flowing artesian wells virtue thereof shall have been paid in full as in this act specified. CHAP. 225-An Act making appropriation to pay bounty provided for by an act of March 19, 1901, entitled "An act to provide for the payment of a bounty to encourage the boring of wells in searching for oil, natural gas, and artesian water in the State of Nevada." [Approved March 24, 1915] WHEREAS, The statutes of the State of Nevada, to wit, an act Bounties for approved March 19, 1901, 86, and designated as sections 712 to 717, inclusive, in 1 Revised Laws of Nevada, 1912, entitled "An act to provide for the payment of a bounty to encourage the boring of wells in searching for oil, natural gas, and artesian water in the State of Nevada, provides that "the first person to sink a well in the State of Nevada not less than six inches in diameter at the bottom, to the depth of one thousand (1,000) feet, shall receive a bounty of twenty-five hundred ($2,500) dollars from the state; provided, that such well shall flow at least sixty gallons of water per minute"; and Bounty company Appropria- company WHEREAS, The Railroad Valley company, a corporation organized and existing under and by virtue of the laws of the State of Nevada, did during the summer of 1913, sink a well in Railroad Valley, Nye County, State of Nevada, not less than six inches in diameter at the bottom, to the depth of one thousand (1,000) feet, and flowing in excess of sixty gallons of water per minute, and being the first person to sink such well in the State of Nevada; and WHEREAS, The said Railroad Valley company has complied fully with all and singular the requirements of said act of March 19, 1901; and WHEREAS, On September 12, 1913, the state board of examiners of Nevada did fully consider said Railroad Valley company's application for payment of said bounty in the sum of twenty-five hundred dollars, and did then and there approve the same, and did recommend said claim for relief at the next ensuing session of the legislature of Nevada, there being no appropriation then and there available, in the opinion of the attorney-general of Nevada, for the payment of the same: now, therefore, The People of the State of Nevada, represented in Senate and SECTION 1. There is hereby appropriated from the general fund of the State of Nevada, the sum of twenty-five hundred ($2,500) dollars for the purpose of paying to the Railroad Valley company, a corporation organized and existing under the laws of the State of Nevada, the bounty earned by said company by being the first person to sink a well in the State of Nevada not less than six inches in diameter at the bottom, to the depth of one thousand (1,000) feet, and flowing in excess of sixty gallons of water per minute, as provided by the act of March 19, 1901. controller treasurer SEC. 2. The state controller shall draw his warrant upon Duties of the state treasurer for the aforesaid amount, payable to Robert and G. Pohl, as clerk of the board of county commissioners of Nye County, Nevada, as provided by section 6 of said act of March 19, 1901, and the state treasurer shall pay the same when presented to him for payment. CHAP. 226-An Act to amend sections 4, 15, 41, and 49 of an act entitled "An act to regulate banking and other matters relating thereto." [Approved March 24, 1915] The People of the State of Nevada, represented in Senate and SECTION 1. Section four of an act entitled "An act to regulate banking and other matters relating thereto, is hereby amended so as to read as follows: which may engage Section 4. A banking corporation organized under the Business provisions of this act shall be permitted to receive money on banking deposit, to buy and sell exchange, gold, silver, coin, bullion, corporation uncurrent money, and bonds; to loan money on chattel and in personal security, or on real estate secured by mortgage; to own a suitable building, furniture, and fixtures for the transaction of its business, the value of which shall not exceed forty per cent of the capital and surplus of said bank, fully paid; provided, that nothing in this section shall prohibit such bank Provisos from holding or disposing of such real estate as it may acquire through the collection of debts due it; and provided further, that all banking institutions and trust companies now organized as corporations doing business in this state are hereby permitted to continue said business as at present incorporated, but in all other respects their business, and the manner of conducting the same, and the operation of said bank or trust company, shall be carried on subject to the provisions of this act, and in accordance therewith; and provided further, that no bank or trust company, except those that have complied with the provisions of this act, shall engage in any other business than is authorized by this act. SEC. 2. Section fifteen of an act entitled "An act to regulate banking and other matters relating thereto, is hereby amended so as to read as follows: creditor may Section 15. The total liability to any bank of any person, No one company, corporation, or firm for money borrowed, shall not borrow over at any time exceed twenty-five per cent of the capital stock 25 per cent of and surplus of such bank, actually paid in, except by and with bank's funds Certain paper not considered borrowed money What real estate bank may purchase, hold, or convey of state banking board the written consent of the state bank examiner, but the discount of bills of exchange drawn in good faith against actual existing values, as collateral security, and a discount or purchase of commercial or business paper, actually owned by the persons, shall not be considered as money borrowed. SEC. 3. Section forty-one of an act entitled "An act to regulate banking and other matters relating thereto, is hereby amended so as to read as follows: Section 41. A bank may purchase, hold, or convey real estate for the following purposes: first, such as shall be necessary for the convenient transaction of its business, including its furniture and fixtures, but the real estate shall not exceed forty per cent of its capital and surplus; second, such as shall be conveyed to it in satisfaction of debts previously contracted in the course of its business; third, such as it shall purchase at sale under judgment, decree, or mortgage foreclosure under securities held by it, but shall not bid at any such sale a larger amount than is necessary to satisfy its debts and costs. Real estate shall be conveyed by an individual banker as in other cases, or under the corporate seal of the bank, and the hand of either its president, vice-president, or cashier, approved by a resolution of its directors. No real estate acquired in the cases contemplated in the second and third subsections above shall be held for a longer time than ten years. It must be sold at a private or public sale within thirty days thereafter. SEC. 4. Section forty-nine of an act entitled "An act to regulate banking and other matters relating thereto, is hereby amended so as to read as follows: Section 49. The Nevada state banking board is continued Composition and shall consist of the governor, who shall be ex officio chairman