{"parents":[{"StatuteId":2030062,"Type":"Title","Statute":"0N"},{"StatuteId":2030287,"Type":"Chapter","Statute":"18"}],"Previous":"17-24","Next":"18-1","StatuteId":2030287,"Statute":"0N-18","Type":"Chapter","CatchLine":"BANKING AND CURRENCY ","FilePath":null,"FileName":null,"Htmlpath":null,"Htmlfilename":null,"Title":0,"TitleLetter":"N","Chapter":18,"ChapterLetter":null,"Section":0,"SubSec":0,"SubSection":null,"Word":null,"Html":" \r\n \r\n \r\n \r\n \r\n\r\n\r\n\r\n\r\n0N-18 BANKING AND CURRENCY \r\n\r\n\r\n\r\n
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\r\nARTICLE XVIII\r\n\r\n
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\r\nBANKING AND CURRENCY\r\n\r\n
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\r\n\r\n\r\n 1.\r\n    \r\nGeneral banking law--Provisions required.\r\n\r\n
\r\n\r\n\r\n 2.\r\n    \r\nBank to cease operations within twenty years of organization--Reorganization.\r\n\r\n
\r\n 3.\r\n    \r\nLiability of banking corporation shareholders and stockholders--Exemption under\r\nfederal law.

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\r\n \r\n \r\n \r\n \r\n\r\n\r\n\r\n\r\n0N-18-1 General banking law--Provisions required. \r\n\r\n\r\n\r\n
\r\n\r\n\r\n\r\n\r\n\r\n\r\n    \r\n§ 1.\r\n \r\n\r\n\r\nGeneral banking law--Provisions required.\r\n \r\nIf a general banking law shall be enacted\r\nit shall provide for the registry and countersigning by an officer of this state of all bills or paper\r\ncredit designed to circulate as money, and require security to the full amount thereof, to be\r\ndeposited with the state treasurer, in the approved securities of the state or of the United States,\r\nto be rated at ten per centum below their par value, and in case of their depreciation the\r\ndeficiency shall be made good by depositing additional securities.
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\r\nAmendment proposed by SL 1984, ch 1, rejected Nov. 6, 1984.

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\r\n \r\n \r\n \r\n \r\n\r\n\r\n\r\n\r\n0N-18-2 Bank to cease operations within twenty years of organization--Reorganization. \r\n\r\n\r\n\r\n
\r\n\r\n\r\n\r\n\r\n\r\n\r\n    \r\n§ 2.\r\n \r\n\r\n\r\nBank to cease operations within twenty years of organization--Reorganization.\r\n \r\nEvery\r\nbank, banking company or corporation shall be required to cease all banking operations within\r\ntwenty years from the time of its organization, and promptly thereafter close its business, but\r\nshall have corporate capacity to sue or be sued until its business is fully closed, but the\r\nLegislature may provide by general law for the reorganization of such banks.

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\r\n \r\n \r\n \r\n \r\n\r\n\r\n\r\n\r\n0N-18-3 Liability of banking corporation shareholders and stockholders--Exemption under federal la...\r\n\r\n\r\n\r\n
\r\n\r\n\r\n\r\n\r\n\r\n\r\n    \r\n§ 3.\r\n \r\n\r\n\r\nLiability of banking corporation shareholders and stockholders--Exemption under\r\nfederal law.\r\n \r\nThe shareholders or stockholders of any banking corporation shall be held\r\nindividually responsible and liable for all contracts, debts and engagements of such corporation\r\nto the extent of the amount of their stock therein, at the par value thereof, in addition to the\r\namount invested in such shares or stock and such individual liability shall continue for one year\r\nafter any transfer or sale of stock by any stockholder or stockholders. Provided that if the\r\nshareholders and stockholders of any national banking corporation shall be exempt from liability\r\nby federal law then and in that event the liability upon shareholders and stockholders of state\r\nbanking corporations herein imposed shall not be operative in the event that such state banking\r\ncorporation has membership in the federal deposit insurance corporation.
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\r\n\r\n\r\n History: Amendment proposed by SL 1935, ch 140, approved Nov., 1936.\r\n\r\n

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\r\n\r\n","Credits":null,"StatuteText":null,"Article":null,"Created":null,"CreatedById":null,"LastUpdated":null,"LastUpdatedBy":null,"Repealed":false,"StatuteReferencesReferencesStatute":[],"StatuteReferencesStatute":[]}