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strued to be the creation of debts within the meaning of the phrase "create debts,” in section three hundred and nine.

57 Cal. 602; 64 Cal. 123; 117 Cal. 160.

$ 580. [Repealed March 18, 1907; in effect immediately.]

§ 581. No savings bank shall lend to exceed sixty per cent of the market value of any piece of real estate to be taken as security, except for the purpose of facilitating the sale of property owned by the corporation. And it shall be unlawful for any savings and loan society, or savings bank, to purchase, invest, or loan its capital, or the money of its depositors, or any part of either, in mining shares or stocks. Any president or managing officer who knowingly consents to a violation of the above .provision shall be deemed guilty of a felony. [New section ; approved March 21, 1903; in effect immediately.]

§ 582. Every person or number of persons not being incorporated, engaged in the business of banking, or publicly receiving money on deposit, must conduct such business under a name which shows the true names of all persons engaged therein, unless such person or persons have complied with the provisions of Article VII of Chapter 11 of Title X of Part IV of Division Third of said Civil Code. 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. [New section; approved March 21, 1903; in effect immediately.]

§ 583. The directors of any savings bank, bank, or banking corporation having a capital stock, may semi-annually declare a dividend of so much of the net profits of the stockholders as they shall judge expedient; but every such corporation shall, before the declaration of such dividend, carry at least one tenth (1-10) part of the net profits of the stockholders for the preceding half year to its surplus or reserve fund until the same shall amount to twenty-five per centum of its paid-up capital stock. But the whole or any part of such surplus or reserve fund, if held as the exclusive property of stockholders, may at any time be converted into paid-up capital stock, in which event such surplus or reserve fund shall be restored in manner as above provided until it amounts to twenty-five per centum of the aggregate paid-up capital stock. A larger surplus or reserve fund may be created and nothing herein contained shall be construed as prohibitory thereof. [New section; approved March 21, 1903; in effect immediately.]

$ 583a. No banker, nor officer of any bank or corporation doing a banking business, shall advertise in any manner, or publish any statement of the capital stock authorized or subscribed, unless he advertise and publish in connection therewith, the amount of capital actually paid up. Any officer, or the officers of any bank or corporation doing a banking business, advertising in any manner, or publishing, a statement of the capital stock of such bank or banking corporation, authorized or subscribed, without the statement in connection therewith of the stock actually paid up, shall be guilty of a misde

[New section; approved March 21, 1903; in effect immediately.]

meanor.

$ 5836. The president of every savings bank, savings and loan society, and every other bank, depository, society, or institution in which deposits of money are made, whether any interest or dividend is paid, or agreed to be paid, thereon or not, must, within fifteen days after the first day of January of every odd-numbered year, return to the Board of Bank Commissioners a sworn statement showing the amount placed to his credit, the last known place of residence or postoffice address, and the fact of death, if known to such president, of every depositor who has not made a deposit therein or withdrawn therefrom any part of his deposit, or any part of the interest or dividends thereon, for a period of more than ten years next preceding. Such president must give notice of these deposits in one or more newspapers published in or nearest the town, city, or city and county where such bank, society, or other institution is situated or has its principal place of business, at least once a week for four successive weeks, the cost of such publication to be paid pro rata out of such unclaimed deposits. This section does not apply to any deposit made by or in the name of a person known to the president to be living, or which, with the accumulation thereon, is less than fifty dollars. The Board of Bank Commissioners must incorporate in their subsequent report each return made to them as provided in this section. Any president of any of the institutions mentioned in this section who neglects or refuses to make the sworn statement required thereby, is guilty of a misdemeanor. [New section; approved March 21, 1905; in effect in sixty days. ]

Sections 2 and 3 of the Act adding $ 583b read as follows:

SEC. 2. The Act entitled “An Act to compel savings banks to publish a sworn statement of all unclaimed deposits," approved March 23, 1893, is hereby repealed.

SEC. 3. The Act entitled "An Act to compel all depositaries of money and commercial banks to publish a sworn statement of all unclaimed deposits," approved February 25, 1897, is hereby repealed.

Note. -§ 583b. This section is a codification of the statutes of 1893, page 183, and 1897, page 27, the only change made being in the provisions concerning the person who is to make the report. The original statute provided that the report should be made by the president or secretary. It has been thought best to impose the duty upon a single officer, so that it can not be evaded by one officer, by his saying that it was the duty of the other, or that he had supposed the other had, or would, perform it.

