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12 Examination and certificate as to payment of capital. When any such corporation or individual banker shall have filed with the superintendent the requisite certificate prior to commencing business under the laws of this state, and shall have made the deposit, if any, required by law, the superintendent shall, before such corporation or individual banker shall be authorized to commence business, examine or cause an examination to be made in order to ascertain whether the requisite capital of such corporation or banker has been paid in, in cash. The superintendent shall not authorize such corporation or individual banker to commence business unless it appears to his satisfaction from such examination or other evidence satisfactory to him that the requisite capital has been in good faith subscribed and paid in cash. L. 1892, c. 689, § 12.

[Note. Revised from L. 1882, c. 409, § 18. (See Birdseye's R. S., 1st ed., p. 174.) Without material change.]

13 Affidavit to be made before commencing business. No such corporation shall commence its corporate business until its president and cashier or treasurer or secretary, or its two principal officers, by whatever name known, shall have made and subscribed an affidavit stating that the whole of its capital stock, or such portion thereof as by law shall be required to be paid or secured before the commencement of its operations, has been actually paid or secured to be paid, according to law. Such affidavit may be made before any officer authorized to administer oaths in the county where the corporation has its principal place of business, and shall be filed in the clerk's office of such county. Every such corporation shall cease to be a corporation if the affidavit above required shall not be made and filed within one year from the time its charter shall be granted. Id., § 13.

[Note. Revised from L. 1882, c. 409, §§ 192-194. (See Birdseye's R. S., 1st ed., pp. 208, 209.) Without material change, except that the affidavit was formerly to be taken only before the mayor, or recorder of a city, or the county or supreme court judge.] 14 Deposit of bonds or mortgages with superintendent. Every such corporation, except banks, savings banks and domestic corporations specified in articles five, six and seven of this chapter, engaged in receiving deposits of money in trust in this state, and required to make a report of its affairs to the superintendent of banks, shall, if it has not already done so, within six months from the passage of this chapter; and every such corporation hereafter proposing to engage in such business in this state shall, before engaging in such business, transfer and assign to the superintendent registered public stocks or bonds of the United States, or of this state, or of any city, county, town, village or free school district in this state, authorized by the legislature to be issued, to the amount in value, and to be at all times so maintained by the corporation, of ten per centum on its paid up capital stock, but not less in any case than one hundred thousand dollars in cities the population of which exceeds five hundred thousand inhabitants, and not less than fifty thousand dollars in cities containing more than one hundred thousand inhabitants and less than five hundred thousand inhabitants, and not less than thirty thousand dollars in cities containing more than twenty-five thousand inhabitants and less than one hundred thousand inhabitants, and not less than twenty thousand dollars in cities or towns of less than twenty-five thousand inhabitants, the number of inhabitants in each city or town to be ascertained by the last federal census or state enumeration. Such stocks must be registered in the name of the superintendent officially as held in trust under and pursuant to this chapter, and the same shall be held by the superintendent in trust, as security for the depositors with and the creditors of such corporation, and subject to sale and transfer, and to the disposal of the proceeds thereof by the superintendent, only on the order of a court of competent jurisdiction. Until the order of such court, authorizing such sale or transfer or other disposition thereof, the superintendent shall pay over to such corporation the interest which may be received on such securities. Should any corporation, at any time, have deposited with the superintendent more than the amount hereby required, the excess may be refunded. With the approval of the

superintendent, such a deposit may be made by the corporation, either wholly or in part, in bonds or mortgages satisfactory to the superintendent, on improved, unincumbered productive real property in this state worth at least seventy-five per centum more than the amount loaned thereon. In the case of any foreign corporation (including building and loan associations organized or incorporated in any state or county outside of this state, as defined in section two of this chapter) doing business in this state, it shall deposit with the superintendent in trust as security for the depositors with and creditors of said corporation in this state one hundred thousand dollars in securities enumerated in this section. If any foreign corporation doing business in this state shall refuse or neglect to make the deposit herein required with the superintendent, the fact shall be reported by the superintendent to the attorney-general, who shall forthwith. take such proceeding as may be necessary to enjoin and restrain such corporation from transacting any business in this state, and the court to which such application shall be made shall be authorized to make such order or decree, and to issue such process in the premises to enforce compliance by the corporation with the provisions of this chapter or to restrain the transaction of business by it in this state as it may deem proper. Id., § 14, as am'd L. 1893, c. 315, and L. 1896, c. 452.

