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pointed. Trust funds and investments must be kept separate from the assets of the company, and all investments made by the company as fiduciary must be so designated as to show to what trusts they belong. The capital of such companies shall be taken and considered as the sole security required by law for the faithful performance of duties in trust capacities; provided, that, where the liability of the company in any trust capacity equals or exceeds the capital and surplus, the court making such appointment, or order or decree, shall require additional security.

The capital of such companies must be at least $100,000 fully paid. Such companies shall not act as surety on bonds, or do a fidelity insurance business, except as above specified.

Institutions not regularly organized and chartered as trust companies are forbidden to use in connection with their business the term "trust company." Stockholders are subject to double liability. Every director must absolutely own at least five shares of stock. Trust companies are specifically made subject to the banking laws. They may not begin business until they have obtained a certificate of authority from the Commissioner of Banking. The Commissioner must make a thorough examination of each company at least once a year. Loans may not be made upon the security of the company's own stock to an amount in excess of fifty per centum of the capital, nor may such stock be purchased or held except to prevent loss upon debts previously contracted in good faith; and in the latter case the stock must be sold within six months. Loans to one party, except bona fide discounts, may not exceed twenty per centum of the capital. Before the declaration of a dividend one-tenth of the net profits must be carried to surplus until the latter equals twenty per centum of the capital. Lists of stockholders with their addresses and holdings must be kept, which shall be open to inspection during business hours by all stockholders, creditors and by the State tax authorities. A copy of this list shall be forwarded to the Commissioner on the first Monday of July of each year. All companies are required to maintain a reserve of fifteen per centum of all deposits subject to withdrawal on demand, of which three-fifths may consist of balances payable on demand due from any national or State bank (including trust companies) in the State or any solvent banks outside the State that may be approved by the supervisor in said State.

Reports to the Commissioner of Banking must be made at least four times a year, "corresponding as to time as nearly as possible to the calls made by the Comptroller of the Currency," according to forms prescribed by him, and such reports must be published in local papers. Special reports may be called for and special examinations may be made by the Commissioner at his discretion.

Foreign trust companies may do business in the State by complying with certain regulations and getting a certificate of authority from the Commissioner.

(Acts of 1901, chapters 83 and 85; Acts of 1903, chapter 7; Acts of 1905, chapter 45; Act passed February 19, 1907.)

WISCONSIN.

Five or more persons may incorporate "as a trust, annuity, guaranty, safe deposit and security company." All but companies regularly incorporated for the purpose are forbidden to use the words “trust, annuity or guaranty company" in titles, or other words designed to indicate that they do a trust business. Capital required, not less than $50,000 in cities of less than 100,000 population, and not less than $100,000 in larger cities. Maximum limit, $5,000,000. Fifty thousand dollars must be paid in before beginning business, and the balance within six months. All the general provisions of chapters 86 and 87 relating to corporations apply to such companies. Within six months after beginning business, such companies shall deposit with the State Treasurer not less than fifty per centum of the capital nor more than $100,000 in amount. Such deposit shall be in cash, bonds or mortgages, or notes and mortgages on unincumbered real estate within this State worth double the amount secured thereby, or public stocks and bonds of the United States or of any State of the United States that has not defaulted on its principal or interest within ten years, or of any county, town, village or city in this State, and upon all which bonds and other securities there shall have been no default in the payment of interest or principal for a longer period than thirty days. The securities must be approved by the Commissioner of Banking. This deposit shall be held as security for the depositors and creditors of said corporation, and for the faithful performance of the trusts undertaken by it. Other securities may be substituted from time to time; and the company shall receive the income of the securities. Such companies shall be managed by a board of five or more directors, each of whom must own ten shares of stock.

Their specified powers are: to receive, hold or dispose of any property, real or personal, conveyed to them upon any trust, by any persons, including married women, minors, bodies corporate or any court, and to execute any trusts regarding same; to act as agents for the transaction of business, management of estates, collection of income or principal, etc.; to act as registrar, fiscal or transfer agent; to act as executor, administrator, trustee, receiver, assignee, guardian of minors, persons insane or incompetent, lunatics, or any persons subject to guardianship; courts are authorized to make such appointments; no security shall be required of the company other than the deposit with the State, except in the discretion of the court; to loan on real or personal security; to do a safe deposit business; to act as surety for fiduciaries; to exercise all of the powers usually exercised by trust companies. Such companies are forbidden to buy or sell bank exchange or do a banking business. Married women and minors may control their deposits. Such companies

may hold real estate needed to carry on their business and execute trusts committed to them, and such as may be necessary in the enforcement of claims, etc. Trust funds may be invested in the same classes of securities as those in which the deposit with the State Treasurer may be invested, or in such real or personal securities as the directors may deem proper. Trust companies must, on or before March 1 of each year, pay to the State Treasurer a license fee of $300; and in addition a tax of two per centum on their net income during the calendar year preceding. Such payment shall be in lieu of all other taxes, except upon real estate owned by the company. Trust companies are under the supervision of the State Banking Department, to whom they must make at least three reports each year. The reports must be published in local papers. The Commissioner of Banking must examine each company at least once a year. If the company is connected with a national bank, the examination must, if possible, be held at the same time that the examination of the national bank is made by federal authorities. Any officer, director or employee who makes a false statement or a false entry in the books or knowingly subscribes to or exhibits false papers with intent to deceive the examiner, or who publishes a false report, return or statement, shall be fined from $1,000 to $5,000, or imprisoned in the State penitentiary from one to ten years, or both.

