stockholders are subject to double liability. Reports must be rendered quarterly or oftener, at the call of the Commissioner of the Banking Department. Such reports must be published in a newspaper. Reports must be made within ten days after each dividend, giving amount of dividend, amount carried to surplus, and net earnings in excess thereof. Such corporations are under the supervision of the Commissioner, and must be examined by him annually and when requested by the directors. If an unsafe condition is revealed, the Commissioner and the AttorneyGeneral institute proceedings for the appointment of a receiver. The records of the stockholders must be open to inspection by directors, officers, stockholders and the creditors of the company. Chapter 240, Acts of 1907, provide for "safety and collateral deposit companies”, having power to do a safe deposit business and certain limited trust business. (Compiled Laws 1897, Chapter 162, §§6156-6189. Acts 1897, No. 106, Acts 1907, No. 240.)

MINNESOTA.

Three or more persons may incorporate "annuity, safe deposit and trust companies." The name adopted must be such as to be not readily confounded with that of an existing corporation; and corporations not organized under the trust company laws are forbidden to advertise a trust business. The capital shall be not less than $200,000, and not more than $2,000,000, divided into shares of $100 each. No business may be transacted until at least $200,000 has been actually paid in, in cash, and at least one-fourth of its capital has been invested and the securities so obtained assigned to and deposited with the Treasurer of State. The securities in which this deposit may be invested are bonds of the United States or of any State therein, bonds of the cities of St. Paul, Minneapolis, or Duluth, and in certain other municipal bonds, county, school district and railroad bonds described in the statute. These securities are held by the Treasurer as a guaranty fund for depositors and creditors and for the faithful discharge of duty. Other like securities may be substituted from time to time. The income of same goes to the corporation making the deposit. The number of directors of such a corporation may be from nine to twenty-seven; a majority of them must be citizens of the State, and each must own at least ten shares of stock. Each director serves three years, onee-third of them retiring each year. Directors are required to take an oath of office.

The powers specified for such corporations are the ordinary powers of corporations, and in addition, to hold real estate necessary for the convenient transaction of its business, and such as is acquired by foreclosure, etc.; but no investments may be made in real estate, either of the funds of the company or of trust funds, unless by virtue of a particular contract with the maker of a trust; to loan on mortgage security; "to purchase notes, bonds, mortgages and other evidences of indebtedness and other securities"; to hold real or personal property in trust; to receive

trusts from courts, from public or private corporations or from persons; to execute trusts for married women with respect to their separate estates; to act as fiscal and transfer agent and registrar; to act as depository for court funds, for officers and for persons acting in trust capacities; to act as trustee, assignee, receiver, executor, administrator, guardian of the person or estate of minors, guardian of the estate of any lunatic, imbecile, spendthrift, habitual drunkard or other person unable to manage his estate; the courts are authorized to make such appointments, and no bond or other security need be required of the corporation; to act as general agent and attorney in fact for the management of estates, "and generally to act for and represent corporations or persons under powers and letters of attorney in all respects as a natural person could do"; and to become sole surety upon any bond or undertaking in suits or special proceedings in courts. Persons holding fiduciary appointments may resign in favor of a trust company. Trust funds of $100 or over must be invested within a year in the same kinds of securities as those specified for the deposit with the Treasurer of State, and such securities must be allowed by the probate court in settlements. Trust funds and accounts must be kept separate from other funds and accounts of the corporation; securities purchased with trust funds must be endorsed to the company as trustee, etc. Orders of courts or agreements regarding the investment of trust funds must be followed. "No such corporation shall engage in any banking, mercantile, manufacturing or other business, except such as is hereby expressly authorized." No loans shall be made to directors, officers or employees, nor shall they be allowed to become indebted to the corporation in any way; and violation of this is made the crime of embezzlement. Such companies are at all times subject to further orders from the courts appointing them to trusts, and must render statements to such courts when called for. They are subject also to the general jurisdiction of the district court of their county. They must render statements annually in June to the Public Examiner, and have same published in a newspaper, with a list of stockholders, and give additional information when called for by the Examiner. The Public Examiner must examine every such company each year or oftener. If he finds an unsafe condition, he may take charge at once of all the affairs and property of the company, and apply to the proper court for a receiver. Such companies are forbidden to make an assignment, but must notify the Examiner instead. Unauthorized concerns may not use the word "trust" in titles.

(Revised Laws, 1905, Chapter 58, $$3033-3047, $2847 and $2978. Laws of 1905, Chapter 49. Laws of 1907, Chapter 225.)

MISSISSIPPI.

Trust companies are chartered under the general laws as banks with trust company powers. They are governed by the same laws as other banking institutions, "and their acts shall be subject to the same restric

tions and supervision by the courts as the acts of a person acting in such fiduciary capacity." The capital must be at least $100,000. Powers specified, in addition to ordinary banking, to receive and execute trusts of every description received from persons, corporations or by order of courts; to hold in trust real or personal property under any legal irusts; to execute or guarantee bonds required by law; to act as agent for the investment of money or the management of property; to act as transfer agent, registrar, trustee under bond issues; to act as guardian, administrator, executor; to do a fidelity insurance business; to act as agent or attorney in fact for the sale of real or personal property; to accept trust funds or other property upon specially agreed terms, but may not charge, receive or pay more than legal interest; to loan upon real or collateral security; to act as assignee or receiver; to act "in any other fiduciary capacity authorized by law."

"Trust companies may establish a special mutual loan department in which the expenses, losses and profits shall be kept separate from all other departments." Separate stockholders may be received for such department, who may borrow from the company and fix and regulate the manner of conducting this department. "Shares of stock may be issued to such borrowers, to be paid for in such installments as may be agreed upon or fixed by the by-laws." Details of this department are further outlined. (Section 265.)

