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such words or any other word or words indicating that such place or office is the place or office of a trust company, nor make use of or circulate any written or printed, or partly written of partly printed matter whatever having thereon any such words or any other word or words indicating that the business conducted is that of a trust company, nor transact business in such way or manner as to lead the public to believe, or as in the opinion of the bank commissioner might lead the public to believe, that his or its business is that of a trust company. Every person violating the provisions of this section, either as an individual or an interested party in any association, firm or corporation, shall be punished by fine of not less than one hundred dollars nor more than one thousand dollars, and a further fine of fifty dollars per day for each day after written notice of such violation. The bank commissioner shall have authority to examine the accounts, books and papers of any person, association, firm or corporation whom he has reason to suspect is violating the provisions of this section and to summon and examine under oath, which he is empowered to administer, any person whom he may have reason to believe has violated or is a participant in any violation of the provisions of this section. (Laws 1915, p. 190.)

Sec. 11840. Deposits of minors and trust deposits and deposits in the names of more than one person. When any deposit shall be made by or in the name of any minor, the same shall be held for the exclusive right and benefit of such minor, and free from the control or lien of all other persons, except creditors, 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 minor shall be valid and sufficient release and discharge for such deposit or any part thereof to the trust company. When any deposit shall be made by any person describing himself in making such deposit as trustee for another and no other or further notice of the existence and terms of a legal and valid trust than such description shall have been given in writing to the trust company in the event of the death of the person so described as trustee, such deposit or any part thereof, together with the dividends or interest thereon, may be paid to the person for whom the deposit was thus stated to have been made. When a deposit shall have been made by any person in the name of such depositor and another person and in form to be paid to either, or the survivor of them, such deposit thereupon, and any additions thereto made, by either of such persons, upon the making thereof, shall become the property of such persons as joint tenants, and the same, together with all interest thereon, shall be held for the exclusive use of the persons so named, and may be paid to either during the lifetime of both, or to the survivor after the death of

one of them; and such payment and the receipt or acquittance of the one to whom such payment is made, shall be a valid and sufficient release and discharge to said trust company, for all payments made on account of such deposit prior to the receipt by said trust company of notice in writing signed by any one of such joint tenants, not to pay such deposit in accordance with the terms thereof. (Laws 1915, p. 190.)

Sec. 11841. Special remedies applicable to trust companies doing a safe deposit business.-Every trust company doing a safe deposit business shall be entitled to the following special remedies in enforcing the liability of depositors and of renters or lessees of boxes:

1. Whenever any trust company doing a safe deposit business shall have received personal property upon deposit, as bailee, and shall have issued a receipt therefor, it shall be deemed a warehouseman as to such property, and all existing statutes and laws affecting warehousemen shall apply to such deposits, and the trust company shall have a lien on such deposits or the proceeds thereof to the same extent and with the same effect, and enforceable in the same manner, as now provided by law with reference to "warehousemen."

2. If the amount due for the rental of any safe or box in the vaults of any trust company shall not have been paid for one year, such company may, at the expiration thereof, send to the person or persons, partnership or corporation in whose name such safe or box stands on its books a notice in writing in a securely closed postpaid, registered letter, directed to such renter or lessee at his, their or its postoffice address, as recorded upon the books of the trust company, notifying such renter or lessee that if the amount due for the rental of such safe or box shall not be paid within thirty days from date, the trust company will then cause such safe or box to be opened, and the contents thereof to be inventoried, sealed, and placed in one of the general safes or boxes of the trust company.

Upon the expiration of thirty days from the date of mailing such notice, and the failure within said period of time of the renter or lessee in whose name the safe or box stands on the books of the trust company to pay the amount due for the rental thereof to the date of notice, the trust company may, in the presence of a notary public and of its president or secretary, cause such safe or box to be opened, and the contents thereof, if any, to be removed, inventoried and sealed up by such notary public in a package, upon which the notary public shall distinctly mark the name of the renter or lessee in whose name the safe or box stood on the books of the trust company, and the date of removal of the property, and when such package has been so marked for identification

by the notary public, it shall, in the presence of the president or secretary of the trust company be placed by the notary public in one of the general safes or boxes of the trust company, at a rental not to exceed the original rental of the safe which was opened, and shall remain in such general safe or box for a period of not less than two years, unless sooner removed by the owner thereof, and the notary public shall thereupon file with the trust company a certificate under seal, which shall fully set out the date of the opening of such safe or box, the name of the renter or lessee in whose name it stood and a list of the contents, if any. A copy of such certificate shall within ten days thereafter be mailed to the renter or lessee in whose name the safe or box so opened stood on the books of the trust company, at his, their or its last known postoffice address, in a securely closed postpaid, registered letter, together with a notice that the contents will be kept, at the expense of such renter or lessee, in a general safe or box in the vaults of the trust company, for a period of not less than two years. At At any time after the mailing of such certificate and notice, and before the expiration of two years, such renter or lessee may require the delivery of the contents of the safe as shown by said certificate, upon the payment of all rentals due at the time of opening of the safe or box, the cost of opening the box, the fees of the notary public for issuing his certificate thereon, and the payment of all further charges accrued during the period the contents remained in the general safe or box of the trust company. After the expira