[Note. Revised from L. 1882, c. 409, §§ 224, 225. (See Birdseye's R. S., 1st ed., pp. 212, 213.) Under former law only registered public stocks of the United States, or this state, or a city of this state, could be deposited, and deposits in no case were to be less than $50,000. The superintendent was also authorized to allow the corporation to collect and receive the interest for its own benefit, which provision seems to have been transferred to the next section.]

15 Exchange of securities. The securities deposited by any corporation pursuant to the provisions of this chapter with the superintendent of banks in trust for any purpose, may be exchanged from time to time for other securities receivable as provided in this chapter; and so long as the corporation so depositing shall continue solvent and comply with the laws of the state, it may be permitted by the superintendent to collect the interest or dividends on such deposits, and from time to time to withdraw any of such securities on depositing with the superintendent other like securities, the par and market value of which shall be equal to the par and market value of such as may be withdrawn.

When any such deposit consists of bonds and mortgages, the president or authorized agent of every corporation depositing the same shall annex to every such mortgage his affidavit that the mortgage was made and taken in good faith for money loaned by the corporation which he represents, to the amount therein named, and that no part thereof has been since paid or returned; or if any part has been paid, the amount unpaid and that he has reason to believe and does believe that the premises thereby mortgaged are worth at least seventy-five per cent more than the amount of the mortgage thereon; and the superintendent shall prescribe such regulations for ascertaining the title and value of the real property mortgaged as he may deem necessary. Id., § 15.

[Note.- Revised from L. 1882, c. 409, § 67. (See Birdseye's R. S., 1st ed., p. 183.) Without material change, except that the second paragraph appears to be new.] 16 Publication of report of examiners. Whenever the superintendent shall deem it proper, a copy of any report made by any examiner shall be published in the state paper and in at least one daily newspaper in the city of New York, and in one newspaper published in the county where the principal place of business of such corporation or individual is located. Id., § 16.

[Note. Revised from L. 1882, c. 409, §§ 12, 15, and L. 1884, c. 47. (See Birdseye's R. S., 1st ed., pp. 172, 173.) This report was formerly to be published in two newspapers in New York, but not in the newspaper in the county.]

17 Impairment of capital. Whenever the superintendent shall have reason to believe that the capital stock of any corporation or individual banker, subject to the provisions of this chapter, is reduced by impairment or otherwise below the amount required by law, or by its certificate or articles of association, he shall require such corporation or individual banker to make good the deficiency. He may examine or cause to be examined any such corporation to ascertain the

amount of such impairment or reduction of capital, and whether the deficiency has been made good as required by him.

The directors of every such corporation upon which such requisition shall have been made shall immediately give notice of such requisition to each stockholder of the corporation, and of the amount of the assessment which he must pay for the purpose of making good such deficiency, by a written or printed notice mailed to such stockholder at his place of residence, or served personally upon him. If any stockholder shall refuse or neglect to pay the assessment specified in such notice within sixty days from the date thereof, the directors of such corporation shall have the right to sell to the highest bidder at public auction the stock of such stockholder, after giving previous notice of such sale for two weeks in a newspaper of general circulation published in the place or county where such corporation is located; but such stock shall not be sold for a smaller sum than the valuation put on it by the superintendent in his determination and certificate; and the necessary costs of the sale shall be paid out of the avails of the stock sold.

If any such corporation or individual banker shall neglect for sixty days after the superintendent shall have required such deficiency to be made good, to comply with such request, the superintendent shall report the fact to the attorneygeneral, who shall institute such action or proceeding against such corporation or individual banker as is now authorized in the case of insolvent corporations.

If, from any such examination or report, the superintendent shall have reason to conclude that any such bank or individual banker is in an unsound or unsafe condition to do banking business, he may forthwith take possession of such bank or individual banker's property and business, and retain such possession until the termination of the action or proceeding instituted by the attorney-general. L. 1892, c. 689, § 17.

[Note. Revised from L. 1882, c. 409, §§ 17, 233: L. 1890, c. 429, and L. 1882, c. 191. (See Birdseye's R. S., 1st ed., pp. 173, 214, 235.) Provisions as to times for making good deficiency, etc., made uniform for all corporations. In paragraph 2 the word immediately in the second line, is new; also the provision as to personal service of notice.]

