The producers news. [volume] (Plentywood, Mont.) 1918-1937, 1925-04-24

Chapter 1873 of the Laws Of the Nine
teenth Legislative Assembly, amends
Section 61O9d of the Revised Codes OF
Montana as enacted by Chapter 80 OF
the laws of the Eighteenth Legislative
Assembly, relating to the assessment |
of capital stock of banks to make |
good impairment. The old law pro
vided that in making an assessment |
the superintendent of banks was re-
uuired to notify the board of di-
rectors and each stakeholder by regis
tered mail, etc. The new law provides
that the superintendent of banks shall
notify the board of directors by writ
ten notice of such impairment and
that the board of directors shall no
tify the stockholders.
Superintendent of Banks
House Bill No. 243 which will be
Chapter 172 of the Laws of the Nine
teenth Legislative Assembly, relates
to the superintendent Of banks and
provides the requirement that 'the
superintendent of banks shall have
been resident of the State OF Mon
tana for three years and shall have
had at least five years continuous
banking experience in an executive
capacity or as an examiner OF banks,
and active in either Of these capacities
up to within two years of his appoint
Inent." The act provides that such
clerks and examiners as may be ne
cessary shall be appointed with the
approval Of the state board of ex-
. aminers. One of the examiners shall
be designated "Chief Examiner" and
each of the examiners shall give
,, bonds in the sum of $4,000.
An additional provision is added to
the law that the superintendent OF
! banks shall not be interested in, or a
, borrower from, any state bank, direct
ly CIR indirectly.
County and City Deposits
House Bill No. 277, which will be
' Chapter 1877 of the Laws of the Nine
teenth Legislative Assembly, changes
the rate of interest for county and
city funds which was provided by Sec
, ton 4767 of the Revised Codes as
amended by Chapter 80 of the Laws
. of the Eighteenth Legislative Assem-
/ bly, from mot less than 2 IL pei
= cent" to mot more than 2 per cent
. The new law also provides a defini
ton of securities which may be pledg.
ed to secure county and city funds tx
the following:
Bonds and securities of the United
States government and it's dependents
q bonds and warrants of the state 0.
: Montana, or of any county, city, towI
f or school district of Montana; cOrpO
1
States of America which are qucteC
{ on the New York stock exchange &C
: ceptable as securities not to exceed 81
per cent of such market quotations.
When negotiable securities ar
q pledged for county and city fund
: such securities may be placed in trus
s and the trustees receipt may be &C
! copied in lieu of the actual securities
3 The form cf receipt for the truste
!. may be approved by the state exam
4 iner.
k All warrants or other negotiable Sc
d curities must be properly assigned 0
i endorsed in blank. The old law re
g quired securities to be endorsed to tn
n counties and cities, which was yer
ID Objectionable
Security bonds OF any surety com
al pany authorized to do business in tn
State of Montana are of course az
s. ceptable to secure county or cit
D; funds.
Personal bonds when accompanie
% by a sworn statement of resources an
y liabilities of each Of the suretie
thereon which were executed and file
p. on or before the approval of Hous
y Bill No. 277, March 10, 1925, an
any renewals eff such personal bono
% shall be acceptable security for count
.: and city funds up to January 1, 1872
y Section 2 of House Bill No. 277 HI
q rather an unfortunate wording, but
:. was unquestionably intended that a
- deposits of current business would
= permitted in an account secured by
- personal bond, or with renewals
such bonds up to January I, 1928.
40 The state examiner has notife
o county and city treasurers that the
5s accounts secured by personal bono
If may be handled in the regular way,
of they were before the passage
a. House Bill No. 277, except that SUE
an accounts are limited to the amour
an of the personal bond placed and a.
n proved March 10, 1925, and that I
in new or additional personal bonds ma
&c be accepted.