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bond or bonds to be approved by the governing or legislative body of such county, city and county, city or town, in the same penal sum and containing the same terms and conditions as the bond or bonds so canceled and annulled; which new bond or bonds must be executed by the owner of said franchise or privilege and by new sureties satisfactory to the governing or legislative body of such county, city and county, city or town; provided, that any person, firm or corporation who acted as surety on the old bond or bonds so canceled and annulled may act as surety on the new bond or bonds, if the same be satisfactory to the governing or legislative body of such county, city and county, city or town.

SEC. 2. Immediately upon the acceptance by the governing or legislative body of such county, city and county, city or town of any new bond or bonds, filed with the governing or legislative body of such county, city and county, city or town as herein provided for, the old bond or bonds shall become canceled and annulled, and the sureties thereon shall by such cancellation and annulment be released from any future liability on such old bond or bonds, but such cancellation and annulment shall not release said sureties from any past liability; and thereafter the new bond or bonds, herein provided for, shall take the place of such old bond or bonds.

SEC. 3. This Act shall take effect immediately.

An Act to authorize cities and towns to grant franchises'

for the construction and maintenance of railroads beyond the limits of such cities or towns leading to public parks owned thereby. [Became a law, under constitutional provision, without

Governor's approval, March 1, 1897.] The people of the State of California, represented in Senate and

Assembly, do enact as follows: SECTION 1. It shall be lawful for the council, trustees, or other governing body of any city or town owning public parks situated outside of said city or town, to grant franchises for the building and operation of railroads from any point in, or at the exterior boundary of such city or town, to, in, or through such park, in the same manner and to the same extent as it now has power to grant the same for street railroads within the limits of such city or town; provided, that in addition to all other conditions, it shall be made a condition of such franchise that the fare of passengers on such road or roads shall never exceed five cents for a single trip.

SEC. 2. All railroads, except as otherwise provided in this Act, authorized by this Act to be so chartered shall be governed by the provisions of part four, title four, of the Civil Code of California, concerning street railroads and corporations, so far as the same shall be applicable thereto, and of all Acts amendatory thereof. Also by the provisions of "An Act providing for the sale of · railroad and other franchises in municipalities and relative to granting of franchises,” approved March twenty-third, eighteen hundred and ninety-three.

Sec. 3. This Act shall take effect immediately.

BANKING CORPORATIONS.

DISSOLUTION OF SAVINGS BANKS, ETC.

An Act providing for the dissoluticn and winding up of

savings banks, trust companies, and banks of deposit, and providing for the disposition of all funds deposited therein and not claimed within five years after such banks have ceased to do business, or after the commencement of proceedings to dissolve.

[Approved March 31, 1891.]

The people of the State of California, represented in Senate

and Assembly, do enact as follows : SECTION 1. That any savings bank, or trust company, or bank of deposit, heretofore created, or which may be hereafter created, shall have the right, on application of the stockholders or members to the Superior Court of the county wherein its principal place of business is situated, to dissolve said corporation in the manner provided for in title six, part three of the Code of Civil Procedure.

SEC. 2. It is hereby made the duty of every person or corporation holding funds of any savings bank, or trust company, or bank of deposit, at the end of five years from and after such bank has ceased to receive deposits, or do business, to pay the same into the State treasury, which money shall be held in the State treasury in a fund which is hereby designated as “The Dissolved Savings Bank Fund”; and at the same time it shall be the duty of such person or corporation to furnish to the State Controller a list of the names of all depositors to whom said moneys belong or to whom said bank owes the same.

SEC. 3. The money in said “The Dissolved Savings Bank Fund” may be drawn out on the warrants of the State Controller, issued on proofs of ownership, approved and allowed by the State Board of Examiners.

SEC. 4. All moneys paid into the said “The Dissolved Savings Bank Fund," uncalled for within five years after being paid in, shall escheat to the State, and thereafter only drawn out in such manner as now provided for by law for the estates of deceased persons escheated to this State.

SEC. 5. That any person or corporation failing to comply with the provisions of this Act shall be liable to the State of California for the amount of money so retained by them contrary to the provisions of the first four sections of this Act; and the Attorney-General of this State is hereby authorized, empowered, and directed to bring action, in the name of the People of the State of California, in such manner and upon the same terms as now provided for escheated estates, to recover judgment for said money, and when so recovered, to be paid into the State treasury and held subject to the provisions of this Act; prorided, that said fund shall be liable for the expense of the recovery of the same, to be paid out upon demands audited by the State Board of Examiners.

