The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-03-11
GENERAL LAWS
Enacted By the Legislature of Alabama


for the regulation and control of such
deposltaries; to provide security for the
funds deposited therein: and to provide
penalties for the violation of the rules
and regulations prescribed for the es-
adjustment, management and control
of such institution
Section l. Be it enacted by the Leg
islature of Alabama, that the Governor
Is hereby authorized to designate any
bank or trust company Incorporated I'M
der the laws of this State, or of the
United States, and actually doing bust
ness in this State, as State depositary
as hereinafter provided.
Sec. 2. That before any bank or trust
company shall be designated as a State
depositary 1t shall file with the State
Auditor and State Treasurer an applica-
tion in writing to be designated as a
State depositary under the terms of this
Act, and shall accompany such applica-
ton with a statement verified by the
affidavit of its President or other execu-
tive head, setting forth the amount of
Its paid-in capital stock, surplus and I'M
divided profits, its principal place of bust
ness, the length of time it has been en-.
gagged in business, and statement of its
assets and liabilities at the time of maxi
ing the said application, and shall also
accompany its said application with
deposit of bonds of the State of Alabama
In an amount not less than $4,000 par
value, which bonds are to be held and
kept by the State Treasurer, and it shall
be so stated in said application as a Sc
curity to the State for the faithful per-
formance of the duties of such bank or
trust company as State depositary,
and that 1t will well and truly account
for and pay over any monies or funds
of the State upon the check or order
of the State Treasurer.
Sec. 3. That upon the filing of such
application with the State Auditor and
State Treasurer and the deposit of
bonds with the State Treasurer as above
provided, the said Auditor and Treasurer
shall certify to the Governor the fact of
such application. and the sworn state
ment accompanying the same, and there
upon the Governor may designate said
applicant as a State depositary, and in
the event said application be granted by
the Governor he shall promulgate an
order declaring that the said applicant
is a State depositary for the term of
three years, unless its authority be soon
revoked, and as such that 1t may re-
ceived or have at any one time State
funds in amount equal to the par
value of the State bonds deposited by it
with the State Treasurer, and in no case
to exceed its paid-in capital stock, sur
plus and undivided profits mentioned in
the affidavit accompanying the said ap-
plication.
Sec. 4. That any State or county Of
ficer in this State, having in his pos
session or under his control, funds or
monies belonging to the state, may
place the same in State depositary to
the credit of the State Treasurer and
subject to the check or order of the
State Treasurer, but no State deposit
tary shall receive have at any one
time an amount of said monies or funds
In excess of the face value of said bonds
actually deposited by it with the State
Treasurer, nor in excess Of the amount
of its paid-in capital stock, surplus and
undivided profits. And If any bank or
trust company designated as a State de-
posltary by virtue of this Act shall re-
ceive, or have on hand at the close of
any days business state funds or moneys
In excess of the amount 1t is herein
authorized to receive, or have at any
one time, such depositary shall forthwith
and at once remit such surplus direct
to the State Treasurer, and on failing to
do so, it shall be the duty of the Gov
ernor, upon the fact being certified to
him by the State Treasurer, or otherwise
coming to his knowledge, to forthwith
direct the withdrawal by the State Treas
urer from such bank or trust company
of said funds or moneys, and the same
being withdrawn he shall forthwith re-
woke the authority of such bank or trust
company to be or continue a State de-
positary.
Sec. .. That no officer or custodian of
reetly or indirectly receive any commits
sion, interest or reward for depositing or
causing to be deposited funds or moneys
of the State in any State depositary, and
any officer or custodian who violates this
section shall be guilty of a felony, and
on conviction thereof, shall be sentenced
TO the penitentiary for a term not ex-
ceeding five years.
Sec. 6. That 1t shall be the duty of each
State depositary to give to the officer
placing funds or moneys therein to the
credit of the State Treasurer a receipt
therefor in duplicate, and such officers
shall Immediately mail to the State
Auditor duplicate of the said receipt
c4otN
ceiving the same, pass the amount there
In mentioned to the credit of said officer
and transmit the duplicate receipt to the
State Treasurer, who shall mail to the
said officer a receipt for the same.
Sec. 7. That it shall also be the duty
of each State depository to report in
writing at the close of each business day
to the State Treasurer the total amount
of all sums placed therein for his ac-
count on that day. by whom made and
for what purpose made, and at the end
Of each calendar month, a statement of
the balance to the credit of the State
Treasurer in such State depostary shall
be made by it to the Governor, State Au-
ditor and state Treasurer.
Sec. s. That the funds or moneys so
placed in such state depositary shall be
held by 1t subject to the check or order
of the State Treasurer, and if any State
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