The Ocala banner. (Ocala, Marion County, Fla.) 1883-194?, 1921-09-23

Af1<tf LEX oSzc--kf}o.s 1881.
General Statutes Of Florida. Relative to Quail
fications of Directors of Banking Companies
Be q Enacted BY the Legislature OF the State of
Section /. That Section aga Of the Revised
General Statutes of Florida, relative to quafica.
tons of Directors of Banking Companies be and
the same is hereby amended SO as to read as fol-
lows:
4Is4. (a7os). Qualifications of Directors
Every director must, during his whole term of
service, be citizen of the United States, and at
least three fifths of the directors must have re-
sided in the State for at least one year preceding
their election, and must be residents therein DUR
ing their continuance in office. Every director
must in his right at least ten shares OF
the capital stock OF the company Of which ne Is a
of ten shares of stock, or who becomes in any
other manner disqualified, shall thereby vacate
his place as such director.
Provided, That the foregoing section nasmuch
it provides for the number of shares OF capital
stock to be owned by each director in his own
whose capital amounts to $as,ooooo or less. but
that in such case the director must own in his
right at least five shares of the capital stock
of the company, in the manner above provided
for other banks.
Approved May II, 1921.
CHAPTER 8s2o-(No. I34).
AN ACT to Amend Section IA, Article. Y of
Chapter II, Revised General Statutes of Flor
5aa penast 81 e ate Funds 0e
Be II Enacted BY the Legislature Of the State OF
Florida:
Section l. That Section IA, Article v of
Chapter II, Revised General Statutes of Florida,
1920, be and the same is hereby amended to read
follows:
as may be designated under the preceding section
shall consist of bonds of the United States. and
the bonds of the several States, county and mu-
nicipal bonds, and county or county school time
warrants issued by any one of the counties. or
cities of the State of Florida of the value there
Of as may be agreed to by the Governor, Comp
Sec. 3 This Act shall take effect Immediately
upon its approval by the Governor.
Approved May II, 1921.
CHAPTER Ssso-(No. 1859.
AN ACT Authorizing Certain Banks and Trust
Companies incorporated Under the he. Laws or OF
porations Organized for the Purpose OF Engag-
ing in International or Foreign Banking or
Other international or Foreign Financial Up
erations.
Be It Enacted by the Legislature of the State of
Section l. Subject to the provisions of this
Act, it shall be lawful for any banking corporation
or trust company organized under the laws or
Florida, and having capital stock OF not less
than 100000, to invest and from time to time
to have invested, in the aggregate not exceeding
10 per centum of the amount of its capital stock,
in the capital stock of any corporation organized
for the purpose of engaging in international or
foreign banking other international or foreign
financial operations provided such last mentioned
Is One v m t pe s'oSf the
of the Federal Reserve Board, to invest any part
of their capital and surplus
Sec 2. Any banking corporation or trust COM
pany organized under the laws of Florida, desir-
ing to make any investments under the authority
of this Act, shall file with the Comptroller of the
State its written application for authority to make
such Investment, which application shall be in
such form the Comptroller shall prescribe and
which shall state:
stock it is desired to invest and its principal place
of business.
plus of the applicant, and the amount of its de-
(c1 The number of shares to be acquired, and
the maximum price at which it is proposed to ac-
(d) The aggregate amount of investments, if
any, of the applicant in the stock OF corporations
organized for the purpose of engaging in inter-
national or foreign banking other international
foreign financial operations and the names OF
such corporations.
(e) Such other information as the Comptroller
Sec q The Comptroller shall have power to
approve any application made to him nm under tine
his opinion, for any reason, the granting OF the
application would not be expedient or in the best
interest of the applicant bank trust company
or the community where the business of the appli-
cant is carried on. After the approval of the
Comptroller, and not before, it shall be lawful for
the application bank to make the investment pro-
Sec. A. This Act shall take effect Immediately
upon its Becoming law.
Approved June 2, 1921.
CHAPTER SssI-(No 1867.
e to g Is ahe as 81
Administrator, Registrar of Stocks and Bonds,
Guardians of Estate, Assignee, Receiver Com
Fiduciar y Capacity by Corporations Or Asso-
Citations Within the Limits of the State of Flor
ida.
Section /. That from and after the passage of
this Act it shall be unlawful for any corporation
tons now prescribed by the laws of the State
of Florida to be exercised by trust companies or
associations or to exercise any of the duties pow
enjoy the emoluments, profits or benefits
which may be granted may have heretofore
been granted by the Legislature of the State of
t to or ndsr ms sms %
the State of Florida granting the exercise of such
powers duties and functions.
Sec. 2. Any corporation or association attempt
ing to exercise any of the functions as set forth
in Section i, unless the same shall have been
authorized and charter granted by the State of
and shall be punishable as such, and any Act per-
formed by them in violation of any of the pro-
visions of this Act shall be null and void.
Sec. g. All laws and parts of laws in conflict
Sec. 4. This Act shall take effect upon its ap-
proval by the Governor.
Approved June ID, 1921.
CHAPTER sss2-(No 1879.
Banking in the State of Florida and to Regulate
the Charge for Exchange by Banks and to Reg
ulate the Protest of Checks.
Be II Enacted By the Legislature of the State of
Florida:
Section l. That hereafter banks in Florida
shall charge for exchange not exceeding one-eghth
of one per centum when paying or renting for
checks drawn upon them; that whenever check
checks forwarded or presented to bank
for payment except when presented by the
payee in person, the paying bank or RENTING
bank may pay or remit the same, at its option,
either in money, or in exchange drawn on its
serve agent or agents in the City of New York
Reserve District; and, at its option it may charge
for CHI az