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Evidence-Books, etc., of association.

An entry in the books of a Loan Association showing a motion made to change a by-law is ineffective when the record does not show the motion was carried.

Cobe v. Guyer, 237 Ill. 568.

Books of Loan and Home Associations are admissible in evidence as public books in actions between the members, to show election of officers and other corporate acts.

Trainor v. Ger.-Amer. Bldg. Ass'n, 204 Ill. 616.

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What preliminary proof is required on foreclosure as basis for the admission of corporate books-Building and Loan Association.

Trainor v. Ger.-Amer. Bldg. Ass'n, 204 Ill. 616.

What Loan Association may show in action on a fire insurance policy it holds as mortgagee, where two deeds to same premises are involved tending to show change of ownership. Northern Assur. Co. v. Chicago Mutual B. & L. Ass'n, 198 Ill. 474. A statement purporting to show status of Loan Association, but not authenticated, is not good evidence.

St. L. Loan & I. Co. v. Yantis, 173 Ill. 321.

Foreign-Rights of.

Member of a foreign Loan Association doing business in Illinois may withdraw his stock in accordance with Illinois statutes. The foreign association can impose no greater restrictions than a domestic one.

St. L. Loan & I. Co. v. Yantis, 173 Ill. 321.

Loans made in Illinois by foreign Building and Loan Associations are good-when.

Freie v. No. 4 Fidelity B. & S. Union, 166 Ill. 128.












TAXATION OF. (See also Taxation.)



Constitution of 1870 as to.

§ 5. No State bank shall hereafter be created, nor shall the State own or be liable for any stock in any corporation or joint stock company or association for banking purposes, now created, or to be hereafter created. No act of the General Assembly authorizing or creating corporations or associations with banking powers, whether of issue, deposit or discount, nor amendments thereto, shall go into effect or in any manner be in force unless the same shall be submitted to a vote of the people of the general election next succeeding the passage of the same, and be approved by a majority of all the votes cast at such election for or against such law.

§ 6. Every stockholder in a banking corporation or institution shall be individually responsible and liable to its creditors, over and above the amount of stock by him or her held, to an amount equal to his or her respective shares so held, for all its liabilities accruing while he or she remains such stockholder.

7. The suspension of specie payments by banking institutions, on their circulation, created by the laws of this State, shall never be permitted or sanctioned. Every banking association now, or which may hereafter be organized under the laws of this State, shall make and publish a full and accurate

quarterly statement of its affairs (which shall be certified to, under oath, by one or more of its officers), as may be provided by law.

§ 8. If a general banking law shall be enacted, it shall provide for the registry and countersigning, by an officer of State, of all bills or paper credit, designed to circulate as money, and require security, to the full amount thereof, to be deposited with the State Treasurer, in United States or Illinois State stocks, to be rated at 10 per cent below their par value; and in case of a depreciation of said stocks to the amount of 10 per cent below par, the bank or banks owning said stocks shall be required to make up said deficiency by depositing additional stocks. And said law shall also provide for the recording of the names of all stockholders in such corporations, the amount of stock held by each, at the time of any transfer thereof, and to whom such transfer is made.

Rules for listing the property and business of banks, bankers, brokers and stock jobbers-Taxation.

30. Every bank (other than banks incorporated under the banking laws of this State or of the United States), banker, broker or stock jobber, shall at the time fixed by this act for listing personal property, make out and furnish the assessor a sworn statement showing: First, the amount of money on hand or in transit; second, the amount of funds in the hands of other banks, bankers, brokers or others, subject to draft; third, the amount of checks or other cash items, the amount thereof not being included in either of the preceding items; fourth, the amount of bills receivable, discounted or purchased, and other credits, due or to become due, including accounts receivable, and interest accrued but not due, and interest due and unpaid; fifth, the amount of bonds and stocks of every kind, and shares of capital stock or joint stock of other companies or corporations, held as an investment or in any way representing assets; sixth, all other property appertaining to said business, other than real estate (which real estate shall be listed and assessed as other real estate is listed under this act); seventh, the amount of deposits made with them by other parties; eighth, the amount of all accounts payable other than current deposit accounts; ninth, the amount of bonds and other securities exempt by law from taxation, specifying the amount and kind of each, the same being included in the preceding fifth item. The aggregate amount of the first item shall be listed as moneys. The amount of the sixth

item shall be listed the same as other similar personal property is listed under this act. The aggregate amount of the seventh and eighth items shall be deducted from the aggregate amount of the second, third and fourth items of said statement, and the amount of the remainder, if any, shall be listed as credit. The aggregate amount of the ninth item shall be deducted from the aggregate amount of the fifth item of such statement and the remainder shall be listed as bonds or stocks. (As amended by act approved May 15, 1903. In force July 1, 1903. L. 1903, p. 294; Legal News Ed., p. 232.

Officers-Rights and powers of.

A bank receiving corporate property as a pledge for the payment of an individual debt owing it by an officer of such company, cannot hold the property-replevin sustained.

Wheeler, Assignee, v. Home S. & S. Bank, 188 Il 34.

A reward offered by the president of a bank for information leading to the arrest of a defaulter, is collectable—when.

Bank of Minneapolis v. Griffin, 168 Ill. 314.

Acts of bank directors before organization may be ratified by stockholders-rule.

McNulta v. Corn Belt Bank, 164 Ill. 427 (449).

A bonus voted by resolution to a bank president is illegal, where his vote is necessary to its adoption.

McNulta v. Corn Belt Bank, 164 Ill. 427 (448).

Salary allowed bank president must be for service performed. Sec. 4, Banking Act. A sum paid to induce him to accept the office is a bonus.

McNulta v. Corn Belt Bank, 164 Ill. 427 (441).

Bank directors are trustees of money deposited by depositors and must exercise ordinary care to prevent loss. Holding out to be solvent when insolvent is actionable.

Deland v. Case, 121 Ill. 247.

What evidence is sufficient to show that a clerk and cashier had authority to borrow money on a note he signed for the bank.

Crain v. First Nat'l Bank of Jacksonville, 114 Ill. 516.

Bank directors may not become indebted to the company in a sum greater than 75 per cent of their stock held in good faith.

Penn v. Bowman, 102 Ill. 523.

Banks permitting a director to become indebted to the bank for a sum greater than is allowed by law cannot recover the


Penn v. Bowman, 102 Ill. 523.

Stock and stockholders.

Increase of stock by bank must be according to statute. (Banking Act.) Statement of desire to increase, made in application to organize, is not sufficient.

McNulta v. Corn Belt Bank, 164 Ill. 427 (444).

Bank stock of an insolvent bank belonging to an estate may be assessed to pay creditors of the bank.

Mortimer v. Potter, Receiver, 213 Ill. 178.

Who are bona fide stockholders in a bank corporationadvancing money and withdrawing it after organization—bad. McNulta v. Corn Belt Bank, 164 Ill. 427 (449).

Acts of Legislature authorizing State banks must be submitted to referendum. Liability of stockholders.

Dufree v. Swigert, 127 Ill. 494.

Banks and their stockholders are bound by entries made in pass books by the bank's officers or agents. Suit by depositor. Statute of Limitations, ten years.

Schalucky v. Field, 124 Ill. 617.

Bank stockholders are liable to creditors for a sum equal to their stock holdings, in addition to liability on such stock. Creditors may sue each stockholder individually.

Schalucky v. Field, 124 Ill. 617.

Root v. Sinnock, 120 Ill. 350.

Stockholders in a bank whose charter makes them liable for debts for double their stock are partners, and liable as such to creditors.

Schalucky v. Field, 124 Ill. 617.

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