Show MALIA URGES 1 BANK CHANGES CHA Commissioner Co mer R Recommends Sweeping Alterations in St Sta State Laws Laws' I Sweeping changes in Utah banking laws awl lawso aws Jo to o conform to o federal statutes was Recommended to Governor r Henry Hen Henry Hen ry 17 H. H Saturday by John John A A. Malla Malia s slate zate te b beak bank commissioner The sugg suggestions ions contained in ln a n report report report re re- port for the bl ended last June Jun included 30 one that the tm state constitution be amended to to banks banks- in Utah to 1 issue preferred stock to be purchased by the B. B F. F C C. Mr Malla Malia also recommended that in in the event of of such amendment a law laY enforcing double liability of ot bank ank stockholders rs be e repeal repealed I f He Mc suggested that a law aw allowing Q a i bank to purchase e for lor holding hording or selling the stock of ano another h r. r bank or or corporation be amended to allow only pur purchases cs J r reserve erve- erve the Federal Dep Insurance corporation corporation cor cor- safety deposit com companies ani 1 corporations ow owning Ing premises 1 in which the purchasing banks bank are are l lo located and any corporation 1 organized by federal law Jaw aw similar to the federal reserve of the F. F D. D L C. C Remove Doubt DouM S 'S Such Such a Jaw aw he said would remove remove doubt as to whether Ut Utah h b banks c can n buy sto stock k of the F. F D. D I. I C In connection with bank interest st payments he asked that the law b amended o to allow the state depository tory board to establish rules or on maxImum maxI max mum rates of interest on Ill all n classes of public deposits He said rates ates might vary because of business conditions from the pr prent present pros pres ent rate of or 1 per cent on p public publia time and demand deposits These rates rate he said should not be beless beless beless less t tian an those paid to dep deposits of corporations corporations' and individuals S He asked that the state depository law lav be clarified to doubt as to liability of public tre treasurers being removed after they have d do- c. c posited funds in accredited depositories tories designated by the h depository board Borrowing Permitted ermItt d Another section of at the statutes would b be amended to permit banks to borrow money and issue long long- term obligations at any the state banking department depart department ment without the necessity of cf declarIng declaring ing lag suspension of payment by banks Pointing out but that present fees for lor bank examination are inadequate for forthe forthe forthe the banking department nt to become sustaining self-sustaining Mr Malta Malla recommended recommended recommended mended that it be given permission to collect annual fees from banks based on deposits and to assess buildIng build Ing nd loan companies on their total tota assets Each bank he said said would meet th the expense of its examinations B Banks including national banks also would pay fees when qualified as public fund depositories he reported He asked that the ment receiVe receive re reo re- re power to require public reports ls of state and national banks on cit uniform uniform uni uni- form dates |