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20 per centum of the capital. Checks may not be certified unless the necessary funds are on deposit. Trust companies must carry a reserve of 20 per centum of demand liabilities. Payment on joint accounts of not over $300 may be made to either party, whether the other is alive or not. In December of each year a report must be made of all deposits that have been unclaimed for ten years, unless the Secretary or Cashier knows the depositor to be living.

Powers specified: to act as fiscal or transfer agent or registrar, and as agent for any corporation, foreign or domestic, for any purpose required by statute or otherwise; to receive deposits of trust moneys, securities and other personal property from persons or corporations; to loan money on real or personal securities; to discount and negotiate promissory notes, drafts, bills of exchange and other evidences of debt; to buy, sell and exchange coin and bullion; to hold all real estate necessary for, and convenient in, the transaction of its business, or which the purposes of the corporation may require, and such as is required in satisfaction of debts due to it; to act as trustee under mortgages and bond issues, "and to accept and execute any other municipal or corporate trust not inconsistent with the laws of this State"; to execute trusts for married women in respect to their separate property, and to act as agent in the management of same or in business relative thereto; to act as guardian, receiver or trustee of the estate of any minor, and as depositary of any moneys paid into court; to execute any legal trusts and powers regarding the management of any estate, real or personal, confided to it by any court of record, person, corporation, municipality or other authority, and to hold property that may be the subject of any such trust; to purchase, invest in and sell stocks, promissory notes, bills of exchange, bonds, debentures and mortgages and other securities; to issue its bonds or obligations for money borrowed or received on deposit or for investment; to act as assignee or trustee under an assignment, or as receiver; to act as executor, trustee under will, administrator, or guardian of the estate of lunatics, idiots, persons of unsound mind and habitual drunkards; to do a safe deposit business; to do a title insurance business, but not if the company does a banking business; to collect income on securities as agent; to receive and manage a sinking fund for any corporation; "generally to execute trusts of every description not inconsistent with the laws of this State or of the United States"; to receive money on deposit, subject to check or otherwise, with or without interest.

The affairs of every such corporation shall be managed by a board of directors, not less than three in number, each of whom must own five shares of stock. Trust companies may not loan to their officers, stockholders or employees from trust funds, and any loans to them must first be approved by a majority of the directors and be entered on the records. Directors who knowingly permit a violation of this are individually liable for damages. Trust companies may not loan on the security of their own stock, nor purchase same except to prevent loss on a debt previously

contracted in good faith. They must make to the State Examiner not less than three reports each year, according to forms which may be prescribed by him; such reports to be rendered as of past day specified by the Examiner, which days shall correspond with those on which national bank statements are called for. An abstract of the reports must be published in a local newspaper. The Examiner may call for special reports at his discretion. Trust companies are subject to the inspection and supervision of the State Examiner, and it is his duty to examine them at least once a year without previous notice. If unsafe conditions are found, he must notify the Attorney-General, and may take immediate possession of the company pending the proceedings instituted by the Attorney-General, or until a receiver is appointed. Deposits made by minors and married women are subject to their control.

(Pierce's Washington Code 1905, $$7225-7225r, 7226-7226d. Laws of 1907, chapters 22, 37, 80, 126, 225. Corporation Laws, §§194-210.)

WEST VIRGINIA.

Trust companies are organized according to provisions of the general incorporation laws, and governed by the provisions of the "Title and Trust Company" law.

