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this act shall take effect and be in full force from and after

its passage and approval.

Approved March 2, 1915.

CHAPTER 58.

BANKS AND BANKING-REGULATION OF BANKS-STATE BANKING BOARD.

AN ACT to amend sections 267 and 272 of chapter 6, article 1, of the Revised Laws of the State of Oklahoma of 1910, and to amend section 3, chapter 22, Session Laws of 1913, providing penalties for violations of the banking laws of this state, and to define the powers of the State Banking Board, and for other purposes; and declaring an emergency.

Be It Enacted by the People of the State of Oklahoma:

Reserves of Banks and Savings Associations.

Section 1. That Section 267 of the Revised Laws of the State of Oklahoma of 1910 be and the same is hereby amended so as to read as follows:

"Section 267. Every bank doing business under the laws of this State shall have on hand at all times in available funds the following sums, to-wit: Banks located in towns or cities having a population of less than twentyfive hundred persons an amount equal to fifteen per cent of their entire deposits, two-thirds of which amounts may consist of balances due to them from good, solvent banks, selected from time to time with the approval of the Bank Commissioner, and one-third shall consist of actual cash; provided, that any bank that has been made the depository for the reserve of any other bank or banks shall have on hand at all times in the manner provided herein twenty per cent of its deposits. Whenever the available funds in any bank shall be below the required amount, such bank shall not increase its liabilities by making any new loans or discounts otherwise than the discounting or purchasing of bills of exchange, payable at sight, nor make any dividends

of its profits, until the required proportion between the aggregate amount of its deposits and its lawful money reserve has been restored; and the Bank Commissioner shall notify any bank whose lawful money reserve shall be below the amount required to be kept on hand to make good such reserve and if such banks or association shall fail to do so for a period of thirty days after such notice, it may be deemed to be insolvent, and the Bank Commissioner may take possession of the same, and proceed in the manner herein provided relating to insolvent banks. The Bank Commissioner may refuse to consider, as a part of its reserve, balance due to any bank from any other bank association which shall refuse or neglect to furnish him with such information as he may require from time to time relating to its business with any other bank doing business under this act, which shall enable him to determine its solvency; provided that all savings associations which do not transact a general banking business shall be required to keep on hand at all times in actual cash a sum equal to ten per cent of their deposits, and shall be required to keep a like sum invested in good bonds of the United States, or State, county, school, district or municipal bonds of the State of Oklahoma, worth not less than par."

False Advertising-Misuse of Term "Bank."

Section 2. That section 272 of the Revised Laws of the State of Oklahoma, 1910, be and the same is hereby amended so as to read as follows:

"Section 272. It shall be unlawful for any individual, firm, association, or corporation to receive money upon deposit or transact a banking business except as authorized by the laws of the State of Oklahoma, or of the United States, or to use or advertise, in connection with any business other than the banking business, conducted under the banking laws of this State, the words: BANKER, BANKERS, INVESTMENT BANKER, or any other word or term calculated to deceive the public into belief that

such person, firm, association or corporation, is engaged in the banking business. Any person, firm, association or corporation violating any of the provisions of this section, either individually or as an interested party, in any firm, association or corporation shall be guilty of a misdemeanor, and upon conviction thereof, shall be fined in a sum not less than three hundred dollars ($300.00), nor more than one thousand ($1,000.00), or by imprisonment in the county jail not less than thirty days nor more than one year, or by both such fine and imprisonment, and it is hereby made the duty of the Attorney General to enforce the provisions of this section; and in order to further prevent the violation of the section, any court of competent jurisdiction in this State is hereby authorized and empowered to grant an injunction and to appoint a receiver to take charge of the business and assets of any person, firm, association or corporation found guilty of violating the provisions of this section, and to make all necessary and proper orders to wind up such business and prevent a violation of this section."

Banking Board-Selection-Executive Council-Fees.

Section 3. That section 3, chapter 22, of the Session Laws of 1913, be and the same is hereby amended so as to read as follows:

"Section 3. The directors of each State Bank shall have the authority to select a person to represent it in making recommendations to the Governor for the appointment of members of the Banking Board. Said persons selected by the board of directors of each of such State banks shall constitute the State Bankers' Association, and such Association shall select an executive council of not less than nine, nor more than fifteen members, who shall recommend to the Governor the names of nine persons having qualifications in this act prescribed for members of the Banking Board, from which to select the members of the Banking Board. The Governor shall appoint said Banking

Board from the names so submitted, said executive council shall have authority to collect annually from each and every corporation engaged in the banking business under the laws of this State a sum of money not exceeding fifty cents (50 cents) upon each one thousand dollars ($1,000.00) of the capital and surplus of such bank, and for the purpose of collecting said money the said executive council shall have authority and is hereby empowered to make such rules and regulations as in its judgment shall be necessary, and such assessment or assessments shall become a fixed indebtedness against such bank or banks, and may be collected by suit in the name of the association."

Guaranty Fund Warrants-Bank Privilege.

Section 4. Any bank engaged in the banking business under the laws of the State of Oklahoma may invest in depositors' guaranty fund warrants that portion of its capital stock equal to its pro rata share of outstanding depositors' guaranty fund warrants and its pro rata share of depositors' guaranty fund warrants issued after the passage and approval of this act. The amount and extent to which any bank may so invest its capital stock shall be ascertained from time to time by the Banking Board; provided, however, that no bank organized under the laws of this State shall be permitted to invest more than ten per cent of its capital stock in such warrants, and any such bank, in addition to such investment of its capital, may invest all, or any part of its surplus, in Depositors' Guaranty Fund Warrants; provided, however, that nothing in this section shall be construed to exempt any bank operating under the banking laws of this State from paying in cash any assessment under the laws of the State of Oklahoma, or by the State Banking Board, pursuant to said laws.

Failed Banks-Bank Commissioner Control-Rights of Surety Companies. Section 5. On and after the passage and approval of this act, in all cases where a surety company is compelled

to pay, or voluntarily pays, a deposit of any State, county, municipal or other public funds for which it is liable in a failed bank, operating under the banking laws of this State, such surety company shall be entitled to participate in a pro rata division of the proceeds of the assets of any such bank with the Depositors' Guaranty Fund; and the Bank Commissioner shall have exclusive control of the administration and collection of the assets of failed banks, in which any part of the Depositors' Guaranty Fund has been used for payment of deposits, until the Depositors Guaranty Fund is fully reimbursed and the Banking Board shall pay to such surety company its pro rata share of the proceeds of such assets from time to time as collections from such assets are made; and such surety company in writing a depository bond for any such bank specifically agrees to such administration and that the Bank Commissioners' jurisdiction shall be exclusive. All public deposits secured by surety company bonds or by the assets of any bank shall be included in the computations of average daily deposits as a basis for assessments for the Depositors' Guaranty Fund.

Emergency.

Section 6. It being immediately necessary for the preservation of the public peace, health and safety, an emergency is hereby declared to exist, by reason whereof this act shall take effect and be in full force from and after its passage and approval.

Approved March 3, 1915.

CHAPTER 59.

CRIMES AND PUNISHMENT-FORTUNE TELLING.

AN ACT to prohibit fortune telling in the State of Oklahoma, providing a punishment therefor.

Be It Enacted by the People of the State of Oklahoma:
Fees Prohibited.

Section 1. It shall be unlawful for any person or

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