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tions and supervision by the courts as the acts of a person acting in such fiduciary capacity." The capital must be at least $100,000. Powers specified, in addition to ordinary banking, to receive and execute. trusts of every description received from persons, corporations or by order of courts; to hold in trust real or personal property under any legal irusts; to execute or guarantee bonds required by law; to act as agent for the investment of money or the management of property; to act as transfer agent, registrar, trustee under bond issues; to act as guardian, administrator, executor; to do a fidelity insurance business; to act as agent or attorney in fact for the sale of real or personal property; to accept trust funds or other property upon specially agreed terms, but may not charge, receive or pay more than legal interest; to loan upon real or collateral security; to act as assignee or receiver; to act "in any other fiduciary capacity authorized by law."

"Trust companies may establish a special mutual loan department in which the expenses, losses and profits shall be kept separate from all other departments." Separate stockholders may be received for such department, who may borrow from the company and fix and regulate the manner of conducting this department. "Shares of stock may be issued to such borrowers, to be paid for in such installments as may be agreed upon or fixed by the by-laws." Details of this department are further outlined. (Section 265.)

Banks and trust companies must make at least four reports a year to the Auditor of Public Accounts, at his call without previous notice, according to forms furnished by him, which form must call for resources and liabilities, amount of indebtedness to the company owing by owners, stockholders, officers and directors. The reports must be published in local newspapers. Companies having on deposit money or other effects belonging to a deceased depositor must, within thirty days after the qualification of the executor or administrator of said deceased depositor, mail to the executor or administrator a statement of the amount of such deposit. The creation of branch banks or offices is forbidden after October, 1906; and companies then operating branches are required to set apart and maintain $10,000 as a capital for each branch.

The directors are required to hold at least three regular meetings cach year "for the purpose of making a full and careful investigation and inquiry into the condition and affairs of the bank, and particularly of its accounts and securities." Accurate records of these meetings must be kept, signed by all directors participating therein. The word "trust" must form part of the title of every trust company, and no institution not authorized by its charter to transact the business of a trust company as set out in this chapter may use the words "trust" or "trust company" in its title.

(Code 1906, Chapter 14, sections 256-267; Laws 1908, H. B. 179,

MISSOURI.

Trust companies may be incorporated by five or more persons. Articles of agreement must be filed.

Powers specified, to receive money in trust; minors may control their own accounts; to do a safe deposit business; to execute trusts of every description for persons and corporations; to execute trusts received from courts; to act as assignee, receiver, trustee and depositary; to execute bonds required in court proceedings; to hold real or personal property in trust; to act as agent and attorney in fact for persons and corporations in the management of property and for the investment of money; to act as transfer agent and registrar; to execute trusts for married women in respect to their separate property, and to act as agent for the management of such property, "and generally to have and exercise such powers as are usually had and exercised by trust companies"; to act as executor, administrator, guardian or curator of any infant, insane person, idiot or habitual drunkard, or trustee for any convict in the penitentiary, under the appointment of any court of record having jurisdiction; to do a fidelity insurance business; to do a title insurance business; to loan money upon real estate or collateral security, and to execute and issue its notes and debentures payable at a future time, and to pledge its mortgages on real estate and other securities as security therefor, but such notes and debentures may not exceed in the aggregate ten times the paid-up capital, and may not exceed the amount of first mortgages pledged to secure their payment; to buy and sell all kinds of Government, State, municipal and other bonds, and all kinds of negotiable and non-negotiable paper, stocks and other investment securities. Trust companies must maintain a reserve of 15 per centum of demand deposits, on hand or on deposit. Deposits on which the company has the right to demand twenty days' notice are not to be considered demand deposits.

Before a dividend is declared, one-tenth of the earnings must be carried to surplus until the latter equals 20 per centum of the capital.

The amount of capital shall be not less than $100,000, and not more than $10,000,000.

The number of directors shall be not less than five nor more than twenty-five; all of them must be stockholders, and a majority of them must be bona fide citizens of the State. If the number of directors exceeds five, they shall be divided into three classes, so that one-third of the number shall retire each year, the term of each member being three years. They may invest moneys placed in their charge in loans secured by real estate or other sufficient collateral security, in public bonds of the United States or of this State, or in the bonds or stoeks of any incorporated city or county in this State. The directors must meet at least once a month. Their written records must show the aggregate indebtedness of cach director, and no one of them may borrow in excess of 10 per centum of the capital and surplus without consent of a majority of the others.

Loans may not be made on the company's own stock, except to prevent loss on debts previously contracted in good faith, in which case the stock must be sold within six months. A trust company may own only such real estate as is required for the transaction of its business, and such as is acquired in satisfaction of debts due it.

Upon making with the Superintendent of the Insurance Department a deposit of $200,000, consisting of cash, Treasury notes of the United States, or Government, State, county, municipal or other bonds, or bonds, notes or debentures secured by first mortgages, or deeds of trust or mortgages, or deeds of trust on unencumbered real estate in the State of Missouri, worth at least double the amount loaned thereon, or such other first-class securities as the said Superintendent may approve, and upon satisfying said Superintendent of its solvency, any corporation organized under this act shall be permitted to qualify as guardian, curator, executor, administrator, assignee, receiver, trustee by appointment of court or under will, or depositary of money in court, without giving bond as such, and also to become sole guarantor or surety upon bonds and to do fidelity insurance business. Such deposit shall be primarily liable for obligations of the company due to its acting in the capacities named.

Trust companies are under the jurisdiction of the State Banking Department, who must examine each company at least once a year and oftener if it seems expedient. The stockholders are also required to appoint a committee of three or more of their number to make an annual examination.

