Omaha daily bee., 1909-02-13
The RAILROADS OUT


banking business in this state shall with
draw, or permit to be withdrawn either IN
the form of dividends or otherwise. any part
OF its capital. II losses have at any time
peen sustained, equal to or exceeding un-
divided profits on hand, no dividend shall
be made; and no dividend shall be made by
any pank transacting a banking business
under the laws Of the state to an amount
greater than the net profits on hand, less
the losses and bad debts; provided, however.
that the capital stock may be increased or
decreased, in the manner following: First.
the stockholders at any regular meeting
shall by a vote of those owning two-thirds
OF the capital stock. authorize the president
or cashier to notify the State Banking board
OF the proposed reduction or increase of
capital and a notice containing a statement
OF the amount OF such proposed reduction
or increase OF capital shall be published fo.'
four weeks in some newspaper published
and OF general circulation in the county
where such bank is located But no feduc-
ton shall be to an amour. less than the
capital required by this act. and there shall
be no reduction of capital or cancellation
OF stock, until. said reduction or cancellation
shall first be'approved by the. State Bank
Ing board; provided. that no reduction OF
capital or cancellation OF stock shall be
made that will impair the security of tho
depositors, and no increase shall be au-
thorized by the State Banking board until
a statement shall have been filed with said
board. that the proposed increase OF capital
has been paid in, and said statement shall
be sworn to by the president or cashier.
Second, whenever any corporation, partner
ship. firm or Individual transacting a bank
ing business in this state shall desire TO go
into voluntary liquidation, they shall first
obtain the written consent of the State
Banking board. who may, If they deem It
advisable, before granting such request,
order a special examination made of the
affairs of such bank, for which the same
fees may be collected as in regular exam
ination.
Section 27-Every stakeholder In any bank
ing corporation transacting a banking bust
ness in this state shall be liable to the
creditors of such bank for an amount over
and above the share or shares of stock so
held, equal to the paid up value thereof.
for all liabilities accruing while such stock
Is owned or held by such shareholder. and
in case any person holding any stock in
any banking corporation shall sell. transfer
or dispose of such stock. knowing that such
bank is insolvent, he. shall be deemed the
owner of such stock, and liable thereon the
same as il such stock had not been sold,
transferred or dispos, d Of; and su n liability
may be enforced whenever such banking
corporation shall be adjudged insolvent
without regard to the probability OF the
assets of such lnsolvent bank being suffi-
cient to pay all of its liabilities.
University Fees.
No more fees will be charged at the
state university save the IS matriculation
fee. il a bill now in preparation for in
PRODUCTION in the legislature becomes a
'aw. At the suggestion of parents who
have sent their children through the in
stitution the bill is being drawn and IL
will be ready for introduction some time
during the coming week. II Is the belief
of the member who intends to father the
measure hat every year II becomes more
expensive for a student to go through the
institution. and inasmuch as many of the
students are forced to pay their own way,
every charge should be cut off and the
sci ool supported absolutely by the tax
payers. Should this bill become a law
II will necessitate the appropriation of
$T5, 600 or more for the biennium to off
set the loss TO the institution and a bill
will be prepared tol take care OF this.
An effort will be made TO secure favor
able action on a bin to provide for the
taxation on foreign corporations which
more than pay what the state will lose
by looping off the fees at the university.
incidentally there is a growing senti-
ment in the legislature TO give the uni
versity only the ! mill levy and not APP
propriatc one cent out of the general fund
for new buildings or maintenance of the
school. This sentiment took practical
shape In the house yesterday when the
bill was killed which appropriated 5000
for the distribution OF a cure for hog
cholera. The objection TO the appropria-
ton was that the money was to be taken
from the general fund instead OF out OF
the mill levy. The strange part of this
performance was the fact that while the
bin was intended to benefit the farmers
II was killed by the farmer members.