under the laws of any other state to transact business within the limits of this state; and the supervisory power granted by this article shall apply to all associations, copartnerships, individuals, joint-stock companies, firms or corporations organized under the laws of any other state, who sell, offer for sale or negotiate bonds or notes, secured by deed of trust or mortgage of real property or bonds, or obligations payable in instalments, or capital stock, or choses in action, owned, issued, negotiated or guaranteed by them; and to all associations, copartnerships, joint-stock companies or corporations organized as provided in sections two hundred and eighty, two hundred and eightyone and two hundred and eighty-two of this chapter, and the provisions of article two of this chapter shall apply to such.

(Former section 200, L. 1896, ch. 452, § 5.)

§ 284. Verified statement to be furnished. The companies, associations, and others described in the preceding sections shall annually make and furnish to the superintendent of banks a true and verified statement of their financial condition in detail on blanks furnished by him for that purpose, which shall show:

1. The amount of capital actually paid in cash.

2. The amount of capital subscribed.

3. The undivided profits or earnings on hand.

4. The total liabilities itemized in such form as may be indicated in the blanks.

5. The total amount of moneys loaned, invested or guaranteed. 6. The number and amount of all mortgages in arrears of interest for a period exceeding six months prior to the date of the report. 7. The number and amount of mortgages foreclosed during the past year.

8. The present cash value of all real property held or owned through foreclosure, and such other and further information concerning their business affairs and methods as the superintendent shall require.

The statement shall be signed by the officers of the association, company or corporation or other person making the same, and in such form as the superintendent shall prescribe. The superintendent may, in his discretion, require a like report, either wholly or in part, as to such particulars as he may prescribe, to be made and sub

mitted to him at any time and within such period as he may designate. No license shall be issued unless the superintendent, either personally or by some competent person or persons appointed by him, has visited and examined thoroughly into the condition, business methods and affairs generally of any company, association, corporation, copartnership or individual proposed to be licensed by him; and he may make such examination as often thereafter as he deems necessary, and such examination shall be made at least once in each year. The superintendent and every examiner appointed by him shall have power to administer an oath to any person whose testimony may be required in any such examination; and all books and papers which may be deemed necessary to be examined by the superintendent or the examiner shall be produced when demanded in writing by him. On every such examination inquiry shall be made as to the condition and resources generally of the company, corporation, association, copartnership or individual examined, the mode of conducting and managing its affairs, the actions of its directors or trustees, the investment of its funds, the safety and prudence of its management, the security afforded to those by whom its engagements are held, and whether the requirements of its charter and of law have been complied with in the administration of its affairs.

(Former section 201; L. 1896, ch. 452, § 5.)

§ 285. Issue of license. If it shall appear to the satisfaction of the superintendent from such examination made, and the statement or report submitted by any such corporation, company, copartnership, firm, association or individual organized under the laws of any other state, pursuant to the requirements of the preceding section, that its affairs are being conducted in a safe and lawful manner, he may issue to such company, corporation, copartnership, firm or association a license under his hand and seal, permitting it to transact business in this state for the term of one year from the date thereof. (Former section 202; L. 1896, ch. 452; L. 1890, ch. 506, § 3.)

§ 286. Unlicensed companies prohibited. -No person, association, corporation, company or copartnership shall act in this state as the agent or representative of any company, corporation or others de

scribed in section two hundred and eighty-three of this chapter, unless the same has been duly licensed by the superintendent of banks as herein before provided. Every such company, corporation or others, described in section two hundred and eighty-three of this chapter, organized under the laws of any other state, shall within thirty days after being authorized to transact business in this state, file in the office of the superintendent of banks, a certificate stating the name and business address of every person, association, corporation, company, firm or others, who act or propose to act in this state as its agent or representative, and in case of any change in any such representative, an amended certificate shall be forthwith filed as herein provided. Whoever shall offend against the provisions of this section shall forfeit to the people of the state the sum of one thousand dollars for every offense.

(Former section 203; L. 1896, ch. 452; L. 1890, ch. 506, § 4.)

See Penal Law, §§ 663, 666; General Corporation Law, §§ 5, 15.

