Norwich bulletin., 1915-04-30
DUTIES AND POWERS OF BANK COMMISSIONER
Specified in Act Adopted in House in
 Conference with Senate.

An act amending an act. concerning the appointment of a bank commis- sioner and abolishing the office of building and loan commissioner, was adopted in the house on Thursday in concurrence with the senate. It reads as follows:
 Section 1. Section four of chapter 29 of the public acts of 1915 is here by amended to read as follows: The bank commissioner, his deputy, or an examiner of the department, shall visit every bank, savings bank, trust com pany, building and loan association, and mortgage investment company in this state. annually or oftener, and shall, personally or by his deputy or an examiner of the department, eX- anime such bank, company, or asso- citation, in the presence of one or more of it's officers, to ascertain whether it has been managed according to law and said commissioner, deputy, or eX amlner may examine any persons un- der oath in relation to it's affairs, which oath said commissioner, dep uty, or examiner may administer; may compel the attendance of witnesses and the production of books and papers by suitable process; and in case any person shall refuse to furnish any in
  sioner, deputy, or examiners, under au- thority of any provision of this sec tion, may apply to a judge of the su- perior court, who shall cause such person to come before him and inquire into the facts set forth in such appli- cation, and may thereupon commit such person to jail until he shall com ply with such request The bank com missioner, deputy, or examiners or their assistants and clerks shall not impart any information obtained by them in the course of such examina- necessary in the performance of their duties. Said commissioner shall have power to employ expert real estate ap- praisers to appFaise real estate owned by such bank or any real estate upon which any bank has mortgage and upon which the interest thereon is more than one year in arrears, at the discretion of said commissioner, and the expense of such appraisal shall be borne by the bank owning such land or mortgage. He shall have authority to prescribe such forms of accounting as may seem to the best interest of any bank, when the methods of such bank fail to clearly and accurately show the liabilities, earnings, and a proper classification of it's assets. He shall have authority to order all se- curities kept within the state except when such securities are held as col lateral. When the assets of any sav- ings bank are found at a fair market valuation to be insufficient to pay it's obligations, the commissioner may or der reduction in the rate or suspen- sion of dividends until such time as the market value of its assets shall be found to be sufficient to retire all ha- bilities of said bank. The bank conn missioner, his deputy. or an examiner shall visit and examine every bank. savings bank, or trust company, with the United States examiner, in every case where the active executive officer shall hold an executive office in any national banking association, or when any bank under the Jurisdiction of the bank commissioner shall have it's place of business in the same room, or in a connecting room, as that coupled by any national bank association.
 Sec. 2. This act shall take effect from it's passage