1911 Summary lished. prescribed by him, verified by the oaths or affirmations of the president or the vice-president and treasurer, secretary or cashier of such corporation, and attested by the signature of at least three directors; every such report shall exhibit in detail and under appropriate heads, the resources and liabilities of the corporation at the close of business on any day passed specified by the Comptroller, and shall be transmitted to him within five days after the receipt of a request or requisition therefor by him, and an abstract or summary of every such report in such form as shall be prescribed by the Comptroller must be pub- shall be published by the trust company once in a news paper published in the place where such trust company is established; or if there is no newspaper in the place then in one published nearest such place in the same county, and such proof of publication shall be furnished as may be required by the Comptroller; such publication shall be made within two weeks after the filing of such report, the expense thereof to be borne by such trust company. The Comptroller shall also have power to call for special reports from any trust company whenever in ports. Pen- his judgment the same are necessary to a full and complete knowledge of its condition; every trust company which fails to make and transmit any report required under this section shall be subject to a penalty of one hundred dollars for each day after the period herein specified that it delays to make and transmit its report, to be sued for and collected by the Comptroller in the name and for the benefit of the State. Comptroller to call for special re alty. Penalty for false statement, false Sec. 13. Every director, officer, agent or clerk of any trust company who wilfully and knowingly subscribes entries, etc., or makes any false statement of facts, or false entries in by officers, directors, agents or clerks. the books of such trust company, or knowingly subscribes or exhibits any false paper with intent to deceive any person authorized to examine as to the condition of such trust company, or wilfully or knowingly subscribes to or makes any false report, shall be guilty of a felony and be punished by fine not exceeding one thousand ($1,000.00) dollars, or imprisonment in State Prison not exceeding one year, or both, at the discretion of the court. Sec. 14. No trust company shall make any loan on the security of the shares of its own capital stock, nor be the purchaser or holder of any such shares unless such secu rity or purchase shall be necessary to prevent loss upon a debt previously contracted in good faith; and stock so purchased or acquired shall within one year from the time of its purchase be sold or disposed of at public or private sale. Sec. 15. When any deposit shall be made by or in the name of any minor or married woman the same shall be held for the exclusive right and benefit of such depositor, and free from the control or lien of all other persons except creditors of such minors or married women and shall be paid, together with the interest thereon, to the person in whose name the deposit shall have been made, and the receipt or acquittance of such depositor shall be a valid and sufficient release and discharge for such deposit, or any part thereof, to the trust company. Sec. 16. Every trust company receiving deposits of money under Section 3, paragraph 18, shall be subject as to its reserve and in all other particulars, to the provisions of Sections 2710 and 2711 of the General Statutes. relative to the reserves of banking companies. Examination ler or person employed by him. by Comptrol persons Sec. 17. Every trust company shall be subject to the inspection and supervision of the Comptroller, and it shall be the duty of said Comptroller, either personally or by some person or persons to be employed by him, whenever he shall deem it expedient, or at the request of any such trust company, to examine any such trust company, and it shall be the duty of the officers and employees of such trust company to exhibit its books, securities, records and accounts to the person or persons authorized by said Comptroller to conduct the examination, and otherwise to facilitate the same so far as it may be in their power. The said Comptroller, or any examiner employed by him, shall have the power to examine under and adminisoath or affirmation the directors, officers and employes of affirmation. such trust company relative to its business and affairs, and for that purpose any such examiner shall have the power to administer oaths and affirmations. Sec. 18. Whenever it shall appear to the Comptroller from any report submitted for examination made under the provisions of this Act that the affairs of any trust company are in an unsound condition because of illegal or unsafe investments, or that its liabilities exceed its May require ter oaths or or unsound When affairs or unsafe inmade Compcause proceedings to vestments troller to be instituted. 1911 assets, or that it is transacting business without authority or in violation of law, it shall be the duty of the Attoney General or any State's Attorney on notice from the Comptroller, to institute any such proceedings against the trust company as are hereinafter authorized in the case of insolvent trust companies, or such other proceedings as the nature of the case may require. If from any such examination the Comptroller shall have reason to conclude that any such trust company is in an unsound or unsafe condition, he may forthwith take possession of to take pos- such trust companies, property and business and retain such possession until the termination of the action or proceeding instituted by the Attorney General, or under his direction or until the appointment of a receiver pursuant to the provisions of this Act, and pending such possession by the Comptroller or such proceedings by the Attorney General, all the remedies at law or in equity of any creditor or stockholder against the said trust company shall be suspended. Comptroller session under certain conditions. Comptroller to act in case of refusal to exhibit books, etc., or tion of charter. Sec. 19. If any trust company shall refuse