Building and Loan Associations. 62. § 6147. Fees to depository.-Every association depositing securi- a. 1897, p. ties with a State depository or trust company, as provided for by law, shall annually pay to said depository or trust company a fee of fifty dollars. 62. § 6448. Reports to State Treasurer and fees therefor.—Nothing A. 1897, p. herein contained shall be construed to relieve any building or loan association from making reports of its condition to the State Treasurer and paying the fees now required by law to be paid upon the filing of such reports. 62. § 6449. Deposits to be removed from treasury.—All building and A. 1897, p. loan associations having deposits of securities with the State Treasurer shall be required to remove same within thirty days after the passage of this Act and deposit them as herein directed. 62. § 6450. Surrender of securities, when allowed and how effected. A. 1897, p. Any mortgage (or other security) which shall have been fully paid to said association, or which the borrower desires to pay off and discharge, and any mortgage (or other security) upon which default in the payment due has been made and of which said association shall desire possession for the purpose of collection or foreclosure, and all securities needed by it for deposit in any other State, territory or nation, shall be surrendered by said State depository or trust company to the association depositing the same, upon filing with the said depository or trust company the affidavit of the president and secretary thereof, stating reason or reasons for desiring to withdraw such security or securities, and such security or securities shall not be used for any purpose other than that stated in the affidavit; provided, that when said association is dissolved, according to the provisions of its charter, and ceases to do business, all securities deposited by it shall be returned to it upon furnishing said State depository or trust company with satisfactory evidence of the fact of the dissolution as aforesaid. Bonds or stocks deposited with said State depository or trust company, as aforesaid, shall, if deemed advisable by the association, be surrendered to the association depositing the same for the purpose of being converted into cash and loaned on real estate. Loan and trust Companies, and other corporations. TITLE XVIII. LOAN AND TRUST COMPANIES, AND OTHER CORPORATIONS. Chap. I. Generally. Chap. II. Loan and Trust Companies. Chap. III. Combines and Trusts. CHAPTER I. A. 1897, p. 61. A. 1897, p. 61. A. 1897, p. 61. A. 1897, p. 68. GENERALLY. § 6451. Franchises of private corporations salable assets. The purchaser or purchasers of such franchises, their associates, successors and assigns, shall, upon complying with the requirements of this Act, have and acquire, and may thereafter exercise and enjoy the same rights, privileges, immunities and advantages conferred in the charter or order of incorporation of such insolvent corporation, as fully and absolutely, in all respects, as the former company might or could have had and enjoyed the same had no such sale and purchase taken place; provided, that nothing in this Act shall be construed to reserve to such purchaser or purchasers any exemption from State, county or municipal taxation, or any special rights, privileges or immunities inconsistent with the Constitution of this State. $6452. Purchasers, incorporation of.--Whenever any private corporation heretofore or hereafter created under any general or special law of this State shall become insolvent, and its assets be the subject of administration by the court, the franchises possessed and enjoyed by such corporation in virtue of its charter or order of incorporation shall be considered assets, and the same may be sold, under order of the court, through a receiver or otherwise. § 6453. Organization of purchasers. Such purchasers, their associates and assigns, may organize anew in the manner prescribed by law. ELECTRICAL COMPANIES. 86454. Water power-owners generating electricity—right to condemn property.-Any corporation or individual owning or controlling any water-power in this State, or location for steam plant herein after mentioned, and operating or constructing or preparing to construct thereon a plant or works for generating electricity by water or steam-power, to be used for the purpose of lighting towns or cities, or supplying motive power to railroads or street-car lines, or supplying light, heat or power to the public, shall have the right to purchase, lease or condemn rights-of-way or other easements upon the lands of others in order to run lines of wires, maintain dams, Trust Companies, how incorporated, rights and liabilities. 68. flow-back water, or for other uses necessary to said purposes, upon first paying just compensation to the owners of the land to be affected. $6455. Condemnation under Code §§ 4657-4686.-If said corpo- A. 1897, p. ration or individual does not, by contract, procure the easements, right-of-way or other interest on property provided for in the first section of this Act, they shall have the right to acquire or condemn the same in accordance with, and subject to, the provisions of the Code of 1895, from section 4657 to section 4686 inclusive, as embodied in the Act of the General Assembly of this State approved December 18th, 1894, as therein prescribed for railroad, telegraph, canal, mining and water-works companies. 68. $6456. No interference with mill or factory.-The power given A. 1897, p. under this Act shall not be used to interfere with any mill or factory actually in operation. $6457. Protection of electrical companies.-[See Code Sup., A. 1897, p. 6664.] 68. CHAPTER II. TRUST COMPANIES, HOW INCORPORATED, RIGHTS AND LIABILITIES. § 6458. Application for charter.--Any number of persons, not A. 1898, p. less than five, may associate themselves together for the purpose of 78. organizing a Trust Company in accordance with the provisions of this Act. The persons so desiring to become incorporated shall file in the office of the Secretary of State a declaration in writing, signed by each of them, stating their names and residences, the name and style of the proposed corporation, the location of the principal business thereof the amount of capital stock, and such other matters as they may deem it desirable to state. Such declaration must be accompanied by the affidavit of at least three of the subscribers that at · least twenty-five thousand ($25,000) dollars of the capital stock subscribed has been actually paid in by the subscribers and that the same is in fact held and is to be used solely for the business and purposes of the corporation. A fee of fifty ($50) dollars shall be paid on filing the application into the treasury, and the Secretary of State shall not issue any charter before its payment. 78. 