6. The act entitled "An act concerning bailments," approved March first, one thousand eight hundred and ninety-three, is hereby repealed. 7. The act entitled "An act relative to safe deposit and trust companies," approved June tenth, one thousand eight hundred and ninety, is hereby repealed. 8. Nothing herein shall impair or annul any vested rights, privileges or powers heretofore obtained and used under authority of said acts or any of them, and all corporations which have heretofore availed themselves of the provisions of said acts may continue to enjoy the rights and advantages which they now enjoy and exercise by virtue thereof; this act shall not revive any act heretofore repealed. 9. This act shall take effect immediately. INDEX. The references are to pages. Pages 5-28 relate to the banking law, pp. 29-52 to A. Acknowledgment, of certificate of incorporation, 6, 30, 55. Acts repealed, 59. Administrator, trust company may act as, 35. Agent, trust company may act as, 33. Amendments of certificate of incorporation, 10, 38. Annual meeting of stockholders, 11, 39. Annual reports to Legislature, 25, 49. Apartments, bank may rent, 9. Application of banking act, 27. Application of trust company act, 51. Assignee, trust company may act as, 35. Attorney-General may proceed against unsafe banks and trust companies, may proceed against delinquent banks and trust com- may apply for receiver on insolvency, 23, 47. Authority, certificate of, 7, 32. publication of, 8, 32. B. "Bank" defined, 27. "Bank" or "banking " to be part of name of every bank organized under act, 5. not to be used as part of name of corporations here- after organized under other acts, 5. Banking business defined, 8. Bank notes, issue of, prohibited, 18. Banking and insurance, department of, 1. See Commissioner of banking and insurance. Banks, formation of, 5, 6, 7. amount of capital stock of, 5. amendment of charter, etc., of, 10. annual meeting of, to be held on second Tuesday of January, 11. The references are to pages. Pages 5–28 relate to the banking law, pp. 29-52 to certificate of incorporation of, 6. certificate of authority to, 7, 8. certificate of payment of capital stock of, 5. contracts of, how signed, 17. corporate existence begins on filing certificate of incorporation, 7. examination of by commissioner of banking and insurance, 19. fees to be paid by, 24. increase of capital stock of, 10. insolvence of, 23; see also Receivers. list of stockholders of to be kept, open to examination, 11. may buy and sell bills of exchange, 9. foreign coins, 9. gold and silver bullion, 8. promissory notes, mortgages, etc., 9. discount bills and notes, 8. exercise business of safe deposit company, when, 9. purchase, hold and convey real estate, 9. receive deposits of money, 8. change name, 10. charge lawful rate of interest, 16. extend corporate existence, 10. invest 25% of capital and surplus in building, etc., 9. surrender corporate franchise and dissolve, 25. take interest in advance, 16. must create surplus fund, 12. elect directors annually, 11. have at least five directors, 11. have reserve, 18. make not less than four reports annually, 14. publish abstracts of reports, 14. notice of annual meeting, 11. name of, to contain word "bank" or 66 banking," 5. not to issue circulating notes, 18. proceedings against, for refusal to submit to examination, 20. unsafe, proceedings against, 20. vested rights of, preserved, 27. Bonds, cashiers to give, 18. trust companies may issue, 34. register and countersign, 33. By-laws, to fix hour for annual meeting, 11, 40. terms of office of officers, etc., 12, 40. The references are to pages. Pages 5-28 relate to the banking law, pp. 29-52 to C. Capital stock of bank to be not less than $50,000, 5. safe deposit company to be not less than $25,000, 53. may be increased, 10, 38. only one class allowed, 5, 29, 53. par value of shares of, to be $100, 5, 29, 53. total amount authorized to be subscribed, 5, 6, 29, 53. Cashier to give bond, 18. appointment of, 12. to sign certificate of payment of capital stock, 5. to sign contracts, 17. loans to, regulated, 13. overdraft by, prohibited, 14. penalty for, 14. to verify reports, 14. Certificate of authority to be issued by commissioner of banking and insur- ance, 7, 32. to be published, 8, 32. incorporation, 6, 30, 54. payment of capital stock to be filed before commencing busi- Circulating notes, issue of, prohibited, 21. Commissioner of banking and insurance, appointment of, 1. fees, to be paid to, 24, 49, 57. may direct discontinuance of un- may examine officers, etc., under may maintain action to collect may proceed against unsafe banks to approve certificate of incor- poration, 7, 31. to inspect banks and trust com- panies, 19, 45. to issue certificate of authority, 7,32. The references are to pages. Pages 5-28 relate to the banking law, pp. 29-52 to Commissioners appointed by court of chancery to examine corporations, 22. Creditors, rights of, not to be impaired by change of charter, 10, 11, 39. may apply for appointment of receiver, 23, 47. Committee, examining, to be appointed by directors, 13, 41. executive, to pass on applications for loans by officers, 13, 41. D. Debts, bad, to be deducted before declaring dividends, 12, 40. Deposit of securities to be made by trust company before appointment as not required when security is given, as required of Deposits of minors, 16, 44. Deputy Commissioner of banking and insurance, 2. Directors, affairs of corporation to be conducted by, 11, 39, 56. examining committee of, 13, 41. executive committee of, 11, 39. increase of board of, 12. liability of, on defalcation of cashier not under bond, 19. loans to, regulations as to, 13, 41. majority of, to be residents of state, 11, 56. making false statements, etc., guilty of high misdemeanor, 15, 43. may designate officers to sign contracts, 17. must each hold not less than five unpledged shares, 12, 40. not to be elected for longer period than one year, 6, 30, 56. to attest reports, 14, 42. to be not less than five in number, 11, 39, 56. to require cashiers to give bonds, 18. vacancies in board of, 12. Dividends, directors may declare, 12, 40. Definitions: to be declared only out of surplus profits, 12, 40. by trust companies forbidden, 36. certain, not considered money loaned, 17. Dissolution for failure to obtain certificate of authority, 7, 31. |