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that he will well and truly perform all the duties devolving on him by reason of such receivership, and that he will faithfully discharge the duty of receiver in the proceeding, and obey the orders of the court therein. Every receiver appointed under the provisions of this section shall make report of the conditions of affairs under his charge to the bank commissioners in the same manner as the solvent banks mentioned in this article are, by law, required to do, and, in addition thereto, shall state the amount of dividends paid, debts collected, and the money realized on property sold, if any, since the previous report. The bank commissioners shall have the power, and it is hereby made their duty, to examine the conditions of the affairs of every such corporation in liquidation, in the same manner as in case of solvent banks, business, and institutions, and they shall have a general supervision of the affairs of such corporation in liquidation. They shall have the power to limit the number of employees neces sary to close up the business of any such corporation in liquidation, and also to limit the salaries of the same, and shall do all in their power to make such liquidation as economical and as expeditious as the interests of the creditors, depositors, and stockholders will admit. If any officer or employee of any association or corporation solvent, insolvent, or in liquidation, or if any other person, shall refuse to comply with the provisions of this section, or disregard or refuse to obey the directions of said bank commissioners, given in accordance with the provisions of this act, such person, officer, or employee shall be punished by a fine not exceeding five thousand dollars or by imprisonment in the county jail not exceeding one year, or by both such fine and imprisonment. When the receiver herein provided for shall have been appointed and qualified, the duties of the attorney general shall end.

The bank commissioners shall, by a resolution entered upon its minutes, concurred in by at least three members, have power to employ legal counsel for any of the purposes mentioned in this section or to enforce any of the penalties prescribed by this act, without the consent of the attorney general, the expense thereof to be a charge against the individual bank concerning which said services are required, and if more than one bank, then pro rata among such banks.

Sec. 11. The bank commissioners shall each receive a salary of three thousand six hundred dollars per annum, and necessary traveling expenses, not to exceed, for the four commissioners, the sum of four thousand dollars per annum, to be audited by the state controller and paid by the state treasurer, in the same manner as the salaries and expenses of other state officers. No person while holding any other office, or engaged in business of any kind requiring his personal attention between the hours of nine A. M. and four P. M., shall serve as bank commissioner.

Sec. 12. The bank commissioners shall furnish each member of the legislature with a copy of their annual report, at each session of the legislature, during the first week of the session.

Sec. 13. The bank commissioners shall have the power to appoint a secretary, at a salary of two hundred dollars per month. The said commissioners shall keep their office open for business from nine o'clock A. M. until four o'clock P. M. every day, except nonjudicial days. They shall procure rooms necessary for their office, at a rent not to exceed seventy-five dollars per month. They may also provide stationery, fuel, and other conveniences necessary for the transaction of their duties, not exceeding in the aggregate the sum of twelve hundred dollars per annum. All expenditures authorized in this section shall be audited and paid in the same manner as the salary of the commissioners.

Sec. 14. All reports required to be made to the bank commissioners by the provisions of this act shall be filed, and kept on file, by the bank commissioners, in their office, and shall be open to the inspection of the public during their office hours.

Sec. 15. To pay the salaries and all other necessary expenses of the commissioners, as provided for by this act, every corporation receiving a license shall pay annually, in advance, to the commissioners, in gold coin, its share of the amount required to pay such salaries and expenses; the share to be paid by any corporation to be determined by the proportion which its deposits bear to the aggregate deposits of all such corporations receiving licenses, as shown by the latest reports of such corporations to the commissioners. Said commissioners shall, on demand made therefor, and without charge, furnish to every cor

poration, society, association, company, institution, firm, person, or persons, mentioned in this act, copies of papers, statements, and reports filed in their office, and may, as provided by this act, recover any and all moneys payable to them by any corporation, association, society, company, institution, firm, person, or persons, herein mentioned; and all moneys collected or received by such bank commissioners, or either of them, under or by virtue of the provisions herein, shall be by them delivered to the treasurer of this state, who shall pay the same into a fund which is hereby created, and which shall be known as the "Bank Commissioners' Fund." And the unexpended balances of all moneys heretofore paid into the state treasury by said bank commissioners shall be transferred to said fund and become a part thereof.

Sec. 16. The bank commissioners shall keep proper books of record of all acts, matters, and things done by them under the provisions of this act, which shall be open to the inspection of the public during their office hours."

Sec. 17. The bank commissioners or either of them may issue subpoenas for witnesses to attend and testify before them or either of them on any examination by this act authorized, which must be served, obeyed and enforced as provided in the Code of Civil Procedure for civil cases; the commissioners to issue attachments, and impose the penalty for disobedience, and the witnesses may be punished as provided in the Penal Code.

Sec. 18. The bank commissioners may sue for and recover, in the name of the people, in any court of competent jurisdiction, all sums of money which become due, payable, or forfeited by any of the provisions of this act.