to submit its books, papers and concerns to the inspection of the Comptroller or any examiner employed by him, or if of viola- any director or officer thereof shall refuse to submit to be examined upon oath touching the concerns of such trust company, the Comptroller may report the fact to the Attorney General, who may proceed against said trust company in the manner hereafter directed with respect to insolvent trust companies; and if it shall ap pear to the Comptroller that any trust company has violated its charter or any law of this State binding upon it, or is conducting business in an authorized (unauthorized) manner, he shall, by an order under his hand and seal address to such trust company, direct the discontinuance of such illegal practice in conformity with the requirements of the charter and safety and security in its transactions. In case such trust company shall refuse or neglect to comply with such order, the Comptroller may report the facts to the Attorney General, who shall proceed against the trust company in the manner hereinafter directed with respect to insolvent trust companies. Sec. 20. Whenever any trust company shall become insolvent, or shall suspend its ordinary business for want 1911 authorized restraining order and of receiver. of funds to carry on the same, the Attorney General or State's Attorney under his direction or any creditor or stockholder, may, by petition or bill of complaint setting. Comptroller forth the facts and circumstances of the case, apply to the Circuit Court for a writ of injunction and the appointment of a receiver or receivers or trustees, and the court being satisfied by affidavit or otherwise of the suf ficiency of said application and of the truth of the allegations contained in the petition or bill, upon such notice, if any, as the court by order may direct, may proceed in a summary way to hear the affidavits, proofs and allegations which may be offered on behalf of the parties, and if upon such inquiry it shall appear to the court that the trust company has become insolvent and is not about to resume its business in a short time thereafter with safety to the public and advantage to the stockholders, it may issue an injunction to restrain such trust company and its officers and agents from exercising any of its privileges or franchises and from collecting or receiv ing debts, or paying out, selling, assigning or transferring any of its estate, moneys, funds, lands, tenements or effects, except to a receiver appointed by the court, until the court shall order otherwise. Sec. 21. The court at the time ordering said injunc tion, or at any time afterwards, may appoint a receiver or receivers or trustees for the creditors and stockholders of the trust company, with full power and authority to demand, sue for, collect, receive and take into their possession, all the goods and chattels, rights and credits, moneys and effects, lands and tenements, books, papers, choses in action, bills, notes and property of every description of the corporation, and to institute suits at law or in equity for the recovery of any estate, property, damages or demands existing in favor of the corporation, or with persons having possession of its property or in any way responsible at law or in equity to the corporation at the time of its insolvency or suspension of business or afterwards, upon such terms and in such manher as he or they shall deem just and beneficial to the Corporation, and in case of mutual dealings between the corporation and any person to allow just set-offs in favor of such person in all cases in which the same ought to be allowed according to law and equity. A Appointment of Receiver by the Circuit Court. 1911 Word Re ceiver to in debtor who shall have, in good faith, paid his debt to the corporation, without notice of its insolvency or suspension of business, shall not be liable therefor, and the receivers or the trustees shall have the power to sell, convey and assign all the said estate, rights and interests, and shall hold and dispose of the proceeds thereof under the direction of the court. The word "receiver," used clude Receiv- in this Act shall be construed to include receivers and trustees appointed as provided in this Act. ers and Trustees. Charter and be paid. Sec. 22. On filing any charter or other papers relative to other fees to trust companies with the Secretary of State, the following fees and taxes shall be paid to the State Treasurer for the use of the State: For charter, two dollars for each thousand dollars of the total amount of the capital stock authorized, but in no case less than one hundred dollars; for certificate of increase of capital stock, two dollars for each thousand dollars of the total increase authorized, but in no case less than twenty dollars; for certificate of dissolution of company, the change of name, or for amended charter (other than those authorizing increase of capital stock), twenty dollars, and for all certificates not hereby provided for, five dollars. Every trust com. pany shall also pay the Comptroller for the use of the State an annual fee of twenty dollars for filing reports required by this Act. Proceedings liquidation. Sec. 23. Whenever any trust company shall determine in voluntary by its board of directors, with the consent of the majority of its stockholders in interest, to discontinue its business and settle its affairs, it shall be lawful for such board of directors to file with the Comptroller of this State a certificate in writing, signed and acknowledged by such stockholders, expressing said consent, and likewise the certificate of said board of directors under the corporate seal setting forth such intention, and that they thereby surrender to the State their corporate privileges and powers; and thereupon said corporation shall be deemed and taken to be dissolved, except for the purpose of distributing its assets and otherwise settling its affairs; but such trust company shall, nevertheless, be continued a body corporate for the term of three years after the time of such surrender for the purpose of prosecuting and defending suits by or against it and closing its concern; but not for any other business or purpose whatever; and |