another may be appointed instead. An assignment does not give the debtor full discharge unless so agreed by his creditors.

Wisconsin. The assignee must be a resident of the state. Chattel mortgages or other transfers of all the debtor's property with trust agreement back to the debtor have been held to be general assignments. Employes' wages earned within 3 months are preferred by statute, and may be preferred expressly within 6 months prior to the assignment; other preferences are invalid. A true copy of the assignment must be filed in the office of the clerk of the circuit court, and an inventory filed within 20 days thereafter. Proof of claims by creditors must be filed with the assignee or clerk of the court within 3 months after publication and notice by mailing, which must be 12 days after the assignment; within 6 months, unless the time be extended, the assignee shall file his report.

Wyoming. Any debtor in embarrassed circumstances may make a general assignment for the benefit of his creditors. Wages of employes for a period of 3 months prior to the assignment shall constitute preferred claims; no other preferences are allowed. Claims of all creditors shall be presented to the assignee for allowance within 6 months from the publication of the notice of the assignee's appointment. Any creditor accepting a dividend must release the assignor from all further liability.

PROVINCES OF THE DOMINION OF CANADA

British Columbia.-Preferential assignments are void. Wages for 3 months are preferred. Notice of the assignment must be published by the trustee within 14 days after the assignment, and a meeting of creditors called within 10 days.

Manitoba.-Debtors may make voluntary assignments for the benefit of all creditors. A majority of the creditors may compel a transfer of the assignment to the official assignee.

New Brunswick.-Assignments are made in the first instance to the sheriff, or to a resident of the debtor's county named by a majority of the creditors having claims of $100 and above. A new assignee may be substituted by a vote of the creditors. There must be no preferences. Notice must be given in 5 days, and a meeting of the creditors called in 12 days. Claims against the estate must be proved within 3 months after the notice.

Nova Scotia.-Preferential assignments are abolished. Employes' wages for 3 months are preferred. Every confession of judgment, or transfer of property intended as a preference of creditors, is void.

Ontario.-Any person may make an assignment for the benefit of his creditors to the sheriff of the county; or to any other permanent

resident of the province, with the assent of the creditors. A preference made by a debtor which has the effect of defeating any creditor is presumed to be fraudulent, and is void if attacked within 60 days, or if followed by an assignment within 60 days. The assignee must send notice of the assignment to all the creditors to present and prove their claims. A debtor cannot obtain a discharge without the consent of every creditor.

Quebec.-A trader cannot give one or more of his creditors a preference over the other creditors by chattel mortgages, bills of sale, or otherwise. Every trader who has ceased payments may be required by his creditors to make an abandonment of his property for their benefit. The creditors appoint a curator and inspectors who, under the direction of the court, distribute the estate.

BANKS AND BANKING

Banks, in the United States, are usually incorporated under general statutes, although, in some states, it is not unusual to incorporate them under special acts or charters. In the digest of statute laws in respect to banks that follows, the manner of incorporation and the requirements as to capital stock are generally stated. The digest of the statute law as to corporations, in this volume, is important as a subject of reference in connection with the subject of banks.

Alabama.-Constitutional Provision.-The general assembly is prohibited from incorporating banks to issue bills of credit or bills payable to order or bearer, except as below. No bank can be established otherwise than under a general banking law and upon a specie basis; provided, that any bank may be established with authority to issue bills to circulate as money in an amount equal to the face value of bonds of the United States, or of this state, convertible into specie at their face value, which shall, before such bank is authorized to issue its bills for circulation, be deposited with the state treasurer, or other depository prescribed by law, in amount equal to the aggregate of such proposed issue, with power in such treasurer or depository to dispose of any or all of such bonds for a sufficient amount of specie to redeem the circulating notes of such bank at any time and without delay, should such bank suspend specie payment or fail to redeem its notes on demand. Bills and notes issued as money are redeemable in gold and silver. No law is to be passed sanctioning suspension of specie payments. Holders of bank notes and depositors, who have not stipulated for interest, are entitled, in case of insolvency, to preference over all other creditors. No bank shall receive a greater rate of interest for lending money than is allowed by law to individuals. A bank must cease operations within 20 years from the time of organization unless such time be extended by law, but, like other corporations, it has corporate capacity to sue and be sued after such cessation until its affairs shall be fully closed. Neither the state nor any political subdivision can hold stock in or lend credit to any bank. Banks are subject to examination of their affairs by a public examiner and must report twice a year, under oath, their resources and liabilities. The above provisions apply to all banks except national banks, and to all trust companies and individuals doing a banking business, whether incorporated or not. Statutory Provisions.-Foreign corporations invested with the privilege of banking must exercise the same by

