St. Paul tidende. [volume] (St. Paul, Minn.) 1902-1928, 1909-05-07

IN sucn manner as the court may ulrect.
!. Sec. 2. This act shall take effect and
be in force from and after its passage.
Approved April II, 1909.
CHAPTER co.'s. F.. NO. 301.
AN ACT to create and establish q de-
partment Of banking and to provide
appointment of examiners; defining the
powers and duties Of such superintend-
ent OF banks n examiners, and fix
i foe a an syste eem df examinat ana 40 dRtoy and
control of State banks, savings banks.
trust companies, building and loan as
tons: and to appropriate money. there
for; and to fl the fees for examination.
Be it enacted by the Legislature Of the
State of Minnesota:
Section l.. Department established
state a department Of banking which
shall nave charge Of the execution of
all laws relating to state banks. saw
loan associations and other financial cor
porations chartered under the laws Of
Minnesota, and the business thereof.
Such department shall be designated as
of Minnesota, and it shall be under the
management and control Of a chief OFF,
Ger to be known as the superintendent
Of banks.
Sec. 2. Superintendent Of Banks; APP
pointment: Term of Ofice-The governor,
by and with the consent Of the senate,
shall appoint 2 superintendent Of banks
successor In office shall qualify; and in
case of a vacancy in such Office, It shall
be filled by like appointment for the re-
Of banks shall be a practical banker Of
not less than five years active experience,
and shall not during the term Of his
office hold any other public office under
the state, or under any county, munic-
ipality or public institution. therein, nor
shall he be a stakeholder, director, or an
officer, trustee, assignee, or employee of
Institution or corporation herein named,
within or outside the state. Said super
%intendent Of banks shall give a bond to
ESQ, ooo] dollars oil to be approved by the
governor, conditioned for the faithful per-
Torrance Of his duties:
Sec. 9; seal.The superintendent Of
his office which shall continue to be the
seal of said department. A description
Of the seal with a impression thereof
Of state.
Sec. 4. Powers Conferred On, and Du-
ties Of Superintendent Of ~.Banks-The
With nth all il't the powers W sa' auth GRITTY al and priv priv.
ileges at present conferred by law on, and
shall take over all the duties Of the
PP sh bic e ssGings hi in relation lr1e od to s stat
building and loan associations and other
financial corporations within the state,
p peinF herein tSa ,n feeffiIf5eal oy t gf{ev sst to for cont It
pletely divorce the banking. department
from the office of the public examiner,
and to confer upon said superintendent
and privileges Of the public examiner in
perintendent Of banks shall exercise a
or through the examiners hereinafter
provided for over the books and affairs
Of all state banks, savings banks, trust
lions and other financial corporations do
Ing business within the state; and shall,
through the examiners hereinafter pro-
vided for, visit at least twice each year
all Of said state banks, savings banks.
trust companies, building and loan as
sociations. and other financial corpora
tons lnpsspectinE n verifying the assets
gate the character and value Of the as
sets Of each such corporation as to as
certain with reasonable certainty that the
He shall further investigate the meth
DDS Of operation and conduct Of said
corporations and their systems of ac-
methods and systems are in accordance
with law and ound banking principles.
He may examine or cause to be examined
by fS, the o examiners liner hereinafter prg9E r6
ors, trustees, owners, agents. clerks, Gus
cial corporations touching the affairs
performance of his official duties, issue
or. cause to be issued by the examiners,
subpoenas, and administer, or cause to
provided that in case Of any refusal to
under his direction, such refusal may
Of Of the Gle'e district ST. tap IN which c tn b bank or o other
financial corporation is located. and such
court shall enforce obedience to such
subpoenas IN the provided by
iating to his official duties, the superin-
tendent of banks shall have the same
sue subpoenas and cause them to be
served and enforced, and all officers, d.
%rectors, trustees and employees Of state
building and loan associations and other
financial corporations within the state,
and all persons having dealings with or
s sne% fnstftu I'll nae s AaIlrs at OF ali mf fimes a e.
ford reasonable facilities for such exam
nations, make such returns and reports
to the superintendent Of banks, as he
oath. his lawful inquiries. produce and
exhibit such books, accounts, documents.
and property as he may desire to in
performance Of his duties.
Sec. 5. Supervision by Superintendent
Of Ranks.Every state bank, savings
association and other financial corpora
lions shall be at all times under the
supervision and subject to the control Of
the superintendent Of banks. in like
manner as they are now under the SUI
pervision and subject to the control of
the public examiner. and all rights. du-
ties, powers and privileges conferred upon
the public examiner, In regard to such
corporations. by the laws Of Minnesota,
are hereby conferred upon the super
intepdent Of banks.
wilful DISTINCTIONS; False Swearing;
Penahy-Every person who shall refuse
or neglect to obey any lawful direction
or order Of the Superintendent Of banks;
withhold any Information, book, record,
paper or other thing called for by him for
tanning the true condition Of the corpo-
ration; willfully obstruct or mislead him
in the execution of his duties. or falsely
swear concerning any matter stated un-
der oath. shall be guilty Of q felony,
fine Of one thousand (si,oool d,1n. ~ or
imprisonment in the state prison for one
Sec. Z. Official Records; Annual Re
ports-The superintendent Of banks shall
keep all proper records and files per-
office. and shall report to the governor
giving abstracts Of statistics and condi-
ton Of the various banks and other cor
porations to which his duties relate, and
making such recommendation and sug-
gestlons as he may deem proper. which
report shall be printed and bound in a
satisfactory and substantial manner and
distributed among all Of the state banks,
savings banks trust companies, building.
and loan associations and other fnan-
cial corporations within the state.