Execution holders. tal stock shall be subscribed and paid, and all payments of stock and of interest money shall be made in the lawful currency of the United States. (j) SEC. 40. If any execution shall have been issued against the against stock property or effects of any corporation, and if these cannot be found whereon to levy, then such execution may be issued against any of the stockholders to an extent equal in amount to the amount of stock by him owned, together with any amount unpaid thereon: Provided, That no execution shall issue against any stockholder except upon the order of the court in which the action, suit or other proceedings shall have been brought or instituted, made upon motion in open court, after good and sufficient notice in writing to the person upon whom execution is desired; and upon such motion the court may order execution to issue accordingly. (j) Officer having to furnish names of persons liable. Penalty for refusal. SEC. 41. The clerk or other officer having charge of the books, charge of books records, papers, etc., of any corporation, on demand of any officer holding execution against the same, shall furnish such officer with the names, places of residence, and the amount of liability of every person liable as aforesaid; and if such officer refuses to do so, he shall, on complaint thereof, be liable to fine or imprisonment, at the discretion of the Circuit Court. (j ) SEC. 42. The treasurer or cashier, or in the absence of such to Comptroller officer the person presiding over or directing the business of of stockholders, any corporation, shall annually make a return to the State value of shares, Comptroller, containing the name and residence of each share Annual return of names, &c., &c. holder, with the number of shares belonging to him, and the par and cash market value of such shares, and shall also state the whole amount of the capital stock of the corporation, and the amount actually paid in, and the real estate subject to assessment for taxes, and the personal estate of said corporation; and if such officer refuses or neglects to make such return, the neglect to make corporation shall forfeit a sum not less than one hundred dollars nor more than one thousand dollars for each offence, to the use of the State, to be recovered in an action of tort. (j) Penalty for return. CHAPTER 35. CORPORATIONS-BANKING. 1. Banking Associations, how 2. Powers and duties defined. 5. Corporation cannot issue bills, penalty for. 6. Bonds deposited with Comptroller to be security for deposits. 7. Debts not to exceed double the amount of stock. (j) Secs. 8, 9, 10 and 11, Chap. 3165, Act of March 11, 1879. 8. Branch Banking Corporations may be organized. 9. Public officers allowed to deposit funds with. 10. Trustees may invest in stock. 11. Deposits by married women and minors. 12. In what cases Judge of Circuit Court may order examination of such Banking Association. 13. Annual return to be made to Comptroller; what said return shall contain. 14. Penalties for failure to make returns. 15. What shall work dissolution of Corporation. 16. Comptroller to inspect books, papers, &c. 17. Penalties for violating the provisions of this law. 18. When misnomer shall not vitiate. 19. What tax to be levied on shares of stock. established. SECTION 1. There may be established in any incorporated Banking assotown or city in this State having three thousand or more in- ciation-how habitants, a banking association or institution, with corporate powers and privileges, and every such corporation shall be subject to the terms and conditions prescribed in this chapter, and in the law to which this is supplementary. (a) SEC. 2. Such banking corporation shall have power to carry Powers. on the business of banking: 1st. By receiving deposits of money and paying such interest therefor as may be directed from time to time, or provided for by the by-laws of such corporation. 2d. Purchasing bills, bonds, notes, and other evidences of debt, and guaranteeing the payment of the same on the terms in each case agreed upon. 3d. Buying and selling bills of exchange, specie, and bullion. 4th. Loaning money on real and personal security, and by exercising such incidental powers as shall be necessary to carry on their lawful business. (a) Additional SEC. 3. It shall be lawful for any banking corporation to purchase, hold, and convey real estate for the following pur- powers. poses only: 1st. Such as shall be necessary for its immediate accommodation in the convenient transaction of its business. 2d. Such as shall be mortgaged to it in good faith by way of security for loans made by or moneys due to such corporation. 3d. Such as shall be conveyed to it in satisfaction of debts previously contracted in the course of its dealings. 4th. Such as it shall purchase at sales under judgments, decrees, or mortgages held by such corporations. And the president or other presiding officer of such corporation, and his successors, from time to time, may sell, assign, and convey real estate free from any claim thereon against any of the stockholders, or any person claiming under him. (a) SEC. 4. The capital stock of any such corporation shall not Capital stockbe less than fifty thousand dollars, divided into shares of one when paid in hundred dollars each, to be secured to the corporation by mortgage on real estate, which shall be entered of record in (a) Secs. 1, 2 and 3, Chap. 1640, Act of Aug. 7, 1868. how invested. 5 Fla., 110. Not to issue bills, and penalty for. Bonds deposited with Comp. troller to be security for paying deposits. Debts shall not the recorder's office in and for the county wherein the said real estate is situated within three months next after subscribing the same, and one-fourth of the capital stock of any such corporation shall be invested in bonds of the State of Florida, bearing interest, which bonds shall be deposited with the Comptroller as a security for the payment of the deposits received by such corporation. (b) SEC. 5. No banking corporation, or individual bankers as such, shall issue or put in circulation any bill or note of said corporation or individual; and every violation of this section by any officer or member of a banking corporation, or by any individual banker, shall be deemed and adjudged a misdemeanor, punished by fine or imprisonment, or both, in the discretion of the court. (b) SEC. 6. The bonds of the State deposited by any such corporation with the Comptroller as provided in section three, shall be held by him exclusively as security for the good faith of such corporation in the payment of its deposits, and such bonds shall be and remain inviolate, and shall be disposed of only by order of court, whenever, by reason of the dissolution of such corporation, the court may decree the return or the forfeiture of said bonds: Provided, That the interest accruing on said bonds shall be paid, when due, to such corporation in the same manner as to other holders of State bonds. (b) SEC. 7. The total amount of debts which any banking corexceed double poration shall at any time owe, shall not exceed double the the amount of amount of stock actually secured by mortgage to the said corporation. (b) stock. Where branches may be