Banks and trust companies must make at least four reports a year to the Auditor of Public Accounts, at his call without previous notice, according to forms furnished by him, which form must call for resources and liabilities, amount of indebtedness to the company owing by owners, stockholders, officers and directors. The reports must be published in local newspapers. Companies having on deposit money or other effects belonging to a deceased depositor must, within thirty days after the qualification of the executor or administrator of said deceased depositor, mail to the executor or administrator a statement of the amount of such deposit. The creation of branch banks or offices is forbidden after October, 1906; and companies then operating branches are required to set apart and maintain $10,000 as a capital for each branch.

The directors are required to hold at least three regular meetings. cach year "for the purpose of making a full and careful investigation and inquiry into the condition and affairs of the bank, and particularly of its accounts and securities." Accurate records of these meetings must be kept, signed by all directors participating therein. The word "trust" must form part of the title of every trust company, and no institution not authorized by its charter to transact the business of a trust company as set out in this chapter may use the words "trust" or "trust company" in its title.

(Code 1906, Chapter 14, sections 256-267; Laws 1908, H. B. 179, 417.)

MISSOURI.

Trust companies may be incorporated by five or more persons. Articles of agreement must be filed.

Powers specified, to receive money in trust; minors may control their own accounts; to do a safe deposit business; to execute trusts of every description for persons and corporations; to execute trusts received from courts; to act as assignee, receiver, trustee and depositary; to execute bonds required in court proceedings; to hold real or personal property in trust; to act as agent and attorney in fact for persons and corporations in the management of property and for the investment of money; to act as transfer agent and registrar; to execute trusts for married women in respect to their separate property, and to act as agent for the management of such property, "and generally to have and exercise such powers as are usually had and exercised by trust companies"; to act as executor, administrator, guardian or curator of any infant, insane person, idiot or habitual drunkard, or trustee for any convict in the penitentiary, under the appointment of any court of record having jurisdiction; to do a fidelity insurance business; to do a title insurance business; to loan money upon real estate or collateral security, and to execute and issue its notes and debentures payable at a future time, and to pledge its mortgages on real estate and other securities as security therefor, but such notes and debentures may not exceed in the aggregate ten times the paid-up capital, and may not exceed the amount of first mortgages pledged to secure their payment; to buy and sell all kinds of Government, State, municipal and other bonds, and all kinds of negotiable and non-negotiable paper, stocks and other investment securities. Trust companies must maintain a reserve of 15 per centum of demand deposits, on hand or on deposit. Deposits on which the company has the right to demand twenty days' notice are not to be considered demand deposits.

Before a dividend is declared, one-tenth of the earnings must be carried to surplus until the latter equals 20 per centum of the capital.

The amount of capital shall be not less than $100,000, and not more than $10,000,000.

The number of directors shall be not less than five nor more than twenty-five; all of them must be stockholders, and a majority of them must be bona fide citizens of the State. If the number of directors exceeds five, they shall be divided into three classes, so that one-third of the number shall retire each year, the term of each member being three years. They may invest moneys placed in their charge in loans secured by real estate or other sufficient collateral security, in public bonds of the United States or of this State, or in the bonds or stocks of any incorporated city or county in this State. The directors must meet at least once a month. Their written records must show the aggregate indebtedness of each director, and no one of them may borrow in excess of 10 per centum of the capital and surplus without consent of a majority of the others.

Loans may not be made on the company's own stock, except to prevent loss on debts previously contracted in good faith, in which case the stock must be sold within six months. A trust company may own only such real estate as is required for the transaction of its business, and such as is acquired in satisfaction of debts due it.

Upon making with the Superintendent of the Insurance Department a deposit of $200,000, consisting of cash, Treasury notes of the United States, or Government, State, county, municipal or other bonds, or bonds, notes or debentures secured by first mortgages, or deeds of trust or mortgages, or deeds of trust on unencumbered real estate in the State of Missouri, worth at least double the amount loaned thereon, or such other first-class securities as the said Superintendent may approve, and upon satisfying said Superintendent of its solvency, any corporation organized under this act shall be permitted to qualify as guardian, curator, executor, administrator, assignee, receiver, trustee by appointment of court or under will, or depositary of money in court, without giving bond as such, and also to become sole guarantor or surety upon bonds and to do fidelity insurance business. Such deposit shall be primarily liable for obligations of the company due to its acting in the capacities named.

Trust companies are under the jurisdiction of the State Banking Department, who must examine each company at least once a year and oftener if it seems expedient. The stockholders are also required to appoint a committee of three or more of their number to make an annual examination.

(Annotated Statutes, 1906, Chapter 12, Article XII, sections 14241439; Article VIII, sections 1303-1311;- --as amended by Senate Bill No. 143, Acts of 1907, pages 134 sqq., approved March 18, 1907.)

ΜΟΝΤΑΝΑ.

Three or more persons may incorporate to carry on a "trust deposit, security and loaning business." Articles of agreement must be filed with the Secretary of State, and a copy with the county recorder of deeds. The term of existence of the corporation may not exceed fifty years. The capital must be not less than $100,000 nor more than $10,000,000. The number of directors must be not less than three nor more than twenty-five; all must be stockholders, and a majority must be bona fide citizens of the State. If their number exceeds five, the term of office of each shall be three years, and one-third shall retire each year.

Powers specified, to receive moneys in trust; to accept and execute trusts of every description committed to them by persons, corporations or by order of courts; to hold any real or personal estate in trust; to execute or guarantee any bonds required to be given in proceedings in law or equity; to act as agents for the investment of money; to act as transfer agent or registrar; to execute trusts for married women in respect to their separate property, and to manage same, "and generally to have and exercise such powers as are usually had and exercised by trust