CHAPTER 19. (House Roll No. 9.) [Introduced by Mr. Axtell.] BANKS-OWNERSHIP OF REAL ESTATE AN ACT to amend Section 308, Revised Statutes of Nebraska for 1913, relating to real estate held by banking corporations and to repeal said original section. Be it Enacted by the People of the State of Nebraska: Section 1. Amendment. That section 308, Revised Statutes of Nebraska for 1913, is hereby amended to read as follows: 308 Sec. 29. Real estate. Any corporation transacting a banking business under this article may purchase, hold and convey real estate for the following purposes only: Such as is necessary for convenient transaction of its business, not exceeding in value one-half of the paid up capital; such as shall be conveyed to it for debts due the bank, and such as it shall purchase at sale under judgments or decrees upon its securities, but the bank at such sale shall not bid a larger amount than to satisfy its debts. No real estate so acquired in satisfaction of debts or at a sale upon its judgments or decrees shall be held longer than five years and within thirty days thereafter must be sold at private or public sale, and at no time shall the total amount of real estate held by any bank for any purpose exceed seventy-five per cent of the paid up capital of such bank. Savings banks shall not be subject to the provisions of this section. Sec. 2. Repeal. That said original section 308, Revised Statutes of Nebraska for 1913, is hereby repealed. Approved, April 7, 1919. CHAPTER 20. (Senate File No. 59.) [Introduced by Mr. Randall.] BANKS-REDISCOUNTS AND BILLS PAYABLE AN ACT to amend section 303, Revised Statutes of Nebraska for 1913, as amended by section 1, chapter 13, Session Laws of Nebraska for 1915, relating to rediscounts and bills payable of corporations transacting a banking business in this state, and to repeal said original section, and to declare an emergency. Be it Enacted by the People of the State of Nebraska: Section 1. Amendment. That section 303, Revised Statutes of Nebraska for 1913, as amended by section 1, chapter 13, Session Laws of Nebraska for 1915, is hereby amended to read as follows: 303 Sec. 24. Banks-bills payable-limit on loans.-The aggregate amount of the rediscounts and bills payable of any corporation transacting a banking business in this state shall at no time exceed the amount of its paid up capital and surplus, except for the payment of its depositors, nor shall any bank other than savings banks at any time permit its loans and investments, exclusive of its reserve and banking house and fixtures, to exceed in the aggregate fifteen times the amount of its capital and surplus. Provided, however, that any state bank becoming a member of the Federal Reserve System may have the same privileges as to rediscounts and bills payable with Federal Reserve banks and may incur liabilities to such banks to the same extent as national banks. Sec. 2. Repeal. That said original section 303, Revised Statutes of Nebraska for 1913, as amended by Section 1, Chapter 13, Session Laws of Nebraska for 1915, is hereby repealed. Sec. 3. Emergency. Whereas, an emergency exists, this act shall take effect and be in force from and after its passage and approval. Approved, April 7, 1919. CHAPTER 21. (Senate File No. 57.) [Introduced by Mr. Randall.] BANKS-RESERVES AN ACT to amend Section 301 of the Revised Statutes of Nebraska for 1913, relating to bank deposits; to repeal said original section and to declare an emergency. Be it Enacted by the People of the State of Nebraska: Section 1. Amendment. That Section 301 of the Revised Statutes of Nebraska for 1913, is hereby amended to read as follows: 301 Sec. 22. Reserves. Every bank shall at all times. have on hand as a reserve in available funds an amount equal to at least fifteen per cent of the aggregate amount equal of its deposits. One-third of said fifteen per cent shall be cash in the vaults of the bank: Provided, in cities having a population of more than twenty-five thousand, said reserves shall be twenty per cent of the aggregate amount of the deposits. Twofifths of said twenty per cent shall be in cash in vaults of the bank: Provided further, savings banks shall have on hand at all times as a reserve in available funds an amount equal to at least five per cent of their aggregate deposits; and provided, no part of said reserve fund which is not required to be kept in cash in the vaults of the bank shall be kept in any depository which in the opinion of the state banking board. would not be a proper and safe custodian of such reserve fund. Provided further, two-fifths of that part of the funds which is required to be kept in cash in the vaults of any bank may be carried in liberty bonds or other bonds at market, value issued by the government for the carrying on of the recent war. Sec. 2. Repeal.-That Section 301 of the Revised Statutes of 1913 is hereby repealed. Sec. 3. Emergency. Whereas an emergency exists this act shall be in force from and after its approval. Approved, April 7, 1919. CHAPTER 22. (House Roll No. 41.) [Introduced by Mr. E. E. Good.] BANKS VOLUNTARY LIQUIDATION AN ACT to amend Section 321 Article 1, Chapter 6, Revised Statutes of Nebraska for 1913, relating to the voluntary liquidation of a state bank, to provide under what conditions the depositors' guarantee fund may be returned, and to repeal said original section. Be it Enacted by the People of the State of Nebraska: Section 1. Amendment.-That Section 321, Article 1, Chapter 6 of the Revised Statutes of Nebraska for 1913, be amended to read as follows: 321 Sec. 42. Voluntary liquidation.-Any bank may voluntarily liquidate by paying off all its depositors in full, and by paying to the State Treasurer all of the monies held by such bank as its quota of the guarantee fund. The bank so liquidating shall file a certified statement with the State Banking Board setting forth the fact that all its liabilities have been paid and surrender its certificate of authority to transact a banking business. The State Banking Board shall cause an examination to be made of any such bank for the purpose of determining that all of its liabilities, except liabilities to stockholders, have been paid. Upon such examination, if it appears that all liabilities other than liabilities to stockholders have been paid, and that the full quota of guarantee fund has been paid to the State Treasurer, the bank shall cease to be subject to the provisions of this article, and the entire quota of the guarantee fund paid in by such liquidating bank shall become a part of the special reserve for the depositors guarantee fund, as hereinafter provided. The Special reserve of the depositors guarantee fund shall be held by the State Treasurer and shall by him be invested in bonds of the United States, bonds of any state of the United States, or municipal bonds of any municipality in the State of Nebraska, or bonds of Federal Land Banks and the interest derived from any such investment shall be added to said special reserve from time to time. The State Treasurer shall report annually on the 1st day of January to the State Banking Board the amounts so received and how invested. The special reserve of the depositors guarantee fund shall not be drawn against or used except in case the depositors guarantee fund shall become depleted, but shall be drawn against and used in whole or in part to satisfy any obligations of the depositors guarantee fund before any special assessment as provided in Section 327 shall be levied or collected. Payments from the special reserve of the depositors guarantee fund shall be made by the State Treasurer upon orders from the State Banking Board and the State Treasurer shall convert the investments of the special reserve of the depositors guarantee fund into money, or such portion thereof as may be necessary, to satisfy the claims thereof for the payment of deposits in failed banks after applying the entire depositors guarantee fund then available but before the levying of special assessments under Section 327. If two or more banks consolidate and in the consolidation unite their quotas of depositors guarantee fund, the bank surrendering its charter to effect such consolidation shall not be required to pay its quota to the State Treasurer nor to contribute to the special reserve for the depositors guarantee fund. Sec. 2. Repeal. That section 321, Article 1, Chapter 6, Revised Statutes of Nebraska for 1913, is hereby repealed. Approved, April 7, 1919. |