Show DILL Ill T TO C CHECK C CO BORROWING O WIN DY 8 I tans nAE Loans in Excess c s of f 15 Per Pe PerI j i C Cent nt to Officers Is 15 i Made Felony L iA A bill introduced In the senate and promoted pj by Dan B. B Shields attorney g general provides that no officer or 01 dIrector of a bank in Utah shall borrow borrow bor bor- row in excess of 15 per cent of the capital stock and surplus of such t bank nl If the officer or director does b crow in excess of 15 per cent such sucha a action Uon will be constituted as a felony and the of off to toa toR a minimum I line fire of and not more than in it addition to which he ma may also render lender himself liable to a prison term not net exceeding five fie years The iThe bill also provides that no active managing officer or director can borrow bor- bor row directly or indirectly any sum fr from om a bank with which he is conn con con- n Violation will mean heavy fines or imprisonment or both Jit It is also provided pro that no shall borrow from the bank by which h he is employed and further shall not ply p y any sums to meet any draft or I check when it Is shown that there a are c not sufficient funds to satisfy the I amounts stated on SUe draft or check Violation will wl be deemed a felony providing for a fine not to exceed with the alternative of a maximum of five years In prison ori OR both fine and imprisonment The bill is aimed to amend sections of the banking act No It provides pro pro- vides Ides that the bank commissioner shall snail receive a yearly salary salan of arid and put up a bond for and that the examiner shall receive a year and furnish a bond of Every officer director E e or ora a agent ent of or any bank who shall certify a check cheek drawn on the bank when the person drawing the check has not enough money on n deposit it with the bank to meet the demands of the note or any person aiding or abetting such ba bank k directors or shall be guilty of a felony according to the bill i Th The p for such Ih an offense offence t if a I person Is found guilty guilt is nok more than fine ive years years' imprisonment imprisonment imprison Imprison- ment or both I In the event the capital stock of any bank bani becomes impaired the law makes It necessary for the bank bani commissioner commis commis- to notify the directors of the bank to make male good the capital Upon I such notice the directors must immediately Immedi immedi- Immediately tely call a me meeting of the stockholders and levy le an assessment on all outstanding outstanding outstanding out out- standing stock of the bank Each bank shall have a prior lien on all stock of each Individual shareholder shareholder shareholder share share- holder to the extent if such an assessment assess assess- ment nent Is made the lien may be foreclosed foreclosed fore fore- foreclosed closed and the stock sold to pay the assessment The bill also provides that if the state bank banI examiner neglects his duty in any way for a period of ninety days he shall be guilty of a misdemeanor misdemeanor misdemeanor meanor and shall if found guilty be punished accordingly and be removed from rein office by the tha governor of ot the I r state |