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THE GENERAL BANKING LAWS.

THE BANKING LAW.

CHAPTER 689, LAWS OF 1892.

AN ACT in relation to banking corporations.

APPROVED by the Governor, May 18, 1892. Passed, three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows:

CHAPTER XXXVII OF THE GENERAL LAWS.
THE BANKING LAW.

ARTICLE 1. General provisions (§§ 1-33).

2. Banks (§§ 40-92).

3. Savings banks (§§ 100-135).

4. Trust companies (§§ 150-163).

5. Building and mutual loan corporations (§§ 170–175).

6. Co-operative loan associations (§§ 180–191).

7. Mortgage, loan and investment corporations (§§ 200-205). 8. Safe deposit companies (§§ 210-216).

SECTION 1. Short title.

2. Definitions.

ARTICLE I.

GENERAL PROVISIONS.

3. The banking department; superintendent.

4. Official seal of superintendent of banks.

5. Deputy clerks and examiners of the bank department.

6. Rooms and furniture.

7. Expenses, how defrayed.

8. Powers of superintendent.

9. Examination of securities deposited.

10. Unclaimed balances.

11. Examiners.

12. Examination and certificate as to payment of capital.
13. Affidavit to be made before commencing business.
14. Deposit of bonds or mortgages with superintendent.

SEC. 15. Exchange of securities.

16. Publication of report of examiners.

17. Impairment of capital.

18. Proceedings against delinquent corporations.

19. Examination by order of court.

20. Reports.

21. Penalties for failure to report.

22. Publication of reports.

23. Annual report of superintendent.

24. Reports presumptive evidence.
25. Restrictions.

26. Calculation of profits.

27. Losses in excess of profits.

28. Publication of unclaimed dividends and deposits.
29. Change of location.

30. Approval and certificate of superintendent upon incor-
poration.

31. Permission and certificate of superintendent in case of

foreign corporations.

32. Appointment of superintendent as attorney for service of

process.

33. Appointment of receiver.

SECTION 1. Short title.-This chapter shall be known as the banking law, and shall be applicable to all corporations and individuals specified in the next section. New.

§ 2. Definitions. The term bank, when used in this chapter, means any monied corporation authorized by law to issue bills, notes or other evidences of debt for circulation as money, or to receive deposits of money and commercial paper and to make loans thereon, and to discount bills, notes or other commercial paper, and to buy and sell gold and silver bullion or foreign coins or bills of exchange.

The term, individual banker, when so used, means a person who has complied with the requirements of law, and is authorized by the banking department to engage in the business of banking, and is subject to the supervision of the superintendent of banks and the banking law.

The term savings bank, when so used, means a corporation only authorized by the laws of this state to receive money on deposit and pay such rates of interest thereon, and to invest the same in such securities and obligations, as may be prescribed by law.

The term, trust company, when so used, means any domestic corporation formed for the purpose of taking, accepting and executing such trusts as may be lawfully committed to it and acting as trustee in the cases prescribed by law, and receiving deposits of moneys and other personal property, and issuing its obligations therefor, and of loaning money on real or personal securities.

The term, building and mutual loan corporations or associations, when when so used, means a corporation formed for the purpose of accumulating a fund for the purchase of real property, the erection of buildings, or the making of other improvements on lands, or to pay off incumbrances thereon, or to aid its members in acquiring real property, making improvements thereon or removing incumbrances therefrom, or of accumulating a fùnd to be returned to its members in specified

cases.

The term, co-operative loan association, when so used means a corporation formed for the purpose of encouraging industry, frugality, home-building and the saving of money by its members, the accumulation of savings, the loaning of such accumulations to its members, and the repayment to each member of his savings when they have accumulated to a certain sum, or at any time when he shall desire the same, or the association shall desire to repay the same.

The term, building and mutual loan corporations or associations, and, co-operative loan associations, shall include every corporation, company or association doing business in this state and having for a part of its title or name the words building association, building and loan association, savings and loan association, savings association or co-operative bank, and every corporation, company or association whose stock is wholly or in part payable by a cumulative fund in regular or periodical installments, or which is doing business in the form and

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