A. D. 1912. TITLE XII. OF CORPORATIONS AND UNINCORPORATED CHAPTER XLIII. Banks and Banking. CHAPTER XLIV. Foreign Corporations, Generally, and CHAPTER XLV. Insurance Companies. CHAPTER XLVI. Fraternal Beneficial Associations. Generally. CHAPTER XLVIII. Private Corporations Organized Under CHAPTER XLIX. Municipal Corporations. Article I, Chapter XLVIII, Sections 1880-1901, post. Business corporaor law governing the formation of banking corporations, which repeals lication.-R. S. 1536 and 1537. A. D. 1912. make loans counts with tion 2337. The President, Directors and Company of Banks may ncorporated bank in this State, are authorized to make and open acon negotiable paper, for any period not exceeding other States. e months; and also to open an account and give a Civ. '02, § t to any other bank or banks in any of the sister States. 2338. Such corporations shall have power to vest, . 1757. May invest in State or stocks. time to time, such part of their capital, not exceeding United States the amount of stock any such bank may hold) one- Civ. '02, § of the amount originally subscribed to such bank, in 1758. tock of this State, or of the United States. notes exceed three times Civ. '02, § E. . 2339. If the bank notes issued by any bank, and in Penalty if lation, shall at any time exceed, for more than four circulating ssive weeks, three times the amount of gold and silver amount of and bullion in possession of the bank, or subject to its gold, etc. -ol, within the limits of this State, as its own property, 1759. bank shall forfeit five hundred dollars for each and y successive week during which such excess shall cone, to be recovered by action at the suit of the state. c. 2340. In order that such excess, when it exists, may parent, it shall be the duty of the President or Cashier Comptrollervery bank of issue, on Wednesday of every week, to Civ. '02, § smit to the Comptroller-General an account of the 1760. int of bank notes of such bank in circulation; and also ccount of the amount of gold and silver coin and bullion e possession of the bank, or subject to its control, as its To report weekly to General. A. D. 1912. Penalty for failure to report. own property, on the next preceding Tuesday, which account shall be certified by the oath of the President or Cashier, taken before and certified by any officer duly authorized to administer oaths; and any person swearing falsely to any account shall be deemed guilty of perjury, and shall be subject to the pains and penalties thereof. Sec. 2341. Any bank, the officers whereof shall neglect to transmit to the Comptroller-General any such account aforeCiv. '02, § said, shall forfeit one hundred dollars for each and every day during which the same shall be neglected, to be recov ered by action at the suit of the State. 1761. to Felony receipt de knowledge of Sec. 2342. It shall be felony for any President, Director, posits after Manager, or Cashier, or other officer, of any banking instituinsolvency. tion, to receive any deposits or trusts, or to create any debts Civ. '02, for such corporation, after he shall become aware that such 1762. corporation is insolvent; and every officer of such failing corporation shall become personally liable to the amount of such deposits or trusts received by him, or with his knowl edge or assent, in any such case, to the person thereby damaged, whether criminal prosecution be made or not. And all persons convicted for felony, as herein provided, shall be punished by imprisonment for a term of not less than one year and by a fine of not less than one thousand dollars. Banks not to Sec. 2343. No bank now or hereafter to be incorporated lated notes in this State shall be compelled by law to pay any of their ty given. bills which have been, or may be hereafter, cut in half or Civ. 02, divided, unless both halves of said bill or bills are presented, pay muti unless securi 1763. "bank note" of issue." Civ. '02, S 1764. or unless the person producing one-half, and demanding payment as of the whole, shall first give bond and sufficient security to the said bank as an indemnity against any loss or damage that may be sustained by the said bank by paying the whole of said half bills to said person. Definition of Sec. 2344. The words "bank note" shall be understood to and "bank" include all bills, notes, checks, and other obligations of any bank, made payable to bearer on demand, or in any form of words whatsoever written, printed, or engraved, so as to be circulated and used as paper money or currency: and the words "bank of issue" shall be understood to include every bank having lawful authority to issue its own bank notes. Sec. 2345. All parts of Acts of incorporation granted