The San Francisco call., 1909-05-31
Corporations
nANKING

BANKING
chap. 20. Ranking act A complete eodih,eA.
tioo ~ laws governing banks and the eankmS
business II aboiishes the hank commission aua
provides fof n superintendent OF banks eHo
pointed y the governor ~ salsis :. hs.hs
rorr rps-rr4si hanks and trust companies ore
brought within his supervision. and the act pre-
scribcs the rnsfhcd ~ their organization wno
.s,n -, cifefhi, 10 serve a. director of
hank No bank officer Or director tneseo,
shall open any branch bank unless tns aus n,
rnif IN rash capital stock of such main hank
thali exceed tho requirements ~ the act ~
SOS 600 Tor each branch. Directors must tax
an osta - othce and mus "~h s,., az ls :, ,l,s
worth of stock Nc person not subject 70 tne
,unervision ~ che superintendent of banks may
use any sign corporate name lnoloAtnh
ranking business Al banks except Swings IN
uflfuti6ns must keen On hand IN lawful money
as nsr centum 81 their denotit hRhihnes. eA
tiurlVe ~ public deposits, -
The minrinr ~ trust funds with he hank
reservs Il made felony. Borrowing deposits
~ funas IN a hank by officer Is felony.
Ths Investment - i;s capital or deposits ~ Us
own capital stock ls q felony. oFerarAuSnt oy
an ofdccr or emplcys. acceptance of q com
mission FOR securing loan are ieonles, nsi
estate ioens, except as hrst lien are pronipi'sa. 80
The superintendent must givo bonds IN the
sun ~ $50 0Oo. Tho expense ~ the department
are limited 10 sTS.ooo yesr Hnd are TO be
sweeping powers extending 70 assuming con,
srol md liauidating the affairs ~ hanks deemed
unsafe. rhe act rakes effect July l.
BUILDING AND LOAN
cher. sss: Amends section eis. civil code
rrlstinc TO and deauing what shall be IN
c'uded fn the term hgilding and Loan aseocla-
fions far the purposes ot reputation ana ihNpe'
t.an ~ the commission BY broadening the
doanition - that t covers stock deeeniures OF
instruments issued either Tor money palo N
ADVANCE of instsllments. but with an intent.
either implied or expressed thar tne pfooeees as
and accumulated installmcnis thereof are 70 ec
witherewahls or repayablo With accumulated
profits ~ some future nNed or indefinite date
cbsp sie. ADDS section casa new 20 the
rfvii code. authorizes the organization of hHlld-
fnc sn6 loan associations without capital stock
to be accumulated by The issuing u member
ship shares having a paid up or ninmate ms
fured lustHiimeut value Or Slp" or 800 eseh,
Tho section also authorizes the reorganiHahon
~ existing associations under the new plan.
EDUCATIONAL
CHAP s5 Amends section 6sa, civil code.
relating ia the Incorporation ~ colleges ann
seninarics hy providlng thst the maximum mum
her al trustees may De 23 instead of 10
INSURANCE
Chap 20T. Etahlish q standard form 81 are
Insurance uolicy and prohibits variations except
upder spe-iacd conditions The fallen huiiolns
cieusc especially stipuletes that unless by con
trarv sgroemen; indorsed On the policy. u any
hundine or material part thereof fall, except as
the result cf Gre. The policy shall st once he
avoided snd the insurance cesse. The insurer
q Ole only FOR actnsl cash value. Policy f.
avnidod by misrepresentation n or conceaiment II
s Is assigned before loss b. other Insurance.
'i ANNhNiNA "a NAtiEAAtr "a tNe@&Na
building IS on ground not owned by insured, 10
tsys vacancy. chsftel mortgage or the employ
nent ~ mechanics Tor more than Is days max
ins repairs. IL also contains the usual eN-
posivc snd Illuminating gas prchlhiton-
Chsp 500. Amends section siS OF the polit-
i-si code relating deposits with the com
missioner 10 California companies Tor the pro-
fection 81 policy an other states or coun-
tries hs providing that n shc securities dc.
posted consist - mortgages they mast be ac-
comnanicd hv abstracts, title Insurance policies.
fhe necessary fees for the examination 81 titles
or ~ bonds snd stocks The necessary Tees FOR
thsp coo. Amends section sa4s * the
political code BY providing that the deposits of
securities required from foreign insurance com
psnies must st al times be- maintained az or
above the legal minimum. exclusive q all lishil~
tles Tor losses reported, expenses. taxes aud re.
insurance.
