Bank laws; Bank act of California. Public deposit acts of California. National bank act as amended. Currency act of March 14, 1900. Additional circulation act. New York savings bank law

Halsey N. W. & Co, Etc California. Laws

Description

LIBRARY OF THE University of California. GIFT OF Class s J •i 2v" «•H «a r-« O O ^r4 PQl OtH I& «2 O I O ui (A >- -I o ou 0. o{/) ^ ^ z I z u^- tlJ z Digitized by the Internet Arcinive in with funding from2008 IVIicrosoft Corporation http://www.archive.org/details/banlond underwritingpurchase, agree to purchase, underwrite or guarantee any giiarantee.°^in excess of five per centum of its assets, exceptbond issue of California,bonds of the United States, of the State of cities, cities and counties, counties or school districtsthe of this state. Sec. No bank shall purchase, or invest its capital or money37. Investment in either, in shares of corporations, stocks prohibited.of its depositors, or any part of prevent loss on debtsunless such purchase shall be necessary to thus purchased orpreviously contracted in good faith, and stock time purchase,carried shall, within six months from the of its be sold or disposed of at public or private sale, unless permission to said stock for longer period shall be obtained from thehold a superintendent of banks. knowingly violate or consent toThe officers of any bank who the guilty of felony.violation of this provision shall be deemed a bankSec. 38. A director, officer, agent or employee of any False entries. who.

Sujets

• Bank regulation
• California

Informations

• Publié par: les_archives_du_savoir
• Nombre de lectures: 5
• Langue: English
• Poids de l'ouvrage: 10 Mo

Extrait

- -I o ou 0. o{/) ^ ^ z I z u^- tlJ z Digitized by the Internet Arcinive in with funding from2008 IVIicrosoft Corporation http://www.archive.org/details/banlond underwritingpurchase, agree to purchase, underwrite or guarantee any giiarantee.°^in excess of five per centum of its assets, exceptbond issue of California,bonds of the United States, of the State of cities, cities and counties, counties or school districtsthe of this state. Sec. No bank shall purchase, or invest its capital or money37. Investment in either, in shares of corporations, stocks prohibited.of its depositors, or any part of prevent loss on debtsunless such purchase shall be necessary to thus purchased orpreviously contracted in good faith, and stock time purchase,carried shall, within six months from the of its be sold or disposed of at public or private sale, unless permission to said stock for longer period shall be obtained from thehold a superintendent of banks. knowingly violate or consent toThe officers of any bank who the guilty of felony.violation of this provision shall be deemed a bankSec. 38. A director, officer, agent or employee of any False entries. who." />

LIBRARY
OF THE
University of California.
GIFT OF
Classs
J
•i
2v"
«•H
«a r-«
O O
^r4 PQl
OtH
I&
«2
O I
O
ui
(A
>-
-I o
ou
0. o{/) ^ ^
z I
z u^<
CD a <T"
O
>-
tlJ
zDigitized by the Internet Arcinive
in with funding from2008
IVIicrosoft Corporation
http://www.archive.org/details/banl<lawsbankactoOOhalsrichBank Laws
Bank Act of California.
PubKc Deposit Acts of California.
National Bank Act as Amended.
Currency Act of March 14, 1900.
Additional Circulation Act.
New York Savings Bank Law.
'
COMPILED BY
N. W. Halsey & Company, Bankers
SAN FRANCISCO
1909
Of THiCOPYRIGHTED 1909
N. W. HALSEY & COMPANY
BANKERS
424 CAUFORNIA STREET
San Frandico, California
Bolte & Braden Company
'Prinien
San Francisco, California
1909Prefrerace
purpose of this volume is to give in compact and conven-The
ient form the Statutes, both National and State, which affect the
bond holdings of California banks. We therefore present the
Bank Act, passed at the 1909 Session of the California Legislature,
which applies to Commercial Banks, Savings Banks and Trust Com-
State, the National Bank Act, aspanies doing business in the and
governs the operations of National Banks.amended to date, which
reference value of the book, we have care-In order to add to the
fully annotated these Statutes and have had the parts of the law
referring specifically to bonds printed in black-faced type.
In addition to these two fundamental Statutes, we include the
slate laws governing the deposit of public moneys in California
Banks and the so-called National Emergency Currency Law, passed
by the sixtieth Congress. The effect of the two latter laws has
unquestionably been to materially add to the value of Public Bonds,
Municipal, as reserve holding for Banks. Congres-State and a A
Commission has been engaged for several months in thesional
preparation of bill aimed to establish the banking and currencya
system of the country on a more scientific and permanently satis-
factory basis. It is therefore improbable that the Emergency Cur-
rency Law, in its present form, will remain permanently on the
Statute Books. It is believed, however, that the principle of the
in California sound these laws,Public Deposit Laws is and that
permitting the deposit of Public Moneys in banks against the pledge
of Public Bonds, will remain part of the permanent policy ofa the
State.
We also give an extract from the New York Savings Bank
Law, defining the character of bonds which may be purchased and
State, which operateheld by the Savings Banks in that exclusively
181444on a mutual basis. Our reason for including this extract is twofold:
In the first place, the New York Savings Bank Law is generally
recognized as a model of its kind, particularly with reference to its
limitations on bonds legal for trust fund investment, and it is there-
fore reasonable to expect a development of the California Savings
Statute asBank Law along the lines established by the New York
development of the State justifies the adoption of Eastern stand-the
the second place, the prestige and additional marketards. In
standing attaching to a bond which satisfies the limitations of the
as toNew York Savings Bank Law is such as to make the question
conform to this law of interest to bankerswhether or not securities
in other States.
our Statistical Department,This compilation has been made by
available for the inspection of bankerswhich aims to keep on file,
complete official data relative to banking andand other investors,
regulationsmatters, including information relative to theinvestment
State Treasurer's office,National Treasury Department, theof the
California, together with copies ofthe Banking Department ofand
with these offices; also official statisticsall forms incident to dealing
cor-earnings of railroad and other quasi-publicto the property and
essential particulars relativeassessed valuation and otherporations, the
securities.to municipal
Halsey Company.N. W. &
1909.March 22.