Daily capital journal. (Salem, Oregon) 1903-1919, 1907-03-23

thorized TO transact a banking busi-
ness. and the bank examiner shall
within three months thereafter ex
anime said bank; provided, that no
bank shall transact any business, ex-
cent such as is necessarily prelim-
mary TO It's organization, until It has
been authorized by the bank exam
iner TO commence the business Of
banking
Section 13.-The shares Of stock
of incorporated banks shall be deem
ed personal property, and shall be
transferred on the books OF the bank
I'm such manner as the bylaws there
OF shall direct, and as by law re-
quired. But no such bank shall ae-
cept as collateral, or be the pur-
chaser of its own capital stock, ex-
cent I'm cases where the taking of
such collateral, or such purchase
shall be necessary to prevent loss
upon the debt previously contracted
I'm good faith, and in such eases, un-
less full payment OF such debt Is
made. such stock shall be sold by the
bank within twelve months from the
time It was required.
Section "A. A book shall be pro-
vided and kept by every incorporated
bank, In which shall be entered the
names and residences of the stock
holders thereof, the number OF shares
held by each, the time when such
person became stockholder, and
lalso all transfers of stock, stating
J the time when made, the number OF
shares and by whom transferred. In
all actions, suits and proceedings,
said book shall be prima facie evil
dence of the facts therein stated.
Section 10. Any person, firm or
corporation doing a banking business
In this state may purchase, hold and
convey real estate for the following
purposes and no others. 1. Such
real estate as shall be necessary In
(which to transact the business of any
such bank, including with it's bank
ing oflces. other premises in tho
same building TO rent as a source OF
Income, but which shall not exceed
It's paid-in capital. surplus and un-
ldlvidcd profits.
g. Such real estate as shall be
purchased by or conveyed to such
bank In satisfaction OF or on account
OF debts previously contracted In the
course OF its business,
3. Such real estate as Il shall
purchase at sale under judgments.
decrees or mortgage foreclosure un-
der securities held by g. Any real
estate heretofore acquired for any
other purpose than as specified In
subdivision l OF this section In any
manner or form shall be sold within
lfive years from the time act takes
effect. and any real estate acquired
as provided In said subdision 2 and
3 after this act takes effect. shall be
sold within hye years after title
thereto Is acquired. II any such real
estate Is not sold within the time
herein limited. II shall not there
|, after be carried as an asset OF the
bank.
This section shall not apply to real
estate purchased with funds other
than the capital and resources OF
such banking business, nor TO real
estate held In trust.
Section i6. Every director OF
every incorporated bank must be the
p owner. In his own right, OF unincum
J bered stock therein 20 the amount OF
7 az least $500 per value, lie shat
take aud subscribe an oath that he
, will faithfully and diligently per
, form the duties OF his once. and will
p not knowingly violate. or permit TO
be violated. any provisions OF this
, act Tho said oath shall be imme-
diatoly transmitted TO the bank ex,
: aminer and tiled In his once Every
executive and managing agent OF
every bank dolng business In this
state shall subscribe 70 a similar
, oath and Immediately trasmit the
same to tho bank examiner. A ma.
: iority OF the board OF directors OF
every corporation doing a banking
business In this state shall meet at
; least once every three months and
shall al such times examine the loans
. paper and securities OF the bank and
its liabilities and resources OF every
, kind, A statement showing the re.
suit OF such examinations shall be
spread upon the records OF the al,
roctors' meeting, aud shall be sub,
scTioed 70 by each OF said directors
: pressnt at any such meeting. The
owner or owners OF every unineor