Chsp. e0i Amends the county insurance conf
psn, aci hy providiug thar policies on property
Nithin corporate limits II citics or towns shall
not exceed 81 per cent ~ The value of che prop
crfv sud prohibiting adeitional insurance; also
hY providing thai tke secretary and treasurer
NAV n65ast losses ~ Si.S0a ar less claims for
committee ~ NOT less than three disinierested
members az the company.
uhap. Coz Repcsis section enoa ~ the polit
zeal code relating to rrlicensiug Insurance CON
pennies ~ the commissioner and recnscts the
same section as eoSs.
code ny providing that The mertCaror enectiug
insurance in mis- own nsms Tor the mo-ygSgec
NAY siirulate against bis own interest IN the
Chap. eos. Amends section sIse % the civil
code. relStiRg 90 the measure - damages under
40 valuation Gre Insurance policy by making
Gear thai fhe measure j. the expense 70 tho
Insured 20 restore. uder tho original sec
ten tte expense might hc that ~ either party,
'n thst ID WA not dcaned.
Chsp. COS. Amends section Ga2 POLITICAL code,
rflktine 60 the rules Tor Insolvency cf fnsur-
Encc companies BY changing section numbers to
comply With other amendments snd exempting
from the provisions ~ she section life nre
association operating on the assessment or IRA
chap eo6. Amends section aes OF the pollt.
seal code relating % actions fo force Insurance
companies into insolvency by making "a clear
HAT tAe section Sppiies 10 companies organized
Chap. COZ Amends section ela political code,
rsfslrine 10 fees 20 ~ coliected ey the insur-
ance commissioner by Increasing ding fees Cor
articles 81 Incorporation or certificates ~ same
for foreign companies from $50 20 SsS; Tor tiug
Anne.piment q agent er stipulation. So Tor
csrtifcete ~ deposit ~ securities Tor indemnity
* nalcy holders IN other states. s., Tor brokers
annual license. Si0.
Char 6is. Amends section aas pol,tlcai code.
ny stfink a new clsss og Insurance business
teen aud vehicle insurance snd reclassifying
tee capital stock requirements 10 include such
Glass.
NoNPRoFTr
Chan. -. Adds rev ;irie NXf "a TIE civil
code prcvid.ng for the examination a noaproni
cooperative agricultural. vlticulfurai and hortl-
csiturSl associations, designed Go permit the
ecnhinettoa ~ three CT more persons engaged In
the p-oduciion. preserving. Sh,pHing or market
inS of such products uithoct ineurring The penal
ties - the suti-trusg act.
C&zp. SEC Amends thc Snti trust law of
1907. ~ providing fhst 10 sgreegnenf conibina
tiep cr assoc3stion shah b deemed unlawful or
within the prcvisions - the Sn;l-trtSt act tns
object ana hrSineSS - which are 20 conduct its
o7ersticrS a. msrset its products az a reason
sels prott ~ far vendors ~ manufacturers n
sin,iisr commodities 10 poo organize fer pur.
peScs - transporting az marketing their com.
rodltie>. Combination Ter purposes ~ nrometinE
ecnpeitcn = also expressly exempted from the
prcTisioas of the srt and lshor. skilled az IN.
stillct j. declared rot 20 ~ commodity
wfrhir tee uezainr - tho act.
fSisn. sos Amends section S2f civil code
rcsf,nE sa ths ccntents 81 srficieS % lrcorpora
sen ~ ecrncraylcnS tnr nurpn<e< otNe- thar
prehS ~ proSiSine ghst sace SrtScies must in
rle6e statement thai tAe eicctlc1 cf dircctc-s
sss ne1d &c Sccoutznce VITA tbs terms u A rssa
ssFtcr Rdopted 81; TIE lsst p-icr regular meeting
srt tlat nctfcF ~ Such meeting given 70 "a.
r.srhfrS AZ rhc SsSaciaticl.
.4>taN. H-e, AlaS title XXI 10 tke eivf
ssce rrcridiac Ter the c-<anlraSfon ~ aN1rr06i
-1-epxrxtlvc corpc-stiC.S. Snt j. designed &,
srstie cosnelnstionS ~ shippers prosocerS fol
marketing snt other purposes without Violates
- the s,tisruSt laN-
Tksp. r-ls ADenc< Sectlcn 6lA. eiSli ccle
r-cvisloG for sce consolidation os corrcra sions
ssrrsrsses fcr PurpaSe< csHer rhsa 7reet ~ Strik
iag cag TIE 9-ovisions receiri,g ss 4 prcreQai
$50 . tAres 1fshS .ffrgasTtve vote ~ IL seve-A
hcs-is q cirecso-s and RVevidsng fo- ceosa,ids
ftor ~ srapls reSclrtior. vhicA means that Sucl
cn~siitscles mss - Sccoupiisaed hy nssoris,
Ncle
RAILROADS