to any real property within this State, until it has complied with the law. Civil Code, Sections 408, 410. Act of the Legislature, approved April 26, 1911. Section 887.-DUTY OF CORPORATIONS SUPPLYING GAS, ELECTRICITY, STEAM OR HEAT. -Upon the application in writing of the owner or occupant of any building or premises distant not more than one hundred feet from any gas or steam main, or direct or primary wire of the corporation, and payment by the applicant of all money due from him, the corporation must supply gas, electricity, steam or heat as required for such building or premises, and cannot refuse on the ground of any indebtedness of any former owner or occupant thereof, unless the applicant has undertaken to pay the same. If, for the space of ten days after such application, the corporation refuses or neglects to supply the gas, electricity, steam or heat required, it must pay to the applicant, the sum of fifty dollars as liquidated damages and five dollars per day, as liquidated damages for every day such refusal or neglect continues thereafter. Act of the Legislature, approved April 12, 1911. PART VII. BANK LAWS OF CALIFORNIA. Section 888. DIVISION OF BANKS INTO CLASSES. The word "bank" as used in this act includes every person, firm, company, co-partnership or corporation which conducts the business of receiving money on deposit. Banks are divided into the following classes: (a) Savings banks; (b) Commercial banks; and (c) Trust companies. The term "savings bank," when used in this act, means a bank organized for the purpose of accumulating and loaning the funds of its members, stockholders, and depositors, and which may loan and invest the funds thereof, receive deposits of money; loan, invest and collect the same with interst; and may repay depositors with or without interest, and having power to invest said funds in such property, securities and obligations as may be prescribed by this act; and to declare and pay dividends on its general deposits, and a stipulated rate of interest on deposits made for a stated period or upon special terms. The term "commercial bank," when used in this act, means any bank authorized by law to receive deposits of money, deal in commercial paper or to make loans thereon, and to lend money on real or personal property, and to discount bills, notes, or other commercial paper, and to buy and sell securities, gold and silver bullion, or foreign coins or bills of exchange. The term "trust company," when used in this act, means any company which is incorporated for the purpose of conducting the business of acting as executor, administrator, guardian of estates, assignee, receiver, depositary or trustee. Act of the Legislature, approved March 1, 1909. BANK LAWS OF CALIFORNIA-1915 AMENDMENTS. Page 684, Ninth edition When Suit to Recover Money From Bank May Be Brought.-To actions brought to recover money or other property deposited with any bank, banker, trust company, building and loan association or savings and loan society, there is no limitation.-Act of the Legislature of California, 1915; in effect August 8, 1915. Fraudulent Check.-Every person who, willfully, with intent to defraud, makes or draws, or utters, or delivers to another person, any check or draft on a bank, banker or depositary for the payment of money, knowing at the time of such making, drawing, uttering or delivery, that he has not sufficient funds in, or credit with, such bank, banker or depositary, to meet such check or draft in full upon its presentation, is punishable by imprisonment in the county jail for not more than one year or in the state prison for not more than fourteen years. The word "credit" as used herein shall be construed to be an arrangement or understanding with the_bank or depositary for the payment of such check or draft.-Act of the Legislature of California, 1915; in effect August 8, 1915. Section 891, page 686 Bank Directors.-No person shall be eligible for election as director of a bank having a capital stock unless he is a stockholder of the bank, owning, in his own right, shares thereof of the par value of at least five hundred dollars; and every person elected to be director who, after such election, shall cease to be the owner in his own right of the amount of such stock aforesaid, or shall hypothecate or in any way pledge such stock as security for any loan or debt, shall immediately notify the superintendent of banks in writing of such sale or hypothecation and such director may be removed from the office of director by the superintendent of banks; provided, however, that any executor or executrix, administrator or administratrix holding shares of a bank of the par value of five hundred dollars, in his or her representative capacity, shall be eligible for election as a director thereof. If a bank be organized without capital stock, no person shall be eligible as a director thereof unless he is both a member and a depositor of such bank.-Act of the Legislature of California, 1915; in effect August 8, 1915. Section 892, page 686— Meetings in Bank Premises.-Meetings of the directors of a bank must be held in its banking premises, at least once a month.-Act of the Legislature of California, 1915; in effect August 8, 1915. Section 895, page 688 Unclaimed Deposits.-All amounts of money heretofore or hereafter deposited with any bank to the credit of depositors who have not made a deposit on said account or withdrawn any part thereof or the interest and which shall have remained unclaimed for more than twenty years after the date of such deposit, or withdrawal of any part of principal or interest, and where neither the depositor or any claimant has filed any notice with such bank showing his or her present residence, shall, with the increase and proceeds thereof, be deposited with the state treasurer after judgment. The president or managing officer of every bank must, within fifteen days after the first day of January of every year, return to the superintendent of banks and to the state controller a sworn statement showing the names of depositors known to be dead, or who have not made further deposits, or withdrawn any moneys during the preceding twenty years.-Act of the Legislature of California, 1915; in effect August 8, 1915. Section 896, page 690.-In the last paragraph of Section 896, on page 690, change the words "five hundred dollars," wherever they occur, to "one thousand dollars."-Act of the Legislature of California, 1915; in effect August 8, 1915. Section 900, page 691 Total Reserves of Commercial Banks.-Every commercial bank shall maintain total reserves against its aggregate deposits, exclusive of state, county and municipal deposits for the re-payment of which bonds have been deposited as security, as follows: 1. Eighteen per centum of such deposits if such bank has its principal place of business in a city having a population of one hundred thousand or over. 2. Fifteen per centum of such deposits, if such bank is located in a city having a population of fifty thousand or over and less than one hundred thousand. 