Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1919-08-06
NEW GEORGIA
BANKING ACT
IS NOW A LAW

in all parts of Georgia and business
men as well are interested in the
provisions of the new Georgia bank
iug law, just enacted by the legis-
lature.
The act applies to tate banks,
excluding private bankers, copart-
nerships doing a banking business
and national banking associations. 1t
&orbids persons, firms or voluntary
associations doing private banking
business not under the supervision
of the department of banking from
using any designation that would
tend to mislead the public in think
ing them regular state banks, and
provides for definite notice of their
character being prominently display
ed.
New Department Created.
1t provides for the creation of a
department of banking, with a sup
erintendent of banks to be appointed
by the governor for a term of four
years, who shall have had at least
FIVE years of active banking expert
enee and who shall not be, at the
time of his appointment, officially
connected with or indebted to any
bank. In event Of vacancy the
governor shall appoint an assistant
superintendent until asuccessor can
be approved by the senate. The of
flee of the department shall be at
the capitol. Personnel, in addition
to the superintendent, who shall have
salary of $4,000 paid from fees,
are ar assistant superintendent, So
500; examiners salaries not to ex-
ceed $4,000; clerks and office assist !
ants, whose combined salaries shall
not exceed $4,000. All expenses are
to be paid from fees collected from
the banks. An annual report from
all banks is inquired on or before
December 81 of each year; this to
be printed in book form and dis
tubuted to the banks Suits against
banks will be handled by solicitor
generals of the various circuits for
the uperintendent, and provision is
made for fees in event of suits.
Examination Semi-AnnualIv.
All banks are to be examined
twice year, with additional exami-
nations If public interest demands it,
these TO be made at irregular inter
walls, and the examined banks to
pay for examination. Results of ex-
amnations are to be kept secret. ex-
cept IN event of judicial proceed
lngs the examinations to be used as
evidence of true conditions of banks
Defere the courts. Four reports to
the department shall be made each
year, and more if required by the
superintendent; also dividends must
De reported ten days after they are
declared. Provision is made for the
due acknowledgement of all official
communications from the superin-
tendent
Cannot Impair CAPITAL
When banks capital is innair-
ed as much as 10 per cent. the su.
periHtendent shall notify said bank
10 make good its capital stock bv
transfer from its surplus or undivid-
{" pfofts' If these are insufficient
an assessment shall be made upor
stockholders within sixty DAYS. Banks
may reduce capital stock to the ex-
tent Of the impairment. if tbis doos
not place the capital below the
amount required by the act
Inc superintendent of banking
may place its affairs in his hands bv
posting notice to that effect. No
oanh may make assignment for credi- |
Tors, Provision is made for the col
,ecuon of assets and sale of proper
s'es' also for the procedure in Iioui-
uauon such as filling and payment
u Grams, the order of paying debts.
assessment on stockholders of an
amount sufficient to pay depositors
IN fuii providing such assessment does'I
not exceed liability of stockholders
On theIr stock, and for the disposition
Oh the remaining assets after all
claims are paid.
Charter Requirements
FOR the incorporation of banks,
application for charter must be filed
Win the Secretary of State showing
name, location, capital stock, num-
DER OF 500 shares, purpose and ma
lure OF business to be conducted, and
number of directors-not less than
three or more than 20. Full informa-
ZION must be furnished superintend-
enf OF banking. Sixty per cent of
capital stock, in no case less than
$4,000 shall be paid in in cash be-
Lore the bank may commence bust
ness Provision is made to enforce
e@e payment of subscriptions and the
@ank is given a lien for unpaid in
Stallments on it's capital stock. Pro-
VISION Is also made for the amend