The Roswell daily record. [volume] (Roswell, N.M.) 1903-current, 1910-02-08
DIGEST OF
BANK LAWS


laws of all the States and Territories
of this country have been summarize
ed and compared in a remarkably
clear and useful digest. issued today
under the auspices of the National
Monetary Commission as another out
Put oi its exhaustive investigation OF
banking and financial operations and
conditions in this and otner countries.
This digest, practically unique in
scope, is the work of Samuel A. Weld
on. of the New York bar, and in its
preparation the compiler has had the
assistance of the banking officials OF
most OF the States. Although for prac
tical reasons the compilation mas been
sharply condensed, II makes a volume
of $50 pages, SO comprehensive in its
treatment OF the varying laws of the
several jurisdictions that it will prove
Invaluable to all students of banking
and of bank legislation and will no
doubt be In great demand.
1t has not been attempted to present
anything but the substance of the
statutes, for the reason that a digest
dealing with their application or in
depreciation would involve great la
Dor and fill an amount of space wreat-
er taan the commission thought pro
per to give to the subject. The di-
gest deals with the general corpora
tion laws of the States (as distin-
guished from the banking lawsD only
where they were peculiarly accessible
or the hank statutes left blanks which
needed to be supplied. Provisions of
the state laws dealing with circula-
tion are omitted as being of no prac-
tical value, in view of the present
control of circulation by the national
banks.
The statutes are systenatized as
far as possible under the head of each
State by division into three general
captions banks, savings banks, and
trust companies-but in some cases
one head. Under each of the three
captions the following twelve sub
heads appear:
l. Terms of incorporation-inclu
ing capital, dividends, surplus. etc.
II.Liabilities and duties of stock
holders and directors.
Iii. Supervision, including reports
and examinations.
~. Reserve requirements.
v. Discount, loan, and sometimes
vi. Investments.
VII. Overdrafts.
VIII. Branches.
ing.
Y. Unauthorized banking, savings
banking, or trust-company business.
XI. Penalties.
XII. Depositors' guaranty system.
While il has been possible, where
the statutes went into elaborate detail
to give all their provisions in regard
to minor matters, such as the duties
of state officials. legal processes, form
of pass books. and legal proceedings
for assessing stockholders, referenc
es are given which enable a compe
tent attorney to turn quickly to any
thing desired on these subjects.
One of the most valuable features
of the report, from the standpoint of
general research, is the summaries of
the legislation in each State governing
the principal subjects of banking law,
arranged in tabular form. There Is a
table for commercial banks, one for
savings banks, and one for trust COM
panies. These tables set forth in a
striking and comprehensive way 33
items in the banking Statutes of 45
States. Territories. and the District
of Columbia. Thus. it is possible at
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 capital re-
uuired. narcenfare of canital reouir-
ed to be paid in to begin business;
when the remainder must be paid:
requirements as to surplus; liability
of stockholders: number of directors
and their qualifications; number of