CHAPTER 32. AN ACT to appropriate money to be expended by the Board of Prison Commissioners for improvements in the cell houses at the State Penitentiary, Eddyville, Kentucky. Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That the sum of five thousand dollars ($5,000.00) is hereby appropriated for the purpose of erecting a new standpipe, intake pipe, and the installation of automatic sprinkler system wherever necessary throughout the State Penitentiary, Eddyville, Kentucky. § 2. This sum is hereby appropriated out of any money in the treasury not otherwise appropriated, and the Auditor of Public Accounts is authorized to draw his warrant in payment for this work upon. the written order of the Board of Prison Commis. sioners, who shall contract for and supervise same. Approved March 26, 1918. CHAPTER 33. AN ACT relating to public printing and binding, and to require state departments, boards, commissions and institutions to submit annual or biennial reports or special or extraordinary printing to the Board of Printing Commissioners before the printing thereof. Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That no State department, board, commission or institution shall make requisition upon the Superintendent of Public Printing for the printing of any annual or biennial report now, or as may hereafter be, authorized by law to be published, or any special or extraordinary job of printing (that is any job of printing outside of the ordinary routine) until the head of such department, board, commission or institution shall have submitted the manuscript of such report, or special or extraordinary printing to the Board of Printing Commissioners. If the said commission approves the printing of such work, it shall direct the Superintendent of Printing to proceed therewith. Said Board of Printing Commissioners may, in its discretion, direct the head of any department, board, commission or institution to appear before said commission and show reasons why such printing should be done. § 2. All laws or parts of laws that conflict in whole or in part with Section 1 of this act are hereby repealed. Approved March 26, 1918. CHAPTER 34. AN ACT to amend Sections 579 and 584 Kentucky Statutes (Carroll's 1915) relating to the powers of banking corporations and the required reserves of such corporations, by providing that banking institutions created and organized under the laws of this Commonwealth may pledge any portion of their assets as security for deposits of the United States Govern ment, and further providing that such banks or trust com panies which shall become members of a Federal Reserve Bank, may conform to the reserve requirements of the act of Congress known as the Federal Reserve Act, in lieu of reserves required by the laws of this Commonwealth. Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That Section 579 Kentucky Statutes (Carroll 1915) be and same hereby is amended and re-enacted to read as follows: Business-When May Begin-Powers of Corporation. When the articles are filed and recorded as above provided, it may commence business, and shall thereupon become a body corporate and to be known by and to carry on its business in its corporate name, and as such shall have the power to adopt and use a corporate seal; to make contracts; sue and to be sued; to appoint, remove and elect officers, define their duties, require from any of them a bond for the faithful discharge of their duties; to prescribe by its board of directors, by-laws for the government of the bank not inconsistent with law; to exercise, subject to law, such powers as may be necessary to carry on the business of banking by discounting and negotiating notes, drafts, bills of exchange, and other evidences of debt, and purchasing bonds, receiving deposits, and allowing interest thereon, buying and selling exchange, coin and bullion, and lending money on personal or real security as provided in this article. In addition to the powers heretofore conferred upon and now possessed by banks, trust companies and combined banks and trust companies doing business under the laws of this State, they are hereby authorized and empowered subject to existing stat utory or charter limitations to pledge such portion of their assets as may be required by law as collateral security for government deposits made with them, or any of them, by or under the authority of the United States. § 2. That Section 584 Kentucky Statutes (Carroll 1915) be and same hereby is amended and reenacted to read as follows: Deposits-Amount to be Kept on Hand-Demand and Time Deposits Defined-Reserve Banks.—Each bank and trust company organized under the laws of this Commonwealth and authorized by law to receive deposits shall keep on hand, at all times, at least twelve per cent. of its total demand deposits and five per cent. of its total time and saving de posits; and, in cities which are reserve or central reserve cities, under the act of Congress of December 23, 1913, known as the Federal Reserve Act, at least fifteen per cent. of its total demand deposits and five per cent. of its total time and savings deposits; one-third of which reserve shall be in money and the remainder may be in balances due from other banks and subject to call. Any bank or trust company, incorporated under the laws of this Commonwealth, which shall become a member of a Federal Reserve Bank, shall be subject to all the provisions of the Federal Reserve Act and its amendments, and to the regulations of the Federal Reserve Board applicable to such bank or trust company, and shall have all the powers and assume all the liabilities conferred and imposed by said act in regard to State member banks, and any such bank or trust company shall comply with the reserve requirements of the Federal Reserve Act and its amendments, and the compliance of such bank or trust company therewith shall be in lieu of, and shall relieve such bank or trust company from compliance with the provisions of the laws of this Commonwealth relating to the maintenance of re serves. Demand deposits, within the meaning of this section, shall comprise all deposits payable within thirty days and time deposits shall comprise all deposits payable after thirty days and all savings accounts and certificates of deposit which are subject to not less than thirty days' notice before payment. Nothing in this section shall be construed as authorizing to receive deposits or do a banking business any institution not authorized to do so by other provisions. of law. § 3. It appearing that certain banking institu YHA tions in this Commonwealth are desirous of making application for membership in the Federal Reserve System and that it is necessary for the prompt consideration of such applications that this act be passed, and that the exigencies in the financial status of the country make it desirable that such membership may not be delayed unduly, an emergency is hereby declared to exist and this act shall take effect from and after its passage and approval as required by law. Approved March 26, 1918. CHAPTER 35. AN ACT abolishing the offices of State Forester and State Geologist and creating the office of Commissioner of Geology and Forestry, providing for a deputy and fixing salaries and extending the appropriation to the Kentucky Geological Survey so as to cover the work of same and that of the State Board of Forestry, repealing portion of Sections, 1905, c, 2007, a, and 2007, b, Kentucky Statutes, Carroll's Edition of 1915. Be it enacted by the General Assembly of the Com monwealth of Kentucky: § 1. That there is hereby created the office of Commissioner of Geology and Forestry, who shall be a graduate in good standing of some standard school of geology, or a graduate in good standing of a standard school of forestry, and he may ap point, with the consent of the Governor, a deputy who shall be a graduate in good standing of some standard school of geology, or school of forestry. If the commissioner is a graduate in geology said deputy shall be a graduate in forestry, or vice versa. Said commissioner, together with said deputy, is hereby authorized to and shall discharge all the powers, duties and privileges that are now conferred by law |