ASSIGNMENTS. Section numbers to notes refer to Revised Statutes of 1914 and sections herein. SEC. 3315. Duties of trustee. 3315. Duties of trustee. Under this section a private sale is not invalid because the amount received was less than two-thirds of the appraised value. Evansville Imp. Co. v. Gardner, - App. —, 128 N. E. 471. BANKS. Section numbers to notes refer to the Revised Statutes of 1914 and sections herein. 3328a. Department of banking-Bank commissioner. 3328b. Powers transferred from auditor of state. SEC. 3328c. Transfer of record by auditor of state. 3328d. Act effective September 30, 1920. -Termination of offices. 3328e. Traveling expenses. [Acts 1921, p. 259. In force May 31, 1921.] 3328a. Department of banking-Bank commissioners.-1. There shall be and is hereby created a department of the state government, to be known as the department of banking, which shall be provided with office rooms, furniture and all necessary equipment, and be located in the state capitol. Such department of banking shall be administered by a bank commissioner and such deputies, examiners, clerks and assistants as are provided for in this act. Upon the taking effect of this act the governor shall appoint the bank commissioner, who shall serve for the term of two years, and thereafter the term of office of such bank commissioner shall be four years and he shall be appointed by the governor. Any vacancy in such office shall be filled by appointment of the governor for the unexpired term. The governor may remove the bank commissioner from office for cause presented in writing and after ten days' written notice and a hearing to be had before the governor. The bank commissioner shall receive an annual salary of five thousand dollars to be paid monthly out of the state treasury. The bank commissioner, while exercising the duties and powers of his office, as provided for in this act, shall not be an officer of or director in any institution or business, subject to the supervision or control of, or examination by, the department of banking, as provided in this act. The bank commissioner shall take an oath of office, and shall give a bond to the State of Indiana, in the penalty of twenty-five thousand ($25,000) dollars, with surety thereon, to be approved by the governor, conditioned for the faithful and impartial performance of his duties. The bank commissioner, with the consent and approval of the governor, shall appoint a deputy bank commissioner and not to ex ceed ten bank examiners, all of whom shall serve during the pleasure of the bank commissioner, provided that no such appointee shall be removed without consent of the governor. The governor shall appoint a building and loan clerk and not to exceed three building and loan examiners, who shall serve during the pleasure of the governor. The deputy bank commissioner shall possess the same qualifications as are provided in this act for the bank commissioner. No building and loan clerks, bank examiner, or building and loan examiner so appointed shall examine, report upon, or pass upon reports from any bank or other institution of which they may be an officer or director. With the consent and approval of the governor the bank commissioner shall appoint such other examiners, clerks and employes as may be necessary to the proper and efficient administration of such department to serve during the pleasure of the bank commissioner. The salaries and compensations of all deputies, examiners, clerks, assistants, and employes of such department shall be fixed by the bank commissioner, with the consent and approval of the governor, and shall be paid out of the state treasury monthly. All such appointments so made, and the compensation so fixed, shall be approved by an executive order entered in the office of the governor, and certified to the auditor of state, and the treasurer of state. The deputy bank commissioner and all such examiners shall take an oath of office and execute a bond payable to the State of Indiana in the sum of ten thousand ($10,000) dollars, with surety thereon to be approved by the governor, and conditioned for the faithful performance of their respective duties. The deputy bank commissioners shall possess all the powers and authority, and perform all the duties devolved upon the bank commissioner in case of a vacancy in such office, or in case of the absence or inability of the bank commissioner to serve. A report of such department shall be made to the governor on or before the first day of December annually. This section amends section 1, Acts 1919, p. 112. See enacting clause. [Acts 1919, p. 112. In force September 30, 1920.] 3328b. Powers transferred from auditor of state.-2. All the powers and authority, now vested by the laws of this state in the auditor of state relative to the incorporation, organization, supervision, control and management of all banks of all kinds authorized by law to transact business in this state; all loan, trust and safety deposit companies of all kinds authorized by law to transact business in this state; all mortgage guarantee companies of all kinds authorized by law to transact business in this state; all building and loan associations and all rural loan and savings associations of all kinds |