The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1915-03-02
SENATE BILL No. AZ.

SENATE BILL No. AZ.
AN ACT relating to bank reserve and
amending section Al of the General
Statutes of 1909, and repeating said orig
inal section
Be it enacted by the Legislature of the
State of Kansas:
Section 1. That section All of the Gen
eral Statutes of 1909 be amended to read
as follows: Sec. All. Each bank doing
maintain a reserve consisting of cash in
its vaults and credits in solvent banks
none of the stockholders of which are
stockholders in the depos1tlng bank eX-
cept when approved by the state bank
commissioner. Such reserve shall be held
and maintained as follows
(a) A bank located in city having less
than fifty thousand population, in which
the credits due other banks are less than
hold and maintain reserves equal to twelve
per centum of the aggregate amount of its
t anf follows love per t 4s
four twelfths, and either in it's vaults or
in other banks eight twelfths; provided,
that upon approval of the bank commits
sioner, any bank, located in city having
less than one thousand population; shall
not be required to keep i'll its vaults more
than three twelfths of its reserves.
(b) A bank located in a city having less
than fifty thousand population, in which
the credits due other banks not less
than twenty per centnm of it's deposits,
and any bank located in Il city having
population of2fifty thousand or over, shall
hold and maintain reserves equal to fifteen
per centum of the aggregate amount of its
demand deposits and i've per centum &c, OF
five fifteenths, and either in its vaults or
in other banks ten fifteenths.
The reserves carried by a bank in other
regulations as may be prescribed, by the
state bank commissioner, for the purpose
of meeting liabilities; provided, that no
bank shall make new loans or pay divi-
dends, unless, at the time, the required
reserves maintained
from other banks, shall be taken into
count in estimating the amount of deposits
on which the reserve requirement of any
bank is based. The bank commissioner
may refuse to consider as part of the
reserves of any bank, any funds in an
other bank any of whose stockholders are
stockholders of the depesiting bank, or
which shall neglect or refuse to furnish
him with information asked for relating to
it's solvency concerning its business
with the depositing bank.
meaning of this act shall comprise all de-
posits payable within. thirty days, and
payable after thirty days and all savings
accounts and certificates of deposit which
are. subject to not less than thirty days
Sec 4. The bank commissioner may
suspend for a period not to exceed thirty
days, and from time time renew such sus
pension for periods not to exceed fifteen
days, any reserve requirements specified
Sec s. Any bank whose reserves are be-
low that required by this act, which shall
violate any regulation or requirements of
reserves, and shall fail to restore its re-
serves, for a period of thirty days after
being notified to do, may be deemed
insolvent, and the state bank commission
err may take possession thereof and pro-
coed in the manner provided by law to
insOlvent banks.
Sec. 6. Original section All of the Gen
eral Statutes of 1909 and all acts and parts
of acts in conflict with this act are hereby
repealed
Sec Z. This act shall take effect and be
in force from and after its publication in
the official state paper.
1 hereby cretify that the above Bill orig
mated in the Senate, and passed that body
February 4th, 1915.
February 25th, 1915, Senate concurred in
House Amendments. -,
w. Y. MORGAN,
-v President of the Senate.
BURT z. BROWN,
Secretary of the Senate.
Passed the House February 25th. 1915.
ROBERT STONE,
Speaker of the House.
1. e. LAMBERT,
Chief Clerk of the House.
Approved March 1, 1915.
ARTHUR CAPPER, Governor.
State of Kansas.
I, ]. 7. BOTKIN, Secretary of State of
the State of Kansas, do hereby certify that
the above and foregoing is correct copy
of the original enrolled bill now on file in
my office.
IN TESTIMONY WHEREOF, have
hereunto subscribed my name
[Seal.l and affixed my official seal,
this LIST day of March, 1915.
J. T. BOTKIN, Secretary of State.
By e. A. CORNELL,
Asst Secretary of State.
rrL. u,a..I-. CO.. Ta.-.-..I