Powers specified: To do a title insurance business; to buy, sell, hold and guarantee bonds, stocks, loans and evidences of indebtedness, and to make and execute contracts and agreements required therefor; to engage in a general banking business, with all the incidental powers necessary thereto; as to such banking business, trust companies are subject to the banking laws, except that there shall be no limit to the maximum of paid-up capital that such companies may have; to do a safe deposit business; to act as trustee, assignee, receiver (general or special), guardian, executor, administrator, special commissioner, committee or curator; to execute trusts of every description not inconsistent with the constitution of this State or of the United States; to receive deposits of money or other personal property, and issue its obligations therefor; to invest its funds in and to purchase real and personal securities, and to loan money on real and personal securities; to act as fiscal or transfer agent or registrar; to purchase and sell or take charge of real estate for other persons, firms or corporations; for the purpose of indemnifying and saving harmless any company for making any loans, or accommodations, such company is authorized to receive and hold on deposit and in trust, as security, estates, real and personal, including the notes, bonds and obligations of States, counties or municipal corporations, individuals, firms or corporations, and the same to purchase, collect and adjust, settle and dispose of, in case of default upon any note or obligation for which such property has been received as indemnity, or as collateral security, without proceedings at law or in equity. Courts appointing such companies to trusts may, in their discretion, on the application of any persons interested, investigate the affairs of trust companies so ap

pointed. Trust funds and investments must be kept separate from the assets of the company, and all investments made by the company as fiduciary must be so designated as to show to what trusts they belong. The capital of such companies shall be taken and considered as the sole security required by law for the faithful performance of duties in trust capacities; provided, that, where the liability of the company in any trust capacity equals or exceeds the capital and surplus, the court making such appointment, or order or decree, shall require additional security.

The capital of such companies must be at least $100,000 fully paid. Such companies shall not act as surety on bonds, or do a fidelity insurance business, except as above specified.

Institutions not regularly organized and chartered as trust companies are forbidden to use in connection with their business the term "trust company." Stockholders are subject to double liability. Every director must absolutely own at least five shares of stock. Trust companies are specifically made subject to the banking laws. They may not begin business until they have obtained a certificate of authority from the Commissioner of Banking. The Commissioner must make a thorough examination of each company at least once a year. Loans may not be made upon the security of the company's own stock to an amount in excess of fifty per centum of the capital, nor may such stock be purchased or held except to prevent loss upon debts previously contracted in good faith; and in the latter case the stock must be sold within six months. Loans to one party, except bona fide discounts, may not exceed twenty per centum of the capital. Before the declaration of a dividend one-tenth of the net profits must be carried to surplus until the latter equals twenty per centum of the capital. Lists of stockholders with their addresses and holdings must be kept, which shall be open to inspection during business hours by all stockholders, creditors and by the State tax authorities. A copy of this list shall be forwarded to the Commissioner on the first Monday of July of each year. All companies are required to maintain a reserve of fifteen per centum of all deposits subject to withdrawal on demand, of which three-fifths may consist of balances payable on demand due from any national or State bank (including trust companies) in the State or any solvent banks outside the State that may be approved by the supervisor in said State.

Reports to the Commissioner of Banking must be made at least four times a year, "corresponding as to time as nearly as possible to the calls made by the Comptroller of the Currency," according to forms prescribed by him, and such reports must be published in local papers. Special reports may be called for and special examinations may be made by the Commissioner at his discretion.

Foreign trust companies may do business in the State by complying with certain regulations and getting a certificate of authority from the Commissioner.

(Acts of 1901, chapters 83 and 85; Acts of 1903, chapter 7; Acts of 1905, chapter 45; Act passed February 19, 1907.)

WISCONSIN.

