Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1908-10-29


tor may require. And there shall be
an annual meeting of the stockhold-
ers for the election of directors each
year OH the first Monday in January
unless some other date shall be fixed
by the bylaws of the association. Any
omission to elect directors shall not
impair any of the rights and privi-
leges of the association or of any per-
son in any way interested but the ex-
listing directors shall hold office until
their successors are elected and quail
fed. us in si.ch cases may be by law
provided. Vacancies may be filled By
two-thirds vote of the remaining
directors.
Every director Of any bank or asso-
citation organized under the provisions
Of this Act must own in his own right,
free of any lien or incumbrance, at
least ten SHARES of the capital stock
Of such bank or association of which
he is director Any director who
ceases to be the owner of ten shares
of the capital stock of such bank or
association, or who becomes in any
form disqualified, shall therefor vacate
his place as such director.
The directors of any bank or asso-
citation organized under the provisions
of this Act shall hold regular meet
ings at least once each month, and
| there shall he present n quorum, as
may be prescribed by the bylaws of
such bank or association. approved by
the Auditor of Public Accounts.
ANY officer, director or employee of
any bank or association organized I'M
| der the provisions of this Act, who
| shall wilfully and knowingly sub
| scribe to or make or cause to be made
any false statement with intent to de-
| ceive any person or persons authorized
| to examine into the affairs of such
| bank or association. upon conviction
| thereof shall be punished by imprisOn-
ment Of not less than one year or more
| than ten years.
| Section s. When the directors have
| organized, rs in section 1 of this Act,
and the capital stock of such assOcia-
| ton shall have been all fully paid in
and record of the same laid before tie
Auditor, he shall by himself or some
competent person of his appointment,
make thorough examination into the
affairs of such association. and if salts
| fed the authorized capital Stock has
been paid in and that the association
has the full amount dedicated to the
business, including proposed surplus,
/ il any, and when they pay into the
| Auditors Office the reasonable eX-
| give them written or printed certifi
cate under seal authorizing them to
commence the business designated in
section / of this Act. And said certifi
cate and the permit issued in accord
j ance herewith, duly certified by Said
. Auditor, shall be filed and recorded il
the office for the recording of deeds
in the county where such bank is or
ganiZed, and the original or certi
fed copy thereof shall be evidence il
all courts of the existence and authori
ty of said corporation to do business
Upon the recording of said certificate
and permit said bank shall be deeme,
fully organized and may proceed II
business.
), The Auditor may, in his discretion
withhold the issuing of the said Ger
tiiicate authorizing the commencement
Of business when he is not satisfied
as to the personal character an,
standing OF the officers or director
/ elected or appointed in accordance
} with sections 3 and of this Act: o
: when he has reason to believe tina
the bank is organized for any purpos
! other than that contemplated by thi
Act.
Section 10. The total liabilities t
any association, of any person or o
any corporation or firm, for none
borrowed, including in the liabilitie
of company or firm the liabilities o
7; the several members Thereof, shall a
D no time exceed fifteen per cent of t.
r amount of the capital stock of sue
1: association actually paid in and unim
r paired. and fifteen per cent of its III
4, impaired surplus fund.
, Provided, however. that the tota
liabilities of any such person, con
! pany or firm shall at no time excee
thirty per cent of the amount of cap
tai actually paid in. And provided
j furthe,, that undivided profits sha
s not w construed as Il part of the SUI
o plutL but the discount of bills Of el
{ Change drawn in good faith agains
). actually existing values, and the di.
count of commercial or business pape
actually owned by the person negt
tiating the same shall not be consi(
cred as money borrowed.
Every such loan made in violatio
of the provisions hereof shall be du
and payable according to it's terms
and the remedy for the recovery {
any money loaned in violation OF th
provisions hereof, or for the enforc,
ment of any agreement, collateral {
otherwise, made in connection wit
any such loan, shall not be held |
be impaired, affected or prohibited u
reason of such violation. but sue
remedy shall exist, notwithstandin
1 ~.