Liability of stockholder, limitation of..... Limit on account of obligations issued.. ...... of indebtedness of stock corporation ............ .... on consideration for issue of stocks, etc....... Limitation of action for false report...... of action for stockholders' liability. Loans, illegal, directors, liable for.... Lost certificate of stock, replacing......... Μ. Meeting to increase or reduce stock..... ...... ..... .. ...... .... .......... ..... ...... ............ .................. 46 58 1 7 49 2 .......... ............. .... when consent of stockholders necessary. Ν. .... Necessaries of life, combinations affecting, when forbidden.... Officers of corporation holding other corporation stock, eligible as officers Officers, liability for false certificates, etc. what may be appointed. P. Payment by stockholders of mortgage debt.......... for stock on subscription in part...... Penalty for failure to keep books or give access to.. ... ... for failure to make the proper entry in books............. ...... .... .......... for neglect, etc., of agent of foreign corporation. ............ Personal liability of directors.. ......... ............. 31 53 ........ 52 23, 24, 25, 48 48 54 .. ...... ...... of directors for unlawful transfers, preferences, etc......... of stockholders for debts. Plan of reorganization, contents of. to be filed, etc.. Policyholders, eligible as officers of insurance corporation. ...... ...... of insurance corporation eligible as directors Powers of stock corporation to borrow and mortgage Powers of reorganized corporation. .... Preferences by insolvent corporation forbidden. ......... on payment of dividends. Preferred creditor, when to account.... stock, on reorganization. President, directors to appoint ...... .. .. Proceedings of stockholders, on extension, etc., of business to be filed. SECTION. ........ 48 4 ............. 27 Prohibited transfer to officers or stockholders.... Purchaser in good faith, when protected.... Purchase mortgage, when limit does not apply...... ...... ...... of capital stock, when forbidden.... Refusal to keep books and afford access to, penalty for........ Re-issue of forfeited stock.... 5 .... .... 5 43 .44, 56 S. Sale of franchise and property........ of rights and franchises under mortgage.. .............. 33 ....... Secretary, directors to appoint...... ...... book, where and when open... .... ...... .... .... .... .... .... .... .... corporation, annual report of.... ........... ...... ...... corporation, powers of......... 2 Stock, etc., of corporations may be purchased by each other.................. 40 Stockholders, access by to stock-book...... 29 ......... consent of to mortgage..... damaged by false report, etc., officers liable ................... 31 liability, limitation of.... 55 ............ .... loans to, forbidden.. personal liability of, for debts shall not assign stock in contemplation of insolvency of company. 48 Subrogation of stockholder on payment of mortgage debt........... .... .... Subscription to stock Subscriptions to stock, time of payment.... ...... 41, 43 .......... Superintendent of banks, to consent to change number of directors.... 21 21 52 5 ........... 23 ............. Time of payment of subscriptions to stock .. Town authorities, assent of, to reorganization.. Transfer of stock... ..... .. ...................... 7 .......................... ...... 40 .......... ............. 27 54 of stock, by stockholder indebted, etc......... Transfer to officers or stockholders, prohibited.... Trustees, when liable as stockholders.... 7 28 ....... .................. 20 ............. 30 .................. 30 ........... certificate by director, as to annual report Village authorities, assent of, to reorganization..... Void acts of directors, what are transfer of stock, in contemplation of insolvency ........... ...... W. Wages, etc., liability of stockholders for... ............ 54 CHAP. 689. AN ACT in relation to banking corporations. APPROVED by the Governor May 18, 1892. Passed, three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows : CHAPTER XXXVII OF THE GENERAL LAWS. THE BANKING LAW. ARTICLE 1. General provisions (§§ 1-33). 2. Banks (§§ 40-92). 3. Savings banks (§§ 100-135). 4. Trust companies (§§ 150-163). 5. Building and mutual loan corporations (§§ 170-175). 6. Co-operative loan associations (§§ 180-191). 7. Mortgage, loan and investment corporations (§§ 200-205). 8. Safe deposit companies (§§ 210-216). 3. The banking department; superintendent. 4. Official seal of superintendent of banks. 5. Deputy clerks and examiners of the bank department. 6. Rooms and furniture. 7. Expenses, how defrayed. 8. Powers of superintendent. 9. Examination of securities deposited. 10. Unclaimed balances. 11. Examiners. 12. Examination and certificate as to payment of capital. 13. Affidavit to be made before commencing business. 14. Deposit of bonds or mortgages with superintendent. 15. Exchange of securities. 16. Publication of report of examiners. 17. Impairment of capital. 18. Proceedings against delinquent corporations. 19. Examination by order of court. 20. Reports. 21. Penalties for failure to report. 22. Publication of reports. SECTION 23. Annual report of superintendent. 24. Reports presumptive evidence. 25. Restrictions. 26. Calculation of profits. 27. Losses in excess of profits 28. Publication of unclaimed dividends and deposits. 29. Change of location. 30. Approval and certificate of superintendent upon incorporation. 31. Permission and certificate of superintendent in case of foreign corporation. 32. Appointment of superintendent as attorney for service of process. 33. Appointment of receiver. 34. Merger. 35 Submission of merger agreement to stockholders. 36. Rights of dissenting stockholders. 37. Effect of merger. 38. Rights of creditors of merged corporations. SECTION 1. Short title. - This chapter shall be known as the banking law, and shall be applicable to all corporations and individuals specified in the next section. New. § 2. Definitions. The term bank, when used in this chapter means any monied corporation authorized by law to issue bills, notes or other evidences of debt for circulation as money, or to receive deposits of money and commercial paper and to make loans thereon, and to discount bills, notes or other commercial paper, and to buy and sell gold and silver bullion or foreign coins or bills of exchange. The term, individual banker, when so used, means a person who has complied with the requirements of law, and is authorized by the banking department to engage in the business of banking, and is subject to the supervision of the superintendent of banks and the banking law. The term savings bank, when so used, means a corporation only authorized by the laws of this state to receive money on deposit and pay such rates of interest thereon, and to invest the same in such securities and obligations, as may be prescribed by law. The term, trust company, when so used, means any domestic corporation formed for the purpose of taking, accepting and executing such trusts as may be lawfully committed to it and acting as trustee in the cases prescribed by law, and receiving deposits of moneys and other personal property, and issuing its obligations therefor, and of loaning money on real or personal securities. The term, building and mutual loan corporations or associations, when so used, means a corporation formed for the purpose of accumulating a fund for the purchase of real property, the erection of buildings, or the making of other improvements on lands, or to pay off incumbrances thereon, or to aid its members in acquiring real |