sioner shall also have authority to call for special reports and make special examinations of any bank -special exor other institution which he may have good reason etc., when. for believing is not properly conducted. Insolvent Banks or Other Institutions. aminations, sioner may appoint a when, how VII. If at any time the commissioner shall find The commisa bank or other institution, subject to his supervision, in an insolvent condition, or if any such institu- receiver, tion shall neglect or refuse for the period of ninety and for what. days to make such special reports as he may demand, or to correct the irregularities to which he has called attention, he shall at once lay the matter before the governor and attorney general of the State of West Virginia, and by and with their consent may petition a court of competent jurisdiction to appoint a receiver who shall take charge of and wind up the af fairs of said institution, or conduct the same to the best interests of the creditors and stockholders. Call Statements. year to bank cor- commis- verified and VIII. Every bank operating under the provisions Reports to be of this chapter shall make to the commissioner of made each banking not less than four reports each year, responding as to time as nearly as possible to calls made by the comptroller of the currency on national banks, according to the form that may be attested. prescribed by him, verified by the oath or affirmation of the president or cashier of said bank, and attested by the signatures of at least three of the directors. Each report shall exhibit in detail, and un--what each der appropriate heads, the resources and liabilities report to of the bank at the close of business on any past day by him specified, and shall be transmitted to the when transaforesaid commissioner within five days after the receipt of a request or requisition therefor from him; and in the same form in which it is made to the com- -publication missioner shall be published in a newspaper pub- and cost of. lished in the place where the bank is situated, or if there is no newspaper in the place, then in one published nearest thereto in the same county, at the ex exhibit. mitted. pense of the bank. And such proof of publication -proof of shall be furnished as may be required by said com- such publicamissioner. tion. Banks desir ing to begin missioner; his duties after such notice. authority, and what recite. Certificate of Authority. IX. When any bank authorized by this chapter business must desires to begin business, it must notify the commisnotify com- sioner of banking, who shall who shall at his earliest convenience make a personal examination of its af fairs, and shall ascertain whether forty per centum of its capital stock has, in good faith, been actually paid in, and whether all the other provisions required to be complied with, before commencing the business of banking, have been carefully observed. Having -certificate of satisfied himself that all the conditions precedent when to issue have in good faith been complied with, the said commissioner shall then issue to such bank, under his hand and official seal, a certificate of authority reciting that such examination has been made and that the bank is authorized to commence business; which where to be certificate shall be conspicuously displayed in the principal business room of the bank. But the com-commis- missioner may withhold from an association his cerwithhold such tificate authorizing the commencement of business certificate for whenever he has reason to suppose that the stockholders have formed the same for any other than the legitimate objects contemplated in this act. The president, cashier and directors, of any bank that shall receive deposits before the certificate of authority contemplated in this section has been issued, shall be deemed guilty of a misdemeanor, and on conviction thereof shall be fined not less than five hundred dollars and, at the discretion of the court, imprisoned in the county jail not less than three nor more than six months. displayed. sioner may what. penalty for doing business before certificate of authority is issued. Collection of Capital Stock. Unpaid cap- X. All banks which have not collected the full ital stock. how collected. amount of their capital stock shall collect the same as provided in section seventy-eight of this chapter; -what state- and on receipt of each installment the president or sent commis- cashier of such bank shall transmit to the commissioner of banking a statement of the fact, verified by his oath and attested by the signatures of at least three of the directors. ment to be sioner and when. -salary of Compensation of Commissioner. XI. For making such examination and for precommissioner paring and preserving all records and reports con expenses. who to collect templated in this act, the said commissioner shall be paid the sum of fifteen hundred dollars per annum salary, and six hundred dollars per annum traveling -traveling expenses out of the State treasury, by proper warrant drawn by the auditor upon the treasurer. There -fees for shall be paid, by each of said banks or other institu- examination; tions examined, to the State, as follows: If the total and pay same assets are less than two hundred thousand dollars, treasury. fifteen dollars; if two hundred thousand dollars and less than four hundred thousand dollars, twenty dollars; if four hundred thousand dollars or over, twenty-five dollars; and said commissioner of banking