(Sanborn & Berryman's Wisconsin Statutes, Supplement 1906, SS 1791d-179115. Laws of 1905, Chapter 504.)

sons.

WYOMING.

Loan and trust companies may be incorporated by five or more perThe capital, which "must be subscribed for as full-paid stock," must be at least $10,000 in towns of less than 2,000 inhabitants; at least $25,000 in towns from 2,000 to 4,000 inhabitants; at least $50,000 in towns of from 4,000 to 6,000 inhabitants; and at least $100,000 in cities of over 6,000 inhabitants. Fifty per centum of the capital must be paid in before commencing business, and the balance within six months. The shares must be $100 each.

Powers specified: to exercise the ordinary powers of corporations; to buy, sell and discount bills of exchange, notes and all other evidences of debt, buy and sell gold and silver coin and bullion, receive deposits and pay out same either upon order or check; to "execute any trusts which may be created by instruments in writing; such instrument may appoint such association trustee for any lawful purpose, and to act as such trustee in all matters embraced in such trust;" to do a safe deposit business; to collect income of securities left for safe keeping; to execute and issue in the transaction of its business all necessary receipts, bonds and contracts. Such companies may hold such real estate as is necessary to carry on their business, as well as such as is acquired in the settlement of claims. The board of directors is authorized to invest the capi

tal and such money as is received from persons or associations for investment, "in good securities; and it shall be lawful for such association to make investments of its capital and of funds accumulated by its business, and moneys received from other persons and associations, for investment as aforesaid, or any part thereof, in bonds and mortgages on unincumbered real estate and chattel property worth at least double the amount loaned, and also in any and all warrants and bonds of this State or any other State or Territory or of the United States, or the bonds and warrants of any county, city, town, or school district of this State legally authorized to issue such warrants or bonds."

Such companies must maintain a reserve of twenty-five per centum of their liabilities to depositors, which reserve shall consist of cash on hand or on demand deposit with State or National banks approved by the State Examiner as reserve agents. Such a corporation may mortgage its real or personal property and pledge or hypothecate its notes, mortgages and other securities, and guarantee payment of the same, to persons or corporations furnishing it money. Stockholders are subject to double liability. A section of the statutes which forbade such companies to receive deposits subject to check, and to buy commercial paper, etc., was repcaled in 1903.

(Revised Statutes, 1899, division 2, title 4, chapter 2, §§ 3085, 3086, 8128-3139. Laws of 1903, page 59, Act of February 20, 1903. Laws of 1905, chapter 78; Laws of 1907, chapter 78.)

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CHAPTER VI.

ORGANIZATION OF THE WORKING FORCE.

T is difficult to find two trust companies the scope of whose business is exactly the same; and because of this fact, and because these institutions are still in the formative period, the plans under which the working forces of trust companies are organized are nearly as numerous as the companies themselves. There is some variety in the titles given to different officers and employees, and great variety in the duties which such officers and employees are called upon to perform. It is therefore quite out of the question to treat the subject as one might write of banks, where the names given the several workers, and the duties which they perform, are, within certain limits, pretty well defined. The average trust company worker, outside of the banking department, is usually called upon to do service of a more varied nature than that of the average bank employee.

The organization of the working force depends, in the first instance, upon the character and amount of the company's business. If it is practically a bank operating under the name of a trust company, as is often the case, its working force will be organized in a manner differing little from that of an ordinary bank. Its active head, where the President or a Vice-President is not an active official, is apt to be called the Secretary and Treasurer, or the Treasurer, rather than the Cashier; although the latter title is frequently used in the South and in the West. Where the business of the company is large and diversified, requiring a considerable number of officers, the titles most commonly given are President, VicePresidents, Treasurer, Secretary (or Secretary and Treasurer), Assistant Secretaries and Assistant Treasurers. Among other titles found are Attorney, Trust Officer, Auditor, Advertising Manager, Manager of the Bond Department, Manager of the Safe-Deposit Department, and Manager of the Real Estate Department.

DUTIES OF THE VARIOUS OFFICERS.

The titles given trust company officials do not necessarily convey any idea of their duties. While the President is sometimes the active head of the company, he is more often not active, devoting to the company's affairs only so much time as is necessary to preside at directors' meetings, serve on certain committees, and act in an advisory capacity. In such case, the active management devolves sometimes upon a Vice-President, sometimes upon the Treasurer, occasionally upon the Secretary, but most often upon the Secretary and Treasurer. Where the Secretary and the Treasurer are not the same man, the duties of the Treasurer are apt to be connected with the banking department, and those of the Secretary

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