§ 287. Revocation of license. If it shall appear to the superintendent from an examination made of, or report submitted by any licensee organized under the laws of any other state under the provisions of this article, or from sufficient information otherwise obtained, that such licensee is conducting its business and affairs in an unsafe or unauthorized manner, he shall, by an order under his hand and official seal, addressed to such licensee, direct it to discontinue such unsafe or illegal practices, and to conform to the requirements of its charter and of law, and to provide for the safety and security of its transactions. If such licensee shall neglect or refuse to make any reports as herein specified, or to comply with such order, or if it shall appear to the superintendent that it is unsafe or inexpedient for any such licensee to continue the transaction of business, he shall forthwith revoke the license granted to any such licensee, and serve a copy of the order of revocation on the company, association, corporation, copartnership or individual whose license is revoked, at its principal office for the transaction of business in this state, and also upon each agent or representative thereof within the state, specified in the certificate provided for in section two hundred and eighty-six of this chapter, by depositing the same in the post-office directed to such licensee at such principal place of

business, and to each of such agents at his place of business; and the superintnedent may, in his discretion, publish such order, with such other facts as he may deem proper, for six successive days in the state paper published in the city of Albany.

(Former section 204; L. 1896, ch. 452; L. 1890, ch. 506, § 7.)

§ 288. Designation of superintendent as attorney. — Every corpora tion, company, firm, association or individual, organized under the laws of any other state, thus licensed, shall before transacting any business within this state, by an instrument in writing duly executed, appoint the superintendent of banks its true and lawful attorney upon whom all process in any action or proceeding by any resident of the state against it may be served with the same effect as if it were a domestic corporation and had been lawfully served with process in the state. A certificate of such appointment, duly certi fied and authenticated, shall be filed in the office of the superintendent of banks, and copies certified by him or his deputy shall be sufficient evidence thereof. Service in favor of a resident of this state upon such attorney shall be deemed a personal service upon such licensee. Whenever lawful process against such licensee shall be served upon the superintendent of banks, he shall forthwith forward a copy of the process served upon him by mail, prepaid, directed to the president or secretary of the corporation or association at its last-named post-office address. For each copy of process, the superintendent shall collect the sum of two dollars, which shall be paid by the plaintiff or moving party at the time of such service, to be recovered by him as part of his taxable disbursements if he succeeds in his suit or proceeding. The term "process," when used in this section, includes any writ, summons, petition or order whereby any suit, action or proceeding shall be commenced by a resiIdent of this state.

(Former section 205; L. 1896, ch. 452; L. 1890, ch. 506, § 9.) See section 34, ante.

ARTICLE 9.

SAFE DEPOSIT COMPANIES.

SECTION 300. Incorporation.

301. Directors.

302. Officers and by-laws.

303. Liability of stockholders.

304. Remedy for non-payment of rent for safe.

§ 300. Incorporation. Five or more persons may become a corporation for the purpose of taking and receiving upon deposit as bailee for safekeeping and storage, jewelry, plate, money, specie, bullion, stocks, bonds, securities and valuable papers of any kind, and other valuable personal property, and guaranteeing their safety upon such terms and for such compensation as may be agreed upon by it and the respective bailors thereof; and to let out vaults, safes and other receptacles for the uses and purposes of such corporation, by making, acknowledging, and filing in the office of the clerk of the county in which its principal place of business is to be located, and a duplicate thereof in the office of the superintendent of banks, a certificate stating its corporate name, the business for which formed, the amount of its capital stock, which shall not exceed one million nor be less than one hundred thousand dollars, except in cities or villages of less than one hundred thousand inhabitants, in which the capital shall not be less than ten thousand dollars, the number of shares of which its stock shall consist, the term of its existence not to exceed fifty years, the number of directors who shall manage its concerns for the first year and their names, residences, occupations and post-office addresses, and the name of the place in which its operations are to be carried on; such certificate must be approved before filing by the superintendent of banks. No such corporation shall commence or transact business until the whole amount of its capital stock shall have been paid in nor make any loan or advance on any property left with it for storage or safekeeping. Any such corporation having a capital of one hundred thousand dollars or more, paid in cash, may open and maintain one or more branch offices in the place named in its certificate of incorporation, provided,