The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-03-22
OKLAHOMA
LEGtSLATES
ON BANKING
Provisions Named Under
Which Banks May Open.
DIFFERENCE IN CLASS
In Cities of First Class Must
Have $4,000.

Guthrie, O. T., March 21.-One of the
| important measures passed by the recent
legislature and receiving the approval of
/ the governor is the banking law. Some of
its provisions are as follows:
| Hereafter the capital stock, which shall
be fully paid up, shall not be less than
! $4,000 in towns or cities having less than
! $500 inhabitants; the capital stock, which
shall be fully paid up, shall not be less
| than $1,000 in cities having more than
| $500 and less than 5000 Inhabitants; the
capital stock, which shall be fully paid
up. shall not be less than $4,000. in cities
having more than 5000 and less than TO-
coo inhabitants; the capital stock, which
shall be fully paid up, shall not be less
than $4,000 in cities having over 1Oc0o
inhabitants: and in addition to the other
requirements of the law, the charter of
any such bank shall contain the name
and place of residence of each of its stock
holders and the amount of stock sub
scribed by each. and such other provisions
not inconsistent with the law, as the
stockholders may deem proper. The
charter shall be subscribed by at least
three of the stockholders of the proposed
bank, and shall be acknowledged by them,
and the full amount of the capital stock
shall be fully paid up. not less than two
thirds in lawful money before the char
ter is filed.
When the capital stock of any bank
shall have been paid up, the president or
cashier thereof shell transmit to the bank
commissioner verified statement showing
the names and places of residence of the
stockholders; the amount of stock sub
scribed and the amount paid in by each,
and the bank commissioner shall there
upon have the same power to examine
into the condition and affairs of such
bank as if it had been before that time
engaged in the banking business; and he
shall, within thirty days, from the receipt
of such statement, make such examina-
ton and shall examine especially as u
the amount of money paid in on account
Of its capital stock of which each stock
holder is, in good faith the owner, and
whenever such bank has complied with
the provisions of the law in all respect;
and if such bank has been organized as
prescribed, and has in al RESPECTS COM
piled with the provisions of law. said COM
missioner shall issue to said bank under
his hand and seal. a certificate showing
that it has been organized and its capital
paid in as required by law, and is auth
orized to transact a general banking bust
ness as provided by this act
The bank commissioner shall receive for
his services a salary of $500 per annum,
and the sum of 1000 per annum for de
putty or assistant. The legislature shall
appropriate a sum not to exceed $500 for
each year to cover the incidental expenses
of the bank commissioners office and
to defray the travelling expenses of the
bank commissioner All money actually
and necessarily paid out by the commits
sioner for travelling and incidental ex-
penses shall be paid to him upon the audi
tors warrant, to be issued upon sworn
vouchers containing an itemized account
of such expenses; Provided That the ex-
pense account so audited and the warrant
so drawn. shall not exceed $500 per anum,
and it shall be unlawful to create a de-
felt.