Evening journal., 1918-07-31
ASK new BANKING
LAW FOR STATE
Existing Acts to be Con-
solidated Under Present
Plan of Corporations
CONFERENCE AGAIN
ON AUGUST y

Tentative plans for new banking laws
for the State were formulated yester-
day afternoon by the special committee
appointed at the conference OF State
bankers held in Dover recently. The
meeting was held in the offices OF the
Wilmington Trust Company.
All existing statutes relating TO
banks, trust companies, safe deposit
companies and loan associations VIII
be consolidated into one comprehensive
act should the proposal be adopted,
emitting, howver, statutes or parts OF
statutes that are not now operative
and adding provisions as follows:
N) Creating a State banking de-
partment to have supervision and con-
troll over all State institutions as above
enumerated.
(e) Creating the Office OF State bank
ing commissioner, such commissioner
10 have charge OF and administer the
State banking department, the person
appointed 10 said office TO be a quail
fed banker Of at least flve years prac-
teal experience.
81 Conferring upon the State bank
ing commissioner all the powers and
prescribing for him all the duties now
exercised and performed by the insur-
ance commissioners with respect TO
banks, trust companies, safe deposit
companies and loan associations, and
such additional powers and duties as
may be deemed advisable or may be
found necessary in the creation OF q
State banking department.
I Of oh aIrfn q
rights and privileges OF banks. trust
companies, safe deposit companies and
loan associations TO within the State
and specifically prohibiting the exer-
else OF these rights and privileges
without the State. notwithstanding
permission so to do may be granted by
any other State or by any territory,
district, colony or possession OF the
United States.
(5) Requiring banks and trust com
panies becoming members Of the Fed
eral Reserve System. 10 comply In all
respects with State laws except as TO
reserves which shall be regulated and
maintained in accordance with the
provisions OF the Federal Reserve Act.
(6) Such other provisions as may be
cuStcottu Us tAlt Dduhllt Jaws Vi Nt4A0A
States as would be deemed Of import
ance and value to the banking consti-
tutions OF Delaware.
The proposal will be sent to all the
State banks with the request that they
make such corrections therein or sddi-
tlons thereto as they may deem proper
and return the proposals 10 the COM
mittee at an early date for further con-
sideration.
The committee VIII meet at Dover
on August %. for the purpose OF COM
pleting its plans for the improvement
Of our banking system and will make
its report to the annual meeting OF the
Delaware Bankers Association on Sep
tember 8. which will probably be held
at Dover.
II is understood that a bill Will be
prepared under the direction OF the
committee and State Insurance Com
missioner Wilson 10 be submitted at
the next session OF the Legislature.
Members Of the committee. are
Ezekiel Cooper, OF the Farmers Bank
Of Wilmington. chairman; John 5. Ros-
sell, Of the Security Trust and Safe
Deposit Company; William G.. Taylor
Of the Delaware Trust Company: Henry
Ridgely, OF the Farmers Bank Of Dover,
and Charles II. Maull. OF the Sussex
Trust and Safe Deposit Company. OF
Lewes.
In addition TO the members Of the
committee at the meeting yesterday
Thomas r. Wilson. State Insurance
Commissioner, attended.