Year: 1876

The Revised Statutes of California
are now in the hands of the State
Printer at Sacramento, and will soon
be ready for the public. An attentive
correspondent has sent us an advance
sheet of one of the bills introduced
into the last Legislature, which final
ly became a law on the 1st of April,
1876, and which requires published
statements from all the banks and
bankers doing business in the State,
semi-annually, in January and July.
AS this is is matter of grave i'm.
portance, we annex the full text of
the new law, under which statements
will be first made next month. Here
tofore, there has been no compulsion
in this respect, and very few of the
banks have made any statement for
publication. We believe the opera
tion of the law will result in good to
the public, and that it will be posi-
tive benefit to all banking business
which is conducted on correct princi-
piles. Following is copy of the law:


SECTION l. Every corporation and
all persons and every person hereaf-
ter doing a banking business in this
State, shall, in January and July of
every year, publish in at least one
newspaper published in the county in
which the principal office of such cor
poration may be situated, or in which
said persons or person may reside, and
also file for record, in the Recorders
Office of said county, a sworn state
ment, verified, in the case of any
such corporation, by its President or
Manager, and by its Secretary or Cash
ier, and in the case of any such indi-
vidual or individuals, by him or them,
of the amount of capital actually paid
into such corporation, or into such
banking business; provided, that
nothing shall be deemed capital actu-
ally paid in except money bona .fde
paid into the treasury of such bank,
and under no circumstances shall the
promisory note, check or other obli-
cation of any Director or stockholder,
or of the proprietors or proprietor or
III any SuCu Dduht Dc bItdJtu, COI1puU-
ed, or in any manner considered any
part of such actually paid in capital.
If no newspaper of general circula-
tion be published in the aforemention-
ed county, then and in that case such
publication of said statement shall be
made in at least one newspaper of
general circulation published in the
city and county of San Francisco, and
| in one newspaper of general circula-
tion published in the city and county
of Sacramento.


Sec. 2. Every corporation and all
persons and every person hereafter do
ing a banking business in this State
| shall likewise publish in such news
paper or newspapers, and shall also


file for record in the Recorders Office


of said county, in January and July of


each year, like sworn statement of


the condition and value of its assets


and liabilities, and where said assets


are situated.


Sec. 8. The Directors of every such


corporation which shall publish or file


for record, as aforesaid, false state


ment of the amount of capital actu-


ally and bona fide paid into such cor
poration, or a false statement of the


actual condition and value of its assets


and liabilities, or as to where said as


sets are situated, shall be Jointly and


severally liable to any person thereaf-


ter dealing with such corporation to


the full extent of such dealing; and no


corporation, and no person or persons


who fail to comply with the provis-
] ions or any of the provisions Of this