36 N. Y. Supp. 488.

18 Proceedings against delinquent corporations. If any such corporation or individual banker shall refuse to submit its books, papers and concerns to the inspection of any examiner, or if any officer thereof shall refuse to submit to be examined upon oath touching the concerns of such corporation or individual banker, or if it shall be found to have violated its charter, or any law of the state binding upon it, the superintendent may report the fact to the attorney-general, who shall institute such action or proceeding against such corporation or individual banker as is authorized in case of insolvent corporations.

If it shall appear to the superintendent that any such corporation or banker has violated its charter or any law of this state, or is conducting business in an unsafe or unauthorized manner, he shall, by an order under his hand and official seal, addressed to such corporation or banker, direct a discontinuance of such illegal or unsafe practices, and conformity with the requirements of its charter, and with safety and security in its transactions; and whenever it shall appear to the superintendent that it is unsafe and inexpedient for such corporation or banker to continue business, he shall communicate the facts to the attorney-general, who shall thereupon institute such proceedings against the corporation or banker as are authorized in the case of insolvent corporations, or such other proceedings as the nature of the case may require. Id., § 18.

[Note.- Revised from L. 1882, c. 409, §§ 16, 223; L. 1875, c. 613, § 14; L. 1875, c. 564, § 5; L. 1887, c. 556, § 21. (See Birdseye's R. S., 1st ed., pp. 173, 212, 241, 347, 665.) Without material change.]

19 Abb. N. C. 366, n.

19 Examination by order of court. The creditors and shareholders of any such corporation whose debts or shares shall amount to one thousand dollars may make application to the supreme court by a verified petition setting forth facts showing that an examination of the affairs of the corporation should be made, and the court may thereupon, in its discretion, order such an examination to be

made by a referee for the purpose of ascertaining the safety of the investments and the prudence of the management of the corporation. The result of every such examination, together with the opinion of the referee thereon, shall be published in such manner as the court shall direct. The court shall make such order in respect to the expenses of the examination and publication as it may deem proper. Id., § 19.

[Note.- Revised from L. 1882, c. 409, § 19. (See Birdseye's R. S., 1st ed., p. 174.) The former law provided for the publication of the opinion of the supreme court also.] 3 Edw. Ch. 395.

20 Reports. Every corporation and individual banker subject to the provisions of this chapter shall make a written report to the superintendent of banks, in such form and containing such matters as he shall prescribe. In the case of a bank or individual banker, the superintendent shall, at least once in every three months, designate some day therein in respect to which the report shall be made. If a savings bank, trust company or safe deposit company, such report shall be made semi-annually on or before the twentieth day of January and July in each year, and shall contain a statement of its condition on the mornings of the first days of January and July preceding. If a savings bank, such report shall state the amount loaned upon bond and mortgage, together with a list of such bonds and mortgages and the location of the mortgaged premises, as have not been previously reported, and also a list of such previously reported as have since been paid wholly or in part, or have been foreclosed, and the amount of such payments respectively; the cost, par value and estimated market value of all stock investment, designating each particular kind of stock; the amount loaned upon the pledge of securities with a statement of the securities held as collateral for such loans; the amount invested in real estate, giving the cost of the same, the amount of cash on hand, and on deposit in banks or trust companies, and the amount deposited in each; and such other information as the superintendent may require.

Such report shall also state all the liabilities of such savings corporation on the morning of the said first day of January and July; the amount due to depositors, which shall include any dividend to be credited to them for the six months ending on that day, and any other debts or claims against such corporation which are or may be a charge upon its assets. Such report shall also state the amount deposited during the year previous, and the amount withdrawn during the same period; the whole amount of interest or profits received or earned and the amount of dividends credited to depositors, together with the amount of each semi-annual credit of interest, and the amount of interest that may have been credited at other than semi-annual periods, the number of accounts openiod or reopened, the number closed during the year, and the number of open accounts at the end of the year, and such other information as may be required by the superintendent.

If a trust company or safe deposit company, such report shall contain such particulars as the superintendent may prescribe.

If a co-operative loan association, or a building and mutual loan corporation, or a mortgage, loan or investment corporation, such report shall be made annually on or before February first in each year, and shall contain a statement of its condition on the first day of January preceding. The superintendent may, for good cause shown, extend the time for making any such report not exceeding thirty days.

