The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1908-11-02

transmitted 10 the Auditor and shall
be- fIed and preserved by him In his
Office. The directors shall cause ia
be Kent suitable books of records OF
all transactions OF the bank on asso
citation and shall furnish to the Audi
tor lists OF the stockholders anu
copies of any other records the Audi
tor may require. And there shall be
an annual meeting Of the st0ckhold-
erS for the election OF directors each
year on 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 prlyi'
leges of the association Or Of any per-
son IN any way interested but the eX-
isting directors shall hold office until
their successors are elected and quail
fed. as in such cases may be by law
provided Vacancies may be filed b.
a two.thirds vote OF the remaining
directors
Every director Of any bank or ASSOC
citation organized under the provisions
free Of any lien or incumbrlnce, at
least ten slarts of the capital stock
OF such bank or association of which
he is IL director, Any director who
ceases 10 be the owner of ten shares
Of ITO 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
uf this Act shall hold regular meet
ings at least once each month, and
there shall be present Il quorum, as
may be prescribed by the bylaws of
such bank or association approved by
the Auditor of Public Accounts.
Any officer director or employe Of
any bank or association organized UNI
der tie provisions of this Act, who
shall WlfullS and knowingly sub
scribe to or make or cause to be made
any false statement with intent to de-
eelye any person or persons authorized
bank or association, upon conviction
thereof shall be punished by imprson.
ment of not less than one year or more
than ten years.
Section 3. When the directors have
as IN section t of tiis Act,
ana the "Hpital stock of such associa-
ton sla.. have been all fully paid in
and record Of the same laid before tie
he shall, by himself or some
person of his appointment,
make thorough examination into the \
litaits OF such association. and il salts
led the authorized capital stock has
las the fun amount dedicated to the
business, Including proposed surplus,
{ any. ana when they pay into the
tuditor's office the reasonable ex.
lenses of such examination he shall
1--WE them a written NJ printed certit.
ate under seal authorizing them 70
ommence the business designated IN
ection j of this Act, And said certif
ate and the permit issued IN accord
nee herewith, duly certified by said
auditor, shall be filed and recorded IN
he office for the recording Of deeds
i the county where such bank Is or.
anl2ed .and the original or cert
cd copy thereof shall be evidence in
II courts of the existence and authori
y of said corporation to do business
nj permit said bank shall be lremeli
Ally organized and MAJ proceed Il
usinpss
The Auditor may, in his discretion =
lthhold the issuing OF the said Ger,
hcate authorizing the commencement .
business when he is not satisfied {
to the personal character and ;
andhg of The officers OF directors
rcted or appointed In accotdnnc,
IT'D sections and of this Act. o. I
hen he has reason 10 believe thar q
e, bank Is organized TOT any purpose .
her Than thar contemplated by tli, d
1T, :
Section 10. The total liabilities 10 q
~ association. of any person or Of
~ corporation or firm. for uIunry
proved including ia the liabilities I
a company or firm the liabilities of q
q several members Thereof. shall az J
time exceed fifteen per cent al tie 7
Mount OF the capital stock at such Y
ISOLATION actually paid in aud uaim =
ired, and fifteen per cent 81 It's un :
Ipaired surplus fund d
Provided. however that the total y
Utilities Of any such person. com u
ny OF hrm shall al 100 time avceol y
irty per cent of the amount OF capi Y
actually paid la And provided y
rther, that undivided profits shall y
Z BE- construed a. part Of the sur
~. but The discount 1t bills 81 eX- \
ange drawn in good faith against %
tually existing valucs aud the dis %
mt 81 commercial or business PAPER ~
lually owned by tie person uega- oI
thug tie Suue shall not d. c1nsid. ~
II ~ money borrowed
Every soch luan made n violation IN
the PROVISIONS hereof shall b. due OF
j payable according to i's terms al
a Il.