266. Act extends to individuals and co-partners.

SEC. 2. When by the provisions hereof anything is required to be done by any incorporated bank or its board of directors, or any officer, director or employe thereof, or their right or power to do a specified act is denied, the same act shall be done, or not, as the case may be, by individuals or co-partners engaged in the banking business. [L. '13, p. 116, § 2.]

267. Cash capital required.

SEC. 3. No bank hereafter organized shall do business unless it shall have a bona fide minimum paid up cash capital as follows: Ten thousand dollars when located in a city or town having a population less than five hundred; fifteen thousand dollars when located in a city or town having a population of more than five hundred and less than twenty-five hundred; twenty thousand dollars in a city or town having a population of more than twenty-five hundred and less than fifteen thousand; thirty thousand dollars in a city or town having a population of more than fifteen thousand and less than fifty thousand, and fifty thousand dollars in a city or town having a population of more than fifty thousand. [L. '13, p. 116, § 3.]

268. Banking mixed with other business-Application of assets.

SEC. 4. All persons, co-partnerships and corporations, except trust companies, engaged in business a portion only of which is banking, shall set apart and keep separate so much capital for banking as may be necessary for conducting a bank under Section 3 hereof, and shall also keep separate and apart from its other assets the assets of said banking department. The capital so set apart and the assets of said bank or banking department shall be first applicable to the payment of the creditors thereof, as distinguished from the general creditors of the persons, copartnerships or corporations conducting the same. [L. '13, p. 117, § 4.]

269. Articles of incorporation.

SEC. 5. Any number of persons, not less than three, may organize a corporation to engage in the business of banking. Such persons shall make, sign and acknowledge before a notary public, a certificate in triplicate, specifying: (a) the name of such corporation; (b) the purposes for which such corporation is organized; (c) the city, town and county in which the business of such corporation is to be conducted; (d) the amount of the capital stock of such corporation, and the number of shares of the par value of one hundred dollars each into which the same shall be divided; (e) the names and residences of the persons who have in good faith agreed to subscribe for said capital stock, and the amount agreed to be subscribed by each; (f) the period during which such corporation is to exist; (g) the names and residences of the directors

who shall serve until the second Tuesday in January following the date of said certificate and until their successors are elected and qualified. [L. '13, p. 117, § 5.]

270. Triplicate articles filed.

SEC. 6. Said incorporators shall file one copy of said certificate in the office of the Secretary of State, and one copy in the office of the Clerk and Recorder of the County in which such corporation is to do business, and one copy in the office of the State Bank Commissioner. [L. '13, p. 117, § 6.]

271. Organization meeting-By-laws.

SEC. 7. When such certificates have been filed, the directors therein named shall meet, organize, adopt by-laws and elect and approve the bonds of the officers of the corporation, but until thereunto authorized by the State Bank Commissioner, said corporation shall transact no other or further business, except to receive payment for and issue the capital stock of the corporation. [L. '13, p. 117, § 7.]

272. By-laws Sworn statement.

SEC. 8. As soon as the capital stock of the corporation shall be fully paid in cash, a copy of the by-laws of said bank and the oaths of its directors, shall be filed in the office of the State Bank Commissioner, together with a statement executed on behalf of the corporation and sworn to by its president and cashier or secretary certifying: the population of the city or town in which such corporation will do business; the full payment of the entire capital stock of said corporation in cash; the names and residences of the officers, directors and stockholders of said corporation; the amount. of stock owned by each, and the fact that such corporation is fully prepared to transact the business for which it was organized. Any individual or co-partnership desiring to conduct a banking business. shall file in the office of the State Bank Commissioner a similar statement. [L. '13, p. 118, § 8.]

273. Certificate of authority.

SEC. 9. If the State Bank Commissioner shall be satisfied that a bank has been legally organized in full conformity with the provisions of this Act, and the capital thereof paid in cash, he shall issue, except as hereinafter provided, to such bank a certificate authorizing it to conduct the business proposed, and no bank shall advertise or hold itself out as engaged in banking nor shall it transact any business until so authorized. If the State Bank Commissioner, after an examination, believes for any reason, that authority to begin business should not be granted, he may refuse to grant the same. In such case he shall file a written statement with a Board consisting of the Governor, Attorney General, and the State Treasurer, giving in detail his reasons. After notice to all

concerned and after a hearing, said Board may order the State Bank Commissioner to issue the authority or may approve his action in not granting authority. Individuals or co-partnerships engaged in banking shall not use the word "State" as a part of the bank or firm name. [L. '13, p. 118, § 9.]

274. Amendment of certificate.

SEC. 10. In the event of an amendment to the certificate of incorporation of any bank, certificates setting forth such amendment shall be executed in triplicate and be filed in the offices of the Secretary of State, the County Clerk and Recorder or Recorder of the County in which such bank is doing business, and the State Bank Commissioner, together with a statement similar to that required by Section 8 hereof. [L. '13, p. 118, § 10.]

275. Approval of amendment.

SEC. 11. If the State Bank Commissioner shall be satisfied that such amendment has been legally made, and that it in no wise impairs the financial standing of said bank, he shall issue to said bank a certificate approving said amendment and authorizing said bank to conduct business pursuant thereto, and no such amendment shall be effective until so approved by the State Bank Commissioner. [L. '13, p. 119, § 11.]

