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meeting to be called for that purpose, of which all the trustees shall have notice, declare by resolution their determination to close such business and to pay the moneys due depositors and creditors and to surrender the corporate franchise. The vote on such resolution shall be taken by ayes and noes, and the resolution and the vote thereon shall be recorded in the minutes of the board of trustees. A copy of the record of such proceedings certified by the president and secretary of the corporation shall be filed in the banking department. The trustees shall thereupon give notice to all the depositors and creditors of the adoption of such resolution by publication thereof in a newspaper or newspapers most likely to give the same proper publicity, and by written or printed notice personally served upon or mailed to every depositor and creditor of such savings bank at their last known residences, postage prepaid. R. S., 1576, L. 1882, ch. 409, § 293.

§ 134. When dissolution effected. When the trustees of any such savings bank shall have paid the sums due respectively to all the depositors and creditors who claim their deposits, or the money due, the trustees shall make a transcript or statement from the books of the savings bank of the names of all the depositors and creditors who do not claim or have not received the balance of their credit or due them, and of the sums due them respectively, and shall file such transcript in the banking department, and pay over and transfer all such unclaimed and unpaid deposits, credits and moneys to the superintendent of banks. The trustees shall then report their proceedings duly verified to the supreme court, and upon such report and the petition of the trustees and upon notice to the attorney-general and the superintendent, and such other notice as the court may deem necessary, the court shall adjudge the franchise surrendered and the existence of the corporation terminated.

R. S., 1576, L. 1882, ch. 409, § 294.

§ 135. Deposit of unclaimed moneys.-The superintendent shall receive the moneys so deposited with him by the trustees of any solvent savings bank voluntarily closing its business, and all moneys which may be deposited with him by the receivers of insolvent savings banks pursuant to the provisions of any law or the order of any court, and shall give a receipt therefor, and forthwith deposit the same in some solvent savings bank or savings banks to the credit of the superintendent of banks in his name of office, in trust for the depositors and creditors of the closed savings bank from which they were received. The superintendent shall report to the legislature annually in his report the names of such closed savings banks and the sums of unclaimed and unpaid deposits to the credit of each of them respectively.

The superintendent may pay over to the persons respectively entitled thereto the moneys so held by him upon being furnished with satisfactory evidence of their right to the same. In cases of doubt or of conflicting claims he may require an order of the supreme court authorizing and directing the payment thereof. He may apply the interest earned by the moneys so held by him towards defraying the expenses in the payment and distribution of such unclaimed dividends to the depositors and creditors entitled to receive the same, and he shall include, in his annual report to the legislature, a statement of the amount of interest earned by such unclaimed dividends.

R. S., 1577, L. 1882, ch. 409, § 296.
L. 1883, ch. 439.

L. 1884, ch. 504.

ARTICLE IV.

TRUST COMPANIES.

SEC. 150. Incorporation.

151. Previous notice of intention to be given.

152. When superintendent shall file certificate.

153. Examination by and certificate of superintendent.

SECTION 154. Capital must be paid in cash.

155. List of stockholders to be furnished to superintendent. 156. Powers of corporation.

157. May be administrator, guardian or trustee.

158. No security required; trust fund debts preferred.

159. Investments of capital and deposits.

160. Interest and accumulations.

161. Directors.

162. Liability of stockholders and directors.

163. Powers of specially chartered trust companies.

$150. Incorporation.-Thirteen or more persons may form a corporation to be known as a trust company. Such persons shall under their hands and seals execute and acknowledge an organization certificate in duplicate, which shall specifically state:

1. The name by which the corporation shall be known. 2. The place where its business is to be transacted. 3. The amount of its capital stock, and the number of shares into which the same is to be divided.

4. The name, residence and post-office address of each member of the corporation.

5. The term of its existence, not exceeding fifty years. 6. A declaration that each member of the corporation will accept the responsibilities and faithfully discharge the duties of a director therein, if elected to act as such, when authorized by the provisions of this chapter.

