war -traveling expenses. who to col 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 expenses out of the State treasury, by proper rant 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 feet and pay assets are less than two hundred thousand dollars, same into fifteen dollars; if two hundred thousand dollars and treasury. 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. state Special Provisions. pro tem; govappoint, XII. If by reason of sickness or other inability the said commissioner is not able to make the exam- Commissioner ination, and prepare the reports required by this act, ernor may the governor shall appoint another commissioner pro when. 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. the port of comthe missioner, Annual re when; to re- whom, XIII. On or before the first day of December, the said commissioner shall make out, and submit to governor, a careful and complete report, of all work done by his department, showing the total sources and liabilities of all the banks, subject to show: how his supervision, the increase or decrease for the year disposed of. 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. XIV. The report provided for in in the preced- what verifiing sub-section, of this chapter, shall be verified by cation the the affidavit of said commissioner, who shall that in making the examination and inspection of nual report. each of the banks and other institutions provided for commissioner swear must make to his an What other institution subject to far as applicable. 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, inprovisions of surance, guaranty, surety and indemnity companies, and this act, as 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 examination of their books, papers, and affairs, and see that the laws under which they are operatfor what, ing are being carefully observed. And in case he finds may proceed that such institutions are being improperly conducted he shall proceed against them after the manner specified in sub-division seven of section eighty-one of this chap commissioner against them.. ter. Act repealed. Act Repealed. Section 81b, including all its sub-divisions, is hereby repealed. Acts amended (Senate Bill No. 48.) CHAPTER 84. 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: trustees; what ap va 7. All vacancies in the board of trustees shall be Board of filled by ballot of the board, at a regular meeting, and cancies, how soon as practicable after such vacancy shall occur, and filled. 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 cir- proval. cuit court of the county in which such savings bank is located. A majority of the board of trustees shall -quorum of constitute a quorum for the transaction of bus- board. iness, and may transact any business and exercise all rights and powers which such board can lawfully transact or exercise. Any act heretofore mer acts done by or under authority of a majority of the what forboard of trustees of any bank incorporated under said made valid. 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. (Senate Bill No. 79.) CHAPTER 85. AN ACT amending and re-enacting chapter twenty-eight of the Acts of eighteen hundred and ninety-one, relating to the incorporation and regulation of title and trust companies. [Passed February 4, 1901. In effect 90 days from passage. Approved February 7, 1901.] Be it enacted by the Legislature of West Virginia: amended. That chapter twenty-eight of the acts of eighteen hun- Acts dred and ninety-one be amended and re-enacted 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, increased. against loss by reason of defective titles, liens and in powers of, -may deal in stocks, bonds, etc. -banking powers conferred. only to be exercised, when. cumbrances, or as a trust company, shall have the power and right: First. To make insurance of every kind pertaining to, or connected with, titles to real estate, and notwithstanding the provisions of section three of chapter fifty-two of the code of this State or any other provisions of such code, to buy, hold, sell and guarantee bonds, stocks, loans and evidences of indebtedness, whether of persons or corporations, and make, execute and perfect such and so many contracts, agreements, policies and other instruments as may be quired therefor. re Second. To engage in a general banking business, and exercise, under the laws of this State, all such incidental powers as shall be necessary to carry on the business of banking, by discounting promissory notes, negotiating drafts, bills of exchange and other evidences of indebtedness, receiving desposits and allowing interest on same under such regulations as may be prescribed by the board of directors and not inconsistent with the provisions of this act, buying and selling exchange, bank notes, bullion or coin, and by loaning money on personal or other security. But -such bank- the powers conferred by this clause, unless the same ing powers, be conferred by the certificate of incorporation, shall only be exercised as follows: Any such corporation may engage in business as a banking institution upon adopting a resolution to that effect, adopted by a vote of the holders of two-thirds of the capital stock, at a general meeting called in the manner prescribed in section forty-one of chapter fifty-three of the code. A copy of such resolution certified to be such by the president of the corporation under its corporate seal, shall be filed with the secretary of state, who shall under his hand, and the great seal of the State issue to such corporation a certificate reciting the resolution and declering such company to be a banking institution; which certificate shall be received in all courts and places as evidence of the authority of such corporation to conduct a banking business as herein-provisions before provided. The "rovisions of sections seventeen, eighteen, nineteen and twenty of chapter fifty-four of the code, shall apply to such certificate. When such certificate shall be issued, such corporation and its stockholders shall be subject to all the provisions of chapter fifty-four of the code and all laws which may have heretofore been and which may hereafter be enacted relating to banks of issue and circulation and of law to govern. of discount and deposit, so far as the same are applicable, and not inconsistent with the powers hereby granted to said companies. -to insure employes; to Third. To make insurance for the fidelity of persons holding positions of responsibility and trust, and to receive fidelity of upon deposit for safe keeping, jewelry, plate, stocks, bonds, receive on and valuable property of every description, upon terms as may be agreed upon. deposit certain prop erty. -to act as trusts, etc. Fourth. To act as trustee, assignee, receiver, (general or special), guardian, executor, guardian, executor, administrator, trustee, etc., committee or curator, and to take, accept and execute, and execute trusts of every description. not inconsistent with the constitution of this State or of the United States, and to receive deposits of moneys and other personal -to receive property, and issue its obligations therefor, to invest deposits, etc., its funds in and to purchase real and personal secur- or loan its ities and to loan money on real and personal securities. and invest funds. what. Fifth. To act as agent for the purpose of issuing, reg--to act as istering or countersigning, purchasing or selling the cer- agent, for tificates of stock, bonds or other obligations of any corporation, association, county, school district, magisterial district or municipality, state or public authority, and to receive or manage any sinking fund thereof, on such terms as may be agreed upon. Sixth. To become sole surety in any case where by -to become law one or more sureties may be required for the faith- sole surety. ful performance of any trust, office, duty, action or engage ment. -to pur and dispose Seventh. To take by purchase or otherwise, and receive and hold any and all such pieces of real property as may chase, hold have been, or may hereafter be, the subject of any of certain insurance made by such company under the powers con- real estate. fered by its certificate of incorporation, and the same to grant, bargain, sell and convey and dispose of in any such manner as it may seem proper. real estate Eighth. To purchase and sell or take charge of, and--to handle receive the rents, issues and profits of, any real estate for others. for other persons, firms or corporations. to act as security for Ninth. To act as surety for the faithful performance of any contract entered into with any person, firm or contracts. municipality, or other corporation, or with any state or government or public authority, by any person or persons, corporation or corporations. Tenth. To become sole surety for the faithful per- to become formance of the duties of any national, or municipal officer or employe, and to state, county sole surety execute such for officers, etc. |