Echo de l'ouest. [volume] (Minneapolis, Minn.) 1883-1929, 1909-04-30

ply Sucn denclency' anu Wills o'
facias shall issue summoning. such per
judge Of the court may, direct. .,,
Provided. if at any time during sue
a jury shall be needed for an additional
period not exceeding one week. the court
or a judge thereof may, by order, d1rect
that the panel of jurors then serving oe
ditional period.
Provided further, in districts where
more tina one Judge is sitting In the
same county at the same time; the Pane Pane
Of sent to each of two or more Judges
in such manne as the court may direct :.
Sec. 2. This act shall take effect and
ibe in force from and after Its passage.
Approved April II. 1903.
|, CHAPTER 2o1-s. F. NO. 3o1.
AN ACT to create and establish a de-
partment Of banking and to prov1de
for a superintendent of ana me
appointment Of examiners; defining the
powers and duties Of such superlntend-
ent of banks and examiners, and FIX
ing their co~mpensation; and to PROVIDE
for a system Of examination: audit, ana
control of State banks, savings banks
sociations, and other financial corpora
tons; and to appropriate money. there
for; and to fix the fees for examination
Be it enacted by the Legislature of the
State OF Minnesota:
Section 1. Department established
state a department Of banking which
shall have charge of the execution OF
all laws relating to state banks, say,
ings banks, trust companies, building ana
porations chartered under. the laws OF
Minnesota, and the business Thereon.
Such department shall be as
the Department Of Banking OF the state
- 1el 81 Clol1 he under fhP
management and control of a CHIEF ON
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 a superintendent of banks
for the term Of three years and until ms
successor in Office shall qualify; and IN
case Of a vacancy in u Office. 1T shall
be filed by like appointment for the re-
mainder of the term. Such superintendent
Of banks shall be a practical banker OF
and shall not during the term Of his
office hold any other public office under
the state, or under any county, munlc-
ipality or public inst1tutio9 therein : y nor sI
officer, trustee, assignee, or employee OF
any banking, savings or other ~nanc1a
institution or corporation herein named
within or outside the state; Said super
($5o, O0O) dollars, to be approved by the
governor, conditioned for the faithful per-
fos mi Of sa his dp = s,ner,ntendent Of
banks shall devise a seal for the use OF
his office which shall continue to be the
seal of said department. A description 4hpprnn3
shall be filed in the Office of the secretary
Of state.
Sec. 4. Powers Conferred On, and Du-
ties Of Superintendent of Banks-Ihe
| -.,,, @~t 80 nj Chon no InGfaT
with all the powers, authority and priv
ileges at present conferred by law on, and
shall take over all the duties Of the
public examiner In relation to state
building and loan associations and other
financial corporations within the state:
not herein specifically provided for; IT
pletely divorce the banking. department
from the office Of the public examiner,
and to confer upon said superintendent
of banks all the powers, duties, authority
relation to said corporations. Said SUI
perintendent Of banks shall exercise a
constant supervision, either personally
% pr 5HfSpffo for, owe oVer t the books and and affairs
of all state banks, savings banks, trust
companies, building and loan associa-
lions and other financial corporations do
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
lions inspecting and verifying the assets
and liabilities Of each, and SO far investi-
gate the character and value of the as
sets Of zach such corporation or "a as th TO as
values are correctly carried on its books.
He shall further investigate the meth,
DDS of operation and conduct Of said
corporations and their systems of ac-
counting, to ascertain whether such
methods and systems are in accordance
with law and sound banking principles;
He may examine or cause to be examined
for, on oath, any of the officers. direct
ors, trustees, owners, agents, clerks, Gus
toners or depositors of any such fnan-
and business thereof, and ms in the
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
obey any subpoena issued by him or
under his direction, such refusal may
at once be reported to the District Court
financial corporation is located. and such
court shall enforce obedience to such
subpoenas in the manner provided by
law for enforcing obedience en- TO- SUB To-
lating to his official duties, the superin-
tendent of banks shall have the same
power possessed by courts OF law 10 IS
sue subpoenas and cause them to be
served and enforced. and all officers. di-
%rectors, trustees and employees OF state
banks. savings banks. trust companies.
building and loan associations and other
financial corporations within the state,
and all persons having. dealings with or
knowledge of the affairs or methods OF
such institutions. shall at all times af-
ford reasonable facilities for such exam
nations. make such returns and reports
to the superintendent of banks. as he
may require: attend and answer. under
oath. his lawful inquiries, produce and
and property as he may desire to in
spect. n in all things aid him in the
performance of his duties.
Sec. s. Sunervision by Superintendent
of Banks--Every state bank, savings
bank, trust ompany building and loan
association and other financial corpora
tons shall be at all times under the
SUPERVISION and subject to the control OF
the SUPERINTENDENT Of banks, in like
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
cornorations, by the laws of Minnesota,
are hereby conferred upon the super
intendent Of banks.
Sec. 6. Refusal to Obey Instructions;
wilful Distractions; False Swearing;
P~enalty-Every person who shall refuse
or order of the SUPERINTENDENT of banks;
withhold any information. book. record,
paper or other thing called for by him for
the purpose Of examination and ascer-
tanning the true condition of the corpo-
ration; willfu1lv obstruct or mislead him