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every trust company hereafter organized, to the extent set forth in its certificate of incorporation, original or amended, and every trust company heretofore created by special charter or organized under any law of this state, whether such powers are set forth in its charter or certificate of incorporation or not, shall have power:

(1.) To act as the fiscal or transfer agent of any state, municipality, body politic or corporation and in such capacity to receive and disburse money;

(2.) To transfer, register and countersign certifi cates of stock, bonds or other evidences of indebtedness, and to act as agent of any corporation, foreign or domestic, for any purpose now or hereafter required by statute or otherwise;

(3.) To receive deposits of trust moneys, securities and other personal property from any person or corporation, and to loan money on real or personal securities;

(4.) To lease, hold, purchase and convey any and all real property necessary for or convenient in the transaction of its business, or which the purposes of the corporation may require, or which it shall acquire in satisfaction or partial satisfaction of debts due the corporation under sales, judgments or mortgages, or in settlement or partial settlement of debts due the corporation by any of its debtors;

(5.) To act as trustee under any mortgage or bond issued by any municipality, body politic or corporation, and to accept and execute any other municipal or corporate trust not inconsistent with the laws of this state;

(6.) To accept trusts from and execute trusts for married women, in respect to their separate property, and to be their agent in the management of

such property, or to transact any business in relation thereto;

(7.) To act, under the order or appointment of any court of record, as guardian, receiver or trustee of the estate of any minor, and as depository of any moneys paid into court, whether for the benefit of any such minor or other person, corporation or party;

(8.) To take, accept and execute any and all such legal trusts, duties and powers in regard to the holding, management and disposition of any estate, real or personal, and the rents and profits thereof, or the sale thereof, as may be granted or confided to it by any court of record, or by any person, corporation, municipal or other authority, and it shall be accountable to all parties in interest for the faithful discharge of every such trust, duty or power which it may so accept;

(9.) To take, accept and execute any and all such trusts and powers of whatever nature or description as may be conferred upon or intrusted or committed to it by any person or persons, or any body politic, corporation or other authority, by grant, assignment, transfer, devise, bequest or otherwise, or which may be intrusted or committed or transferred to it or vested in it by order of any court of record, or any surrogate, and to receive and take and hold any property or estate, real or personal, which may be the subject of any such trust;

(10.) To purchase, invest in, and sell stocks, promissory notes, bills of exchange, bonds and mortgages and other securities; and when moneys or securities for moneys are borrowed or received on deposit, or for investment, the bonds or obligations of the company may be given therefor, but it shall have no right to issue bills to circulate as money;

(11.) To be appointed and to accept the appointment of assignee or trustee, under any assignment for the benefit of creditors of any debtor, made pursuant to any statute or otherwise;

(12.) To act under the order or appointment of the court of chancery or otherwise as receiver or trustee of the estate or property of any person, firm, association or corporation;

(13.) To be appointed and to accept the appointment of executor of or trustee under the last will and testament, or administrator with or without the will annexed, of the estate of any deceased person, and to be appointed and to act as the committee of the estates of lunatics, idiots, persons of unsound mind and habitual drunkards;

(14.) To exercise the powers conferred on and to carry on the business of a safe deposit company; to examine and guarantee title to land; to insure the fidelity of persons holding offices or places of trust or responsibility; and to become sole surety in any case where by law two or more sureties are required; provided, such powers and purposes are enumerated in the certificate of incorporation;

(15.) To collect coupons on, or interest upon all manner of securities when authorized so to do by the parties depositing the same;

(16.) To receive and manage any sinking fund of any corporation, upon such terms as may be agreed upon between said corporation and those dealing with it;

(17.) Generally to execute trusts of every description not inconsistent with the laws of this state or of the United States;

(18.) To receive money on deposit to be subject to check or to be repaid in such manner and on such terms, and with or without interest, as may be

agreed upon by the depositor and the said trust company.

7. Restriction and limitations.

No corporation created under this act shall have power to discount commercial paper; no trust company shall have power to make loans upon bills, notes or other evidences of debt except to a county, city, town, township, borough or municipality of this state, unless the same shall be secured by mortgage upon lands or by other securities, the actual market value of which other securities shall at all times exceed by at least ten per centum the amount loaned upon the same; except under and subject to the provisions of this act, no corporation hereafter organized shall exercise within this state, or be hereafter incorporated for the purpose of exercising therein any of the powers set forth in subdivisions (1), (2), (5), (6), (7), (8), (9), (11), (12), (13), (16) and (17) of the preceding section of this act; no money, property or securities received or held by any trust company in its capacity of assignee, receiver, executor, administrator, guardian or trustee shall be mingled with the investments of the capital stock or other moneys or property belonging to or deposited with such corporation, or shall be liable for the debts or obligations of such corporation: all other moneys and funds belonging to or deposited with such trust company may be used and invested in accordance with the provisions of this act.

8. Trust company not to be required to give security except as provided by this act.

No trust company of this state authorized to act as assignee, receiver, administrator, guardian or trustee, shall be required by any officer or court of this state to give security upon appointment to or acceptance of any office of trust which it is by

law authorized to execute, except as hereinafter provided.

[When corporation may act as trustee, etc., who may subscribe oaths.

In all cases where any corporation in this state authorized by its charter to act as trustees, executors, administrators or guardians shall be appointed executor, administrator or trustee of any estate or guardian of any infant, it shall and may be lawful for the president, cashier or treasurer of such corporation to take and subscribe for such corporation any and all oaths or affirmations required to be taken or subscribed by such executor, administrator, trustee or guardian.

Laws of 1876, Chapter 162.]

9. Company must set apart fund and deposit securities before appointment as assignee, etc.

No such corporation shall be appointed to act as assignee, receiver, administrator, guardian or trustee, by any surrogate or court of this state, until it shall have created and set apart a fund or funds specially devoted to securing its liabilities in such capacities of trust and confidence, and shall have deposited with the register of the prerogative court securities which shall represent the said funds, and shall before its appointment to any office present to the court or officer making such appointment, a statement under oath of its president, secretary, or trust officer, that the fund aforesaid has been set apart according to law, and that the above mentioned deposit has been duly made, and that the liabilities of such corporation for which the fund aforesaid is specially responsible, as hereinafter provided (including all funds and securities of such trust about to come to it under the appointment then in contemplation), do not exceed five times the value of such specially created and deposited fund, unless said fund shall amount to or

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