Every such report shall be verified by the oath of the president and cashier or treasurer of such corporation or by such individual banker, to the effect that the same is true and correct in all respects, and that the usual business of such corporation or banker has been transacted at the location required by this chapter, and not elsewhere.

The superintendent shall serve a notice designating the day in each quarter when a report shall be made upon each bank and individual banker required to

So in the original.

report to him by delivering the same to some officer or clerk thereof at their respective places of business or by depositing the same in the post-office inclosed in a post-paid wrapper and properly directed to each of them, or some officer thereof, at their places of business respectively. L. 1892, c. 689, § 20.

[Note. Revised from L. 1882, c. 409, §§ 20, 28, 219, 270-273; L. 1875, c. 564, § 2; id., c. 613, § 10; L. 1887, c. 556, § 19; id., c. 546, §§ 32, 33. (See Birdseye's R. S., 1st ed., pp. 174, 177, 211, 223, 241, 346, 665, 3205.) In this section the former provisions in relation to reports by the various kinds of corporations, have been harmonized and made similar, but with some material changes as to certain kinds of corporations.]

7 Hill, 530; 20 N. Y. 355; 27 id. 155; 46 Barb. 329; 64 Hun, 335, 346; 81 id. 195; 45 N. Y. St. R. 556; 57 How. Pr. 82; 19 id. 275.

21 Penalties for failure to report. If any bank or individual banker shall fail to make such report within ten days from the day designated for the making thereof, or to include therein any matter required by the superintendent, or if any savings bank or trust company shall fail to make such report within the time required by this chapter, or to include therein any matter required by the superintendent; every such delinquent bank, banker, savings bank or trust company shall forfeit to the people of the state the sum of one hundred dollars for every day that such report shall be delayed or withheld, and for every day that it shall fail to report any such omitted matter. Every other corporation subject to the provisions of this chapter which shall fail to make such report within the time herein required, or to include therein any matter required by the superintendent to be stated, shall forfeit to the people the sum of ten dollars for every day for which such report shall be delayed or withheld, and for every day that any such omitted matter may remain unreported.

The moneys forfeited by this section, when recovered, shall be paid into the state treasury to be used to defray the miscellaneous expenses of the department. If any corporation or individual banker shall fail to make two successive reports as herein required, every such corporation shall forfeit its charter, and every such individual banker shall forfeit his privileges as such banker; and every such corporation or individual banker may be proceeded against and the affairs of such corporation closed, and such individual banker be restrained from continuance in business, in the same manner as an insolvent corporation or individual banker may be proceeded against.

In case of the failure of any corporation or individual banker to make any report required of him by law, the superintendent shall immediately cause the books, papers and affairs of such corporation or banker to be examined as directed by section eight of this chapter. Id., § 21.

[Note.- Revised from L. 1882, c. 409, §§ 21, 22, 274; L. 1875, c. 564, § 6; L. 1887, c. 556, § 20. (See Birdseye's R. S., 1st ed., pp. 175, 223, 347, 665.) In this section the former provisions in relation to reports by the various kinds of corporations, have been harmonized and made similar, but with some material changes as to certain kinds of corporations.]

22 Publication of reports. Within thirty days after any such report shall be made, the superintendent shall, with the exception of the reports made by savings banks, publish a summary statement thereof in a paper at Albany in which notices by state officers are required by law to be published, and the separate report of each corporation and individual banker shall be published by such corporation or individual banker in at least one newspaper of the place where its principal place of business is located, if there be one; if not then in the newspaper published nearest where the bank is located. Such summary statement shall contain the items of capital, circulation, if any, and deposits, specie, and cash items, public securities and private securities and such other matters as may be necessary to inform the public as to the financial condition and solvency of any such corporation or banker, or which the superintendent may deem proper to include therein. In the publication of such statements, the superintendent shall arrange the individual bankers in a separate class, and specify the name and place of business of each, and the names and residences of the general partners. Id., § 22.

[Note. Revised from L. 1882, c. 409, §§ 20, 24, 220; L. 1851, c. 122, § 10; L. 1875, c. 613, § 11. (See Birdseye's R. S., 1st ed., pp. 174, 176, 212, 344, 241.) In this section

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