Sec. 19. The commissioners shall, upon the expiration of their term of office, deliver to their successors, or if there be none, then to the controller of state, all property, books, reports, and papers of every description pertaining to their office.

Sec. 20. Every person engaged for himself, or any person, being the cashier, manager, or agent, of two or more persons, not incorporated, engaged in the business of banking, or publicly receiving money on deposit, must three times in each year, or oftener, as may be required by the board of bank commissioners, make a report in writing to the commissioners, verified under

oath, which report shall show the actual financial condition of the said business on any past day by the commissioners specified, and shall also state the facts required to be stated by incorporated banks or banking corporations in section eight of this act, so far as the same appertain to said business. Such reports shall be transmitted to the commissioners within fifteen days after the receipt from the commissioners of a request or requisition therefor. Every person violating any of the provisions of this section is guilty of a misdemeanor, and is punishable by imprisonment in the county jail for not less than ninety days nor more than six months, or by fine of not less than one hundred dollars nor more than five hundred dollars, or by both such fine and imprisonment.

Sec. 21. The use of the word "bank," or any other word or terms denoting or implying the conduct of the business of banking, or the use of the word "savings," alone or in connection with other words denoting or implying the conduct of the business of a savings institution, or a savings and loan society, is hereby prohibited to all persons, firms, associations, companies, or corporations other than those subject to the supervision of the bank commissioners or required by this act to report to them, and no license as in this act provided shall be issued by the commissioners to any corporation that does not receive money from the public as deposits in manner customary with commercial or savings banks. Any person, firm, association, company, or corporation not subject to the supervision of the bank commissioners or not required by this act to report to them, making use of terms implying conduct of a bank, savings bank, or savings and loan society by means of signs, advertisements, letterheads, billheads, blank notes, blank receipts, certificates, circulars, or any written or printed or partly written and partly printed paper whatever, having thereon any artificial or corporate name or other word or words indicating that such business is the business of a bank, savings bank, or savings and loan society, shall forfeit for each day the offense is continued the sum of one hundred dollars, to be recovered as provided in this act.

Sec. 22. The commission hereby established shall be the legal successor of the bank commissioners created by the act creating

a board of bank commissioners, approved March 30, 1878, and the acts amendatory thereto, and shall be entitled to have and receive all the books, records, and other property acquired by and belonging to the said bank commissioners and shall be substituted for and continue in the stead and place of said bank commissioners all suits, actions, and proceedings at law now pending wherein said bank commissioners are a party.

Sec. 23. All acts or parts of acts in conflict with this act are hereby repealed.

Sec. 24. This act shall take effect immediately.

Legislative History.

The board of bank commissioners was first created by the act of March 30, 1878 (Stats. 1877-78, p. 740), which act was amended in sections 3, 4, 11, 12, 13, 14, 16 and 23, by the act of March 10, 1887 (Stats. 1887, p. 90). By the act of March 26, 1895, sections 3, 4, 5, 7, 9, 10, 11, 12, 14, 15, 16 and 23 of the original act, as amended in 1887, were again amended, and new sections numbered 24, 25, 26 and 27 were added (Stats. 1895, p. 172). Again, by the act of February 25, 1901, section 14 was amended (Stats. 1901, p. 30).

A discussion of the effect of these various amendments is made unnecessary by the fact that the act of 1878 and its amendments were repealed by the act of March 2, 1903 (Stats. 1903, p. 73). On March 24, 1903, the present act was approved, the provisions of which differ in no material respect from the act of 1878, as amended (Stats. 1903, p. 365).

Act Cited.

Bank of British N. A. v. Cahn, 79 Cal. 465, 21 Pac. 863; Mendocino County v. Bank of Mendocino, 86 Cal. 259, 24 Pac. 1002; People v. Superior Court, 100 Cal. 111, 34 Pac. 492; Long v. Superior Court, 102 Cal. 450, 36 Pac. 807; Crane v. Pacific Bank, 106 Cal. 70, 39 Pac. 215; Lanz v. Fresno L. & S. Bank, 125 Cal. 457, 58 Pac. 63; People v. Bank of Mendocino, 133 Cal. 108, 65 Pac. 124.

Annotation.

At Common Law.-At common law, it is not a condition precedent to the incorporation of a bank, or to its right to commence business as such, that the entire amount of the capital stock provided for in its articles of incorporation should be subscribed for. (Dallemand v. Odd Fellows' Savings Bank, 74 Cal. 598, 16 Pac. 497.)

Liability of Stockholders.-The liability of the stockholders of a bank to its depositors is barred by the statute of limitations within three years from the date of the deposit, if action is not sooner commenced therein. (Nellis v. Pacific Bank, 127 Cal. 166, 59 Pac.

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