(Annotated Statutes, 1906, Chapter 12, Article XII, sections 14241439; Article VIII, sections 1303-1311;--as amended by Senate Bill No. 143, Acts of 1907, pages 134 sqq., ápproved March 18, 1907.)

ΜΟΝΤΑΝΑ.

Three or more persons may incorporate to carry on a "trust deposit, security and loaning business." Articles of agreement must be filed with the Secretary of State, and a copy with the county recorder of deeds. The term of existence of the corporation may not exceed fifty years. The capital must be not less than $100,000 nor more than $10,000,000. The number of directors must be not less than three nor more than twenty-five; all must be stockholders, and a majority must be bona fide citizens of the State. If their number exceeds five, the term of office of each shall be three years, and one-third shall retire each year.

Powers specified, to receive moneys in trust; to accept and execute trusts of every description committed to them by persons, corporations. or by order of courts; to hold any real or personal estate in trust; to execute or guarantee any bonds required to be given in proceedings in law or equity; to act as agents for the investment of money; to act as transfer agent or registrar; to execute trusts for married women in respect to their separate property, and to manage same, "and generally to have and exercise such powers as are usually had and exercised by trust

companies"; to act as trustee, assignee, receiver, administrator, executor, guardian of the person and estate of any minor, or of the estate of any lunatic, imbecile, spendthrift, habitual drunkard or other persons unable to manage their estates; to do a fidelity insurance business; to do a title insurance business; to loan money upon real or personal security; to issue its notes or debentures payable at a future time, and to pledge its mortgages upon real estate or other securities as security therefor; to buy and sell Government, State, county, municipal and other bonds, and all kinds of negotiable, non-negotiable and commercial paper, stocks and other investment securities; to become endorser and surety; to receive both time and demand deposits; to do a safe deposit business.

The directors are authorized to invest the capital "in good securities"; and the capital and funds entrusted to the company may be invested in notes or bonds and mortgages on unincumbered real estate in the State, or in stocks and bonds of this State or any State or Territory of the United States, or in the bonds of any county, city, town or school district of this State. Such corporation may own only such real estate as is required for the transaction of its business and such as is acquired in the settlement of debts due it.

Loans to any managing officer are forbidden except upon good collateral or other good and specific security; and where such a loan exceeds 10 per centum of the capital it must first be approved by a majority of the Board of Directors and be entered with their signatures upon the minutes. Loans to any one party,-bona fide discounts excepted,-must not exceed 20 per centum of the capital and surplus. Stockholders are subject to double liability. The reserve required is fifteen per centum of the total deposits, "of which such portion as the Board of Directors may determine" may be on deposit in banks in cities of the first and second classes approved by the State Examiner as reserve banks. The reserve banks are required to maintain a reserve of 25 per centum, which may be in lawful money or on deposit with banks subject to the approval of the State Examiner. The use of the terms "trust" and "trust company" in titles is forbidden except to regularly organized trust companies. Foreign companies may operate in the State under conditions detailed in the statutes. The Laws of 1905, page 216, provide for the organization of "Endowment and Investment Corporations", which have some of the powers of banks and of trust companies.

The State Examiner is required to call for not less than four reports each year from trust companies, at intervals of not less than two calendar months; the reports to be according to a form prescribed by him and to be published in local papers. The directors are authorized to declare semi-annual dividends; and reports of dividends must be forwarded to the State Examiner within ten days after same are declared. The directors are personally liable for violations of the law.

(Code 1895, paragraphs 590-611. Act of March 15, 1901. Laws of 1905, Chapter 19. Laws of 1907, Chapters 137, 159, 164, 190.)

NEBRASKA.

This State has no statutes relating to trust companies. Paragraph 2081 of the Compiled Statutes (chapter 16, section 123), provides that "any number of persons may be associated and incorporated for the transaction of any lawful business."

NEVADA.

This State has no statutes relating specifically to trust companies. The general incorporation laws provide (Laws of 1903, chapter 121) that three or more persons may incorporate for the transaction of any lawful business, except to carry on within the State an insurance business, or that of a surety company, or that of a railroad company other than a street railroad. Such a corporation has, in addition to certain specified and ordinary powers of corporations, "the powers expressly given in its articles or certificate under which it was incorporated." Chapter 119, Statutes of 1907, creates a Board of Bank Commissioners. Trust companies are apparently subject to the control of this Board if they do a banking business, but are not mentioned in the act.

NEW HAMPSHire.

Trust companies, as well as banks, are incorporated only by special act of the Legislature. The powers of such corporations are enumerated in their charters. There are a few general laws regulating the business of trust companies. For purposes of taxation, they are required to report to the State Treasurer annually, on or before May 1. The company must pay to the same official annually, in October, a tax of three-fourths of one per centum upon the amount of the general deposits on which it pays interest, after deducting the value of its real estate and the value of its loans secured by mortgage on real estate in the State made at a rate not exceeding five per centum per annum; and in addition a tax annually of one per centum upon the capital stock, less the value of all real estate owned by the corporation and not already deducted from the amount of the general deposits as hereinbefore provided. Such taxes are in lieu of all other taxes against the corporation, their stockholders and their depositors on account of their interests therein. Trust companies are under the supervision of the Bank Commissioners, who are required to examine them annually, or oftener when so directed by the Governor. If unsafe conditions are revealed, the Bank Commissioners may apply to the supreme court for the appointment of an assignee to take charge of the institution. Trust companies are forbidden to make loans to officers or directors except by the unanimous approval of the board of directors in writing. If the company transacts the business of 2 Savings bank, such business must be conducted in a separate department, which is amenable to the laws governing Savings banks, and the

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