not be made until the loans to residents amount to at least half the capital. Loans to directors may not exceed five per centum of capital, surplus and profits to any one, or twenty per centum to all together; but these provisions do not apply to loans on collateral with a margin of twenty per centum. Such loans on collateral to one director must not exceed ten per centum of capital, surplus and profits. The use of the word "trust" in signs or titles is forbidden except to regularly chartered trust companies. The statutes provide in detail for the issuance of a new savings pass-book when the old one is lost.

Trust companies are under the supervision of the Bank Commissioners, to whom they must render at least five reports each year, setting forth in detail such information as said commissioners may require. They are subject to examination semi-annually or oftener, the Bank Commissioners being required to examine each department of such companies. If the Treasurer of the trust company is also Cashier of a National bank, examinations must be made at the same time as the National bank examiner examines the National bank. If a trust company does a surety business, it is required to make annual reports with special reference to that business.

For purposes of taxation, trust companies must file statements with the tax commissioner annually during the first fifteen days of October, showing number of shares of stock, their market value, names and residences of stockholders and number of shares owned by each. In the February following, the company must pay to the State Treasurer a 'tax of one per centum on the market value of each share, less the amount of taxes paid on the company's real estate in the State, which is assessed in the taxing district in which it is located.

(Revised Statutes, 1902, sections 254, 1969, 3400, 3401, 3402, 3403, 3404, 3411, 3416, 3428, 3429, 3457, 3458, etc. Public Acts, 1903, chapters 167 and 204. Public Acts, 1905, chapters 54, 204, 207, 231. Public Acts, 1907, chapters 85, 86, 130, 180.)

DELAWARE.

Trust companies in this State are incorporated by special act of the Legislature. There are a few general laws regarding such corporations, most of them applying also to other financial corporations. They are under the supervision of the Insurance Commissioner, to whom they must render not less than two reports each year, according to the form prescribed by him, within twenty days of receipt of request from him for such report. Such report must be published once in a local newspaper. The Commissioner has authority to examine trust companies at his discretion or on request of the company. If unsafe conditions are revealed, the commissioner may take temporary charge, and report to the AttorneyGeneral, who shall institute proceedings. If a trust company is authorized to act as surety or guarantor, it must file with the Insurance Com

missioner a copy of its charter, make to him an annual statement and pay an annual license fee of $100, and other lesser fees. Courts are authorized to appoint trust companies to offices of trust; and may in their discretion not require such corporations to give surety on bonds given for faithful performance of duty; but the capital, surplus and property of the company shall be liable. All liabilities and obligations arising out of any such trusts are "made liens upon its real estate prior and paramount to any other lien or incumbrance the said corporation may create or suffer respecting the same."

(Statutes, Vol. XXII, chapter 330, sections 1, 2, 4, 5, 7, 8, 9. Laws of 1903, chapter 330.)

DISTRICT OF COLUMBIA.

Twenty-five or more persons may incorporate to do "a safe-deposit, trust, loan and mortgage business." They shall file an organization certificate with the Commissioners of the District. Notice of intention to organize must be printed in two newspapers in the District at least four times per week for three weeks. The charter, when granted, must be filed with the recorder of deeds for the District, and copies of both the organization certificate and the charter must be filed with the Comptroller of the Currency, under whose supervision trust companies operate. The Comptroller has over trust companies the same visitorial and examination powers that he has over National banks, and trust companies must report to him as the National banks do. They may not begin business until the capital stock is paid in full and the deposit of securities with the Comptroller, hereafter described, is made. Powers specified, to make contracts; to sue and be sued, implead and be impleaded in any court as fully as natural persons; to make and use a common seal; to loan money; "to accept and execute trusts of any and every description which may be committed or transferred to them"; to act as a receiver, assignee, executor, administrator, guardian of the estates of minors with the consent of the guardian of the person of such minor, and committee of the estates of lunatics and idiots; to accept deposits of money for the purposes herein designated; to act as fiscal and transfer agent and registrar; to issue its debenture bonds upon deeds of trust or mortgages of real estate under conditions specified. The courts of the District are authorized to appoint trust companies to act in fiduciary capacities. The capital stock, all property of the company and the liability of stockholders and officers are to be considered as the security required by law for the faithful performance of duties, and are absolutely liable in case of default. Trust companies must also make a deposit with the Comptroller of the Currency, in trust, either in money or in bonds, mortgages, deed of trust or other securities equal in actual value to one-fourth of the capital stock paid in. The Comptroller may from time to time require an additional deposit not exceeding in value one-half the paid-in capital stock. The company may hold real estate not exceeding in value $500,000, and in

addition such as it may acquire in satisfaction of debts. But real estate acquired under foreclosure or to secure debts may not be held longer than five years. Charters of such corporations may be made perpetual, or may be limited in time, subject to the approval of Congress. The capital must be at least one million dollars, half paid in, and all paid within one year. Taxes of one and one-half per centum per annum must be paid, in lieu of personal taxes. Stockholders are subject to double liability. The number of directors must be not less than nine nor more than thirty; all of them must be stockholders, and at least half of them citizens and residents of the District. The District Supreme Court has jurisdiction over trust companies in the requirement of statements, examinations, making of orders regarding trusts, etc. Similar corporations already organized may acquire the privileges of this act, and all such are subject to its provisions. Congress reserves the right to alter, amend or repeal the act. Trust companies, in common with all other banking institutions in the District, are required to make the same reports to the Comptroller of the Currency that National banks are required to make. These reports must be published in two or more daily papers of Washington, one of which must be a morning newspaper. The Comptroller may examine such companies at his discretion, or may take possession of them for the same reasons and in the same manner as in the case of National banks.

