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appointed by the court, until the court shall otherwise order.

25. Court may appoint receivers. Powers of receivers.

The court of chancery, at the time of ordering said injunction, or at any time afterwards, may appoint a receiver or receivers or trustees for the creditors and stockholders of the trust company, with full power and authority to demand, sue for, collect, receive and take into their possession, all the goods and chattels, rights and credits, moneys and effects, lands and tenements, books, papers, choses in action, bills, notes and property of every description of the corporation, and to institute suits at law or in equity for the recovery of any estate, property, damages or demands existing in favor of the corporation, and in his or their discretion to compound and settle with any debtor or creditor of the corporation, or with persons having possession of its property or in any way responsible at law or in equity to the corporation at the time of its insolvency or suspension of business, or afterwards, upon such terms and in such manner as he or they shall deem just and beneficial to the corporation, and in case of mutual dealings between the corporation and any person to allow just set-offs in favor of such person in all 、 cases in which the same ought to be allowed according to law and equity; a debtor who shall have in good faith paid his debt to the corporation without notice of its insolvency or suspension of business, shall not be liable therefor, and the receiver or receivers or trustees shall have power to sell, convey and assign all the said estate, rights and interests, and shall hold and dispose of the proceeds thereof under the direction of the court of chancery; the word "receiver" as used in this act shall be construed to include receivers and trustees appointed as provided in this act.

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26. Fees.

On filing any certificate or other paper relative to trust companies in the department of banking and insurance, the following fees and taxes shall be paid to the commissioner of banking and insurance for the use of the state: for certificate of incorporation, twenty cents for each thousand dollars of the total amount of the capital stock authorized, but in no case less than twenty-five dollars; for certificate of increase of capital stock, twenty cents for each thousand dollars of the total increase authorized, but in no case less than twenty dollars; for certificate of extension or renewal of corporate existence of any trust company, the same as required by this act for the original certificate of incorporation; for certificate of dissolution of company, change of name, or for amended certificates of incorporation (other than those authorizing increase of capital stock), twenty dollars, and for all certificates not hereby provided for, five dollars; every trust company shall also pay to the commissioner of banking and insurance, for the use of the state, an annual fee of twenty dollars for filing the reports required by this act, and in addition thereto each trust company shall defray the expenses incurred by the commissioner of banking and insurance in making any examination into its affairs as herein before provided for; and the said commissioner may maintain an action in the name of the state against such trust company for the recovery of such expenses in any court of competent jurisdiction.

27. Annual reports to the legislature.

The commissioner of banking and insurance shall make annual report to the legislature, which shall embrace a statement of proceedings taken under

this act, of new companies organized and a summary of the reports of every trust company.

28. Surrender of franchise. How made.

Whenever any trust company shall determine by its board of directors, with the consent of threefourths of its stockholders in interest, to discontinue its business and settle its affairs, it shall be lawful for such board of directors to file with the commissioner of banking and insurance of this state a certificate in writing, signed and acknowledged by such stockholders, expressing said consent, and likewise the certificate of said board of directors under the corporate seal, setting forth such intention, and that they thereby surrender to the state their corporate privileges and powers; and thereupon said corporation shall be deemed and taken to be dissolved, except for the purpose of distributing its assets, and otherwise settling its affairs, but such trust company shall, nevertheless, be continued a body corporate for the term of three years after the time of such surrender for the purpose of prosecuting and defending suits by, or against it, and closing its concerns, but not for any other business or purpose whatever; and the said board of directors shall act as trustees for that purpose, subject to the orders of the court of chancery, on application of any creditor or stockholder, and to removal or any action by said court.

29. Taxation.

Every trust company incorporated under any law of this state shall be taxed in the taxing district where its office is situated, upon the amount of its capital stock issued and outstanding, except that any real estate belonging to any such corporation

shall be taxed in the taxing district where such real estate is situated, and the amount of assessment upon said real estate may be deducted from the amount of any assessment made upon the capital stock of the company as herein provided for; the capital stock, property and franchises of any such corporation shall be exempt from taxation in this state, except as hereinabove provided for.

30. Application of this act. Repealer.

The provisions of this act shall be applicable to, and the words "trust company," when used in this act, shall be construed to include all trust companies and all safe deposit and trust companies heretofore organized under the laws of this state, whether by special charter or under general act or otherwise, and as well all corporations hereafter organized under this act; but nothing in this act shall repeal, impair or destroy the rights, powers and privileges heretofore conferred upon any trust company or upon any safe deposit and trust company heretofore incorporated and now doing business under any special charter or general law of this state; and nothing in this act shall be construed to affect the legality of investments heretofore made, or of transactions heretofore had, pursuant to any provisions of law in force when such investments were made or transactions had, or to impair the rights, privileges, objects or powers of any corporation as contained in its charter or certificate of incorporation, and vested rights acquired under the acts hereinafter repealed and actually existing and enjoyed shall not be divested or disturbed, but no special provision relating to taxation or immunity or exemption therefrom contained in any special charter shall be revived or continued by anything in this act.

31. All acts and parts of acts, general and special, inconsistent with this act are hereby repealed, except so far as herein expressly re-enacted, but this repealer shall not revive any act heretofore repealed.

32. This act shall take effect immediately.

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