6459. Notice of intention to organize to be published.--Previous a. 1898, p. to filing the declaration, as provided in the preceding section hereof, a notice of intention to organize such Trust Company shall be published at least once a week for four weeks in a newspaper of general circulation, published in the city in which the principal office of the proposed corporation will be located, which notice shall specify the names of the proposed Corporators, name of the proposed Trust Company and the location of the same. $6460. Certificate of incorporation to issue, when.-When such A. 1898, p. declaration shall have been filed and notice of intention shall have 9-Ga Code 78. A. 1898, p. 78. Trust Companies, how incorporated, rights and liabilities. been published as herein provided, the Secretary of State shall issue to the subscribers, their associates and successors, a certificate of incorporation under the seal of the State, certifying that the subscribers, their associates and successors are a body politic and corporate under the name and style designated in the declaration, and that such corporation has the capacity and powers conferred, and is subject to all the duties and liabilities imposed by law. The Secretary of State shall record the declaration, affidavit and certificate of incorporation. § 6461. Corporate powers.-All Trust Companies organized under this Act are declared to be corporations possessed of the powers and functions of corporations generally, and as such have power: 1. To make contracts. 2. To sue and be sued, complain and defend, in any court, as fully as natural persons. 3. Fiscal agent.-To act as the fiscal or transfer agent of any state, municipality, body politic or corporation, and in such capacity to receive and disburse money, and transfer, register and countersign certificates of stock, bonds and other evidences of indebtedness. 4. Deposits and loans. To receive deposits of trust moneys, securities and other personal property from any person or corporation, and to loan money on real estate or personal securities. 5. Buy and sell real estate. To lease, purchase, hold and convey any and all real estate necessary in the transaction of its business, or which the purposes of the corporation may require, or which it shall acquire in satisfaction or partial satisfaction of debts due the corporation under sales, judgments or mortgages or in settlement or partial settlement of debts due the corporation by any of its debtors. 6. Trustee under mortgages and bonds.—To act as trustee under any mortgage or bond issued by any government, state, municipality, body politic or corporation, and accept and execute any other municipal or corporate trust not inconsistent with the laws of this State. 7. Trusts for married women.-To accept trusts from and execute trusts for married women in respect to their separate property, whether real or personal, and to be their agent in the management of such property, or to transact any business in relation thereto. 8. Guardian, etc., of minors.-To act under the order or appointment of any court of record as guardian, receiver or trustee of the estate of any minor, the annual income of which shall not be less than one hundred dollars and as depository of any moneys paid into court, whether for the benefit of any such minor, or any other person, corporation or party. 9. Management of estate property.--To take, accept and execute any and all such legal trusts, duties and powers in regard to the holding, management and disposition of any estate or property, real or personal, and the rents and profits thereof, or the sale thereof, as may be granted or confided to it by the Superior Court, or by any Trust Companies, how incorporated, rights and liabilities. other court of record, or by any person, corporation, municipality or other authority, and the said corporation shall be accountable to all parties in interest for the faithful discharge of every such trust, duty or power, which it may so accept. 10. Trustees under appointment of persons or of courts. To take, accept and execute any and all such trusts and powers of whatever nature or description, as may be conferred upon or intrusted or com mitted to said company by any person or persons, or any body politic, corporation or other authority, by grant, assignment, transfer, devise, bequest or otherwise, or which may be intrusted or committed or transferred to or invested in said company by order of the Superior Court or any other court of record, or any ordinary, and to receive and take and hold any property or estate, real or personal, which may be the subject of any such trust. 11. May deal in stocks, etc.-To purchase, invest in and sell stocks, bills of exchange, bonds and mortgages, and other securities; and when moneys or securities for moneys are borrowed or received on deposit or for investment, the bonds or obligations of the company may be given therefor, but nothing herein contained shall be construed as giving the right to issue bills to circulate as money. 12. May act as executor or administrator, and as committee of lunatics, etc.-To be appointed and accept the appointment of executor of or trustee under the last will and testament, or administrator with or without the will annexed, of the estate of any deceased persons, and to be appointed and to act as the committee of the estates of lunatics, idiots, persons of unsound mind and habitual drunkards. § 6462. Amount of capital stock to be paid in; banking business. A. 1898, p. --No trust company organized under the provisions of this Act shall 78. exercise any of the rights and powers conferred until at least one hundred thousand ($100,000) dollars of the capital stock shall have been subscribed and paid in; nor shall any such company receive deposits subject to check on demand or discount commercial paper, unless and until such company shall have complied with the laws of this State regulating the incorporation of banks; but such company may acquire and exercise all the rights and privileges, and be subject to the same liabilities and restrictions as apply to banks, upon compliance with the laws of this State providing for the incorporation and regulating the business of banks. 78. $6463. Board of Trustees.-The affairs of said company shall be A. 1898, p. managed and its corporate power exercised by a board of trustees of such number, not less than five nor more than fifteen, as shall from time to time be prescribed by its by-laws. The persons named in the declaration of organization shall constitute the first board of trustees of the said company, and may add to their number not exceeding the limit of fifteen, and shall severally continue in office until others are elected to fill their places. The election of trustees shall be held annually at the office of the company, in such manner and at such time |