of twenty-two years, shall not be deemed dormant accounts within the meaning of this chapter.

The first report of each savings bank, made in compliance with the provisions of this section, shall accurately state the full names of all depositors which the books of the savings bank show to have five dollars of more to their credit respectively, whose accounts have been dormant for twenty-two years or upwards; such report shall also state the date on which the original deposit was made, the last known place of residence of the depositor, his or her occupation, date of birth, nationality, parents' name if known, and the date when the savings bank discontinued the crediting of interest on each account, together with any additional data which may aid in determining the ownership of such dormant account. All subsequent reports in addition to dormant accounts not previously reported, shall contain a list of such previously reported accounts as have either been paid, or become active accounts since the last report, through partial payments, or the presentation of pass-books for the entry of the interest due to the account. It is expressly provided, however, that the sums to the credit of such dormant accounts are not required to be stated in the reports provided for by this section.

Any corporation or banker failing to make any report or statement required by this section shall forfeit to the people of the state the sum of one hundred dollars per day for every day such report or statement shall be so delayed or withheld, which, when collected, shall be paid into the treasury of the state and applied to the expenses of the banking department; but the superintendent may, for sufficient cause, extend the time for making such report or statement not exceeding thirty days.

The superintendent shall keep in his office an index of the names of the persons appearing from such reports or statements to be entitled to any such dividends, interest or deposit, and whenever any inquiry shall be made to him concerning the same, he may require the applicant to furnish evidence of his right thereto; and if satisfied that such applicant or his principal has a lawful claim to any part of such dividends, interest or deposits, he shall indicate to the person making such application by which of the savings banks such dividends, interest or deposits are held.

(Former section 28; R. S., 1520, 1521, 1584; L. 1835, ch. 262; L. 1882, ch. 409, §§ 25, 26; L. 1889, ch. 414, §§ 1, 2, 3, 4.)

See Historical Sketch, ante.

See section 164, post.

§ 31. Change of location. Any corporation or banker to which this chapter is applicable may make application to the superintendent of banks for leave to change its place of business to another place in the same or another county. If the proposed place is within the limits of the town, village or city in which the business is carried on, such change may be made upon the written approval of the superintendent; if beyond such limits, notice of intention to make such application, signed by the two principal officers of the corporation or individual banker, shall be published once a week for two weeks in a newspaper published in the city of Albany, and in a newspaper published in the county in which such place of business is located, to be designated by the superintendent of banks. The application shall state the reasons for such proposed change, and be signed by a majority of the board of directors of the corporation, and, except in the case of corporations enumerated in article six of this chapter, be accompanied by the written assent thereto of stockholders owning at least two-thirds in amount of the stock of the corporation, or by the banker. If the superintendent shall be satisfied that there is no reasonable objection to such change of location, he shall make a certificate authorizing such change, which shall be filed in the office of the superintendent, and a certified copy thereof with the clerk of the county in which the place of business of the corporation or banker is located, and with the clerk of the county to which its place of business is changed, if in another county, and published once in each week for two successive weeks in the newspapers in which the notice of application was published. When the requirements of this section shall have been fully complied with, the corporation or banker may, upon or after the day specified in the certificate, remove its property and effects to the location designated in the certificate, and thereafter its sole business location shall be the location so specified; and it shall have all the rights and powers in such new location to which it was entitled at its former location; but no such change of location shall in any manner lessen or impair

any liability of the corporation or banker incurred or existing at the time such change was made.

(Former section 29; R. S., 1583; L. 1887, ch. 517; L. 1895, ch. 39.)

See sections 109, 147, 239, post.

1. The question, whether a change of location within a city or town requires conformity to the former act (ch. 517, L. 1887), was ruled upon by the attorneygeneral in an opinion filed in the banking department, March 28, 1888, as follows:

"The word 'location' as used in the act is one of narrower meaning than the word 'place;' and while it might be plausibly maintained that the word 'location,' as used in section 2 of the act of 1887, means the place designated in the certificate of organization, viz., city, town or village, and when it speaks of changing the location, location means city, town or village, still section 1 of the act seems to require an application to the court to authorize it to change its place of business to another place in the same or an adjoining county.'

Although a rule restricting the removal of a banking corporation from one location to another in the same city or village may seem severe and unreasonable, especially when such bank is situated in a small village, nevertheless when a removal is proposed in a large city like New York such restriction cannot be said to be an unreasonable or unjust precaution for the protection and convenience of the persons having business with the company. If banks in New York city were permitted and felt inclined to move frequently, without being compelled to give notice, serious inconvenience might arise in the presentation of paper for payment and in other respects. A bank situated at the Battery might remove to the utmost northern limits of the city, to the great annoyance and prejudice of at least a portion of the public."

