The Globe-republican., 1908-02-06

has not yet received the governors
signature.
4 Senator Waggener stated today
that within few days meeting
will be held in Topeka of a number
Of the most prominent bankers in
Kansas to organize an insurance
company under the provisions Of the
measure.
1--WE will have such an insurance
company in Kansas said Senator
Waggener today, within twenty
days"
A resume of the insurance law fol-
lows:
State, private and national banks
are permitted to insure themselves
The capital stock must be not less
than $1,0O0,000. The form of the
policy must be approved by the state
charter board The amount Of de.
posits insured must at no time ex-
coed sum equal to 100 times the
amount Of capital stock and surplus
subscribed and fully paid up. Not
less than fifteen persons, two-thirds'
Of whom must be residents of Kan
sas, may form such a company, and
at least 20 per cent of the capital
stock must be paid in, in cash, before
it can be authorized to do business.
The remainder must be paid within
the next twelve months.
Banks and trust companies of Kan
sas may subscribe for stock, but for
not more than 10 per cent Of the
stock which the bank or trust COM
pany itself has. A board Of fifteen
directors is provided for. None OF
the funds of the company can be In
vested anywhere without the consent
of the state charter board. The sum
of 100000 must be deposited with
the state treasurer in cash, municipal
securities, real estate mortgages or
government bonds, which will be
subject to attachment or execution to
satisfy the claim of any bank that
may be injured by default of the in
SuranCe company.
Whenever the company finds that
bank is not in good condition which
1t has insured, upon ninety days no.
tice, and upon notifying the bank
commissioner or comptroller, it may
withdraw it's policy. Thirty days be-
fore the policy is withdrawn notice Of
its withdrawal must be published in
newspaper of general circulation in
that community.
The state charter board is granted
full inquisitorial powers over ali in
surance companies, and may revoke
their charters at any time that they
appear to be unsound. The insur-
ance companies are granted the
power to call for sworn statements
from banks insured and where per-
jury is committed the penalty under
the regular code may be inflicted.
Topeka, Feb. 1. - Because Gov
Hoch today vetoed the measure pass
ed by the legislature authorizing the
organization of companies to insure
bank deposits, it appears tonight that
the legislature may be recalled to
Topeka upon motion Of its own men,
bers.
Word was received by the half doz-
en- senators and representatives still
in Topeka this morning, who were
waiting for the governors final mes
sages and the arrival of the noon
hour, for which time sine die adjourn
ment had been set, that the govern
or would be unable to get through in
time with all the bills.
Speaker Simmons of the house
wanted to go home on noon train,
so a concurrent resolution was made
up and adopted by both the house and
the senate just before noon that final
adjournment be extended to Tuesday
evening at 6 o'clock. But the gov
ernor did get all of the bills acted on
and sent Homer Hoch, his private
secretary, to the house at noon. He
reported to the governor that all had
gone and the extension of time had
been already ordered. Among the
messages was the one vetoing the
bank deposit insurance bill
Friends of the insurance bill
promptly telephoned out over the
state to members who had gone
home, apprising them of the veto. 1t
was reported tonight that the prom
Uses of ten members of the house had
been secured and five members Of the
senate to be in Topeka on Tuesday
night and demand that their respec-
tive bodies be "called."
Under the rules ten representa-
tives can order all members of the
house sent for by the sergeant-at-
arms and five members can do the
same in the senate.
The plan of the friends of the In
surance bill will of course be to pass
the bill by two-thirds vote over the
governors veto, or to amend it SO as
to meet with the governors criti-
cisms.
It will not be surprise If the leg
islature Is in session another week.
The legislature could by concurrent
resolution start all over again, if 1t
wanted to. That Of course Is unlike
iy. Only thirty days pay is granted
and the session was not too popular