organized. Public officers may deposit funds with. Trustees may SEC. 8. Branches or agencies of any banking corporation, organized under the provisions of this chapter, and the chapter to which this is supplementary, may be established in any city or town in this State, without conflicting with the intention of this chapter as declared by section one: Provided, That public notice of at least six months of removal or discontinuance of such branch or agency shall be made whenever the removal or discontinuance of any such branch or agency shall be contemplated. (b) SEC. 9. All sheriffs, tax collectors, county treasurers, city treasurers, clerks of courts, receivers, and the treasurer or other agents of the State, or the courts thereof, may deposit any funds they may have in their possession or custody with such banking corporation, but shall not be required to do so by virtue of this chapter. (b) SEC. 10. All executors, administrators, trustees or guardians invest in stock, may deposit the funds by them held with such banking corporation, or invest the same in the capital stock of such corporation, for the benefit of the estate of their testators, intestators, trust or ward. (b) SEC. 11. Any feme covert, married woman, minor, appren (b) Secs. 4, 5, 6, 7, 8, 9 and 10, Chap. 1640, Act of Aug. 7, 1868. and minors. tice or person under any disability whatever, may deposit their Deposits by funds in such banking corporation, or invest the same in the married women capital stock thereof, for their own separate use and benefit, and the same, while so deposited or invested, shall not be liable for the debts of the husband, parent or master, but shall belong exclusively to the person depositing or investing the same. (b) ordered by cuit Court. SEC. 12. Upon the application of any creditor or shareholder When examinaof any banking corporation, whose debts or shares shall tion may be amount to one thousand dollars, and stating facts verified by Judge of Ciraffidavit, the Judge of the Circuit Court in which such corporation is located, may in his discretion order a strict examination to be made by a commissioner of the affairs of such corporation, for the purpose of ascertaining the safety of its investments, and the prudence of its management; and the result of every such examination, with the opinion of the commissioner and of the said Judge thereon, shall be published in such manner as the said Judge shall direct, who shall make such order in respect to the expenses of such examination and publication as he may deem proper. (b) SEC. 13. The annual return required to be transmitted to Annual returns. the State Comptroller, in conformity with the provisions of section thirty-one of the act to which this is supplementary, shall, in the case of all banking corporations, contain the following statements: What shall 1st. The amount of the capital stock of the banking corpo- contain. ration or individual banker paid in or invested according to law, or in pursuance of its articles of incorporation, and the amount of such stock as possessed. 2d. The value of real estate of the corporation or individual banker, specifying what portion is occupied by the corporation or individual banker for the transaction of business. 3d. The shares of stock held by such corporation or individual banker, whether absolutely or as collateral security, specifying each kind and description of stock, and the number and value of shares of each. 4th. The debts owing to the corporation or individual banker, specifying such as are due from moneyed or other corporations or associations, the names of such corporations or associations, and the amount due from each, and also specifying the amount secured by bond and mortgage or judgment, the amount which ought to be included in the computation of losses, and the total amount of such debts then collectable. 5th. The amount of debts owing by the corporation or individual banker, specifying such as are payable on demand, and such as are due to moneyed or other corporations, the name of such corporation, association, or individual banker, and the amount due to each. 6th. The amount of claims against the corporation or individual banker, not acknowledged by it or him as debts. (b) Sec. 11 and 12, Chap. 1640, Act of Aug. 7. 18.§. Additional ure to make returns. 7th. The amount for which the corporation or individual banker is bound as security, or for which it or he may become liable on the happening of contingent events, whether upon policies of insurance or otherwise. 8th. The amount of loans and discounts and of specie on hand. 9th. The amount of the lossess of the corporation or individual banker (if any) charged, specifying whether charged on its or his capital or profits since the last preceding statement, and of the dividends declared and made during the same period. 10th. The amount of securities, together with the description of the same, deposited by such corporation or individual banker with the Comptroller, the market value of said securities as near as can be ascertained, and the date to which payment of interest has been made upon such securities, and whether said interest has been paid to such banking corporation or individual banker, or passed to their or his credit on the books of the Comptroller. (c) SEC. 14. In addition to the penalty prescribed in section thirtypenalty for fail- one of the law to which this is supplementary, every banking corporation that shall neglect to make out and transmit the return as required in the last preceding section, for one month beyond the period when the same is required to be made, may be proceded against and dissolved as an insolvent corporation; and every individual banker subject to this law who shall so neglect, shall be restrained from the further prosecution of his business. (c) Withdrawing payment of debts shall work diss0lution. SEC. 15. If any portion of the original capital of any such capital before corporation shall be withdrawn for any purpose whatever, while any debts of the corporation remain unsatisfied, no dividend or profits on the shares of the capital stock of the corporation shall thereafter be made until the deficit of the capital shall have been made good, either by subscriptions of the shareholders or out of the subsequently accruing profits of the corporation; and if it shall appear that any such dividends have been made, it shall be the duty of the Judge of the Circuit Court of the circuit in which said corporation is located, to make the necessary orders and decrees for closing the affairs of the association and distributing its property and effects among its creditors and shareholders. (c) Comptroller may inspect books. SEC. 16. Any banking association or individual banker, carrying on banking business, or who shall hereafter carry on banking business under this chapter, shall be subject to the inspection and supervision of the Comptroller, whose duty it shall be to fully inspect and examine all books, papers, documents, minutes, and everything pertaining to the acts of said corporation or individual banker, and report thereon to the next Legislature held after said examination; and he is hereby (c) Secs. 13, 14 and 15, Chap. 1640, Act of Aug. 7, 1868. |