the proper court against such corporation, and all the directors or trustees thereof, to enjoin and prohibit them from the transaction of any further business. If upon the hearing of the case the court shall find that such corporation is solvent and may. safely continue business, it shall dismiss the action, and order that the corporation be restored to the possession of the property, but if the court shall find that it is unsafe for such corporation to continue business, or that such corporation is insolvent, said court shall by its decree order such corporation into involuntary liquidation, and shall issue the injunction applied for, and shall cause the same to be served according to law, and shall order the Commissioners to surrender the property of the corporation in their possession to a receiver appointed by the court for the purpose of liquidation in such proceeding, under the orders and direction of the court. The issuance of the injunction hereinbefore provided for shall, by operation of law, dissolve any and all attachments levied upon any property of such corporation within one month next preceding the date of the notification by the Commissioners to the Governor and the Attorney-General as provided for in this section; and no attachment or execution shall, after the issuance of such injunction and during the process of liquidation, be levied upon any property of such corporation, nor shall any lien be created thereon. If a receiver be appointed, before surrendering to him the property of the corporation for purposes of liquidation, the person named as receiver shall execute to the people of the State of California, an undertaking, with sufficient sureties, in an amount to be fixed by the court, 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 condition of the 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 condition of the affairs of every such corporation in liquidation, in the same manner as in case of solvent banks, businesses, and institutions, and they shall have a gen

eral supervision of the affairs of such corporation in liquidation. They shall have the power to limit the number of employés necessary 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 employé 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 employé shall be punished by a fine of 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. 102. When the Bank Commissioners shall have taken control of a bank, banking company or banking corporation, with possession of its property and assets, pursuant to the provisions of the preceding section, they shall have full power to sell any portions which they deem perishable, to realize on securities where they deem depreciation of value to be imminent, to preserve liens of any and every kind, protect the property from waste, dissipation, and tax liens and in this behalf they shall have all the powers of trustees of an implied trust, otherwise, they shall preserve all the property intact, so near as may be, until the final determination of the action in the preceding section provided. [New section; approved March 18, 1907; in effect immediately.]

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 five 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. [Amendment approved March 18, 1907; in effect immediately.]

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 three hundred ($300) dollars per month. It shall be the duty of the secretary, whenever required by the Bank Commissioners, to visit and make personally a full examination of any corporation mentioned in section three (3) of this Act and report its conditions to the Bank Commissioners, and the secretary shall be allowed his actual expenditures necessarily incurred in making such examination. and report, and for this purpose the secretary of the Bank Commissioners is hereby empowered to administer oaths. 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 non-judicial days. They shall procure rooms necessary for their office, at a rent not to exceed two hundred ($200) 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 seven thousand five hundred ($7,500) dollars per annum, for the year nineteen hundred and seven they may provide furniture and furnishings in the sum of twenty-seven hundred ($2700) dollars to replace furniture destroyed by fire on April eighteenth, nineteen hundred and six; and they shall cause their annual reports to the Governor of this State to be printed by the lowest bidder and distributed, at a cost not to exceed two thousand ($2,000) dollars per annum, and which printing shall be exempt from the provisions of Article XII, Chapter III, Title I, Part III of the Political Code. All expenditures authorized in this section shall be audited and paid in the same manner as the salary of the Commissioners. [Amendment approved March 18, 1907; in effect immediately.]

SEC. 14. All reports required to be made to the Bank Com

missioners 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, the cost of printing the Bank Commissioners' annual reports, and all other necessary expenses of the Commissioners, as provided for in this Act, every corporation, person, or partnership receiving a license shall pay annually therefor, in advance, to the Commissioners, in gold coin, the sum of forty ($40) dollars for each place of business. The cost of such licenses shall be pro rated for such proportional number of months as the license is to run, and all of such licenses shall be due and payable on the first day of July in each year and shall expire on the thirtieth day of the following June. To meet the balance of such expenses, after deducting therefrom the amount received from licenses, each of said corporations, persons and partnerships shall pay annually, in advance, to the Commissioners, in gold coin, its, his, or their share of the amount of said balance; the share to be paid by any such corporation, person, or partnership to be determined by the proportion which the deposits of any such corporation, person or partnership bear to the aggregate deposits of all such corporations, persons or partnerships receiving licenses, as shown by the latest reports of such corporations, persons and partnerships to the Commissioners. Said Commissioners shall, on demand made therefor, and without charge, furnish to every corporation, society, association, company, institution, partnership, 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, partnership, 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. [Amendment approved March 18, 1907; in effect immediately.]

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. Except as provided in this statute, the provisions of Part II of the Code of Civil Procedure are applicable to and constitute the rules of practice in proceedings mentioned in this section. [Amendment approved March 18, 1907; in effect immediately.]

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. 19a. Every person, company, or corporation, except savings and loan corporations, which is now transacting or which may hereafter transact the business of a bank, or banking corporation, must at all times have actually paid in a capital equal to at least ten per cent of the total amount owing to the depositors, banks and bankers, and to its creditors by such bank, or banking corporation; provided, that the minimum amount of such capital, to be actually paid in, shall in no instance be less than the sum of twenty-five thousand ($25,000) dollars; and provided further, that the maximum amount of such capital, so required to be actually paid in, shall, in no instance, be required to exceed the sum of one million ($1,000,000) dollars. The Bank Commissioners of the State of California shall not issue to any bank or banking corporation a license to transact business until this section shall be complied with, and said Commissioners shall thereafter have full power to make such order, or orders, from time