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granted by the legislature. By an act of the legislature passed June 21, 1875 (ch. 613), provision was made for their organization under a general law, which authorizes any five or more persons to form a company for the purpose of taking and receiving upon deposit, as bailee for safe-keeping and storage, jewelry, plate, money, specie, bullion, stocks, bonds, securities and valuable papers of any kind, and other valuables, and guaranteeing their safety upon such terms as may be agreed upon between the company and the respective bailors thereof, and to let out vaults and safes and other receptacles for the uses and purposes of the corporation. They are further authorized to lease, purchase, hold and convey any real or personal estate whatever which may be necessary to enable them to carry on their business.

The corporations are prohibited from making any loan or advance upon property held by them on storage or far safe-keeping. The shareholders of the respective corporations are liable to an amount equal to the par value of their stock, over and above such stock, for all debts of the corporation.

All corporations of the class named are required to make verified semi-annual reports of their condition to the Superintendent of the Banking Department, and the said Superintendent is required annually to examine each of the corporations, either personally or by some competent person to be appointed by him, the expense of such examination to be paid by the corporation examined. It it shall ap pear from any examination that a corporation has committed a vio lation of its charter or of law, or is conducting its business in an unsafe or unauthorized manner, the Superintendent shall, by an order under his hand and seal of office, direct the discontinuance of such illegal or unauthorized practices. In the event of non-compliance with such order, or whenever failure to report as required is made, the Superintendent shall communicate the facts to the Attorney-General for such action as the nature of the case may require.

Chapter 10 of the Laws of 1877, passed February 5, authorized the organization of safe deposit companies with capital stock of $50,000 in cities or villages of less than 100,000 inhabitants. The minimum amount of capital authorized prior to the passage of the act was $100,000 with privilege of increasing the same to $1,000,000.

2 Pratt v. Eaton, 79 N. Y. 452; In re Jaycox, 12 Blatchf. C. Ct. 209; 13 id. 70.

The minimum amount of capital required for organization was further reduced to $10,000 in cities or villages of less than 100,000 inhabitants, by chapter 273 of the Laws of 1883, passed April 20; $100,000 being the lowest authorized capital in cities containing at least 100,000 inhabitants. The present revision covers this subject by sections 300 to 304.

BUILDING ASSOCIATIONS.

The organization of building, mutual loan and accumulating fund associations was provided for by chapter 122 of the Laws of 1851, passed April 10. The publication in two newspapers of a statement of the condition of the corporation was all of the information as to their transactions which was required to be made public, until the passage of chapter 564 of the Laws of 1875, by which act these corporations were required to report annually, on the 1st day of January, to the Superintendent of the Banking Department, a statement of the condition of their affairs; and it was made the duty of the Superintendent to once in two years examine, or cause to be examined, the condition, workings and affairs of each of these corporations transacting business. Chapter 96 of the Laws of 1878, passed April 1, amended that portion of the law which required regular examinations to be made, and provided for examinations only when five or more stockholders should in writing request the same. June 8, 1887, a law was enacted providing for the formation of co-operative savings and loan associations (ch. 556), now superseded by the present law.

The former Banking Law (1892, ch. 689), and its amendments separated Building and Mutual Loan Corporations which are designated as "Building and Lot Associations" from Co-operative Savings and Loan Associations; the provisions affecting the former will be found in the present revision in sections 260 to 267 inclusive, and those relating to the latter are contained in sections 210 to 245 inclusive.

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THE BANKING LAW.

THE BANKING LAW.

CHAPTER 2 OF THE CONSOLIDATED LAWS.

(CHAPTER 10, LAWS OF 1909.)

As Amended 1909.

ARTICLE 1. Short title; definitions (§§ 1, 2).

2. General provisions (§§ 3-45).

3. Banks (§§ 60-117).

4. Savings banks (§§ 130–164).

5. Trust companies (§§ 180-198).

6. Co-operative savings and loan associations (§§ 210-245).

7. Building and lot associations (§§ 260-267).

8. Mortgage, loan and investment corporations (§§ 280-288).

9. Safe deposit companies (§§ 300-304).

10. Personal loan associations (§§ 310–314).

11. Laws repealed; when to take effect (§§ 330, 331).

SECTION 1. Short title.

2. Definitions.

81. Short title.

ARTICLE 1.

SHORT TITLE; DEFINITIONS.

This chapter shall be known as the "Banking Law," and shall be applicable to all corporations and individuals specified in the next section.

(Former section 1; L. 1892, ch. 689.)

§ 2. Definitions. Bank. The term "bank," when used in this chapter, means any moneyed corporation authorized by law to issue bills, notes or other evidences of debt for circulation as money, to receive deposits of money and commercial paper and to make loans thereon, to discount bills, notes or other commercial paper, and to buy and sell gold and silver bullion, foreign coins, or bills of exchange.

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