The Laws of Texas, 1927 [Volume 25] Page: 304 of 1,111
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288 GENERAL AND SPECIAL LAWS.
ciations for the payment of expenses so incurred; to adopt and
prescribe rules and regulations governing the admission of members
of such associations, and their expulsion therefrom, to join
with one or more such associations in other cities in the establishment
and maintenance of a system of clearing house examinations
of the members of such associations; and to adopt, promulgate
and establish such rules and regulations governing the
members of such associations as will, in the judgment of a majority
of the members of such associations, contribute to the solvency
and safety of the members of such associations and the
protection of the depositors of the members of such associations.
SEC. 2. That because of the reckless and hazardous credit
policies and practices in the banking business in Texas, and the
loss of millions of dollars through the failure of banks in Texas
within recent years, there exists an imperative public necessity
that the Constitutional Rule requiring that bills be read on three
several days be, and the same is, hereby suspended, and that this
Act take effect and be inforce from and after its passage, and it
is so enacted.
Approved March 29, 1927.
Effective March 29, 1927.
BANKS-PROHIBITING SAME PERSON BEING PRESIDENT
AND CASHIER AT SAME TIME.
H. B. No. 533.] CHAPTER 201.
An Act prohibiting any person from being president and cashier, at the
same time, in any bank, organized and operating under the laws of this
state.
Be it enacted by the Legislature of the State of Texas:
SECTION 1. That hereafter it shall be unlawful for any person
to be president and cashier, at the same time, in any bank,
organization and operating under the laws of this state.
SEC. 2. Any person offending against the above provision
shall be guilty of a misdemeanor and shall be fined in any sum
not less than One Hundred Dollars ($100.00) nor more than
One Thousand Dollars $(1,000.00), or imprisoned in the county
jail not to exceed one year, or both.
SEC. 3. The fact that there is now no law prohibiting the
evil aimed at in the above provisions, creates an emergency and
requires that the constitutional rule requiring bills to be read on
three several days be and the same is hereby suspended, and this
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1927 [Volume 25], book, 1927; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth16125/m1/304/: accessed April 25, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .