expense thereof to be borne by such trust company; the commissioner shall also have power to call for special reports from any trust company whenever in his judgment the same are necessary to a full and complete knowledge of its condition; every trust company which fails to make and transmit any report required under this section shall be subject to a penalty of one hundred dollars for each day after the period herein specified that it delays to make and transmit its report, to be sued for and collected by the commissioner of banking and insurance in the name and for the benefit of the state.

17. Making false statements, reports, entries in books and exhibiting false papers punishable.

Every director, officer, agent or clerk of any trust company who wilfully and knowingly subscribes or makes any false statement of facts, or false entries in the books of such trust company, or knowingly subscribes or exhibits any false paper, with intent to deceive any person authorized to examine as to the condition of such trust company, or wilfully or knowingly subscribes to or makes any false report, shall be guilty of a high misdemeanor, and punished accordingly.

18. Trust company may not loan on or purchase its shares.

No trust company shall make any loan on the security of the shares of its own capital stock, nor be the purchaser or holder of any such shares unless such security or purchase shall be necessary to prevent loss upon a debt previously contracted in good faith; and stock so purchased or acquired shall within one year from the time of its purchase be sold or disposed of at public or private

sale; provided, that nothing in this section contained shall apply to any loan made before the passage of this act.

19. Deposits of minors.

When any deposit shall be made by or in the name of any minor, the same shall be held for the exclusive right and benefit of such depositor, and free from the control or lien of all other persons, except creditors of such minor, and shall be paid, together with the dividends and interest thereon, to the person in whose name the deposit shall have been made, and the receipt or acquittance of such minor shall be a valid and sufficient release and discharge for such deposit, or any part thereof, to the trust company.

20. Reserve in cash and in banks. Reserve depleted shall be restored.

Every trust company receiving deposits of money subject to check or payable on demand shall at all times have on hand in available funds an amount equal to at least fifteen per centum of all its immediate demand liabilities; four-fifths of this amount of available funds may consist of balances due to the company from good, solvent banks or trust companies, and one-fifth of such sum shall be held in reserve in cash on hand; immediate liabilities shall include all deposits payable on demand made by individuals, firms or corporations, or by banks, or trust companies, and all items in the nature of claims payable on demand; whenever the available funds of any trust company shall be below fifteen per centum of its immediate liabilities, such trust company shall not make any new loans otherwise than by purchasing bills of exchange payable at sight, nor make any dividends of its profits

until the required proportion between its immedi ate liabilities and its available funds has been restored.

21. When examination of trust company to be made.

Every trust company shall be subject to the inspection and supervision of the commissioner of banking and insurance, and it shall be the duty of said commissioner, either personally or by some person or persons to be appointed by him, whenever he shall deem it expedient, or at the request of any such trust company, to examine any such trust company, and it shall be the duty of the officers and employees of such trust company to exhibit its books, securities, records and accounts to the person or persons authorized by said commissioner of banking and insurance to conduct the examination, and otherwise to facilitate the same so far as it may be in their power; the said commissioner of banking and insurance, or any examiner appointed by him shall have power to examine under oath or affirmation the directors, officers and employes of any such trust company relative to its business and affairs, and for that purpose any such examiner shall have power to administer oaths and affirmations.

22. Proceedings against unsafe trust companies.

Whenever it shall appear to the commissioner of banking and insurance from any report submitted for examination made under the provisions of this act that the affairs of any trust company are in an unsound condition because of illegal or unsafe investments, or that its liabilities exceed its assets, or that it is transacting business without authority or in violation of law, or that it is unsafe or inexpedient for such trust company to continue business, it shall

be the duty of the attorney-general, on notice by the commissioner of banking and insurance, to institute such proceedings against the trust company as are hereinafter authorized in the case of insolvent trust companies, or such other proceedings as the nature of the case may require; if from any such examination the commissioner of banking and insurance shall have reason to conclude that any such trust company is in an unsound or unsafe condition, he may forthwith take possession of such trust company's property and business and retain such possession until the termination of the action or proceeding instituted by the attorneygeneral, or until the appointment of a receiver pursuant to the provisions of this act, and pending such possession by the commissioner or such proceedings by the attorney-general, all the remedies at law or in equity of any creditor or stockholder against the said trust company shall be suspended.

23. Proceedings against delinquent trust companies.

If any trust company shall refuse to submit its books, papers and concerns to the inspection of the commissioner of banking and insurance, or any examiner appointed by him, or if any director or officer thereof shall refuse to submit to be examined upon oath touching the concerns of such trust company, the commissioner of banking and insurance may report the fact to the attorney-general, who may proceed against said trust company in the manner hereafter directed with respect to insolvent trust companies; if it shall appear to the commissioner of banking and insurance that any trust company has violated its charter or any law of this state binding upon it, or is conducting business in an unsafe or unauthorized manner, he shall by an order under his hand and official seal, addressed to such trust company,

direct a discontinuance of such illegal or unsafe practices, and conformity with the requirements of its charter and safety and security in its transactions; in case such trust company shall refuse or neglect to comply with such order, the commissioner may report the facts to the attorney-general, who may proceed against the trust company in the manner hereinafter directed with respect to insolvent trust companies.

24. Insolvent trust companies; remedy in chancery by injunction and appointment of receiver.

Whenever any trust company shall become insolvent, or shall suspend its ordinary business for want of funds to carry on the same, the attorney-general or any creditor or stockholder may by petition or bill of complaint setting forth the facts and circumstances of the case, apply to the court of chancery for a writ of injunction and the appointment of a receiver or receivers or trustees, and the court being satisfied by affidavit or otherwise of the sufficiency of said application, and of the truth of the allegations contained in the petition or bill, and upon such notice, if any, as the court by order may direct, may proceed in a summary way to hear the affidavits, proofs and allegations which may be offered on behalf of the parties, and if upon such inquiry it shall appear to the court that the trust company has become insolvent and is not about to resume its business in a short time thereafter with safety to the public and advantage to the stockholders, it may issue an injunction to restrain such trust company and its officers and agents from exercising any of its privileges or franchises and from collecting or receiving any debts, or paying out, selling, assigning or transferring any of its estate, moneys, funds, lands, tenements or effects, except to a receiver