Five or more persons may incorporate "as a trust, annuity, guaranty, safe deposit and security company." All but companies regularly incorporated for the purpose are forbidden to use the words "trust, annuity or guaranty company" in titles, or other words designed to indicate that they do a trust business. Capital required, not less than $50,000 in cities of less than 100,000 population, and not less than $100,000 in larger cities. Maximum limit, $5,000,000. Maximum limit, $5,000,000. Fifty thousand dollars must be paid in before beginning business, and the balance within six months. All the general provisions of chapters 86 and 87 relating to corporations apply to such companies. Within six months after beginning business, such companies shall deposit with the State Treasurer not less than fifty per centum of the capital nor more than $100,000 in amount. Such deposit shall be in cash, bonds or mortgages, or notes and mortgages on unincumbered real estate within this State worth double the amount secured thereby, or public stocks and bonds of the United States or of any State of the United States that has not defaulted on its principal or interest within ten years, or of any county, town, village or city in this State, and upon all which bonds and other securities there shall have been no default in the payment of interest or principal for a longer period than thirty days. The securities must be approved by the Commissioner of Banking. This deposit shall be held as security for the depositors and creditors of said corporation, and for the faithful performance of the trusts undertaken by it. Other securities may be substituted from time to time; and the company shall receive the income of the securities. Such companies shall be managed by a board of five or more directors, each of whom must own ten shares of stock.

Their specified powers are: to receive, hold or dispose of any property, real or personal, conveyed to them upon any trust, by any persons, including married women, minors, bodies corporate or any court, and to execute any trusts regarding same; to act as agents for the transaction of business, management of estates, collection of income or principal, etc.; to act as registrar, fiscal or transfer agent; to act as executor, administrator, trustee, receiver, assignee, guardian of minors, persons insane or incompetent, lunatics, or any persons subject to guardianship; courts are authorized to make such appointments; no security shall be required of the company other than the deposit with the State, except in the discretion of the court; to loan on real or personal security; to do a safe deposit business; to act as surety for fiduciaries; to exercise all of the powers usually exercised by trust companies. Such companies. are forbidden to buy or sell bank exchange or do a banking business. Married women and minors may control their deposits. Such companies

may hold real estate needed to carry on their business and execute trusts committed to them, and such as may be necessary in the enforcement of claims, etc. Trust funds may be invested in the same classes of securities as those in which the deposit with the State Treasurer may be invested, or in such real or personal securities as the directors may deem proper. Trust companies must, on or before March 1 of each year, pay to the State Treasurer a license fee of $300; and in addition a tax of two per centum on their net income during the calendar year preceding. Such payment shall be in lieu of all other taxes, except upon real estate owned by the company. Trust companies are under the supervision of the State Banking Department, to whom they must make at least three reports each year. The reports must be published in local papers. The Commissioner of Banking must examine each company at least once a year. If the company is connected with a, national bank, the examination must, if possible, be held at the same time that the examination of the national bank is made by federal authorities. Any officer, director or employee who makes a false statement or a false entry in the books or knowingly subscribes to or exhibits false papers with intent to deceive the examiner, or who publishes a false report, return or statement, shall be fined from $1,000 to $5,000, or imprisoned in the State penitentiary from one to ten years, or both.

(Sanborn & Berryman's Wisconsin Statutes, Supplement 1906, SS 1791d-179115. Laws of 1905, Chapter 504.)

sons.

WYOMING.

Loan and trust companies may be incorporated by five or more perThe capital, which "must be subscribed for as full-paid stock," must be at least $10,000 in towns of less than 2,000 inhabitants; at least $25,000 in towns from 2,000 to 4,000 inhabitants; at least $50,000 in towns of from 4,000 to 6,000 inhabitants; and at least $100,000 in cities of over 6,000 inhabitants. Fifty per centum of the capital must be paid in before commencing business, and the balance within six months. The shares must be $100 each.

Powers specified: to exercise the ordinary powers of corporations; to buy, sell and discount bills of exchange, notes and all other evidences of debt, buy and sell gold and silver coin and bullion, receive deposits and pay out same either upon order or check; to "execute any trusts which may be created by instruments in writing; such instrument may appoint such association trustee for any lawful purpose, and to act as such trustee in all matters embraced in such trust;" to do a safe deposit business; to collect income of securities left for safe keeping; to execute and issue in the transaction of its business all necessary receipts, bonds and contracts. Such companies may hold such real estate as is necessary to carry on their business, as well as such as is acquired in the settlement of claims. The board of directors is authorized to invest the capi

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