tion of two years from the time of mailing the certificate herein provided for, the trust company shall mail in a securely closed postpaid, registered letter, addressed to such renter or lessee at his, their or its last known postoffice address, a notice stating that two years have elapsed since the opening of the safe or box and the mailing of the certificate thereof, and that the trust company will sell all the property or articles of value set out in said certificate, at a time and place stated in such notice, not less than thirty days after the time of mailing such notice, and stating the amount which shall have then been due for rental up to the time of opening such safe, the cost of opening thereof, and the further cost of safe-keeping all of its contents for the period since the opening of the safe or box. Unless such renter or lessee shall pay on or before the day mentioned all said sums, and all the charges accruing to the time of payment, including advertising, the trust company may sell all the property or articles of value set out in said certificate, at public auction, at the time and place stated in said notice; provided a notice of the time and place of sale has been published once within ten days prior to the sale, in a newspaper, published in the place where the sale is held. From the proceeds of the sale, the trust company shall deduct all its charges as stated in said

notice, together with any further charges that shall have accrued since the mailing thereof, including reasonable expenses for notices, advertising and sale. The balance, if any, of such proceeds shall be held as a special deposit by the trust company. The trust company shall file with such deposit a certificate stating the name and last known place of residence of the owner of the property sold, the articles sold, the price obtained therefor, and showing that the notices herein required were duly mailed and that the sale was advertised as required herein. The trust company holding such balance shall credit the same to the owner of the property, and pay the same to such owner, his, their or its assignee, or legal representative, on demand and satisfactory evidence of identity. If such balance remains in the possession of such trust company for a period of five years, unclaimed by the person, partnership or corporation legally entitled thereto, it shall be treated as an unclaimed deposit. Whenever the contents of any such safe or box, so opened, shall consist either wholly or in part, of documents or letters or other papers of a private nature, such documents, letters or papers shall not be sold, but shall be retained by the trust company for a period of ten years from the time of the opening of the box, and, unless sooner claimed by the owner, may be thereafter destroyed in the presence of an officer of the trust company and a notary public not an officer or employe of the trust company. The provisions of this section do not preclude any other remedy by action or otherwise now existing for the enforcement of the claims of a trust company against the person, partnership or corporation in whose name such safe or box stood, nor bar the right of a trust company to recover so much of the debt due it as shall not be paid by the proceeds of the sale of the property deposited with it. (Laws 1915, p. 191.)

Sec. 11842. Moneys forfeited-to whom paid. All moneys forfeited under the provisions of any section of this article, when recovered shall be paid into the state treasury for the use of the state banking department fund, where not otherwise provided by the Constitution. (Laws 1915, p. 193.)

Sec. 11843. Definitions of terms used in article.-Surplus. The term, "surplus," when used in this article, means the excess of assets over liabilities, including liability to stockholders.

Surplus fund. The term, "surplus fund," when used in this article, means a fund created pursuant to the provisions of this article by a trust company from its net earnings or undivided profits, which to the amount specified in this article is not available for the payment of dividends and cannot be used for the payment of expenses or losses so long as any such corporation has undivided profits.

Total profits. The term, "total profits," when used in this article, means the total amount of undistributed net earnings of any corporation to which this article is applicable from the date of its organization, including such portions of its surplus fund or guaranty fund as have been derived from net earnings or from undivided profits.

Undivided profits. The term, "undivided profits," when used in this article, means the credit balance of the profit and loss account of any corporation to which this article is applicable.

Net earnings. The term, "net earnings," when used in this article, means the excess of the gross earnings of any corporation to which this article is applicable over expenses and losses chargeable against such earnings during any dividend period.

Dividend period. The term, "dividend period," when used in this article, means the period from the date as of which the last dividend of any corporation to which this article is applicable was declared to the date selected for the declaration of the next dividend; or the period from the date when its corporate existence began to the date as of which the first dividend is declared.

Time deposits. The term, "time deposits," when used in this article, means all deposits the payment of which cannot legally be required within thirty days.

Demand deposits. The term, "demand deposits," when used in this article, means deposits payment of which can legally be required within thirty days.

Aggregate demand deposits. The term "aggregate demand deposits," when used in this article, means the deposits against which reserves must be maintained by trust companies, and includes total deposits, all amounts due to banks, bankers, trust companies and savings banks, the amounts due on certified and cashier's checks, and for unpaid dividends, less the following items:

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2. The amounts due it on demand from banks, bankers and trust companies other than its reserve depositaries, including foreign exchange balances credited to it and subject to draft.

3. The excess due it from reserve depositaries over the amount required to maintain its total reserves.

Reserves on hand. The term, "reserves on hand," when used in this article, means the reserves against deposits kept in the vault of any corporation pursuant to the provisions of this article.

Reserves on deposit. The term, "reserves on deposit,' when used in this article, means the reserves against deposits maintained by any corporation pursuant to this article in reserve depositaries, or in a federal reserve bank of which such corporation

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