The Virginia enterprise., 1909-04-30


may be divided and some portion there
| OF sent to each Of two or more Judges
In such manner as the court may direct"
Approved 1a rSved p Apel IT, IT, isos as It's '''''
CHAPTER zo1--s. F. NO. sol.
AN ACT to create and establish . de-
partment Of banking and to provide
for a superintendent Of banks and the
powers and duties OF such superintend-
ont Of banks and examiners. and nx-
Ing their compensation: and to provide
Control St gts. ct S1s se7nss ane
trust companies, building and loan as
sociations, and other financial corpora-
tions; and to appropriate money there
State Of Minnesota:
There is hereby established within this
state a department OF banking which
shall 6 have charge Of the the execution ,,t OF
ings banks, trust companies, building and
loan associations and other financial cor
porations chartered under the laws Of
Such department shall be designated %
the Department Of Banking Of the State
Of Minnesota. and it shall be under the
management and control Of a chief on
SS& w VIC NOO"A 90 NAO oApVA bAS0AAN0AS
Sec. 3. Superintendent Of Banks; Ap-
pointment; Term Of Ohce-The governor,
ana appon %a the G the Of SnRs
for the term Of three years and until his
successor in once shall qualify; and in
case Of a vacancy in such Office. It shall
mainder Of the term. Such superintendent
not less than Ave years active experiences.
once hold any other public ONCE under
the state, or under any county, munic-
ipalIty or public institution therein. nor
shall he be a stockholder, director, or an
ohcer, trustee, assignee. or employee Of
any banking. savings or other financial
institution or corporation herein named,
within or outside the state. Said super
state n IN tAs 9he SUM A Of y 9n1
governor. conditioned for the faithful per-
fos%snse spc q sea%Se his &St'es ssner,ntendent
banks shall devise a seal for the use OF
his Office which shall continue to be the
seal Of said department A description
shall be aled in the Office OF the secretary
Of state.
Sec. 4. Powers Conferred On. and Du-
ot 6ans e Shall Sa
with all the powers. authority and priv
shall take over all the duties Of the
banks, savings banks. trust companies
building and loan associations and other
financial corporations within the state:
enT herein tS ntesfas y Rs ss to for
pletely; divorce the banking department
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
companies. building and loan associa-
| ttons 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
trust companies, building and loan as
sociations, and other financial corpora
tions inspecting and verifying the assets
and liabilities Of each, and SO far investi-
sets Of each such corporation as to as
certain with reasonable certainty that the
values are correctly carried on its books
shall h further aysssisats the msth
corporations and their systems Of ac-
counting. to ascertain whether such
methods and systems are in accordance
He may examine or cause to be examined
by the examiners hereinafter provided
for. on oath. any Of the officers. direct
Of anS sueh nsn
cial corporations touching the affairs
and business thereof. and may. in. the
:. Of bis. his Gciai lei duties issue
subpoenas. and administer, or cause to
be administered, by the examiners. oaths;
provided that in case Of am. refusal to
Snsy Snder Fl. sneS refusal may
at once be reported to the District Court
Of the district in which the bank or other
sSSTt sh:li = sntSTes fSs e1saisnss e 'as %
law a"- for enforcing obedienee '1eso to su6y Ry
pSsnas Of "a said s1 so%rt ,,. In all n. matter. re-
tendent Of banks shall have the same
sue subpoenas and cause them to be
rectors, trustees and employees Of state
banks, savings banks, trust companies.
building and loan associations and other
financial corporations within the state:
knowledge Of the affairs or methods Of
such institutions. shall at all times af-
ford reasonable facilities for such exam
to the superintendent Of banks, as ne
NAV require: attend and answer under
oath. his lawful inquiries. produce and
exhibit such books; - ACCOUNTS; sam $40. documents.
spect. and in ali things aid him in tho
performances Of his duties.
Sec s. Supervision by Superintendent
bank. trust company. building. and loan
tons shall be at ait times under the
supervision and subject TO the contro! Of
manner as they are now under the su-
pervision ana subject to the control Of
the public examiner. and all rights. du-
ties. powers and privileges conferred upon
corporations, by the laws Of Minnesota,
are hereby conferred upon the super
intendent If banks.
Sec. 8. Refusal to Obey Instructions:
Penalty-Every person who shall refuse
or neglect to obey any lawful direction
or order Of the superintendent Of banks;
withhold any Information. book. record,
! the purpose Of examination and ascer-
| tanning the true condition Of the corpo-
ration; willfu1ly obstruct or mislead him
In the execution Of his duties or falsely
der OATH shah be guilty Of felony,
f,ne fns % Of ONE thousand {siooS9 % doiiarsse 1e Of
Imprisonment tn; the state prison for one
Sec. Z. omcial, Records: Annual Re-
lports-The superintendent Of banks shall
keep all proper records and flles per-
tatning to the duties and york Of his
annually. touching an. Of his ofacial acts,
giving abstracts Of statistics and condi-
tion Of the various banks and other cor
porations to. which his duties relate, and
gestions as he may deem proper, which
report shall be printed and bound in q
satisfactory and substantial manner and
distributed smong al OF. the state banks.
and loan associations and other f9nan.