Barton County democrat. [volume] (Great Bend, Kan.) 1885-1915, 1907-12-27
OKLAHOMA'S BANKING Law.
The New State Takes the-Lead in Bank
Legislation.

to acopt a law guaranteeing
'deposlts in state buks. The
Williams ROddi3 blnaing bill
passed by both houses and Cover
nor December II as 40 emergency
measure is now in effect The W
creates a banking board to be ON
posed of the governor. lieutenant
governor, president of the tate
board of agriculture. state trea,.
urer aud state auditor which shall
act in an advisory raUac!ty to tne
state bank commissioner With
in sixty days the banking board
shall levy against the capital stock
of each state bank an assessment
of | per cent of The blnks daily
average depo it, less the deposits
Of state and national funds prr per.
ly secured for the preceding year
for the purpose of creating a de-
Dosit's guarantee funds.
In one year from.the first assess.
ment. and annually thereafter,
each bank shall report the amount
of its average daily deposits for
the preceding year and if such de
pOsits exceed the amount upon
which the previous assessment
was made an additional amount
must ACCOMPANY the report to
equal | per cent Of the excess daily
deposits. State and national funds
properly secured shall not be sub.
iect to such assessment. II the
funds is deposited for any reason
the board shall levy a special as.
sessment. Banks organized sub.
sequently to the passage of the
banking law shall pav into the
deposits capital guarantee fund
3 per cent of heir stock.
Any national bank in the state
proved by the state banking com.
missioner: may voluntarily give
its deuositors the protection of the
depositors guarantee fund upon
term to be agreed upon by the state
banking board the bank commits.
siOner and the controller of the
currency of The United States.
Whenever state bank becomes
insolvent the state bank commits
sioner may take possession of the
bank and its affairs and enforce
the personal liability provision
against the stockholders, officers
aid directors. When the bank
commissioner takes possession oil
any bank depositors in such bank
shall be paid in full. and wher
available cash is insufficient the
banking board shall draw from
the depositors' guarantee fund and
from additional assessments to
make up the deficiency.
1t is made to be duty of the bank
commissioner to visit each bank
at least twice a year and oftener
if he deems it advisable. No per
son shall be eligible as director:
of any state bank unless he is The
bona owner of $500 of the capital
stock, fully paid and not hypothe
Gated. No active manager oil
officers of a bank NAV borrow
money from the bank and any
officer manager or agent of a
bank who shall embezzle funds or
take an action to defraud the bank
shall be deemed guilty of larceny
of the amount borrowed or EN-
bezzled. Every bank shall have on
hand in available funds the follow
ing sums: In towns of less than
$500 population, in amount equal
to 20 per cent of its entire de.
posts; in towns of over $500
amount equal to 25 per cent of its
entire deposits, two thirds o.
which may consist of balances due
the bank from solven: banks selec
ted with the:aDproval of the bank
commissioner and one third shall
consist.of actual cash. No bank
may loan to any one firm or cor
portion or the members there of
more than 20 per cent of ito maid