to banking corporations repugnant to the provisions of Sec A. D. 1912. Parts of repugnant to 37 and 2338 of this Chapter are repealed: Provided, thing contained herein shall be construed so as to bank charters the Legislature of this State from prohibiting the Sections 1343 e of stock, as provided by Section 2338 of this Chap- pealed; never it may be deemed expedient. and 1344 re viso. pro Civ. '02, § lending to publish statements oath; penalty for 346. All institutions doing business in this State 1765. ng money and receiving deposits, under Acts of Institutions ation granted by the State, are hereby required, money, etc., enalty of a forfeiture of their charters, to publish in quarterly aper in the city, town or village where they, or any under hereof, may do business, when and as called for by failure. e Bank Examiner, without previous notice, a correct Civ. '02, § of the condition and business of such institution, XXIV, 398; eport shall contain a statement, under oath, by the 50. it or Cashier of such institution, of the amount of tal stock paid in, deposits, discounts, property and s of said institution, verified by three of the Direceof. failure of any such institution to publish the report herein, the Attorney-General, on notice thereof, once take the necessary steps to vacate the charter of titution. This Section shall apply to all private institutions, whether chartered or not. 1766: 1904, 1909, XXVI, Governor to appoint Bank 347. The Governor of the State shall appoint a at person to examine, from time to time as herein- Examiner. ovided, into the affairs and the condition of all d banking institutions conducted by corporations ns in this State. In the selection of said Bank r the Governor may advise with the Executive Comthe South Carolina Bankers' Association. of 48. It shall be the duty of such Bank Examiner, Duty and hall have power to make a thorough examination Power Bank Examithe books, papers, and affairs, of the aforesaid ner. d banking institutions, and in making such examihe Examiner shall have authority to administer to summon and examine any and all persons with the said banks and banking institutions, and rson in such examination before the Bank Examtestify falsely, he shall be indictable as for per- Report. e Bank Examiner shall make a full and detailed his findings and file the same in the office of the A. D. 1912. Term of office and com Assistant. State Treasurer, and in this report shall set forth all violations, if any, of the banking laws of this State, and alsuch a full summary of the affairs of the bank, as shall necessary for the protection of the rights of the stockholders depositors and creditors of such bank. It shall also be the duty of said Bank Examiner to forti with bring to the attention of the said banks all such violations of the banking laws of this State and that the sa be remedied or discontinued. Sec. 2349. The term of office of the said Bank Examiner pensation. shall be four years, and he shall receive as his compens tion therefor three thousand dollars per annum, and al all actual expenses, whether traveling or otherwise, incurred by him in the discharge of his duties. He shall also be empowered to appoint an assistant, at a salary of fiftee hundred dollars per annum, and to pay his traveling expenses while in discharge of his duties. The Bank Exariner shall also have the right to incur such reasonable expenses as are necessary in the conduct and management of his office: Provided, however, That the total of all h expenses as provided for shall not exceed the sum to b derived by assessments from the various banks in this State as herein provided for. Fees for examination. Sec. 2350. The Bank Examiner shall make at least orexamination every year of all the banks and banking instit tions in this State, and for every examination he shall co lect and pay over to the State Treasurer the following fees: From all banks having one hundred thousand dollars ($100,000) or more capital, fifty dollars ($50); from a banks having fifty thousand dollars ($50,000) and under one hundred thousand dollars ($100,000) capital, forty de'lars ($40); from all banks having twenty thousand dollars ($20,000) and under fifty thousand dollars ($50,000 capital, thirty dollars ($30); and from all banks having a capital less than twenty thousand dollars ($20,000), he sha collect twenty dollars ($20). No bank shall be compelled to pay for more than one examination each year unless such additional examination shall be requested by the stockholders as hereinafter provided: Provided, however, That if more than one examination be necessary through the mismanage ment or negligence of a bank's officers, the actual expense |