276. Board of directors-Own unpledged stock-Co-partners.

SEC. 12. The business of every incorporated bank shall be under the supervision and control of a board of directors. Every director shall own not less than five shares in any bank with a capital stock of $30,000.00 or less, and not less than ten shares in a bank with a capital stock of more than $30,000.00, and said stock shall be in no wise pledged or incumbered. The number of directors shall be as fixed by the by-laws of the bank, but shall be not less than three or more than fifteen. Co-partners conducting a bank shall each own at least two per cent thereof in no wise pledged or incumbered. [L. '13, p. 119, § 12.]

277. Directors to be elected annually-Vacancies.

SEC. 13. The directors of all incorporated banks shall be elected annually by the stockholders thereof at a meeting to be held on the second Tuesday in January, and shall hold office until their successors are elected and qualified. Vacancies existing in said. board shall be filled as provided by the by-laws of the bank. '13, p. 119, § 13.]

278. Oath required of directors.

[L.

SEC. 14. Every director of an incorporated bank, and every owner of any portion of an unincorporated bank actually engaged in the management thereof, shall take and subscribe to an oath that he will, so far as the duty devolves upon him, diligently and hon

estly administer the affairs of the bank; that he will not knowingly violate, nor willingly permit to be violated, any provision of the law; that he is the owner in good faith of at least that part of the capital stock of said bank or that portion of the capital employed therein, specified by Section 12 hereof. [L. '13, p. 119, § 14.]

279. Officers.

SEC. 15. The executive officers of all incorporated banks shall be elected annually by the Board of Directors, at a meeting to be held on the second Tuesday in January, following the annual meeting of stockholders. [L. '13, p. 119, § 15.]

280. Bonds of officers and employes.

SEC. 16. Before assuming their duties, bonds shall be filed by all bank officers and employes having the care, custody or control of any of the funds or securities of the bank, indemnifying the bank against all loss which may be incurred by reason of any dishonest, fraudulent, or negligent act or omission of such officers or employes. Said bonds must be executed by a surety company authorized to transact business in the State of Colorado or by at least five individual sureties or be secured by collateral, and shall be approved by said bank and the State Bank Commissioner, and shall be retained by said bank. If furnished by a surety company, the premium on or for said bond shall be paid by the bank. [L. '13, p. 119, § 16.]

281. Annual statement showing owners and stockholdersPenalty.

SEC. 17. Every bank shall, within ten days after the second Tuesday in January of each year, upon a form to be furnished by the State Bank Commissioner, file with the State Bank Commissioner a statement, sworn to by its president or vice president and cashier or secretary, disclosing the names and residences of all directors, stockholders, officers or owners thereof, together with the amount of stock or interest held by each. In the event of any change in the directors, officers, stockholders or owners of any bank, such changes shall forthwith be likewise certified to the State Bank Commissioner. Every bank which fails to comply with this Section shall pay to the State Bank Commissioner a penalty of $25.00 for each day's delay. [L. '13, p. 120, § 17.]

282. Posting of statement and list.

SEC. 18. Every bank shall keep conspicuously posted in its place of business a copy of its last officially published statement, together with a notice signed by the president or vice president and cashier or secretary, disclosing the names of the officers, directors, stockholders or owners of said bank as of the date said statement was made. [L. '13, p. 120, § 18.]

283. Directors' meetings-Examinations-Report.

SEC. 19. The board of directors or owners of every bank shall hold regular meetings at least once each month. At not less than two of such meetings during each year, which meetings shall be at least five months apart, they shall make a thorough examination of the books, records, funds, securities and other property held or owned by the bank, and shall enter upon their minutes the result of such examination. Such examination shall be made when practicable without the assistance of the managing officers of the bank and a report thereof shall be transmitted to the State Bank Commissioner on the forms and in the manner provided by him. [L. '13, p. 120, § 19.]

284. Call reports-Publication-Proof-Special reports.

SEC. 20. Every incorporated bank shall make and file with the State Bank Commissioner five reports during each calendar year, according to the form which may be prescribed by him, verified by the oath of the president or vice president and cashier and secretary, and attested by the signature of three or more of the directors. Each such report shall exhibit in detail, and as may be required by the State Bank Commissioner, the resources and liabilities of the bank at the close of business on a day past to be specified by said State Bank Commissioner in writing; such days past to be the days named by the Comptroller of the Currency of the United States in his official calls for reports from National Banks. Said reports shall be transmitted to the State Bank Commissioner within ten days after his request therefor, and the substance thereof shall be published within ten days by the bank, in such form as may be prescribed by the State Bank Commissioner, in a newspaper of general circulation printed in the city or town where such bank is located; or if there is no newspaper of general circulation printed in said city or town, then in the newspaper of general circulation published nearest thereto. Proof of such publication shall be filed with the State Bank Commissioner within ten days from the date of such publication, and in such form as he may prescribe. The State Bank Commissioner shall have power to call for special reports from any particular bank whenever, in his judgment, the same are necessary to a full and complete knowledge of its condition; but no such special report, nor any summary thereof, shall be required to be published. The reports required by and filed pursuant to this Act shall be in lieu of all others required by law from banks. Every bank which fails to comply with this Section shall pay to the State Bank Commissioner a penalty of $25.00 for each day's delay. [L. '13, p. 121, § 20.]

285. Information to be furnished.

SEC. 21. Banks, and all directors, officers and employes thereof, and all other persons in this State shall upon request of the State Bank Commissioner, furnish all information within their