Such certificate shall, within sixty days after its acknowledgment, be filed, one in the office of the county clerk of the county wherein such trust company is proposed to be located, and one in the office of the superintendent of banks of the state. The capital stock of any such corporation must be at least five hundred thousand dollars; provided however that a corporation with a capital of not less than two hundred thousand dollars may be organized in any city containing more than one hundred thousand inhabitants and less than two hundred and fifty thousand inhabitants, and a corporation may be organized with a capital of not less than one hundred and fifty thousand dollars in any city containing more than twenty-five thousand inhabitants and less than one hundred thousand inhabitants, and with a capital of at least one hundred thousand dollars in a city the population of which does not exceed twenty-five thousand, the number of inhabitants in each case to be ascertained or determined by the last federal or state enumeration.

R. S., 1596, L. 1887, ch. 546, §§ 1, 2.

Id., 1597, L. 1887, ch. 546, § 3.
Id., 1599, L. 1887, ch. 546, § 19.

§ 151. Previous notice of intention to be given.— Before filing the organization certificate, a notice of intention to organize such trust company shall be published at least once a week for four weeks in a newspaper to be designated by the superintendent of banks published in the city where such trust company is proposed to be located. Such notice shall specify the names of the proposed corporators, the name of the proposed corporation and the location of the same, as set forth in such organization certificate. If there is any trust company or trust companies organized and doing business in such city, a copy of such notice shall also be sent to each trust company so organized and doing business at least fifteen days before the filing of the organization certificate.

R. S., 1597, L. 1887, ch. 546, § 4.

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§ 152. When superintendent shall file certificate. Upon the receipt of any such organization certificate at the office of the superintendent, if it shall not be in form and substance, or duly and properly acknowledged, as required by this article, or shall not be accompanied by evidence satisfactory to the superintendent of the publication and service in good faith according to the intent and purpose of this chapter of the notice required by this article, the superintendent shall refuse to file such certificate, until it shall be amended in conformity to the provisions of this article. If such certificate is in due form and duly executed according to the provisions of this article, and is accompanied by evidence satisfactory to the superintendent of the proper publication and service in good faith of such notice, he shall forthwith indorse the same over his official signature, "filed for examination," with the date of such indorsement.

R. S., 1597, L. 1887, ch. 546, §§ 5, 6.

§ 153. Examination by and certificate of superintendent.— When such certificate shall have been tiled, the

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superintendent shall ascertain from the best sources of information at his command whether the general fitness for the discharge of the duties appertaining to such a trust of the persons named in the certificate is such as to command the confidence of the community in which such trust company is proposed to be located, and whether the public convenience and advantage would be promoted by such establishment. If so satisfied, he shall, within sixty days after such certificate has been filed by him for examination, issue under his hand and official seal the certificate of authorization required by this chapter to the persons named in such certificate, or to a portion of them, together with such other persons as a majority of those named in such organization certificate shall by writing approve, which certificate, so issued by him, shall authorize the persons named therein to become a trust company as designated in the organization certificate, subject to the provisions of this chapter; but no person shall be named in such certificate of authorization who shall not have duly made and acknowledged the declaration prescribed in subdivision six of section one hundred and fifty. The superintendent shall transmit such certificate of authorization to the county clerk of such county, who shall file the same and attach it to the organization certificate previously filed by him, and record both certificates in the book of records of incorporation, and the superintendent shall also file a duplicate of such certificate in his own office.

If the superintendent shall not be satisfied that the establishment of a trust company as proposed in any organization certificate filed by him is expedient and desirable, he shall, within sixty days after the filing of such certificate by him, give notice to the county clerk, of such county that he refuses to issue a certificate of authorization for such trust company, which notice shall be forthwith filed by the county clerk with the organization certidcate.

R. S., 1597, L. 1887, ch. 546, §§ 7, 8.
Id., 1598, L. 1887, ch. 546, §§ 9, 10.

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