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

1000 and not more than 5000 In
habltants, $4,000; in cities having
a population OF 5000 and upwards.
$4,000. Such capital shall be In
money, commercial paper, bank fur
nlture, fixtures, or the necessary bank
building, including the lot or lots on
which the building Is situated, which
said lot or lots shall be unincumber-
ed
Section Q. No person, firm or COP
poration, except National bank,
shall carry on "A banking business,
except on compliance with this act.
No person or persons, firm or cor
poration shall use either or any OF
the terms bank banker" bank
ers." "banklng house." or trust
company" unless he, they or 1t shall
have first fully complied with all the
provisions OF this act Provided, that
the term trust company" may be
used by n person, firm or corpora
tlon when the business transacted 10
I'm cost TO such bank so per cent Of
In no sense a banking business as
defined I'm section seven OF this act.
and such person, firm or corporation
shall not be governed by the terms
OF this act No assets, funds prop
critics or investments OF any other
department shall be included in any
statement OF such banking or saw
lngs department as herein defined.
and all such capital, assets, funds.
properties and investments OF such
banking or savings department shall
be kept separate and distinct from
all other capital, assets, funds. prop
critics and investments of such COM
pany
Any person. nrm or corporation
violating any OF the provisions of this
section after 80 days notice given by
guilty OF a mlsdemeanor and upon
conviction thereof. shall be punished
vlotlon thereof. shall bo punished
by fine OF not less than $50 and not
more than 500 for each day during
which such violation shall continue
after the expiration OF said period OF
80 days.
Section 10. Al least so per cent
OF tho capital OF every person. Arm
or corporation engaging In the bank
Ing business shall be paid In before
such person. Arm or corporation shall
be authorized TO commence such
business: and the remainder OF said
capital shall be- paid In within six
months from the date OF the com
monoement of said business, and In
the case OF corporations the said re
malnder 10 be paid In such install
monts and az such times within said
six months as the board OF director
may direct. The payment OF such
installment shall be certified TO the
bank examiner, under oath by IN,
president. vice president. cashier
secretary or treasurer OF such cor
poratlon.
Section II. when any stockholdei
or his assigns shall fail to pay an,
lnstallment ON his stock when IN,
same Is required by the preceding
section TO be paid, the directors o
such bank may sell the delinQuen
stock OF such delinquent stockholde
at public sale. after advertising sal,
sale for ten days In a newspaper pub
} llshed az the county seat within th'
county where said bank Is situated
haying first given the delinauen
I stockholder 80 days notice. personal
~ or by mail addressed 10 him at nj
last known address. II no bidde
? can be found who will pay for suel
delinquent stock, the amount du'
thereon. with costs incurred IN
amount previously paid on such de
linQuent stock shall be forfeited q
+ the bank, and such stock shall b.
! sold as the directors may order a
I any time within sin months from th
. time OF such forfeiture, and n no
30 sold n shall be cancelled and he'll
as un-issued capital stock Of IN
! bank II sold before cancellation
p any surplus over the amount due ol
: such stock 60 said bank, less all cost
incurred thereon, with interest 10
the time delinquent. shall be return
} ed Co tho original stakeholder. hi
, heirs or assigns II such cancellation
shall reduce the paid capital oi IN
bank below the minimum require,
by law, the said paid capital shall
within so days thereafter. be Ia
creased TO the required amount b
original subscription. In detaal
therein the business OF such ban
may be closed ap as hereinafter pro
Vidsd aud It's assets distributed,