gal limit, or for the persistent violation of any other provision of law, then the superintendent may proceed to liquidate such bank acthen the superintendent may proceed to liquidate such bank according to the provisions hereof, and any bank violating any of the provisions set out in this section is liable to liquidation."

Each bank assessed for support of banking department. Hemingway's code, sec. 5572.

Sec. 24. That section 23 of said chapter 124, shall hereafter read: "Each bank subject to the provisions of this act and its amendments is hereby assessed for each year one fortieth of one per cent of its total assets, provided, that the minimum assessment to be required from any bank shall be thirty dollars per year, and the money accruing from said assessment shall be used for the maintenance of the banking department.'

Notice of assessments-penalty for failure to pay. Hemingway's code, secs. 3573, 3574.

Sec. 25. That section 24, of said chapter 124, shall be amended to read as follows: "As soon as practicable after appointment, the superintendent shall prepare a statement based upon the total assets of each bank, shown by its last report, of the assessments due by each bank under his supervision. He shall send to each bank a statement of the assessment due by it which amount shall be due and payable upon receipt of notice and shall be paid not later than ten days after receipt of said notice. Any bank failing to make payment within said ten days shall be liable to pay damages to the extent of 10 per cent of the amount of its assessment for each day of delay. All assessments, penalties and fees, provided in this act shall be paid at Jackson to the superintendent. All assessments, fees and penalties collected under the provisions of this act shall immediately, upon receipt thereof, be delivered to the state treasurer to be placed to the credit of the banking dpartment. Such official of the banking department shall give a receipt made in duplicate for all moneys received by him and the superintendent shall take a receipt from the state treasurer for all moneys delivered to the trasurer. The superintendent shall, on the first Monday in January, 1923, and on the same day each subsequent year, ascertain the amount with which each bank subject to the provisions of this act shall be assessed during the current year and he shall take as a basis for his calculation the last statement prior to said date made to him by the banks of this state and shall proceed to collect said assessment in the same manner as herein before set out.

How money paid out of banking fund. Hemingway's code, sec. 3577.

Sec. 26. That section 26, of said chapter 124, shall be amended to read as follows: "All moneys paid out of the banking department fund shall be paid by the treasurer upon warrants issued by the state auditor which warrants shall be issued by said auditor

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upon a voucher approved by the superintendent of banks except in the payment of salaries and expenses and warrants shall be issued by the state auditor therefor upon voucher approved by the governor." Number of directors-Articles of incorporation to be filed. Hemingway's code, secs. 3580, 3581, 3582.

Sec. 27. That that portion of section 28, of chapter 124, as amended by chapter 165, laws of 1918, reading as follows. "No banking corporation shall have less than three directors and every banking corporation, before it transacts any banking business shall file with the board of bank examiners certified copy of its articles of incorporation," shall be amended to read as follows. "No banking corporation shall have less than three directors and every banking corporation before it transact any banking business shall file with the superintendent of banks certified copy of its articles of incorporation."

Articles of incorporation to be filed in triplicate. Hemingway's code, secs. 3585, 3586.

Sec. 28. That that portion of section 30, of said chapter 124, reading thus: "Such articles of incorporation shall be executed in triplicate, one of which shall be recorded in the office of the chancery clerk for the county in which the bank is located, and one filed in the office of the board of bank examiners and one filed in the office of the secretary of state. Such articles of incorporation, or copies thereof, duly certified by either of said officers, may be used as evidence in all courts for and against such bank," shall hereafter read: "Such articles of incorporation shall be executed in triplicate one of which shall be recorded in the office of the chancery clerk for the county in which the bank is located, and one filed in the office of the banking department, and one filed in the office of the secretary of state. Such articles of incorporation, or copies thereof, duly certified by any official of the banking department may be used as evidence in all courts."'

Capital stock must be paid up in full before business begins. Hemingway's code, secs. 3587, 3588, 3589.

Sec. 29. That section 31, of chapter 124, shall be amended to read as follows: "All of the capital stock of every corporation engaged in the banking business shall be paid up in money before such corporation shall be authorized to commence such business. When any bank hereafter organized, or formed shall notify the superintendent of banks that its capital stock has been paid up, the superintendent of banks shall personally, or through an examiner, make an examination of the bank immediately and, if it is found that the capital stock has been paid up and if it is found that said bank has complied with the requirements of this act, and is entitled to com

mence business, the superintendent shall give to such bank a certificate under his hand and the official seal of the banking department, that it has complied with all of the provisions of the law and is duly authorized to transact a banking business. No bank shall transact any business except such as is necessarily preliminary to its organization, until it has been authorized by the superintendent of banks to commence the business of banking.

"The assessment for such special examination shall be one-tenth of one per cent of the capital stock of the bank being examined, and such assessment shall be due and payable immediately upon the completion of such examination for which the superintendent of banks, or examiner shall give a receipt therefor in duplicate and the superintendent shall pay the same to the state treasurer to be placed to the credit of the banking department."

Renewals and amendments of charter-certificate required. Hemingway's code, sec. 3590.

Sec. 30. That section 32, of said chapter 124, shall be amended to read as follows: "Any bank desiring to renew or amend its charter may do so by proceeding in the manner provided by law for the amendment of charters; provided, that upon making application for such amendment a certificate from the superintendent or a bank examiner, showing the condition of the bank so applying at the time such application is made is accompanied therewith and the assessment for said special examination shall be the same as would be due for any regular examination."

How bank may become a guaranteed bank. Hemingway's code, sec. 3591.

