The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1910-02-08
GRAND FORKS N.

10. Unauthorized banking, savings.
banking, or trust company business.
III. Penalties. ::
IL. Depositors' guaranty system.
While 1t has not been possible,
where the statutes went into elabor-
ate detail, to give all: their provisions
In regard to minor matters, such as
the duties Of state officials, legal proc
esses. form Of pass books, and legal
proceedings for assessing stockhold-
ers, references are given which en-
able q competent attorney to turn
quickly to anything desired on these
subjects.
One Of the most valuable features
OF the report, from the standpoint
OF general research, is the summar-.
les Of the legislation in each state
governing the principal subjects of
banking law, arranged in tabular
form. There 10 q table for CONNER
cial banks, one for savings banks,
and one for trust companies. These
tables set forth IN a5striking and COM
prehensive way thirty three items in
the banking statutes of forty-five
states, two territories. and the District
OF Columbia: Thus, It is possible at
a glance to. determine in a general
way the leading features of the law
Of each state, and their comparative
relation to the laws of other states.
Among the items dealt with in regard
to state banks are the minimum cap
ital required; percentage of capital
required to be paid IN to begin busi-
ness: when the remainder must be
paid; requirements aslto surplus; liza
biljty Of stockholders; number of d.
rectors and their qualifications; num-
ber Of examinations by directors re-
quired;. special banking supervisor, II
any, with his term of office; cases
where supervision Of banks is assign
ed to other omcials; bank reports re-
Qufred; publication, Of unclaimed de.
posits; official examinations; mini
mum reserve requirements, and what
proportion must be IN cash; limita-
tions on loans, including real estate;
and provisions regarding branches.
The table relating to state banks
shows that the minimum capital re-
Qufrement is In many cases below that
of the national banking law, even
since that was, reduced in 1900 to $780,
900. Among the cases where the mini
mum is comparatively low are: Ala
bama. $15.000;. Colorado, 10000;
Florida, $4,000; Kansas. $4,000;
Kentucky, $4,000; louisiana. s1O.-
000:; Minnesota, $1,000; mississippi.
$4,000; Missouri. $iHl 100; Nebraska,
$4,000; Nevada, 5000; North Car
olina. $4,000; North D3kota. $4,000;
Oklahoma, $4,000; 6Aegon, $4,000;
South Dakota, $1O,0OQt Texas. $10,-
900; Utah. $4,000; virginia, $4,000;
Wisconsin, $4,000; Wyoming. $10,-
900. These are in each Tease the mini
mum for the smallest communities,
and a higher minimum lis required in
some states in towns above certain
population. I
The summary in regard to state su
pervision shows about: half the states
to rely upon some other official than
n superintendent or zbmnaissioner of
banking, although in nsOue of these
cases examiners are appointed: Thus,
III Alabama, the dnty of supervision
falls upon the state treasurer: in
Arizona. upon the auditor of the ter
ritory: in Delaware, upon the insur-
ance commissioner; in Florida. upon
the comptroller; in Georgia, upon the
state treasurer; in Illinois, Indiana.
and Iowa, upon the state auditor; in
Kentucky. upon the secretary of state;
in Nebraska, upon the state banking
board, consisting of the governor, au-
ditor, and attorney general; in North
Dakota and Oregon, upon similar
board; in North Carolina and Virginia,
upon the corporation commission.
The tabular summary in regard to
savings banks deals with .such ques-
tions as whether mutual or stock
companies are provided for: qualifi-
cations of directors and thei rduties;
processes in insolvency: restrictions
on real estate loans; limitations on
other: investments; and the maximum
deposit allowed to an individual. The
tabular summary in regard to truts
companies shows gaps in legislation
i'll certain states, but in those where
a trust company law has been fully
worked out, many. if not most of the
questions dealt with with under banks
aro diacuaQod