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statutes to distinguish one person doing business in the way those acts authorize, from an association or persons joined together therefor. People v. Doty, 80 N. Y. 230.

2. The various banking acts expressive of the legislative intent in the use of the term individual bankers," collated. Same case.

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3. The words " person or persons," in third line, have been added to section since the foregoing decision.

4. In reply to an inquiry made by the superintendent of the banking department, the attorney-general rendered the following opinion, filed in the banking department, May 15, 1888:

"It appears that the Charity Organization Society of the city of New York is desirous of receiving from poor people small sums of money, to be kept and taken care of by such society, for the use and benefit of such poor people, to whom it shall be repaid upon demand. The question is submitted for my consideration whether the society has the power and legal right to do this.

"I do not discover by any of the papers submitted that the society is a corporation, and assume, therefore, that it is simply a voluntary association of individuals.

"Section 283 of chapter 409 of the Laws of 1882 (Paine's Banking Law, page 301, former ed.), provides that 'It shall not be lawful for any bank, banking association or individual banker, firm, association, corporation, person or persons, to advertise or put forth a sign as a savings bank, or in any way to solicit or receive deposits as a savings bank; and any . . . firm, association, corporation, person or persons, which shall offend against these provisions, shall forfeit and pay for every such offence the sum of $100 for every day such offence shall be continued. . . .' "This prohibition is against advertising or receiving or soliciting deposits 'as a savings bank.' It does not interfere with the common-law right of one person, or two or more persons acting together, taking money for the purpose of keeping it safely for an individual.

"If this association in any way whatever advertises itself as a savings bank, or receives deposits from individuals knowing that such individuals are acting under the impression or belief that they are putting their money in a savings bank, receives or solicits deposits as a savings bank, or in any manner attempts to create the impression that they are a savings bank, the section above quoted would be violated by such association.

"But I do not think there is anything in the section which interferes with the right of the association acting as such, or as individuals, from receiving sums of money from any person who, with full knowledge that the association is not and does not claim to be a savings bank, simply puts it in their hands for safekeeping."

5. It is not unlawful for a trust company to transact its business upon the general plan or in the manner usually adopted by savings institutions, and that the provisions of the Banking Act of 1882 (§ 283, ch. 409) only required that a trust company, in soliciting and receiving deposits, should not advertise itself as a savings bank for the purpose of deceiving the public. People v. Binghamton Trust Co., 139 N. Y. 191, 34 N. E. 898.

6. In reply to an inquiry whether it was legal for a school to collect money from its pupils, deposit it to the general account of the school in a local bank, and, when an individual pupil's savings amounted to $25, transfer it to the

pupil's account, interest being allowed under both phases of the account, the attorney-general in an opinion dated October 13, 1903, quoting section 131, stated: "I am of the opinion that the scheme outlined for saving the money of pupils is a violation not only of the above provision of the Banking Law, but of the general purpose of such law, which provides for the general supervision and control of all savings banks and banking institutions by the State banking department. While the scheme may be commendable in many respects, it will unquestionably be subject to many abuses were it allowable and proper to constitute the various schools of the State practically savings banks for instructing and encouraging the pupils to save money, without any restrictions or control on the part of the State banking department."

7. National banks may not use the word "savings" in connection with their business or advertising. Opinion Atty.-Gen., July 2, 1907.

§ 161. Charters to be conformed to this chapter. The powers, privileges and duties, and all restrictions, conferred or imposed upon any savings bank by whatever name known, by its charter or act of incorporation, are hereby abridged, enlarged or modified, as each particular case may require, in such manner that every such charter or act of incorporation shall be made to conform to the provisions of this chapter in relation thereto, and to such amendments thereof as may be hereafter made. Every such savings bank shall possess the powers, rights and privileges, and be subject to the duties, restrictions and liabilties, conferred and imposed by this chapter, notwithstanding anything to the contrary in their respective charters or acts of incorporation. The legality of investments heretofore made, or of transactions heretofore had, pursuant to any provisions of law in force when such investments were made or transactions had, shall not be affected by the provisions of this chapter, nor shall such provisions require the change of investments for those named in this chapter, except as the same can be done gradually by the sale or redemption of the securities so invested in, in such manner as to prevent loss or embarrassment in the business of such savings bank, or unnecessary loss or injury to the borrowers on such securities.

(Former section 132; R. S., 1575; L. 1882, ch. 409, § 286.)

This section controls all earlier statutory regulations affecting corporations organized before the act. Opinion Atty.-Gen., August 14, 1907.

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§ 162. Savings bank voluntarily closed. If the trustees of any solvent savings bank shall deem it necessary or expedient to close the business of such corporation, they may, by the affirmative vote of not

less than two-thirds of the whole number of trustees, at a meeting to be called for that purpose, of which all the trustees shall have notice, declare by resolution their determination to close such business and to pay the moneys due depositors and creditors and to surrender the corporate franchise. The vote on such resolution shall be taken by ayes and noes and the resolution and the vote thereon shall be recorded in the minutes of the board of trustees. A copy of the record of such proceedings certified by the president and the secretary of the corporation shall be filed in the banking department. The trustees shall thereupon give notice to all the depositors and creditors of the adoption of such resolution by publication thereof in a newspaper or newspapers most likely to give the same proper publicity, and by written or printed notice personally served upon or mailed to each depositor and creditor of such savings bank at his last known residence, postage prepaid.