Sec. 31. That section 33, of said chapter 124, shall be amended to read as follows: "Any bank doing business in this state under the general banking laws of Mississippi and any bank subject to the provisions of this act which may after the passage of this act be authorized to do business in this state is hereby authorized and empowered to participate in the assessments and benefits and to be governed by the regulations of the bank depositors' guaranty fund of the state of Mississippi hereinafter provided for. Before any bank shall become a guaranteed bank within the meaning of this act a resolution of its board of directors, authorized by its stockholders, duly certified by its president and secretary, asking therefor, in form to be provided by the superintendent of banks shall be filed with said superintendent; who shall upon the filing of such resolution, either personally or by an examiner, make a rigid examination of the affairs of such bank, and if it be found to be solvent, to be properly managed and conducting its business in strict accordance with the banking law, such superintendent shall, after the bank shall have deposited with the state treasurer bonds or

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money hereinafter provided, issue to such bank a certificate stating in substance that said bank has complied with the provisions of this act, and that its depositors are guaranteed by the bank depositor's guaranty fund of the state of Mississippi, as herein provided.” Guaranteed banks-amount and kind of securities to be deposited-fees to be paid-guaranty fund. Hemingway's code, sec. 3592.

Sec. 32. That section 34, of said chapter 124, shall be amended to read as follows: "Before receiving such certificate from said superintendent each bank entitled to the same according to section 31 of this act, shall, as evidence of good faith, deposit and shall at all times maintain with the state treasurer (subject to the order of the superintendent when countersigned by the auditor of the state) United States bonds, Mississippi state bonds, the bonds of any levee district, or the bonds of any county, township, good roads bonds, drainage district bonds, or municipal bonds within the state of Mississippi, to the amount of five hundred dollars ($500.00) for every $100,000.00 or fraction thereof of its average deposit eligible to guaranty (less its capital and surplus) as shown by its last four published statements, provided that each bank shall so deposit not less than five hundred dollars ($500.00) and the state treasurer shall issue his receipt thereof in triplicate, one to the bank, one to the auditor of the state and one to the superintendent of banks. Such bonds only shall be accepted as shall bear the certificate of the attorney-general of the state of Mississippi, stating that in his opinion said bonds have been legally issued. Said bonds, or cash in lieu thereof, shall not be charged out of the assets of the bank except as hereinafter provided, but shall be carried in its assets under a heading" Guaranty Fund with state treasurer," until such time as said bank shall default in payment of assessments herein provided for. In lieu of bonds the bank, at its option, may deposit money, which deposit shall be exchangeable for acceptable bonds when the bank elects to make the substitution. In addition to above, each bank shall pay in cash an amount equal to one-twenticth of one per cent of its average deposits eligible to guaranty, less its capital and surplus, and the same shall be credited to the bank depositors' guaranty fund with the state treasurer subject to the order of the superintendent, and the state treasurer shall issue his receipt therefor in triplicate, one to the bank, one to the auditor of the state and one to the superintendent; provided, that the minimum assessment to be required from any bank shall be twenty dollars. The last above mentioned assessment, however, shall not be required of new banks formed by the reorganization or consolidation of banks which have previously complied with the terms of this act. Upon the deposit and acceptance of such bonds (or money), and the payment of said assessment, then payments of such deposits of said bank as are specified in this act shall be guaranteed as herein provided, and the bank entitled to its certificate. The fund provided for in section

31 and section 32 of this act shall be for the purpose of paying under the direction and control of the superintendent, the depositors of bonds that are declared insolvent by the superintendent or banks that shall fail. Said payments to be made in the manner determined by the said superintendent. All payments made to the depositors of banks under the provisions of this act shall be repaid out of the assets of any bank whose deposits are paid out of this fund, and shall be a first lien on said assets; provided, that notes, bonds, securities or assets of any kind which any bank may deposit or hypothecate as collateral for funds borrowed shall be used first for the liquidation of the debt for which said collaterals are hypothecated, and any remaining (or funds therefrom) shall be delivered to the bank hypothecating them or to the superintendent of banks for the protection of the depositors of the said bank and for the guaranty fund."

Depositors guarantee fund-How to be assessed and maintained. Hemingway's code, sec. 3593.

Sec. 33. That section 35, of said chapter 124, as amended by the laws of 1918, chapter 165, shall be amended to read as follows:

"The superintendent shall, during the month of January of each year, or as soon thereafter as practicable, make assessments of onetwentieth of one per cent, of the average guaranteed deposits, less capital and surplus, of each bank (the minimum assessment in any dase to be twenty dollars), until the cash fund accumulated and placed to the credit of the bank depositor's guaranty fund shall be approximately five hundred thousand dollars ($500.000.00) over and above the cash deposited in lieu of bonds, when said superinendent shall discontinue such assessment. Should such fund become depleted, the superintendent of banks shall make such additional assessment from time to time as may become necessary to maintain the same; provided, that not more than five such assessments of onetwentieth of one per cent, each shall be made in any one calendar year. The treasurer of the state of Mississippi shall hold this fund in the state depository banks as provided by law governing other state funds, subject to the order of the superintendent of banks, to be countersigned by the auditor of the state, for the payment of depositors of failed guaranteed banks as hereinafter provided; but, whenever the said guaranty fund amounts to $10,000.00 or multiples of $10,000.00, the state treasurer shall, at the option of the superintendent of banks, and by his order and selection, invest the proceeds of said fund in United States bonds, Mississippi state bonds, bonds of any levee or drainage district, or the bonds of any county, township or municipality or road district bonds within the state of Mississippi, or guaranty certificates issued by the banking department; and whenever the demands upon this guaranty fund shall exceed the cash on hand, the state treasurer shall, by order of the superintend