The Olneyville times. (Olneyville [Providence, R.I.]) 1887-1917, 1908-09-04

ICrihtr PROSECUTION OF It's business Nithin
the state during the pendency OF such
proceeding or for all time. and may make
such other order or decree as equity and
justice may require.
BANK COMMISSIONER.
Sec. ?s. There shall be a bank commits
sioner for the state who shall perform
the duties enumerated in this act and
such others as are or may be from time
10 time provided by law Al the Jan
uary session OF the general assembly in
the year is0s and in every third year
thereafter the governor with the advice
and consent OF the senate. shall appoint
some person 10 be bank commissioners.
and the person so appointed shall hold
Office until the first day ot February In
the third year after his appointment: Pro-
vided. that in the year 1905 the governor
shall make such appointment within ten
ca"s after the passage ~ this act. which
appointment shall be subject 10 the pro-
visions OF sections 81 and % OF Chapter
sos of the Public Laws. ANY vacancy
which may occur i'm said oftlCe when the
senate is not in session shall Toe filled by
the governor until the next session there
OF. when he shall with the advice and
consent OF the senate. appoint some per
son 10 fill such vacancy for the remain
der Of the term. He may be removed by
the governor for cause shown, and with
the advice and consent OF the senate.
He shall receive in full compensation for
his services an annual salary OF four
thousand dollars. He shall have an Of
nee in the state house, which shall be
assigned TO him by the board OF state
house commissioners.
Sec. 80. Neither the bank commissioner
nor the deputy commissioner shall engage
in any other business or be an officer OF
or directly or indirectly interested in any
national bank doing business In this
state. or in any bank. savings bank. or
trust company organized under the laws
| OF this state. nor be directly or indirectly
| interested I'm any corporation. business,
or occupation that requires his official
supervision: and IL any bank commits
sioner shall become indebted TO any bank,
savings bank. or trust company organ
! ized under the laws OF this state or shall
engage or be interested in the sale Of Sc
curities as a business. or In the negotia-
ton OF loans for others, his Office may be
declared vacant by the governor.
Sec. 81. The bank commissioner shall
appoint a deputy commissioner TO assist
him I'm his duties who shall receive an
annual salary OF two thousand dollars.
The bank commissioner may employ such
| clerical assistants as he may from time
to time Require, and shall be allowed for
each year the sum OF two thousand dol
lars or so much thereof as may be neces-
sary for the payment thereof and for Of
nee expenses and actual expenses In
CURED by him. his deputy and assistants,
in travelling in the performance OF offi-
cial duties. The state auditor Is hereby
directed TO draw his orders upon the gen
| eral treasurer from time to time for the
payment of the salaries OF the bank com
missioner and his deputy, upon vouchers
approved by the bank commissioner. and
| shall also draw his orders upon the gen
eral treasurer from time TO time for such
clerical hire and expenses, upon vouchers
approved by the bank commissioner, TO
be paid out of any moneys In the treas
ury not otherwise appropriated.
Sec. 32. The bank commissioner. either
personally or by his deputy. with such
assistants as he may designate. shall at
least twice in each year. and whenever
| he considers IL eNpedient. visit and ex-
! anime each bank, savings bank, or trust
company incorporated In this state and
| II IL is connected with a national bank
he shall make such arrangements with
| the national bank examiner. II possible.
| that their visits shall be simultaneously:
Provided that in the first year of the
| operation OF this act only one eyamina-
| tion OF each bank. savings bank, and
| trust company need be made. At such
visits he shall have free access TO the
vaults books, papers, and assets. and
shall thoroughly inspect and examine the
affairs OF said corporation To ascertain
its condition. its ability to fulhll it's Oh
legations, and whether IL has complied
with the provisions OF law The commis
sioner shall preserve "A full record OF such
examinations. including statement OF
| the condition OF each OF said corpora
tions. Such records and information con
| tained I'm reports OF banks. savings banks
and trust companies. under the supervi-
sion OF the commissioner, other than in
formation required by law TO be filed
shall be open only to the inspection OF
the Commissioners. his deputy and assist
ants. and such other officers OF the stale
as may have occasion and authority to
inspect them In the performance OF their
duties. The imparting OF such informa-
tion by the commissioner other than ac-
cording 10 the provisions OF this section.
shall be sufficient cause for his removal.
and any such deputy, assistant, or officer
| who. except In the discharge OF his Off
cia duty shall impart any such informs-
tion. shall be liable TO a fine Of not es-
ceeding one thousand dollars. and any
such deputy or assistant shall also be re-
moved from his said ofiice or employment
by said commissioner.
Sec. 49, The bank commissioner may
summon the directors. trustees, officers
or agents OF any bank. savings bank. or
trust company. and such other witnesses
as he thinks proper. and examine them
relative TO the affairs. transactions. and
condition OF the corporation. and for that
purpose may administer oaths Who
ever. without tustihable cause, refuses 10
appear and testify when 30 required or
obstructs the commissioner. or his dep
uty. in the performance OF his duty, shall
be punished by a fine OF not exceeding
one thousand dollars or by Imprisonment
for not more than one year: and In case
any person shall refuse TO furnish any in
formation requested by the commissioner
or his deputy, under the authority OF any
section OF this act. the commissioner may
apply 20 the superior court. and said
court shall cause such person 20 come be
fore IL and shall thereupon inquire Into
the facts set forth in such application
and may commit such person 10 jail until
ne shall comply with such request. IT,
IA the opinion Of the bank commissioner
such corporation or It's officers or trus-
tees have violated any law relative 20
such corporations. he ~hall forthwith re-
port such violation 20 the attorney gen
eral. who may. in behalf OF the state. in
stitute a prosecution or other appropri-
ate proceedings for such violation.
Sec. -. Upon the written application
under oath TO the bank commissioner by
depOsitors OF any corporation subject 10
the provisions 81 this act. representing
fve per centum of the deposits. az shown