Bisbee daily review., 1922-03-01
SUBMIT STATE
 BANKING CODE
 ID EDITH HOUSES
New Act Proposed by State Bankers Association Is
 Presented by Senator

PHOENIX, Ariz., Feb. 2S.-A pro- posed state banking code. said to ! have been prepared by the State
 Bankers Association, was submitted to both houses of the legislature to- | day. It was presented to the senate | by Senator Burton of Yavapai. The
 new act would:
 Create a department of banking and
 the offices of superintendent of banks
 and bank examiner.
 Limit loans to individuals and to
 officers, directors and stockholders. Fix classes of banks and rules for their guidance.
 Provide for the levying of @sess-
 ments upon stockholders. Define the method of liquidation and reorganization of insolvent banks. Define unauthorized banking. Define the relation between state, federal and national banks. The proposed code provides that i loans to an individual or corporation or company may not exceed 20 per cent of the capital stock; that an of | ficer, director or stockholder may not l borrow more than an amount equal | to 20 per cent of the capital stock, ] and the stock held by the officer, di- rector or stockholder cannot be ad- | vanced as security; and that the su- | perintendent of banking shall not be associated with or interested In any banking institution, and he may not
 borrow of any bank under his juris- diction.
 Two thousand copies of the bill were ordered printed and the meas ure was deferred.
 Senate Bill No. 27, introduced by Senator Curtin of Mohave county, pro poses that $45.000 appropriated to ] build a bridge across the Colorado in | that county, be used instead to con- struct road from Chloride to the Boulder Canyon dam site. Senator Lines of Graham county, introduced Senate Bin No. 2S, for
 amendment of provision of the con
 stitution which prohibits the exercise
 of the governors veto power against | any initiated or referred measure.
 The amendment is intended to make
 the provision conform to another pro- | posed amendment requiring that an ] initiated or referred measure in order | to be effective must receive ma | jority Of all the votes cast at teh cleo 1 ton at which the measure is submit 1 ted.
 Senate Bill No. 29, introduced later | by Lines, proposes amendment of leg | islation relative to the leyying of ir-
 rgiatioD district taxes to meet the in terest on district bonds. The committee of the whole rec
 commended indefinite postponement of
 bill to make an appropriation for
 the widow of Walter Layton, an em-
 ploye of the state industrial school, who was killed by an inmate. A letter from State Engineer Mad
 dock to Governor Campbell was read,
 asking that means be provided to en- | able the state to purchase it's portion
 of the 5000 100000 worth of road | building equipment which the govern
 ment has on hand following the war.
 Maddock stated Arizona's share Is
 1,5O0, ,O0O worth, which, he said, can be obtained for between $150,0O0 to l S2O0, 900. The communication was re | ferred.
 Representative Hays, Of CochlSe, ln- troduced in the house two bills for
 amendment of the gasoline tax and | the automobile license laws. They
 provide that taxes from these sources | shall be turned into county road 1 funds instead of to the state fund House cvoncurrent resolution No. 1 was introduced, inviting Herbert
 Hoover to address the legislature
 while here, preferably on March 15. Democratic members of both houses went into caucus this afternoon, but 1 discussien of the secret conference
 was so closely guarded that no ink
 ling could be obtained of what tran | spired.