3. Twelve per centum of such deposits if such bank is located elsewhere in the state. At least one-third of the total reserves shall be maintained as reserves on hand and shall consist of gold coin, gold bullion, United States gold certificates or United States notes; in addition thereto, at least one-sixth of the total reserves shall be maintained as reserves on hand and shall consist of gold coin, gold bullion, United States gold certificates, United States notes or any form of currency authorized by the laws of the United States, and the remainder of the total reserves required by the provisions of this section shall be maintained as reserves on deposit or as reserves on hand; such reserves on hand to consist of gold coin, gold bullion, United States gold certificates, United States notes or any form of currency authorized by the laws of the United States. If any bank shall have become a member of a federal reserve bank, it may maintain as reserves on deposit with such federal reserve bank such portion of its total reserves as shall be required of members of such federal reserve bank. If any bank shall not maintain the total reserves required the superintendent of banks may impose a penalty upon it, based upon the length of time such encroachment upon its total reserves amounting to one per centum or more of its aggregate deposits shall continue, at the following rates: 1. At the rate of six per centum per annum upon any such encroachment not exceeding two per centum of such deposits. 2. At the rate of eight per centum per annum upon any additional encroachment in excess of two and not exceeding three per centum of such deposits. 3. At the rate of ten per centum per annum upon any additional encroachment in excess of three and not exceeding four per centum of such deposits. 4. At the rate of twelve per centum per annum upon any additional encroachment in excess of four per centum of such deposits.-Act of the Legislature of California, 1915; in effect August 8, 1915. Section 901, page 692— Capital Stock. In subdivision (b), page 693, paragraph 1, change the amount, two hundred twenty-five thousand dollars," to 'one hundred twenty-five thousand dollars"; in paragraph 2, change the amount from $250,000 to $150,000; in paragraph 3, change the amount from $300,000 to $200,000.—Act of the Legislature of California, 1915; in effect August 8, 1915. Section 924, page 704 Realty Loans.-No commercial bank shall, except for the purpose of facilitating the sale of property owned by the bank, make any loan on the security of real estate, unless it is a first lien and is either (1) Made for a period of time not exceeding six months and upon security worth at least fifteen per centum more than the amount loaned; or (2) Made for a period of time exceeding six months and not exceeding ten years and does not exceed sixty per centum of the market value of the real estate taken as security. No commercial bank shall loan in the aggregate more than thirty-five per centum of its assets on real estate loans of the character specified. These provisions, however, shall not prevent any bank from taking another and immediately subsequent mortgage or deed of trust thereon when it already holds a first mortgage or deed of trust on such real estate, nor from accepting a second lien on real estate to secure the re-payment of a debt previously contracted in good faith; nor shall it prevent subsequent liens of any kind from being taken to secure the payment of a debt previously contracted in good faith when, in the judgment of the directors of such bank, such subsequent liens are necessary further to secure the payment of any debts and save such bank from loss. Whenever in this act it is required that loans or investments shall be secured by a first lien on real estate, the lien of any tax, assessment or bond levied or issued by this state or by any county, city and county, city, town, municipality, school district, reclamation district, irrigation district, or any other political or governmental subdivision of this state (not including bonds given pursuant to any law authorizing the same by any person or corporation in lieu of payment of any tax or assessment levied against any particular real property), the lien of any assessment levied to pay such bonds shall not be deemed to be a prior encumbrance or lien on such real property unless an installment or call of such tax, assessment or bond shall be due and delinquent; and any bonds given pursuant to any law authorizing the same by any person or corporation in lieu of payment of any tax or assessment levied against any particular real property, and any lien given to secure the payment of assessments or subscriptions to meet the requirements of any law of the United States in respect to any irrigation project of the United States in this state which may be levied, made or received by any corporation or association formed to carry out the objects and requirements of any such law of the United States, shall not be deemed to be a prior encumbrance or lien on such real property if the lien given to secure such assessments and subscriptions taken with the loan or investment so secured shall amount to not more than sixty per centum of the market value of the land securing the same.-Act of the Legislature of California, 1915; in effect August 8, 1915. Page 713, subdivision (k)— Loans to Officers or Employees.-No loan shall be made, for himself or as agent or partner of another, directly or indirectly, to any director or officer of any savings bank by such bank, or on the endorsement, surety or guaranty of any such officer or director, except that loans may be made to any corporation in which any director or officer of such savings bank may own or hold a minority number of shares of stock, upon authorization of a majority of all the directors of such savings bank and the affirmative vote of all directors of such savings bank present at the meeting authorizing such loan; provided, however, that such loan shall in all other respects conform to and comply with all other provisions of this act. Such interested director or officer shall not vote or participate in any manner in the action of the board on such loan. Such authorization shall be entered upon the records or minutes of such savings bank. The fact of making such loan, the names of the directors authorizing such loan, the corporate name of the borrower, the name of each director or officer of such bank who is a member, stockholder, officer, or director of the corporation to which such loan is made, the amount of stock held by him in such borrowing corporation, the amount of such loan, the rate of interest thereon, the time when the loan will become due, the amount, character and value of security given therefor and the fact of final payment, when made, shall be forthwith reported in writing by the cashier or secretary of such savings bank to the superintendent of banks. No loan may be made to any corporation, a majority of the stock of which is owned or controlled by any |