The Oklahoma City times. [volume] (Oklahoma City, Okla.) 1908-1984, 1915-02-18
WOULD CHANGE
BANKING LAWS
Important Measure Affecting
State Bankers Advanced
To EngrOSSment.
BOARD MEETING POSTPONED

Many important changes in rAiSl
ing state banking laws are made 10y
the administration bill by the senate
banking committee which was advanced
10 engrossment In the senate commit
Zee of the whole late Wednesday ail-
ernoon The bill went through with
but one important amendment, As "rls
inally drawn 1t retained the feature
Of the present law permitting the 'A'
lahoma State Bankers association 10
nominate the persons FROM when 'h'|
governor is required tu appoint lhe
stnte bank commissioner ana mem
bers of the banking boord.
An amendment was adopted to the
bill which mkes this power away from
the association with references 10 Sc
lection of the bank commissioner and
leaves the governor free To make ms
own selections The feature relative
10 selection Of members NJ the banking
board, however, remains ns uhder eA-
listing law.
Another important change In exist
Ing law Is that state banks are permit
ted under the bill to invest all OF their
surplus and 10 per cent OF their cap
ital stock in depositors guarantee war
rants.
Another important change In the law
IS that surety companies having bonds
To secure deposits In state banks may
participate In the disbursement OF the
assets Of failed hnnk the sane aS
regular dcpo>itorS Surety companies
have refused to give bonds TO state
hunks to secure deposits of public tunus
and ms result the bankers have de
mandcd that some change be made In
fine law so ns to enable the banks to
secure the advantage again Oi such
bonds.
Prohibits Use Of Name.
The bill also cOntuins new prOyi
sion which requires all secured funds
including those secured 10y surety bonds
10 pay their pUOrata share Of the as
sessments to the dcpOsltors guarantee
fund. A new provision Of the bill per
mlts the executive council Of the OK
make an annual levy Of fifty cents on
ench $1,000 Of capital stock and sur.
plus OF each bank to pay the expenses
Of maintHing a secretary and other eN
penses Of the association. A new pro.
vision Is also added prohibiting any
persons not authorized to conduct n
regular banking business 10 Use the
name banker or investment banker
Senators Barrett and other speakers
admitted that the depositors guaran
tee fund * In bad condition at present
and that the changes In the law M,
necessary to put It In good shape
again.
Numerous attempts were made {,
amend the bill hut II went through II
practically the same form az introduced
by the committee.
Whether the bill Is passed or not
the new bank commissioner under IN,
present administration will probably b,
known wltlSn the next ten days. Tn,
Oklahoma State Bankers association
selected the names of A. u Kcnncd,
Of Okmulgec W f. Barber Of LnwtoI
and Arch Anderson Of Oklahoma City
from which the governor might select
bank commissioner. II the bin now
pending Is passed with the emergency
clause, the governor win be at liberty
10 make his own selection.
Not Bound by Present Law.
AT the time these names were Sc
lccted there were others at least re-
ceptive candidates for tfr appointment
known to have had the good will OF the
governor. and naturally following rule,
Of the political game should come III
for consideration for something. MANY
expressed doubt HS to the governor
naming any one Of the three selected
10y the bankers. aud based their doubt
ON the conflict between the urcsrnt
banking laws and the constitution. the
latter which gives the governor author
liy to appoint hank commission. to
gcthcr with other Officers II wa,
ronlendcd that even though proyi
sion NJ the banking laws gives m,
council authority to name three per
tuu-. one NJ whom is 10 be- named lu
the governor for the position. the gov
rruor was not bound 10y n. as IN,
constitution provided otherwise, an,
that stood over ul
Governor Williams hns not intimate,
who hr VIII name for the position %
bank commissioner nor has hc init
mated when the appointment will b,
made Action on the appointment mus
hc taken hy the senate and ns the tim
is drawing near for the adjournment q
ihe legislature. II Is reasonable 4