the exclusive use of gold and silver coin and national bank notes or other currency of the United States. Banks of deposit and discount are incorporated under the general laws of the state. No certificate of deposit issued by any bank for any special deposit for which interest is to be paid must be reissued, but, on the return thereof, must be canceled. A married woman or minor may make deposit of his or her earnings or savings in bank, and such deposit shall be paid only to such married woman or minor on his or her order, and not to the husband or parent or guardian. The amount of the capital stock with which the bank commences business shall not be less than $25,000; and not less than 60 per cent. of the capital stock subscribed must be paid in cash.

Alaska.-See Corporations.

Arizona.-Banks of discount and deposit, but not of issue, may be incorporated under the general corporation law. The articles of incorporation, which shall contain the usual requirements of a corporation, must be published 6 days in a newspaper of the county of its principal place of business, and an affidavit of publication must be filed in the office of the secretary of the territory. Savings and loan associations may receive deposits of money, loan it on adequate security, safely invest it, and collect the same with interest; they may declare and pay dividends; own one lot and building not over $100,000 in value; also, such other realty as is procured through loans, which must be sued within 5 years after the title is acquired. Married women and minors may make deposits and draw out their funds in their own names.

Arkansas.-State laws prescribe no special regulations for banking. Banking may be carried on by individuals, or by corporations organized under the general corporation law, but not by limited partnership. Any number of persons, not less than three, may associate in forming a banking corporation by stating the purposes of the corporation and by complying with the other requirements of the general corporation law.

California.-Banking may be carried on by any corporation organized for that purpose, by individuals, or by partnerships, except special partnerships. Every such corporation must, whenever required by the board of bank commissioners, make a report in writing to the commissioners, verified by the oath of its two principal officers. Such reports shall show the actual financial condition of the corporation at the close of any past day specified, and shall be required by the bank commissioners, from each and every corporation doing a banking business, at least three times in each year, and shall be transmitted to the commissioners within 15 days after the receipt from them of a request or requisition therefor, or pay the penalty of $100 per day

during the time of default. Every foreign corporation or person, and persons not incorporated, who are engaged in the business of banking or publicly receiving money on deposit, shall comply with the foregoing provisions. Corporations organized for accumulating and loaning the funds of the members, shareholders, and depositors may loan and invest the funds thereof, receive deposits of money, loan, invest, and collect the same, with interest, and may pay depositors with or without interest. No such corporation is permitted to loan money except on adequate security on real or personal property, and such loan must not be for a longer period than 10 years. No savings banks shall loan to exceed 60 per cent. of the market value of any piece of real estate to be taken as security, except for the purpose of facilitating the sale of property owned by the corporation; and it is unlawful for savings banks to loan on the security of mining shares or stock, or invest in such shares or stock.

Colorado.-Any number of persons, not less than three, may establish a bank of discount and deposit, a savings bank, or a trust, deposit and security association, in this state, under the general incorporation law of the state. The minimum capital required for any of the above institutions ranges from $25,000 to $50,000, and must be fixed by the charter. Shareholders shall be held individually responsible for debts, contracts, and engagements of the bank in double the amount of the par value of the stock owned by them respectively. Any officer or agent of a bank who receives or assents to the reception of any deposit of money or other valuable thing by the bank, or creates, or assents to the creation of, any debt by such bank by which it receives money or property, after he has knowledge that the bank is insolvent, shall be guilty of larceny, and liable to imprisonment not less than 1 year nor more than 10 years.

Connecticut.-Bank and trust corporations can be organized only under special charter from the legislature; corporations cannot be organized under general law for either trust or banking business. Bankers and brokers are allowed to do business under their own names, but only duly incorporated bodies are allowed to advertise as a bank, put out such a sign, or receive deposits as a savings bank. The term banks includes all incorporated banks; the term savings banks includes, besides savings banks, all savings societies and societies for saving. Three-fourths of the directors of any state bank or of the trustees of any trust company shall be residents of the state. No director of a state bank or trustee of a trust company shall be obligated to any such bank or trust company to an amount exceeding 5 per cent. of its capital actually paid in and its surplus and undivided profits combined; and no such bank or trust company shall permit its directors or trustees to become obligated to it to an amount exceeding at any one time in the whole the sum of 20 per cent. of the capital actually paid in and