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ated as a bank, and shall be permitted to carry on the business of receiving money on deposit, either with or without interest, and of buying and selling exchange, gold, silver, coin, bullion, uncurrent money, bonds of the United States or of this Territory, or any of the cities, counties and school districts therein, and Territorial, county, city, township and school district, or other municipal indebtedness, and loaning money on chattel and personal security, and to own a suitable building, furniture and fixtures for the transaction of its business, the value of which shall not exceed one-third of the capital of such bank fully paid: Provided, That nothing in this section shall probibit such bank from holding and disposing of such real estate as it may acquire through the collection of debts due to it: And, provided, That all banking institutions now organized as corporations doing business in this Territory, are hereby permitted to continue said .business as at present incorporated, but in all other re. spects their business and the manner of conducting the same and the operation of said bank shall be carried on subject to the provisions of this Act and in accordance therewith: And, provided further, That no bank shall engage in any business other than such as is authorized by this Act.
SECTION 2. The capital stock, which shall be fully paid in, shall not be less than five thousand dollars in towns or cities having less than twenty-five hundred inhabitants; the capital stock, which shall be fully paid in, shall not be less than ten thousand dollars in cities having more than twenty-five hundred and less than five thousand inhabitants; the capital stock, which shall be fully paid in, shall not be less than fifteen thousand dollars in cities having more than five thousand and less than ten thousand inhabitants; the capital stock, which shall be fully paid in, shall not be less than twenty-five thousand dollars in cities having over ten thousand inhabitants; and in addition to the other requirements of the law, the charter of any such bank shall contain the
name and places of residence of each of its stockholders and the amount of stock subscribed by each, and may [contain) such other provisions, not inconsistent with the law, as the stockholders may deem proper. The charter shall be subscribed by at least three of the stockholders of the proposed bank, and shall be acknowledged by them; and the full amount of capital stock (must] be subscribed before the charter is filed. If the capital of any bank now doing business in this Territory does not conform to the provisions of this section, such bank shall comply with these provisions within six months after the passage of this Act. SECTION 3. The existence of such bank as a corpor- When organ
ized. ation shall date from the filing of its charter, from which time it shall have and may exercise the powers conferred by law upon corporations generally, except as limited or modified by this Act: Provided, That such bank shall transact no business except the election of officers, the taking and approving their official bonds, the receipts of payments on account of subscriptions to its capital stock, and such other business as is incidental to its organization, until it has been authorized by the Bank Commissioner provided for hereinafter, to commence the business of banking as hereinafter provided for.
SECTION 4. The capital stock of any such associatin Shares. shall be divided into shares of not less than $100.00 each, and all subscriptions to said capital stock shall be paid in cash: Provided, That in the reorganization of a bank the assets of the old may be accepted in lieu of cash, at their actual value.
SECTION 5. When not less than 50 per cent of the capi-Commissiontal of any bank shall have been paid in, the president or on and certi.
ficate. cashier thereof shall transmit to the Bank Commissioner a verified statement showing the names and places of residence of stockholders, the amount of stock subscribed and the amount paid in by each; and the Bank Commissioner shall thereupon have the same power to examine
into the condition and affairs of such bank as [if] it had been before that time engaged in the banking business; and he shall within thirty days from the receipt of such statement make such examination, and shall examine especially as to the amount of money paid in on account of its capital and by whom paid, and the amount of capital stock of which each stockholder is, in good faith, the owner, and whether such bank has complied with the provisions of the law in all respects; and if such bank has been organized as prescribed and has in all respects complied with the provisions of law, said Commissioner shall issue to such bank, under his hand and seal, a certificate showing that it has been organized and its capital paid in as required by law, and is authorized to transact
a general banking business as provided by this Act. Capital stock, residue.
SECTION 6. Not less than 10 per cent of the residue of the capital stock of such bank shall be paid in each month, after such bank has been authorized to commence
business as aforesaid. Capital stock, increase.