SEC. 6. Whenever, and as often as there is in the State treasury to the credit of the said “The Dissolved Sayings Bank Fund” the sum of ten thousand dollars, the State Board of Examiners must invest the same in civil funded bonds of this State, or in bonds of the United States, or in bonds of the several counties of this State; the investments to be made in such manner and upon such terms as the board shall deem for the best interests of the said "The Dissolved Savings Bank Fund”; provided, that no bonds of any counties shall be purchased of which the debt, debts, or liabilities at the time exceed fifteen per cent of the assessed value of the taxable property of said county.

SEC. 7. All bonds purchased by the board under the provisions of this Act must be delivered to the State Treasurer, who shall keep them as a portion of said “The Dissolved Savings Bank Fund,” the interest upon such bonds to be placed by him to the credit of said fund.

SEC. 8. Whenever the moneys on hand in the State treasury to the credit of the said "The Dissolved Savings Bank Fund” is not sufficient to pay the claims allowed by the State Board of Examiners. against said fund, it shall be the duty of said board to sell such bonds belonging to said fund as they may deem proper, for the purpose of providing funds for the payment of such claims so allowed by them.

SEC. 9. This Act shall take effect from and after its passage.

BANK COMMISSIONERS.

An Act creating a Board of Bank Commissioners, and pre

scribing their duties and powers.

Amended

[Approved March 24, 1903. Amended March 20, 1905.

March 18, 1907.]

The people of the State of California, represented in Senate

and Assembly, do enact as follows:

SECTION 1. Within ten days after the passage of this Act the Governor shall appoint, by and with the advice and consent of the Senate, four competent persons, one of whom shall be an expert of accounts, to be styled Bank Commissioners; and the Governor shall designate, at the time of such appointment, their respective terms of office in accordance with the following classification, viz: Two of said Commissioners shall serve for two years, and two for four years. Their successors shall be appointed by the Governor and hold their office for the term of four years and until their successors are appointed and qualified. Should a vacancy occur either by death, removal from the State or otherwise, the Governor shall appoint his successor for the unexpired portion of his term.

The persons who are

so appointed shall have no official connection with

nor be in the employ of any savings bank, bank, banking company, or banking society, nor shall they, during their terms of office, own or be interested in the stock or other property thereof. Said Commissioners shall have their office in the City of San Francisco.

SEC. 2. The Bank Commissioners, before entering upon the duties of their office, must execute an official bond in the sum of twenty thousand dollars, and take the oath of office, all as prescribed by the Political Code for State officers in general.

SEC. 3. The duties of the Bank Commissioners shall be to prepare and furnish to every savings bank, bank, and banking company, or any other corporation incorporated under the laws of this State, or of any other State or Territory, or foreign country, doing a banking business in this State, applying therefor, a license, in the form to be prescribed by them, authorizing such corporation to use the name and to transact the business of a savings bank, bank, or banking company, until the first day of July next thereafter; to receive and place on file in their office the reports required to be made by sayings banks, banks, or banking corporations, by this Act; to prepare and furnish, on demand, to all persons, firms, partnerships, corporations, or officers required to make and return statements or reports to said Bank Commissioners by the provisions of this Act, blank forms for such statements or reports as may by law be required of them; to make, on or before the first day of October in each year, a report to the Governor of this State, containing a tabular statement and synopsis of the several reports which have been filed in their office since their last report, and any other proceedings had or done by them under this Act, showing generally the condition of the respective savings, commercial and other banking corporations or institutions of this State, and such other matters as in their opinion may be of interest to the public, with a detailed statement, verified by their oaths, of all moneys and fees of office received by them during the same period.

SEC. 4. It shall be the duty of one or more of the Bank Commissioners, as designated by the Commissioners, once in each year, and as often as in their judgment may be deemed necessary, without previous notice, to visit and make, personally, a full examination of each and every corporation mentioned in section three of this Act; to inspect all books, papers, notes, bonds, or evidences of debt of such corporation, and all securi

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