The Montgomery advertiser., 1903-12-11

Thomas J. Rutledge of Montgomery, Assistant Examiner of Public Accounts, was yesterday appointed State Bank Ex- aminer by Governor Jelks.
 To fill the place of Assistant Examiner made vacant by this appointment. the Governor named Judge W. Y. Wilkinson. of Prattville.
 For the place of State Bank Examiner there were perhaps thirty-iive or forty applicants. They came from all sections of the State. There was hardly a city or town of importance in Alabama that was not represented among the appli- cants.
 Salary is $2,ooO.
 The place was created by the last Legis- lature in the passage of the bill providing for an examination of all State banks. 1t pays a salary of 5000 annually with travelling expenses.
 Mir. Rutiedge, the new bank examiner is of Montgomery and he Is one of the best known residents of the city. He has been Recorder of the city of Mont gomery and he was for a number of years claims agent of the Louisville and Nash vile Railroad. He has se.ved as the clerk of the Supreme Court of Alabama.
 MT. Rutledge was last February ap- pointed Assistant Examiner of Public Ac- counts by Governor Jelks to succeed Colo mel M. L. Woods, who resigned. MT. Rutledge has made an excellent record as an Assistant Examiner. He has dis charged the duties of his office accurate ly thoroughly and with dispatch The ex- celient work done by MT. Rutledg as an Assitant Examiner undoubtedly had its weight with the Governor in the naming of the Bank Examiner.
 The law provides thak the Governor shall appoint a competent and expert ac- countant as State Bank Examiner and in the appointment of MT. Rutledge 1t is generally agreed the requirements of the law have been met
 Judge Wilkinson, who succeeds MT. Rut- 1nAu oa ARAiafo nf EXamtnaT Ia a nFOnnt. nent citizen of Autauga County and he Is well known throughout the State. He has served as Judge of Probate of Au- tauga County.
 New Bank Law.
 The full text of the law regulating the examination of banks is here given in full: -.... To provide for the examination and reg
 ulation of the business of Banking in
 the State of Alabama.
 Be it enacted by the Legislature o1 Alabama, that
 Section 1. All banks, persons, firms and corporations doing banking business. in this State, shall make to the State Treas urer not less than two reports during each year, according to the form which may be prescribed by him, verified by an oath or affirmation of the executive officer or agent thereof, and in case of corpor- ations by the president or cashier or sec retary attested by the signatures of at least three of the directors. Each such report shall exhibit in detail and under appropriate heads the resources and lia- bilities of said bank at the close of bus mess on any past day specified by the treasurer not more than three days pr'"l to the issue of the Treasurers 8 call which day for reports shall be uniform through out the State, and shall be transmitted to the Treasurer within i've days after the receipt of request or requisition therefor from him. and the same shall be published once in a newspaper in the city or county in which the bank is located. at the expense of the said bank; proof of such publication shall be furnished by said bank to the Treasurer as may be required by him. The Treasurer shall also have power to call for special re- ports from any particular bank, when ever in his Judgment the same are neces- sary in order to a full and complete knowledge of the condition of such bank. Sec g. Any bank failing to furnish a report when requested by the Treasurer as specified In the foregoing section, with out satisfactory reasons shown to the Treasurer, shall forfeit fifty dollars to the | State for each violation. to be recovered of such defaulting bank in such manner | as is now directed by law for the colleC-
 ton of monies due the State
 Sec. g. No bank doing business in this ! State shall have a capital actually paid l and employed in the business. of less than twenty-five thousand dollars in towns of more tthan twenty-five hundred inhabit-
 ants nor less than ten thousand dollars | in towns of less than twenty-five hun dred inhabitants.
 Sec, f. No bank person, firm or cor | poration doing a banking business shall be allowed to reduce cash in hand below fifteen per centm of demand deposits per centum may consist of the balance due by banks and bankers to said bank Sec. 5. Whenever 1t shall appear to the Treasurer that any bank has permitted EkS PVYnd fn fall hAfoxry he mi prescribed in the foregoing section, the Treasurer shall at once notify such bank | to make good such reserve; and If the said bank shall fail for thirty days there after to make good such reserve, 1t shall forfeit to the State twenty-five dollars for each day in excess of the said thirty days, to be collected by the State in the manner allowed by law for the collection of monies due the State.
 Sec. 6. No bank, person, firm or cor poratIon doing a banking business shall lend to any salaried officer, agent or em- ploye of the bank without good security Sec. :. No bank, person, firm or cor poration doing a banking business shall | be allowed to lend to any one person l firm or corporation unless such loan IS amply secured by good collateral, or shall | be approved by a majority of its board of directors. more than ten per centum of its capital stock, surplus and undivided 1 profits.
 Sec 8. Whenever, by reason of losses | banks caplIal IS impaired. the shrink
 age in said capital represented by said losses shall be charged on the books of
 said bank to profit and loss, so that the | notes and bills discounted and loans made ! shown as debts due the bank, shall c 1 the live and collectable assets of said l bank.
 Sec. g. The Governor of the State shall | appoint a State Bank Examiner. who | shall be competent and experienced ac- countant. and not interested directly oI | indirectly in any National Bank. and he
 shall recive a salary of not to exceed two | thousand dollars per annum and actual necessary travelling expenses. His term | of office shall be the same as that of the | Treasurer, and he shall be subject to re- | moval for cause by the Governor. Sec. 10. The Bank Examiner before en- | tering upon the duties of his office, shall | take and subscribe to the oath of office prescribed by the Constitution, which shall be filed in the office of the Secre- | tary of State, and he shall give bond ir the sum of fifteen thousand dollars, which bond shall be approved by the State Au. ditor payable, conditioned and with legal | enect as prescribed by the provision ot | Section 30S7 of the Code of 1896 relating | to official bonds. Such bond shall be filed | and recorded in the office of the Secretary | of State If the Bank Examiner shall dis. | close any information acquired by him in the discharge of his duties to any persor
 not connected with the bank to wHich | such information relates he shall be guilty of a misdemeanor
 Sec. Il. The State Bank Examiner dur. | ing his term of office, shall not be an | officer. agent or employe of any bank in
 this State, State or National, and he shall | not be a shareholder or owner of env ne.
 cuniary interest in any bank subject to | the provisions Of this chapter, or in any | National Bank. He shall not be allowed | to receive any commission. fees or rewa nd
 to himself from any officer. agent or em. lploye of any bank, State or National do. inR hAlHinAas t~ this StAAA ana tha Es-