other ways perform the functions of a bank in addition to those specially conferred on them. These powers and privileges are best enumerated in the language of the law under which they are organized.

"Section 156 Upon the filing of any such certificate of authorization of a trust company, the persons named therein and their successors shall thereupon and thereby become a corporation, and in addition to the powers conferred by the general and stock corporation laws, 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, and transfer, register, and countersign certificates of stock, bonds, or other evidences of indebtedness.

"2. To receive deposits of trust money, securities, and other personal property from any person or corporation, and to loan money on real or personal securities.

"3. To lease, hold, purchase, and convey any and all real property necessary 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.

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4. To act as trustee under any mortgage or bond issued by any municipality, body politic, or corporation, and accept and execute any other municipal or corporate trust not inconsistent with the laws of this State.

5. 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.

"6. To act under the order of appointment of any court of record as guardian, receiver, or trustee of the estate of any minor, the annual income of which shall not be less than one hundred dollars, and as depositary of any moneys paid into court, whether for the benefit of any such minor, or other person, corporation, or party.

"7. 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, municipality, 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.

"8. 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.

"9. To purchase, invest in, and sell stocks, 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.

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10. 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.

"No such corporation shall have any right or power to make any contract, or to accept or execute any trust whatever, which it would not be lawful for any individual to make, accept, or

execute.

"No loan shall be made by any such corporation, directly, or indirectly, to any director or officer thereof.

"No such corporation shall transact its ordinary business by branch office in any city not named in its Certificate of Incorporation or Charter as the place where its business is to be transacted."

Thirteen or more persons may form a trust company, upon filing a certificate stating the name of such company, its place of business, the amount of its capital, and the number of shares into which it is divided, the name, residence, and post-office address of each member of the corporation, and the term of the existence of such company, which shall not exceed fifty years, and a declaration that each member of such corporation will, if elected a director, faithfully discharge the obligations and responsibilities of such office. This certificate must be filed with the Superintendent of Banking of the State within sixty days after its execution, and a duplicate must be filed in the office of the county clerk of the county where such company is to carry on business.

The minimum capital of such companies shall be as follows: In cities containing

Before filing such certificate notice must be published at least once a week for four successive weeks in a newspaper to be designated by the Superintendent of Banks in the city where such trust company is to be located, and shall set forth the facts so stated in the certificate of organization. This notice must be sent to every trust company doing business in such city at least fifteen days before the filing of the organization certificate.

The Superintendent upon the receipt of such certificate conforming to the provisions of this act, as to execution, notice, etc., shall file the same, and he shall then proceed to ascertain the fitness of the persons named for the discharge of the trust which they ask permission to assume, and if such investigation prove satisfactory, he shall within sixty days after the filing of such certificate, and after knowledge that the entire capital stock has been

paid in, in cash, issue under his seal a "Certificate of Authorization" to the incorporators to commence business, which shall be transmitted to the County Clerk, who shall file the same and attach it to the organization certificate and record both certificates in the records of incorporation. A duplicate of such certificate of authorization shall be filed by the Superintendent in his office.

The Superintendent, may, however, if he deem such organization inexpedient refuse to issue a certificate of authorization, and shall file a notice of such refusal with said County Clerk.

Section 157 provides that letters testamentary, of guardianship, of administration with the will annexed, and the like, may, in a proper case, be granted to trust Companies, the only exception being that of simple letters of administration to which, in a like case, the Public Administrator is entitled.

Upon the appointment of a trust company as executor, the Court does not require the filing of a bond for the faithful performance of its duties as in the case of an individual, but the capital stock, property, and effects of such trust company shall be held liable therefor, and the debts due by said corporation as executor, administrator, guardian, trustee, committee, or depositary shall have the preference. Power, however, is given the courts to require trust companies to give security, and upon their failure so to do the court is empowered to remove such trust company from the exercise of such trust.

They may be required to furnish statements and accounts as executor, administrator, guardian, trustee, etc., in the same manner as a natural person.

"The capital of every such corporation shall be invested in bonds and mortgages on unincumbered real property in this State worth at least double the amount loaned thereon, or in the stocks or bonds of this State, or of the United States, or

of any county, or incorporated city of this State duly authorized by law to be issued.

"The moneys received by any such corporation in trust may be invested in its discretion in the securities of the same kind in which its capital is required to be invested, or in the stocks or bonds of any State of the United States, or in such real or personal securities as it may deem proper. No such corporation shall hold stock in any private corporation to an amount in excess of ten per cent. of the capital of the tion holding such stock."

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Interest must be paid on all sums of money over one hundred dollars collected and received by such corporation acting as executor, administrator, guardian, trustee, receiver, etc., of any court, or in any fiduciary capacity under such appointment, or as a depositary of moneys paid into court at a rate of not less than two per cent. per annum, until the money so received shall be expended or distributed. All of such interest moneys which are not collected annually shall be added to the principal, and interest thereon shall be paid.

"The affairs of every such corporation shall be managed and its corporate powers exercised by a Board of Directors of such number, not less than thirteen or more than twenty-four, as shall, from time to time, be prescribed in its by-Laws. No person can be a director who is not the holder of at least ten shares of the capital stock of the corporation. The persons named in the organization certificate, or such of them respectively as shall become holders of at least ten shares of such stock, shall constitute the first Board of Directors, and may add to their number not exceeding the limit of twenty-four, and shall severally continue in office until others are elected to fill their respective places. Within six months from the time when such corporation shall commence business, the first Board of Directors shall classify themselves by lot into three classes, as nearly equal as may be. The term of office of the first class shall expire on the third Wednesday of January