to the Commission fees as follows:
Banks up to $25, 900 capital, SIS; from
$4,000 to $4,000, $25; over $4,000 $50
Other expenses incurred shall be paid
by the bank.
No bank shall be compelled to pay for
more than one examination in each year.
unless it shall appear that its condi-
ton is precarious.
Any bank failing to make a report or
statement shall be subject to a fine of
fifty dollars per day for each day after
the time named for the report, the fine
to be recovered by the State for the benc-
fit of the general fund in civil suit.
Any person knowingly making any
false statement or entry in the books of
bank or knowingly deceiving any ex-
aminer shall be deemed guilty of a
felony, and be imprisoned from one to
ten years.
Every bank shall at all times have on
hand as a reserve in available funds an
amount equal to at least Is per cent
Of its aggregate deposits. Two ifths of
this IS per cent. shall be in cash in the
vaults of the bank. provided In cities of
over twenty-five thousand the reserve
shall be twenty per cent. of the de-
posits Savings banks shall have on
land at all times per cent of their
deposits.
The available funds shall consist %
cash on hand and balances due from
olyent banks. Whenever the available
funds of any bank fall below the re-
luirement such bank shall not make
any new loans or discounts other than
iiscounting or purchasing bills Of ex-
change payable at sight, nor shall it
make any dividends of its profits until it
mas on hand the funds required.
Any bank examiner appointed by the
Commission, when ordered by the board.
shall have authority to take possession
If any bank doing business under the
avs of the State and retain possession
ong enough to make thorough exami-
nation, and in case it is found that the
1ank is insolvent or unsafe the ex-
lminer shall have power to hold all the
(Continnad ON maze u