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county, or municipality, shall be required to deposit public moneys in any bank outside of the county owning the money or in which the municipality is situated.
SEC, 6. The receipt issued by any bank for deposits made therein, together with the bonds held as security therefor, shall be held by the Treasurer making the deposit and be recognized and counted as cash to the amount recited in the receipt by the officers required by law to count the same.
SEC. 7. Deposits, with interest thereon, shall be subject to withdrawal on demand of the Treasurer making the same, or his successors in office, and any bánk receiving the deposit of public moneys, may at any time return the same to the public officer making such deposit, together with interest to date of return, and it shall be the duty of the public officer upon receiving the return of such deposit, to immediately return to such bank all bonds held as security for the deposit returned. When any officer withdraws his deposit he shall return, on demand of the bank, such bonds as were held as security for the deposit or portion thereof withdrawn.
SEC. 8. Should any bank fail to pay any public moneys held on deposit as herein provided, the officer making such deposit may, after ten days' written notice to such bank, proceed to sell at public or private sale, such of the bonds held by him as security as he may see fit; provided, however, that he shall sell no bonds for less than their face value except at public sale after ten days' printed notice in some newspaper of general circulation published in the county where the sale is to take place. The proceeds of such sale, after paying all expenses, shall be credited to the account of the bank which deposited the bonds as collateral. Any bank failing to make payment, may, at any time before the sale of the bonds is completed, stop such sale by repaying all the moneys deposited with it, together with any expense that may have been incurred by the officer making such deposit, as the result of such failure. Should the proceeds of any such sale fail to fully repay any deposit, the balance remaining unpaid may be collected in an action of law in the name of the officer making the deposit.
SEC. 9. Public officials shall not be responsible for any loss of public moneys resulting from the deposit thereof when made in accordance with the provisions of this Act. It shall be the duty of the officer making the deposit to safely keep all evi
dence of indebtedness issued by banks for deposits made therein, and bonds deposited for security and such public officer shall be responsible for such evidence of indebtedness, and for bonds held as security therefor, together with the interest thereon and the proceeds of any sale of such bonds; and the city, county or municipality for which said officer acts, shall be responsible to such bank for the safe return of the securities furnished by it to such officer.
SEC. 10. The expenses of transportation of moneys to or from the State, county or municipal treasuries to such depositaries shall be borne by such depositaries.
SEC. 11. The making of profit out of county, city, town or other public moneys, or using the same for any purpose not authorized by law by any officer having possession or control thereof, shall be a felony. Any violation of the provisions of this Act by a bank or a banking corporation, shall be punishable by a fine not exceeding, five hundred dollars for each offense, and the officers of such bank or banking corporation and officer receiving such deposit shall be guilty of a felony.
SEC. 12. Nothing in this Act contained shall prevent any county or municipality within this State from buying bonds or otherwise investing its money in any manner now provided by law and nothing herein contained as to the disposition of interest on public moneys deposited shall apply to any money received or held by any county or municipality wherein any law provides for the payment of interest or profit thereon, into any particular fund.
SEC. 13. All Acts or parts of Acts in conflict with this Act are hereby repealed.
SEC. 14. This Act shall take effect immediately.
BUILDING AND LOAN ASSOCIATIONS.
BUILDING AND LOAN COMMISSIONERS.
An Act creating a Bureau of Building and Loan Super
vision; providing for the appointment of administration officials therefor to be known as the Building and Loan Commissioners; prescribing their duties, powers and compensation; providing for a secretary, his powers and compensation; providing for the rental of offices for the use of the Bureau and for traveling and office expenses; providing a system for licensing building and loan and other associations, and for assessing and collecting the license fees necessary to meet the salaries and other expenses; providing a course of procedure where violations of law, or unsafe practices are found to exist, or are reported by the Commissioners to the Attorney-General; providing for involuntary liquidation by trustees, and proceedings in connection therewith; providing for exemption of property of associations in liquidation from attachments, executions and liens, pending liquidation; providing for and requiring associations to procure licenses, pay assessments levied for pro rata of salaries and expenses, and to make and file reports; providing penalties for violations of law and orders of the Commissioners; providing for succession in office, and repealing all Acts and parts of Acts in conflict herewith.
[Approved March 21, 1905.
Amended March 23, 1907.)
The people of the State of California, represented in Senate and
Assembly, do enact as follows:
SECTION 1. There is hereby created a bureau, to be known and designated as the “Bureau of Building and Loan Supervision," with powers of supervision, examination and license of all building and loan associations, mutual loan associations, coöperative home associations, and all other corporations, associations and societies, whenever, wherever and however formed, which, in the judgment of the administration of said Bureau, are based, or are operating on plans or methods similar to building and loan associations as defined in section six hundred and forty-eight of the Civil Code; it is also charged with the enforcement of all laws designed for the formation, government or operation, in this State, of any such association, corporation or society.
SEC. 2. The administration of said Bureau shall be vested in two commissioners, to be known and designated as the "Building and Loan Commissioners,” who shall be appointed by the Governor (except as herein provided) and commissioned to hold office for the term of four years and until their successors shall be appointed and have qualified. They must be citizens of this State and residents of different counties; and they must not be in any way connected with any association, corporation or society coming under their supervision. They shall be authorized and empowered to appoint a secretary, with powers of examination the same as their own, who must be a practical, skilled accountant, fully conversant with building and loan accounts.
SEC. 3. The Commissioners shall each receive a salary of twenty-four hundred dollars per annum, and their secretary shall receive a salary of not exceeding eighteen hundred dollars per annum. There shall also be allowed and paid the necessary traveling expenses of the Commissioners and their secretary, not to exceed the sum of two thousand dollars per annum. The Commissioners shall procure and have an office in the city of San Francisco, for which there shall be allowed and paid a rental of not exceeding one hundred dollars per month, and such office shall be kept open for business, every business day, during such hours as are commonly observed by the banks of that city as banking hours; they may also provide such fuel, stationery, printing, postage, office help and other necessary conveniences as may be requisite in such office, at a cost not to exceed in the aggregate, the sum of five hundred dollars per annum.
All said salaries and expenses shall be audited and paid in the same manner as the salaries and expenses of other State officers. [Amendment approved March 23, 1907; in effect in sixty days. ]
SEC. 4. Before entering upon their respective duties the Commissioners must each execute an official bond in the sum of five thousand dollars and the secretary a like bond in the sum of two thousand dollars, and each must take the oath of office as prescribed by the Political Code for State officers in general.
SEC. 5. It shall be the duty of the Commissioners to furnish to all associations, corporations or societies, which, in their judgment, legally come under their jurisdiction, and that have otherwise complied with the requirements of law, a license authorizing them to transact business for one year from the date of said license; to receive and place on file in their office the annual or other reports required by law to be made by building and loan associations or other corporations or societies licensed by them; to supply each with blank forms for such statements; and to make, on or before the first day of October in each year, a tabulated report to the Governor of this State, showing the condition of all such associations, corporations or societies reporting to them, with such recommendation as they may deem proper, accompanied by a detailed statement of all moneys received by them since their last report, and the disposition thereof.
SEC. 6. It shall be the duty of one or both of the Commissioners, in person, at least once in each year, without previous notice, to visit and examine into the affairs of every such association, corporation or society licensed by them, incorporated or doing business in this State ; on such occasions they shall have free access to all the books, records, securities and papers of every such association, corporation or society and shall first count the cash and check the bank balance of such corporation or association with the proper amount of funds as shown by the books to be on hand and at the date and hour of such examination, and shall then examine and verify the books, accounts, and securities, and, so far as possible and consistent, the values of all property owned or held as collateral security for moneys loaned, and otherwise use reasonable diligence to ascertain the financial condition and solvency thereof. They and their secretary shall have power to administer oaths in the line of duty, and to examine under oath the officers, employés and agents, or the custodian or receiver, relative to any or all of the business thereof. The Commissioners or their secretary or representative shall receive for any examination into the books and affairs of any such association, corporation or society formed outside of the State