Every bank failing to make and transmit to the department of finance any of the reports required by this act, shall at the discretion of the director, be subject to a forfeiture of fifty dollars ($50.00) a day after the time required for making such reports. Whenever any bank fails or refuses to pay the forfeiture herein imposed for a failure to make and transmit such report, the director is hereby authorized to institute proceedings to recover the forfeiture, together with interest, attorney's fees and costs.
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