(Code of the District, sections 715-748. Act approved June 25, 1906. Included as sections 186-220, and section 224, in National Bank Act, edition 1907.)

FLORIDA.

There are no statutes regarding trust companies. Three or more persons may incorporate "for the transaction of any lawful business of a public or private character." (Revised Statutes, chapter 2, article 1, sec. 2122.) But banking corporations must have five or more incorporators, (section 2165). Foreign corporations may do business upon complying with certain provisions detailed in an act approved June 1, 1907. Chapter 4671 of Laws, approved June 1, 1899, authorizes solvent guarantee. companies, surety companies, fidelity insurance companies and fidelity deposit companies to become surety upon the bonds of city, county and State officers.

GEORGIA.

Five or more persons may incorporate a trust company. They must file articles of incorporation with the Secretary of State. Before the filing of such articles, notice of intention to organize must be published cnce a week for at least four weeks in a local newspaper. Powers specified, those of ordinary corporations, and in addition, to act as fiscal and transfer agent and registrar; to receive deposits of moneys, securities and other personal property and to loan money on real or personal securities; to hold real estate such as is needed for the purposes of the corporation

and such as is acquired in settlement of debts due to it; to act as trustee under mortgages and bonds, and to accept and execute any other municipal or corporate trust not inconsistent with law; to execute trusts for married women in respect to their separate property, real or personal, and to act as agent in the management of same; to act under appointment of court as guardian, receiver or trustee of the estate of any minor, the annual income of which is $100 or more, and as depository of moneys paid inte court; to receive court trusts of all kinds; to receive in trust and manage property of all kinds committed to its care by persons, bodies politic or corporations; to purchase, invest in and sell stocks, bills of exchange, bonds and mortgages and to issue the obligations of the company for moneys or securities borrowed or received on deposit; to act as executor, administrator, or committee of the estates of lunatics, idiots, persons of unscund mind and habitual drunkards. Capital required, at least $100,000 paid in, and not to exceed $2,000,000, divided into shares. of $100 each. The Board of Trustees may consist of not less than five nor more than fifteen persons. Trust companies may acquire and exercise all the rights and privileges and be subject to the same liabilities and restrictions as banks upon compliance with the banking laws. Savings banks, trust, security or guarantee companies already organized may acquire the powers here stated. All trust companies which receive deposits are under the jurisdiction of the State Bank Examiner and are subject to the same laws as banks. They must render at least four reports each year to the Examiner, upon his call. Such reports must give full statements of condition according to a prescribed form as of any past day specified by the Examiner, and must be published in a local paper within ten days. The Examiner must examine each company twice a year or oftener. The companies are required to keep an accurate list of the names and addresses of stockholders, and to send such lists to the Examiner on the first day of July of each year. Checks may not be certified unless the money for same is on deposit, and such checks must be charged at once.

(Acts of 1898, p. 78. Supplement to the Code, 1901, sections 64586466. Acts of 1907, No. 81.)

HAWAII.

Trust companies are organized under the general laws, their powers and limitations being defined by special acts relating to such corporaticns. The corporate name must contain the word "trust". It must be organized for the specific purpose of doing business as a trust company, and such objects must be expressed in its articles of association. The capital must be at least $100,000, fully subscribed, and at least $50,000 must be paid in. No corporation not so organized may act in fiduciary capacities or use the words "trust" or "trustee" in its corporate name. Powers specified, in addition to ordinary corporate powers: To receive

and hold and reconvey and dispose of any property, real and personal, which may be committed to it upon any trust or trusts whatsoever, from any source, including married women and minors, individuals, corporations, courts; to act as agents or attorneys in the management of property; to act as transfer agent, registrar, agents for buying and selling securities, managers of sinking funds; to act as executor, administrator, trustee, receiver, assignee, guardian, by appointment by will or by court; to loan money upon real or collateral security; to issue notes and debentures and to pledge mortgages and other securities as collateral therefor; to do a safe deposit business; to hold such personal estate as is necessary; to lease, hold, purchase and convey real estate as its corporate property; to purchase, hold and sell stocks and bonds; to act as agents of insurance companies and security companies; to do a general trust and security business; "to transact as agents any other business or undertaking, trust, mercantile or otherwise which may be necessary, useful or convenient to the main purpose of the corporation". But "Nothing herein contained shall be construed as giving the right to issue bills to circulate as money or to discount commercial paper, or to do a general banking business, or to do a savings bank business."

Any Circuit Judge may require of any trust company which has been appointed to act in any fiduciary capacity by Hawaiian courts, a bond in an amount not exceeding $50,000, conditioned for the faithful performance of duties arising from any such fiduciary appointment; and no further bond shall be required, unless the value of a single estate under its management is more than $50,000. Investment of trust funds are at the company's risk, unless they are such as the courts recognize as proper when made by an individual acting in like fiduciary capacity or are permitted by the instrument creating the trust.

Trust companies are under the supervision of the Treasurer or the Auditor of the Territory. They must render and publish statements in January and July of each year, according to a schedule prescribed in the statute. The Treasurer of the Territory may at any time and in his discretion deputize a competent person to examine any trust company; and must have such examination made at any time upon written request of six stockholders or depositors, provided they deposit funds to cover the cost of the examination.

(Laws of 1905, Acts 68 and 69; Laws of 1907, Act 76.)

IDAHO.

Trust companies are organized under the provisions of the general incorporation laws. Five or more persons may incorporate. They must file articles of incorporation. The number of directors shall be not less than five, and each must own at least $500.00 par value of stock. Stockholders have the right of cumulative voting. Trust companies are governed by the provisions of chapter 92 of the Laws, as amended, which