The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-03-23
FOR
ALL [. State ! | BANKS.
Recent Legislature Provided for.
Department Of Banking Under
Corporation Commission.
SOME RE- UIREMENTs OF ACT
Cost Of Examination Falls on In
stitutions in Proportion to
Capital.

The recent Legislature passed and
the Governor has approved bill
which has as Its object the examina-
ton Of I'LL banks In tho State by a
state Banking Department under the
supervision OF tho state Corporation
Commission.
The Banking Department will be In
charge OF an examiner. one assistan>
examiner and whatever Office force Is
required. Tho salary OF tho examiner
will be $4,000 a year. The bill pro-
vides that the examiner and his as
sistant must be citizens OF the state,
well vcrsed In the science OF book
keeping, and have had five years ex-
must be examined once year.
The funds for the maintenance of
this department are to come from as
easements made upon the banks ac-
\ cording to their total resources, In
Guiding deposits, capital, surplus. and
undivided profits, as per their report
! OF the preceding June to the Corpora
ton Commission. The examination
fees are fixed as follows: Banks hav-
Ing total resources OF 100000 or less,
s35; moro than 100000 and less than
| 100000, $50; moro than 100000 and
not more than 100000, $50: moro than
100000 and not over 100000, $50:
more than 100000 and not more than
100000, 500: for banks with re-
sources exceeding 100000, a fee OF
s155; and for every bank having one
Z or more branches an extra fee Of SIS
will be charged for each and every
branch, in addition to foregoing fees,
and where the examination OF a
branch bank requires more than ono
n a \ ha r.nf NJ haa 4. ct,
$40 for each additional day.
What the Bill Provides.
Other provisions Of tho bill are:
Hereafter 1t will be mandatory for
officials Of a bank certifying a check
Immediately to charge 1t to tho account
OF the person drawing It.
No dividends may be declared by a
bank until a surplus fund amounting
to at least 10 per cent. OF the capital
stock has been laid aside from net
profits.
Banks are given the power to refuse
to cash the checks Of persons under
the influence OF liquor or drugs
Banks are permitted to transfer the
account OF a. dead person to his repre-
sentatives. VIII en- the representative has
a qualification from proper court.
When tho account Of the dead depos-
itor does not amount to $40 It may be
transferred to the next OF kin without
qualification.
Tho accounts OF minors are to be
free from all interference except that
of creditors.
All State chartered banks. saving in
stitutions, trust companies and any
other corporations of this state author
liked to receive deposits or do any
branch Of the banking business are en-
braced by the provisions Of this act.
National banks receiving State depos-
its are also subject to this act
Private banking is abolished except
such firms or individuals doing business
on January / !. 1910.
Some OF the PensIties.
The ponalty for receiving deposits
when tho bank is known to be insol-
vent is to be not less than fifteen days
or moro than one year in jail, or one
to three years in the penitenttary. The
law was formerly Ono and imprison-i
ment in the penitentiary.
The law goes into effect June s.
The passage OF this law makes 1t
possible for Virginia banks to receive