2. As to locality of corporations, see note in 12 Abb. N. C. 226.

3. In changes of location within the same town, village or city, application must be made. Opinion Atty.-Gen., January 15, 1909.

§ 32. Approval and certificate of superintendent upon incorporation. - No corporation to which this chapter is applicable shall be incorporated hereunder, or transact any business in this state other than such as relates to its formation, without the written approval of the superintendent of banks and without his written certificate stating that it has complied with the provisions of this chapter and with all the requirements of law, and that it is authorized to transact within this state the business specified therein, and that such business can be safely intrusted to it; which certificate shall be recorded in the office of the superintendent in a book to be kept by him for that purpose and a certified copy thereof filed in the office of the clerk of the county where the corporation is to have its principal business office.

(Former section 30.)

§ 33. Permission and certificate of superintendent in case of foreign corporations. No foreign corporation incorporated for the purpose of carrying on the business specified in articles six and eight of this chapter shall transact business in this state without the written permission of the superintendent of banks and a written certificate from him stating that such corporation has complied with all of the provisions of this chapter applicable to it and with all the requirements of law, and that it is authorized to transact the business within this state specified therein and that such business may be safely intrusted to it. Such permission and certificate shall continue in force only for the period of one year from the date thereof, but may be renewed by the superintendent from time to time for a like period if satisfied that the corporation has complied with all of the provisions of this chapter and with the requirements of law and that such business can be safely intrusted to it.

(Former section 31.)

See General Corporation Law, § 15.

Bringing an action is not doing business within the State. Western Nat'l Bank v. Kelly, 48 Misc. 366; Citizens' State Bank v. Cowles, 89 App. Div. 281.

§ 34. Appointment of superintendent as attorney for service of process. No foreign corporation, company or association, to which this chapter is applicable, shall transact any business in this state until it has executed and filed with the superintendent of banks a written instrument appointing such superintendent 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 existed in this state and had been lawfully served with process therein. Service in favor of a resident of this state upon such attorney shall be deemed a personal service upon such corporation, company or association. The superintendent of banks shall forthwith

forward a copy of every process served upon him under the provisions

of this section by mail, postage prepaid, and directed to the secretary of such corporation, company or association at its last known postoffice 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 a part of his taxable disbursements if he succeeds in the suit or proceeding. The term " in this section includes any writ, process

summons, petition or order whereby any suit, action or proceeding shall be commenced by a resident of the state.

(Former section 32.)

§ 35. Appointment of receiver. If it is made to appear upon application of any creditor or shareholder of any such corporation, company or association residing in this state that the funds on deposit with the superintendent of banks are insufficient to pay in full the creditors and shareholders residing in this state, or that it is insolvent, or has suspended business, or that insolvency or bankruptcy proceedings have been taken against it either voluntarily or involuntarily, the supreme court may, upon due notice to the attorneygeneral, and upon such notice to the corporation, company or association as the court shall prescribe, appoint a receiver of such funds; and pending such application, the court or any judge thereof may enjoin the commencement or prosecution of any other action or proceeding against such corporation, company or association. Upon the qualification of such receiver, the superintendent of banks shall pay over to him the funds remaining in his hands less any charges which he may have against the same, and the receiver shall distribute such funds among the creditors and shareholders of the corporation, company or association residing in this state in the manner prescribed by law for the payment of creditors in the case of voluntary dissolution of a corporation.

(Former section 33.)

See General Corporation Law, §§ 150, 151, 230-278.

1. "From the entry of an order appointing a receiver, the property of the corporation vests in him and is in constructive possession of the court, although not actually in the receiver's possession, and the court has power to prevent any interference with it thereafter by any crditor in any court, State or National. Matter of Schuyler Tow-boat Co., 64 Hun, 384, 19 N. Y. Supp. 565, following Matter of Christian Jensen Co., 128 N. Y. 550, 28 N. E. 665.

2. The appointment of the receiver of a corporation or of its property does not work its dissolution nor prevent it from joining in litigation affecting its indebtedness and being bound by any adjudication therein. Del Valle v. Navarro, 21

Abb. N. C. 136.

3. When receivers are discharged the business of a bank reverts to the directors, and they may make any lawful arrangement for the bank without permission of any court or of the superintendent. People v. Oriental Bank, 124 App. Div.

741.

4. In insolvency proceedings against a bank interest at contract rate should be credited to creditors to date of receiver taking charge, and later is allowable