SECTION 7. The capital stock of any such bank shall not be increased until the original capital is fully paid in, nor shall any increase be made unless the same shall be fully paid up at the time when subscriptions are entered therefor; and a verified statement shall be transmitted to. the Bank Commissioner, showing the amount of the increase, the names and places of residence of the subscribers therefor, the amount subscribed by each, and that the same has been fully paid in. The date and amount of each increase shall also be certified to the Secretary of
the Territory. Sale of stock, SECTION 8. Whenever any shareholder, or his assig. notice.
nees, fails to pay any installments of his stcck when the fume is required to be paid, the directors of such bank may sell the stock of such delinquent shareholder, or as much thereof as is necessary to satisfy the debt, at public auction, after having given three weeks previous notice thereof in a newspaper published and in general circulalation in the city or county where the bank is located, to
any person who will pay the highest price therefor, not to be less than the amount due thereon with the expenses of the advertisement and sale; and the excess, if any, shall be paid to the delinquent stockholder. If no bidder can be found who will pay for such stock the amount due thereon and the costs of the advertisement and sale, the amunt previously paid shall be forfeited to the bank, and such stock shall be sold as the directors shall order within six months from the time of such forfeiture. SECTION 9. Any corporation transacting business un Voluntary
dissolution, der this Act may be dissolved by the district court of the how affected. county in which its principal place of business is located, in the following manner: A verified petition shall be filed in the office of the clerk of said court, signed by the president or a majority of a board of directors, setting forth that two-thirds in amount of the stockholders of such association have adopted a resolution favoring such dissolution, and directing proceedings to be institued for that purpose, a copy of which resolution shall be set forth, and that all claims and demands against such association have been paid and discharged; and thereupon, a notice shall be published in the manner prescribed by law for service by publication. Such notice shall state the name of the court in which the petition has been filed, the substance and purpose thereof, and that unless objections are filed thereto, on or before a time to be stated, which shall not be less than forty-one days from the first publication, the relief prayed for will be granted. A copy of such notice shall be sent to the Bank Commissioner within ten days after the first publication thereof, and he shall within thirty days thereafter, make a thorough examination of the affairs of such bank, and file a certified copy thereof with said petition. Any person interested may, on or before the time fixed by the notice and afterwards, if permitted by the court, file a written objection to the dissolution of such corporation. The petition and objection thereto, if any, shall stand for a hear
Board of directors.
ing the same as a civil action; and if upon the hearing thereof the court shall be satisfied that the petition is true, and that there is no valid objection to the dissolution of such corporation it shall render judgment dissolving the same.
SECTION 10. The affairs and business of any banking corporation doing business under this Act shall be managed and controlled by a board of directors not less than three nor more than thirteen in number, who shall be selected from the stockholders in the manner provided in the general corporation Act, a majority of whom shall be residents of the Territory of Oklahoma; the board shall designate one of their number to act as president and one as secretary, and shall select from among the stockholders a cashier; such officers shall hold their offices for the term of one year and until their successors are elected and qualified. The board shall require the cashier and any and all officers having the care and handling of the funds of the bank to give a good and sufficient bond, to be approved by them and held by such custodian as the board may designate. The board of directors shall hold two regular meetings each year, and at such meetings thorough examination of the books, records, funds and securities held by the bank shall be made by them, and the result of such examination shall be recorded in detail upon the record book of the bank. A certified copy of the record of such meetings shall be forwarded to the Bank Commissioner within ten days.
SECTION 11. The shareholders of every bank organized under this Act shall be additionally liable for the amount of stock owned and no more.
SECTION 12. No bank shall employ its moneys directly or indirectly in trade or commerce by buying or selling goods, chattels, wares or merchandise, and shall not invest any of its funds in the stock of any other bank or incorporation, nor make any loans or discount on the security of the shares of its own capital stock, nor be the