of the board, and of four other members, who shall be appointed by the governor, at least two of whom shall be practical bankers and actually engaged in the banking business in this state; but no person shall be eligible to act on said board who is an officer or employee of any national bank. They shall hold office for the term of two years, unless sooner removed by the governor, and shall qualify by taking and subscribing to the constitutional oath of office, which shall be filed in the office of the secretary of state. Said board shall meet at the capital at least four times each year and at such other times as the governor, the examiner, or any two members of the board shall request. The members so appointed shall receive ten dollars per day for their services while engaged in the performance of their duties, and shall be entitled also to their traveling and other necessary expenses incurred in the performance of their duties. Said board shall have, in connection with the examiner, supervision and control of banks and banking in this state, and no persons, firms, associations, or corporations shall be permitted to engage in the banking business in this state save in compliance with this act. Meetings Compensation Powers of board CHAP. 227-An Act providing for the incorporation of domestic building and loan associations, the licensing of foreign building and loan associations, the examination and regulation of all building and loan associations doing business in this state by the state bank examiner, and other matters properly connected therewith, and repealing a certain act. [Approved March 24, 1915] The People of the State of Nevada, represented in Senate and Assembly, do enact as follows: building examiner to have super SECTION 1. Building and loan associations organized for the Concerning purpose of raising a fund by the collection of dues or stated and loan payments from their members to be loaned among their mem- associations bers may be incorporated under the provisions of the general corporation law of this state; provided, however, that the secretary of state shall not issue a certificate of incorporation to any such association, authorizing it to do business in this state, until the articles of association or agreement shall have been approved by the state bank examiner; and all the rights, priv- State bank ileges, and powers, and all the duties and obligations of such corporations, and the officers and stockholders thereof, shall vision be as provided in said general corporation act, except as in this act otherwise provided. In addition to the other facts required to be stated, the articles of incorporation of such companies shall state the terms and plans of becoming and continuing a member, and of withdrawal, the plans of making loans, distributing profits, equalizing losses, providing for expenses, and of providing a fund with which to pay losses, and the maximum compensation of officers. is deemed SEC. 2. The capital named in the articles of incorporation Capital, what shall be taken to mean the authorized capital, and the association may commence business when five per cent thereof is subscribed and the other requirements of this act have been complied with. such cor porations SEC. 3. Any such corporation shall have power, subject to the terms and conditions contained in the articles of incorpora- Powers of tion and by-laws, to issue stock to its members; to assess and collect from its members reasonable membership fees, dues, premiums, and fines; to permit its members to withdraw any and all of their stock deposits upon equitable terms; to hold and convey such real and personal property as shall be necessary for its accommodation and the transaction of its business, such as shall be mortgaged in good faith by way of security for debts duly contracted, such as shall be conveyed to it in satisfaction of debts previously contracted in the course of its dealings, such as it shall purchase at sales under judgments, decrees, or mortgages held by it, or shall purchase to secure debts due to it; to make loans to its members upon ample real estate security, unincumbered except by prior loans from the association, or upon the stock of such association to the extent Officers to give bonds Borrowers may repay of its withdrawal value; to make annual or semiannual distribution of its earnings; and to do all other things that may be necessary to effect its purposes and conduct its authorized business. SEC. 4. The treasurer and secretary, before entering upon their duties shall give good and sufficient bonds for the faithful performance of the same and for the safe-keeping and proper application of all money or property coming into their hands, and the same shall be approved by the board of directors. All such bonds shall be increased or additional surety required by the board of directors when the same becomes necessary to protect the interests of the association or its members, but no directors shall be accepted as a surety on such bonds, and the directors shall be individually liable for loss to the association or members caused by their failure to comply with the provisions of this section. SEC. 5. A borrower may repay a loan at any time upon duly complying with the provisions of the charter and by-laws loans at any in relation to the payment of loans; and any stockholder holders may wishing to withdraw from the corporation shall have power to withdraw on do so by giving thirty days notice of his intention to withdraw, time: stock 30 days notice when he shall be entitled to receive the amount paid in by him and such interest thereon, or such proportion of the profits thereon, less all fines and other charges, as the by-laws may determine; provided, that at no time shall more than one-half of the funds of the treasury of the corporation be applicable to the demands of withdrawing stockholders without the consent of the board of directors, and that no stockholder shall be entitled to withdraw whose stock is held by the association for security. Upon the death of a stockholder, stockholders his legal representatives shall be entitled to receive the full amount paid in by him on all shares not borrowed upon or pledged to the association as collateral security and legal interest thereon after deducting all charges that may be due on the stock; but no fines shall be charged to a deceased member's account from and after his decease, unless the legal representative of such decedent assume the future payment of the dues. Regarding deceased Unlawful acts of when SEC. 6. It shall be unlawful for any building and loan association, not organized under the laws of this state, to transact association, business in this state unless such association or company shall have first complied with the statutes of this state relating to foreign corporations, and shall have submitted a statement of its conditions and affairs, subscribed and sworn to by the manager or an officer of the company, showing: What statement shall show 1. The amount of authorized capital, and the par value of each share; 2. The number of shares sold during the year; 3. The number of shares canceled and withdrawn during the preceding year; |