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

Against the amendments OF sections
h 5, 10 and II Of the general banking
law" ami it shah be the duty of the,
officials now required by law to print
and distribute ballots for use in cleo
lions to prepare and distribute ballots
for such submission. such ballots TO
be prepared, printed and distributed in
with the provisions of an
Act entitled. An Act to provide for
the printing and distribution of bal
lots at public expense, and fer the
of candidates for public
offices, to regulate the manner of hold
ing elections and 10 enforce the
secrecy of the ballot" approved June
%, 1891, in force July /. 1891 and all
amendments thereto; and to do all
such other acts as are required by
law; and if approved iy a majority Of
all the votes cast at such election for
or against sukh law the Governor
shall thereunon issue his proclamation
that this Act is then in force.
First The amendatOry act adds to
al
in addition to the oath now prescribed
to be taken by him, to take an oath
that he will, so far as the duty de-
wolves on him. diligently and honest
~ administer the affairs of the bank
or association of which he is director
and that he will not violate or will
ingly permit to be violated any of the
provisions of this act; that he is the
owner in good faith and in his own
right of the number of shares of stock
required by this act and that the same
is not hypothecated or in any way
pledged as security for any loan or
debt.
Second The amendatory act adds
to section the further provision that
the oath, subscribed by the director
making it and certified By proper
officer authorized to administer oaths,
shall be Immediately transmitted to
the Auditor and shall be filed and pre-
served by him in his office.
Third. Section 1 of the act as it
now stands provides that any omis-
sion to elect directors shall not i'm.
pair any of the rights and privileges
of the association or of any person in
any way Interested. but the existing
directors shall hold office until their
successors are elected and qualified
as in such cases may be by by-la "
= provided. The amendatory act pro
/ vides that any omission to elect di.
rectors shall not impair any of the
rights and privileges of the associa
ton or of any person in any way In
terested but the existing directors
shall hold office until their successor.
are elected and qualified as in sucl
cases may be by law provided.
Fourth. Tie amendatory act add.
to said section 4 the provision thai
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. incumbrancc. 81
least ten shares Of the capital stool
of such bank or association of whicl
he is a director. ANY director vii,
ceases to be the. owner of ten share
of the capital stock of such bank o
association or who becomes in an,
form disqualified shall therefor vacat
his place IS such director
Fifth. Tie amendatory act fun
Their adds to said section the pre-
vision thar The directors of any BAN
or association organized under tn
provisions of this act shall hold reg,
l., y
and there shall be present n quorum
as may be prescribed by the bylaw
of such bank or association, approve
By the Auditor of Public Accounts.
Sixth. The amendatory act furthe
adds TO said section the prOvisio
that any officer. director or employee Q
any bank or association organized III
/, der the provisions of this act. VIII
: shall wilfully and knowingly subscrib
. to or make. or cause to he made. an
false statements with intent to d,
ceive any person or persons authorize
10 examine into the affairs of sue
f bank or association. upon convictio
, thereof. shall be punished by in
, prisonment Of not less than one yea
or more than ten years.
( Seventh. The amendatory act add
to section ) the provision that I'll
Auditor Of Public Accounts. before /
suing written CT printed certificate III
der seal authorizing the directors I
: commence business. must be. Statistic
!, that the proposed surplus, if any, HI
: been dedicated to the business.
: Eighth. The amendatory act fu
, Their adds to section ) the provisic
: that the Auditor may in his dscretio
withhold the issuing of said certi
:. cate authorizing the commencemel
. of business when he is not satified
a to the personal character and star
4 ing Of the officers or directors electt
. or appointed in accordance with Sc
. tions 3 and 1 of this act: or when |
has reason to believe that the bank
q organized fo1 any purpose other III:
!, that contemplated by this act
J, Ninth. The amendatory act strik,
out the provision of section 10 TIL
: the iota' liability to any associate
e of any person, or of any company