Powers specified: To do a title insurance business; to buy, sell, hold and guarantee bonds, stocks, loans and evidences of indebtedness, and to make and execute contracts and agreements required therefor; to engage in a general banking business, with all the incidental powers necessary thereto; as to such banking business, trust companies are subject to the banking laws, except that there shall be no limit to the maximum of paid-up capital that such companies may have; to do a safe deposit business; to act as trustee, assignee, receiver (general or special), guardian, executor, administrator, special commissioner, committee or curator; to execute trusts of every description not inconsistent with the constitution of this State or of the United States; to receive deposits of money or other personal property, and issue its obligations therefor; to invest its funds in and to purchase real and personal securities, and to loan money on real and personal securities; to act as fiscal or transfer agent or registrar; to purchase and sell or take charge of real estate for other persons, firms or corporations; for the purpose of indemnifying and saving harmless any company for making any loans, or accommodations, such company is authorized to receive and hold on deposit and in trust, as security, estates, real and personal, including the notes, bonds and obligations of States, counties or municipal corporations, individuals, firms or corporations, and the same to purchase, collect and adjust, settle and dispose of, in case of default upon any note or obligation for which such property has been received as indemnity, or as collateral security, without proceedings at law or in equity. Courts appointing such companies to trusts may, in their discretion, on the application of any persons interested, investigate the affairs of trust companies so appointed. Trust funds and investments must be kept separate from the assets of the company, and all investments made by the company as fiduciary must be so designated as to show to what trusts they belong. The capital of such companies shall be taken and considered as the sole security required by law for the faithful performance of duties in trust capacities; provided, that, where the liability of the company in any trust capacity equals or exceeds the capital and surplus, the court making such appointment, or order or decree, shall require additional security.

The capital of such companies must be at least $100,000 fully paid. Such companies shall not act as surety on bonds, or do a fidelity insurance business, except as above specified.

Institutions not regularly organized and chartered as trust companies are forbidden to use in connection with their business the term "trust company." Stockholders are subject to double liability. Every director must absolutely own at least five shares of stock. Trust companies are specifically made subject to the banking laws. They may not begin business until they have obtained a certificate of authority from the Commissioner of Banking. The Commissioner must make a thorough examination of each company at least once a year. Loans may not be

made upon the security of the company's own stock to an amount in excess of fifty per centum of the capital, nor may such stock be purchased or held except to prevent loss upon debts previously contracted in good faith; and in the latter case the stock must be sold within six months. Loans to one party, except bona fide discounts, may not exceed twenty per centum of the capital. Before the declaration of a dividend one-tenth of the net profits must be carried to surplus until the latter equals twenty per centum of the capital. Lists of stockholders with their addresses and holdings must be kept, which shall be open to inspection during business. hours by all stockholders, creditors and by the State tax authorities. A copy of this list shall be forwarded to the Commissioner on the first Monday of July of each year. All companies are required to maintain a reserve of fifteen per centum of all deposits subject to withdrawal on demand, of which three-fifths may consist of balances payable on demand due from any national or State bank (including trust companies) in the State or any solvent banks outside the State that may be approved by the supervisor in said State.

Reports to the Commissioner of Banking must be made at least four times a year, "corresponding as to time as nearly as possible to the calls nade by the Comptroller of the Currency," according to forms prescribed by him, and such reports must be published in local papers. Special reports may be called for and special examinations may be made by the Commissioner at his discretion.

Foreign trust companies may do business in the State by complying with certain regulations and getting a certificate of authority from the Commissioner.

(Hogg's West Virginia Code, 1914, chapter 54c, sections 3176-3195.)

WISCONSIN.

Five or more persons may incorporate a "trust company bank." Capital required, not less than $50,000 in cities of less than 100,000 population, and not less than $100,000 in larger cities. Maximum limit, $5,000,000. Before beginning business, such companies shall deposit with the State Treasurer not less than fifty per centum of the capital nor more than $100,000 in amount. Such deposit shall be in cash, bonds or mortgages, or notes and mortgages on unincumbered real estate within this State worth double the amount secured thereby, or public stocks and bonds of the United States or of any State of the United States that has not defaulted on its principal or interest within ten years, or of any county, town, village or city in this State, and upon all which bonds and other securities there shall have been no default in the payment of interest or principal for a longer period than thirty days. The securities must be approved by the Commissioner of Banking. This deposit shall be held as security for the faithful performance of the trusts undertaken by it. Other securities may be substituted from time to time; and the company

shall receive the income of the securities. Such companies shall be managed by a board of three or more directors, all of whom must own stock, and must be residents of the State.

Their specified powers are, in addition to ordinary corporate powers: To receive. hold or dispose of any property, real or personal, conveyed to them upon any trust, by any persons, including married women, minors, bodies corporate or any court, and to execute any trusts regarding same; to act as agents for the transaction of business, management of estates, collection of income or principal, etc.; to act as registrar, fiscal or transfer agent; to act as executor, administrator, trustee, receiver, assignee, guardian of minors, persons insane or incompetent, lunatics, or any persons subject to guardianship; courts are authorized to make such appointments; no security shall be required of the company other than the deposit with the State, except in the discretion of the court; to do a safe deposit business; to loan upon unincumbered real estate situated in Wisconsin, Michigan, Illinois, Iowa and Minnesota, and upon "securities other than personal notes or commercial paper or obligations secured solely thereby"; to receive time deposits and issue its notes, certificates, debentures and other obligations therefor, payable at a future date only, not earlier than thirty days from the date of such deposit; such deposits must be held and invested separately from other funds, and be primarily liable for the payment of such deposits. Trust companies "shall not receive deposits subject to draft, order or check, or payable upon demand, issue bills to circulate as money, or deal in bank exchange."

Trust companies may hold real estate necessary to carry on their business, and to execute trusts committed to them and such as may be necessary in the enforcement of claims, etc. They must maintain a reserve of fifteen per cent. of deposits, in lawful money or on deposit with banks approved by the Commissioner. Trust accounts must be kept in separate books, and trust assets must be segregated and so marked as to be readily identified. Loans may not be made to, nor overdrafts permitted by any salaried officer or employee. Trust companies may not maintain branches. The word "trust" must form part of the name of every trust company, and is prohibited in titles to others; the word "bank" must not be used as part of the name of a trust company.

Trust companies are under the supervision of the Commissioner of Banking, to whom they must make not less than five reports each year, on his call, and such reports must be published in a local newspaper. They must also render to him on his call once a year, a list of stockholders with their residences and stock holdings. He must examine each company at least twice a year. With some exceptions, specified in the statute, trust companies are subject to the laws governing State banks. The directors are required to appoint an examining committee to examine the company once every six months. A bank or trust company may not loan on its own stock, not purchase same except to prevent loss on a debt previously contracted. It may not loan on the stock of another

bank unless it has for two years or more earned and paid a dividend, and in any event may not hold more than ten per cent. of the capital of another bank as collateral. It may not loan to its own directors, officers or employees without a responsible endorser or sufficient collateral security, unless by resolution of the directors. It may not certify a check unless funds are on hand to cover same. Before declaring a dividend it must carry one-tenth of net earnings to surplus until it equals twenty per cent. of the capital. Stockholders are subject to double liability. Minors and married women may contro! their deposits. A deposit in trust for another, no further notice of the existence of a valid trust being given the company, may be paid to the person for whom the deposit was made. Joint deposits may be paid to either, whether the other be living or not.

(Laws of 1905, chapter 504; Laws of 1909, chapter 94; Laws of 1913, chapters 546, 675, 721, 749, 764, 772.)

sons.

WYOMING.

Loan and trust companies may be incorporated by five or more perThe capital, which "must be subscribed for as full-paid stock," must be at least $10,000 in towns of less than 2,000 inhabitants; at least $25,000 in towns from 2,000 to 1,000 inhabitants; at least $50,000 in towns of from 4,000 to 6,000 inhabitants; and at least $100,000 in cities of over 6,000 inhabitants. Fifty per centum of the capital must be paid in before commencing business, and the balance within six months. The shares must be $100 each.

Powers specified: to exercise the ordinary powers of corporations; to buy, sell and discount bills of exchange, notes and all other evidences/ of debt, buy and sell gold and silver coin and bullion, receive deposits and pay out same either upon order or check; to "execute any trusts which may be created by instruments in writing; such instrument may appoint such association trustee for any lawful purpose, and to act as such trustee in all matters embraced in such trust;" to do a safe deposit business; to collect income of securities left for safe keeping; to execute and issue in the transaction of its business all necessary receipts, bonds and contracts. Such companies may hold such real estate as is necessary to carry on their business, as well as such as is acquired in the settlement of claims. The board of directors is authorized to invest the capital and such money as is received from persons or associations for investment, "in good securities; and it shall be lawful for such association to make investments of its capital and of funds accumulated by its business, and moneys received from other persons and associations, for investment as aforesaid, or any part thereof, in bonds and mortgages on unincumbered real estate and chattel property worth at least double the amount loaned, and also in any and all warrants and bonds of this State or any other State or Territory or of the United States, or the bonds

and warrants of any county, city, town, or school district of this State legally authorized to issue such warrants or bonds."

Such companies must maintain a reserve of twenty-five per centum of their liabilities to depositors, which reserve shall consist of cash on hand or on demand deposit with State or National banks approved by the State Examiner as reserve agents. Such a corporation may mortgage its real or personal property and pledge or hypothecate its notes, mortgages and other securities, and guarantee payment of the same, to persons or corporations furnishing it money. Stockholders are subject to double liability. A section of the statutes which forbade such companies to receive deposits subject to check, and to buy commercial paper, etc., was repealed in 1903.

Deposits made by one person in trust for another, the company having no further notice of the existence of a valid trust, may be paid to the person for whom the deposit was made, upon death of the trustee. Joint deposits are payable to either, whether the other be living or not. The circulation of false and derogatory statements regarding banks and trust companies is a misdemeanor.

(Compiled Statutes, 1910, chapter 296, sections 4025-1078. Laws of 1911, chapters 34, 35, 42, 79.)