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1.      General banking law--Provisions required.
2.      Bank to cease operations within twenty years of organization--Reorganization.
3.      Liability of banking corporation shareholders and stockholders--Exemption under federal law.

     § 1.   General banking law--Provisions required. If a general banking law shall be enacted it shall provide for the registry and countersigning by an officer of this state of all bills or paper credit designed to circulate as money, and require security to the full amount thereof, to be deposited with the state treasurer, in the approved securities of the state or of the United States, to be rated at ten per centum below their par value, and in case of their depreciation the deficiency shall be made good by depositing additional securities.

Amendment proposed by SL 1984, ch 1, rejected Nov. 6, 1984.

     § 2.   Bank to cease operations within twenty years of organization--Reorganization. Every bank, banking company or corporation shall be required to cease all banking operations within twenty years from the time of its organization, and promptly thereafter close its business, but shall have corporate capacity to sue or be sued until its business is fully closed, but the Legislature may provide by general law for the reorganization of such banks.

     § 3.   Liability of banking corporation shareholders and stockholders--Exemption under federal law. The shareholders or stockholders of any banking corporation shall be held individually responsible and liable for all contracts, debts and engagements of such corporation to the extent of the amount of their stock therein, at the par value thereof, in addition to the amount invested in such shares or stock and such individual liability shall continue for one year after any transfer or sale of stock by any stockholder or stockholders. Provided that if the shareholders and stockholders of any national banking corporation shall be exempt from liability by federal law then and in that event the liability upon shareholders and stockholders of state banking corporations herein imposed shall not be operative in the event that such state banking corporation has membership in the federal deposit insurance corporation.

History: Amendment proposed by SL 1935, ch 140, approved Nov., 1936.

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