Bank Act

The act establishes the general statutory framework governing banks and banking within the state, setting out the rules under which banking institutions operate and the terms on which the framework itself applies. It works largely through scope and definitional provisions: a common set of defined terms, a statement of the act's purpose, rules fixing which provisions extend to national banks, and treatment of banks already in existence when the act took effect, together with standard construction rules barring implicit repeal of other law and preserving the remainder of the act if any part is held invalid. Individual provisions, including those addressing a commercial bank's authority to act as trustee, have been repealed as the framework has been amended.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.