shall collect all such fees and cover the same into the State treasury. Special Provisions. into state pro tem; gov XII. If by reason of sickness or other inability, Commissioner the said commissioner is not able to make the exam- ernor may ination, and prepare the reports required by this act, appoint, the governor shall appoint another commissioner pro tem who shall qualify as herein required, and proceed to perform said duties under the direction of the governor and board of public works. Commissioner's Report. re of commissioner, when; what to show; how disposed of. XIII. On or before the first day of December, the Annual report said commissioner shall make out, and submit to the governor, a careful and complete report, of all the to whom, and work done by his department, showing the total sources and liabilities of all the banks, subject to his supervision, the increase or decrease for the year in such resources and liabilities, carefully noting any failures that may have occurred, stating the causes thereof, and making such remarks, suggestions and recommendations as he may deem pertinent; which report the governor shall bind with his messages and documents and lay before the legislature. Verification of Report. What verifica missioner XIV. The report provided for in the next preceding sub-section, of this chapter, shall be verified by tion the comthe affidavit of said commissioner, who shall swear must make to that in making the examination and inspection of his annual each of the banks and other institutions provided for report. What other institution subject to provisions of this act, as ble. in this act, he has personally and carefully inspected the books, papers and affairs of said banks, and other institutions, and that in no case has he received or agreed to receive directly or indirectly any reward, gift, or promise thereof, from any bank officer or individual other than that specified in this act. Other Institutions Subject to This Provision. XV. It is further expressly provided that all savings banks, co-operative banking associations, trust, title insurance, guaranty, surety and indemnity comfar as applica- panies, and all other companies of similar character, whether heretofore or hereafter organized under the laws of this State, shall be subject to the provisions of this law, so far as it is applicable to them, and to the extent that the said commissioner, annually, or oftener if necessary, make a thorough examinatiou of their books, papers, and affairs, and see that the laws under which they are operating are being care fully observed. And in case he finds that such instimay proceed tutions are being improperly conducted he shall proagainst them. ceed against them after the manner specified in subdivision seven of section eighty-one of this chapter. --for what, commissioner Act repealed. Act Repealed. Section 816, including all its sub-divisions, is hereby repealed. Acts amended AN ACT to amend and re-enact section seven of an act of the Legislature of West Virginia, entitled "An Act for the incorporation of savings banks," passed February twenty-first, one thousand eight hundred and eighty-seven, as amended by chapter forty-five of the acts of said Legislature, of the year one thousand eight hundred and ninety-nine. [Passed February 14, 1901. In effect 90 days from passage. Approved February 21, 1901.] Be it enacted by the Legislature of West Virginia: That section seven of an act of said legislature, entitled "An act for the incorporation of savings banks," passed February twenty-first, one thousand eight hundred and eighty-seven, as amended by chapter forty-five of the acts of said legislature of the year one thousand eight hundred and ninety-nine, be amended and re-enacted so as to read as follows: tees; vacan filled. what ap board. 7. All vacancies in the board of trustees shall be Board of trusfilled by ballot of the board, at a regular meeting, and cies, how soon as practicable after such vacancy shall occur, and the affirmative votes of a majority of the whole number of trustees shall be necessary for the election of any trustee, and the election of a trustee shall be sub- subject to ject to the approval of the judge or judges of the cirproval. cuit court of the county in which such savings bank is located. A majority of the board of trustees shallquorum of constitute a quorum for the transaction of business, and may may transact any business and exercise all rights and powers which such board can lawfully transact or exercise. Any act hereto--what forfore done by or under authority of a majority of the made valid. board of trustees of any bank incorporated under said act, entitled "An act for the incorporation of savings banks," which would be valid if done by or under the authority of the whole board, shall be valid and binding. mer acts (Senate Bill No. 79.) CHAPTER 85. AN ACT amending and re-enacting chapter twenty- Paessd February 4, 1901. In effect 90 days from passage. Approved Be it enacted by the Legislature of West Virginia: That chapter twenty-eight of the acts of eighteen Acts hundred and ninety-one be amended and re-enacted amended. so as to read as follows: for certain 1. Every company which may have been hereto- Insurance fore, or which may hereafter be, incorporated under companies the laws of this State, for the purpose of insuring purposes; owners of, and other persons interested in, real estate, creased. against loss by reason of defective titles, liens and in powers of, in |