CHAP. 344.—An ACT to amend and re-enact section 1169 of the Code of
Virginia as heretofore amended.

Approved March 15, 1912.

1. Be it enacted by the general assembly of Virginia, That
section eleven hundred and sixty-nine of the Code of Virginia, as
heretofore amended, be amended and re-enacted so as to read
as follows:

$1169. Statements to be rendered to the State corporation
commission and published; State corporation commission to fur-
nish forms; when to cause examination of bank.—Every joint
stock company, and every bank and banking institution (in-
cluding savings banks, savings societies, and savings institu-
tions) now chartered, or that may hereafter be chartered, under
the laws of the State of Virginia, and doing a banking business
therein, shall make to the State corporation commission state-
ments of its financial condition at such times identically as the
national banks organized under the laws of the United States
are required to make their statements to the controller of the cur-
rencyv; and also publish such statements in condensed form, as
published by the said national banks in some newspapers printed
in the county, city or town where such banking business is car-
ried on, or where the principal office of the said company, bank,
banking institution, savings bank, savings society, or savings
institution is located; and if there be no such paper published in
such county, city or town, then a newspaper published in the
county, city or town nearest thereto. The statement shall be
made in accordance with forms prescribed by the State corpora-
tion commission, certified under oath by the president or cashier
of the bank, or when such bank has no cashier, then by the presi-
dent or treasurer thereof, and attested by at least three of its
directors. It shall be the duty of the State corporation commis-
sion to call upon such companies, bank, banking institutions,
savings banks, savings societies, and savings institutions, char-
tered under the laws of Virginia for the statements hereinbefore
mentioned, and at the time prescribed, and to have prepared such
forms as may be necessary to carry out the provisions of this sec-
tion. Whenever calls for statements are made by the State cor-
poration commission it shall forward to each company, bank,
banking institution, savings bank, savings society or savings in-
stitution heretofore or hereafter incorporated under the laws
of this State, and doing business therein, two blank forms,
one ot which, after being properly filled out and certified as
hereinbefore required, shall be returned to the State corporation
commission within fifteen days next succeeding the date of such
eall, and the other, filled out in like manner, shall be filed in such
bank, banking institution, savings bank, savings society or sav-
ings Institution.

The State corporation commission shall, not less than once
in each and every year, and at such other times as they may deem
necessary, cause to be examined each and every bank, banking
institution, savings bank, savings society, or savings institution
in this State, chartered under the laws of Virginia, and shall
cause to be examined every such institution, whether organized
under the laws of the United States government or not, which
has heretofore been, or may hereafter be, designated as a State
depository. Said State corporation commission shall also upon
written application made to them by the board of directors or by
the stockholders representing two-fifths of the amount of the
capital stock of any such bank, banking institution, savings bank,
savings society, or savings institution, doing business in this
State, or whenever, in the judgment of the corporation commis-
sion it may be necessary to do so for the protection of the public
or persons depositing or dealing with such joint stock company,
bank, banking institution, savings bank, savings society, or sav-
ings institution, cause to be made a special examination into its
condition. All expenses incident to such special examination
shall be borne by the bank or institution so examined. In making
such examinations as are required by this chapter, the directors,
ofticers and employees of such joint stock company, bank, banking
institution, savings bank, savings society, or savings institution,
shall, upon the demand of the person or officer so designated to
make such examinations, give to such examiner full access to
all of the money, books, papers, notes, bills and other evidences
of debt due said institution, and shall also disclose fully and truly
all indebtedness and liability thereof, and shall furnish him with
all information which he may deem necessary to a full investiga-
tion into the affairs of said institution, and said examiner shall
have the right to examine under oath any and all of the directors,
officers, clerks and employees of such institution touching any
matter or things pertaining to said examination, and for that
purpose shall have authority to administer such oaths to them.
No previous notice of any examination shall be given to such
institution or any of its directors, officers or employees.

If upon such examination the corporation commission shall
ascertain that the banking laws of this State are not being fully
observed, or that any irregularities are being practiced, or that
its capital has been or is in danger of being impaired, it shall
give immediate notice thereof to the officers and directors of such
institution and demand tnat the same shall be promptly cor-
rected, and upon their failure to do so within a reasonable time,
not exceeding thirty davs after such notice, may apply for the
appointment of a receiver to take charge of the business affairs
and assets of said institution and to wind up the affairs as here-
inafter provided; and if upon such examination it shall appear
to the said State corporation commission that any such joint
stock company, bank, banking institution, savings bank, savings,
society, or Savings institution which is designated as a State de-
pository, is insolvent or unable to meet its obligations and the
legal demands upon it in the ordinary course of its business, the
said corporation commission shall forthwith notify the auditor
of public accounts and the treasurer of the commonwealth, who
shall discontinue further deposit therein of State funds and take
such action as may be necessary to protect the deposits of the
State therein; and in any case the said State corporation com-
mission may, and it shall be its duty whenever in its judgment
it is necessary for the protection of the interests of the State or
of the depositors and creditors of any joint stock company, bank,
banking institution, savings bank, savings society, or savings in-
stitution doing a banking business in this State, to apply to any
court in this commonwealth, having jurisdiction to appoint re-
ceivers of corporations, for the appointment of a receiver to take
charge of the business affairs and assets and to wind up the affairs
and business of any such joint stock company, bank, banking in-
stitution, savings bank, savings society, or savings institution
so failing to comply with the requirements of the said State cor-
poration commission, as hereinbefore provided; or so found upon
examination to be insolvent, or unable to meet its obligations
and the legal demands upon it in the ordinary course and conduct.
of its business, as aforesaid.

2. An emergency existing, this act shall take effect from its
passage.