The Birmingham age-herald., 1915-03-18

the clippings of the report as published | in the newspaper. It shaIl be the duty l of the superintendent to prescribe to the | bank the form for the published report, ! made by the bank, which shall contain
 such items as is deemed necessary by the | superintendent to inform the public as to l the financial condition of the bank, and l such form shall be uniform throughout 1 the state, and it shall be the duty of the 1 superintendent to see that each bank has ] published its report in accordance with | the form prescribed, and to check such | published report, using the newspaper
 clipping furnished him by the bank with 1 the sworn report of the bank filed with | the superintendent. If the report is not published by the bank the superintendent
 shall, at the expense of the bank, publish | the report. In the event that there are 1 discrepances in the published report of ] the bank and the sworn report furnished ! to the superintendent, If In the opinion of | the superintendent the discrepancies are | due to clerical errors, it shall be the duty | of the superintendent to notify the bank | to republish it's report so as to conform with the sworn report filed with the su- i perintendent, and it shall be the duty of | the bank to make such republication. If, | in the opinion of the superintendent, the ! discrepancies in the published and sworn | reports are not due to clerical errors it | forthwith publish a true and correct re- 1 port as shown by the sworn report filed with the superintendent, stating in such publication that the published report of the bank did not conform to the sworn re- port on file with the superintendent and it shall be the further duty of the bank to pay the cost and expenses of such pub lication.
 Sec. 10. That section 20 is hereby amended so as to read as follows: Sec tion 20. No bank shall lend money to any salarled officer or agent or employe or director of the bank, nor to any firm or corporation in which any salaried officer, agent or employe of the bank owns an in terest. without the loan being submitted to any approved by tho board of directors (Where the bank is a corporatior) in writ ing, and filed in the archives of the bank. and to all the officers of the bank where the bank is not a corporation, nor shall any such loan be made without good security; provided, however, if the board of directors of a corporation has dele gated the power to pass on loans to a committee, the approval of such loans and of the security to secure the loan by such committee may be made in lieu of the ap
 proyal by the board of directors. And in
 no event shall any director, salaried off cer agent or employe of bank be per- mitted to borrow more than 20 per cent of the capital, surplus and undivided profits of said bank.
 Sec. H. That section q is hereby amended so as to read as follows: Section 21. No bank shall lend to any one per-
 son, firm or corporation dncluding loans to a firm, loans to the several members
 thereof more than 10 per cent of it's cap ital, surplus and undivided profits unless such loan is amply secured and shall be approved in writing by a majority of the
 board of directors Gin case of corpora tion) or the loan committee, and by all
 of it's officers if not corporation.
 Sec. 12. That section 23 Is hereby
 amended so as to read as foliows
 Sec 23. No bank incorporated under
 the laws of this state shall have au-
 thority or power to increase or de-
 crease its capital stock, or consolidate
 or merge with any other bank, eX-
 cept in pursuance of the provisions Of
 law, and before such increase or de-
 crease of the capital stock of any
 bank. or before the consolidation or
 merger of any bank into another
 bank, written application must be
 filed by the bank desiring to increase or decrease it's capital stock or con-
 solidate or merge with another bank, with the superintendent of banks, tat ing the facts in regard thereto, per
 mission in writing obtained from him to make such increase or decrease In the capital stock, or enter into such consolidation or merger, and before such increase or decrease of the cap ital stock or merger or consolids tion becomes effective, the superintendent of banks must examine into the pro- ceedings to increase or decrease the 1 capital stock or the consolidation or merger and must issue his certificate | in duplicate, certifying that the in-
 crease or decrease of the capital stoch, or consolidation or merger has been I .xf l law, one of the duplicates of which l certificates must be kept on file in | the office of the superintendent. and che of the duplicates of the certifi- | cate must be filed for record at the expense of the bank in the probate off, | flee of the county in which is located the principal place of business of the
 bank. The superintendent of banks
 shall issue his certificate if the re- quirements of law have been complied with for such increase or decrease of | the capital stock, or for such con 1 solidation or merger, but shall refuse 1 to issue his certificate unless the re- quirements of law have been complied | with provided, however. that the cap ital stock of no bank shall De de- | creased below the minimum amount l ' equired by law for the incorporation
 of banks in this state.
 l Sec. 13. That section 20 is hereby l amended so as to read as fOlOWS. | Sec. 25 After notice of intention to in- corporate has been published the par 1 ties named proposed stockholders l in the published notice of the proposed l corporation shall make an affidavit | before some officer authorized to ad- minister oaths and in said affidavit set forth the fact of publication of
 the notice, as requipd by section "A | hereof and attach to the affidavit & | copy of the published notice, and each proposed stockholder in said affidavit | shall state for himself that he bona | fide intends to become stockholder
 in the proposed bank, This affidavit
 shall be filed with the superintend- ent of banks, and at the time of filing this affidavit, the proposed incorpor ators shall submit to the superin end ~ ent the certificate of the proposed ill., corporators of the bank, which is pro posed to be filed for incorporation. Thereafter it shall be the duty of the
 superintendent of banks to ascertain from the best source of information
 at his command whether the character and general fitness of the persons named as stockholders in the published notice and certificate of incorporation are such as to command the confidence Of the community in which such bank is proposed to be loated, and 1t shai be the duty of the superintendent to
 make this inquiry and ascertain re-
 gardless of whether or not objections
 to the incorpora ton are filed with him.
 It shall also be the duty of the su- 1 perintendent of banks to investigate
 the public necessity for a bank n the
 community where the same is proposed
 to be located and shall also ascertain