Section 1 of the Act approved March 21, 1905 (in effect in sixty days), reads as follows:

SECTION 1. Title XI of Part IV of Division First of the Civil Code and each and every section of said title are hereby repealed, and a new Title XI is substituted in place thereof in said code, to read as follows:

TITLE XI.

Mining Corporations.

SEC. 586. Transfer agencies.

587. Stock issued at transfer agencies.
587a. Consolidation of mining corporations.
588. Books and balance sheets to be kept by secretary.

Stockholders' right to inspect.
589. Right of stockholders to visit mine with expert.
590. Liability of president and directors.

§ 585. [Repealed; approved March 21, 1905; in effect in sixty days.]

$ 586. Any corporation organized in this State for the purpose of mining or carrying on mining operations in or without this State, may establish and maintain agencies in other States of the United States, for the transfer and issuing of their stock; and a transfer or issue of the same at any such transfer agency, in accordance with the provisions of its by-laws, is valid and binding as fully and effectually for all purposes as if made upon the books of such corporation at its principal office within this State. The agencies must be governed by the by-laws and the directors of the corporation. [Repealed and substituted; approved March 21, 1905; in effect in sixty days.]

142 Cal. 392. Note.-$8 586, 587, 587a. Revises the whole of Title XI of Part IV of Division First of the Civil Code, respecting mining corporations. Sections 586 and 587 are not changed, but simply reënacted. Section 587a contains substantially the matter that was in Section 361, the word “corporations" being substituted for “companies," and the words "and to cause notice of the time and place fixed for such meeting to be mailed to each stockholder of each of such corporations at his last known place of residence or business at least ten days before the time fixed for such meeting” being inserted. The matter added is designed to provide the mode in which notices may be served on stockholders.

§ 587. All stock of any such corporation, issued at a transfer agency, must be signed by the president and secretary of the corporation, and countersigned at the time of its issue by the agent having charge of the transfer agency. No stock must be issued at a transfer agency unless the certificate of stock, in lieu of which the same is issued, is at the time surrendered for cancellation. [Repealed and substituted; approved March 21, 1905; in effect in sixty days.]

Note.-See note to § 586.

$ 587a. It is lawful for two or more corporations formed, or that may hereafter be formed, under the laws of this State, for mining purposes, which own or possess mining claims or lands adjoining each other, or lying in the same vicinity, to consolidate their capital stock, debts, property, assets, and franchises, in such manner and upon such terms as may be agreed upon by the respective boards of directors or trustees of such corporations so desiring to consolidate their interests ; but no such consolidation must take place without the written consent of the stockholders representing two thirds of the capital stock of each corporation, and no such consolidation can, in any way, relieve such corporations, or the stockholders thereof, from any and all just liabilities; and in case of such consolidation, due notice of the same must be given, by advertising, for one month, in at least one newspaper in the county where the said mining property is situated, if there is one published therein, and also in one newspaper published in the county where the principal place of business of any of said corporation is. And when the consolidation is completed, a certificate thereof, containing the manner and terms of such consolidation, must be filed in the office of the County Clerk of the county in which the original certificate of incorporation of each of said corporations is filed, and a copy thereof must be filed in the office of the Secretary of State ; such certificate must be signed by a majority of each board of trustees or directors of the original corporations, and it is their duty to call, within thirty days after the filing of such certificate, a meeting of the stockholders of all of said corporations so consolidated, to elect a board of trustees or directors for the consolidated corporation, for the year thence next ensuing; and to cause notice of the time and place fixed for such meeting to be mailed to each stockholder of each of such corporations at his last known place of residence or business at least ten days before the time fixed for such meeting. The said certificate must also contain all the requirements prescribed by section two hundred and ninety. [New section; approved March 21, 1905; in effect in sixty days.]

147 Cal. 666. Note.See note to 586.

$ 588.

It is the duty of the secretary of every corporation formed for the purpose of mining, or conducting mining in California, whether such corporation be formed and organized under the laws of the State of California or of any other State, Territory, or foreign country, to keep at some place within the State of California an office and in such office to keep a complete set of books showing all receipts and expenditures of such corporation, the source of such receipts, and the objects of such expenditures, and also all transfers of stock. All books

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