(Former section 133; R. S., 1576; L. 1882, ch. 409, § 293.)

"Savings banks are corporations, and I think, therefore, should be legally and formally dissolved by order of the court in order to have their existence definitely and effectually terminated."

Opinion Atty.-Gen., filed in the banking department, December 31, 1886.

The property of such a corporation belongs to the depositors. People v. Peck, 157 N. Y. 51.

§ 163. When dissolution effected. When the trustees of such any savings bank shall have paid the sums due respectively to all the depositors and creditors who claim their deposits, or the money due, the trustees shall make a transcript or statement from the books of the savings bank of the names of all the depositors and creditors who do not claim or have not received the balance of the credit due them, and of the sums due them respectively, and shall file such transcript in the banking department, and pay over and transfer all such unclaimed and unpaid deposits, credits and moneys to the superintendent of banks. The trustees shall then report their proceedings duly verified to the supreme court, and upon such report and the petition of the trustees and upon notice to the attorney-general and the superintendent, and such other notice as the court may deem necessary, the court shall adjudge the franchise surrendered and the existence of the corporation terminated.

(Former section 134; R. S., 1576; L. 1882, ch. 409, § 294.) See General Corporation Law, §§ 170-195; 150-161.

§ 164. Deposit of unclaimed moneys.— The superintendent shall receive the moneys so deposited with him by the trustees of any solvent savings bank voluntarily closing its business, and all moneys which may be deposited with him by the receivers of insolvent savings banks pursuant to the provisions of any law or the order of any court, and shall give a receipt therefor, and forthwith deposit the same in some solvent savings bank or savings banks to the credit of the superintendent of banks in his name of office, in trust for the depositors and creditors of the closed savings bank from which they were received. The superintendent shall report to the legislature annually in his report the names of such closed savings banks and the sums of unclaimed and unpaid deposits to the credit of each of them respectively.

The superintendent may pay over to the persons respectively entitled thereto the moneys so held by him upon being furnished with satisfactory evidence of their right to the same. In cases of doubt or of conflicting claims he may require an order of the supreme court authorizing and directing the payment thereof. He may apply the interest earned by the moneys so held by him towards defraying the expenses in the payment and distribution of such unclaimed dividends to the depositors and creditors entitled to receive the same, and he shall include, in his annual report to the legislature, a statement of the amount of interest earned by such unclaimed dividends.

(Former section 135; R. S., 1577; L. 1882, ch. 409, § 296; L. 1883, ch. 439; L. 1884, ch. 504.)

See section 30, ante.

1. The following opinion of the attorney-general was filed in the banking department July 8, 1887:

"Your communication of the 7th inst. has been duly received, requesting my opinion as to what proof should be required by you as to the proper person to pay money deposited with your department pursuant to sections 294, 295 and 296 of chapter 409 of the Laws of 1882, the person to whom the money belonged having removed to Nevada and died. It appears that letters of administration have been presented to you purporting to have been issued by the county district court of Nevada, and the administrator named therein requests payment to him. "I think the only person to whom you can safely pay the money is an administrator appointed by the courts of this State. If an administrator has been legally appointed in the State of Nevada, such administrator can take out ancillary letters here."

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181. Previous notice of intention to be given.

182. When superintendent shall file certificate.

183. Examination by and certificate of superintendent.
184. Capital must be paid in cash.

185. List of stockholders to be furnished to superintendent.
186. Powers of corporation.

187. Additional powers of certain trust companies.

188. Additional powers, dependent on location.

189. May be administrator, guardian or trustee.

190. No security requirey; trust fund debts preferred.

191. Official oath not required.

192. Deposits of minors and trust deposits.

193. Investments of capital, surplus, undivided profits and deposits. 194. Interest and accumulations.

195. Directors.

196. Liability of stockholders and directors.

197. Powers of specially chartered trust companies.

198. Lawful money reserve.

§ 180. Incorporation. Thirteen or more persons may form a corporation to be known as a trust company. Such persons shall under their hands and seals execute and acknowledge an organization certificate in duplicate, which shall specifically state:

1. The name by which the corporation shall be known.

2. The place where its business is to be transacted.

3. The amount of its capital stock, and the number of shares into which the same is to be divided.

4. The name, residence and post-office address of each member of the corporation.

5. The term of its existence, not exceeding fifty years.

6. A declaration that each member of the corporation will accept the responsibilities and faithfully discharge the duties of a director therein, if elected to act as such, when authorized by the provisions of this chapter.

Such certificate shall, within sixty days after its acknowledgment, be filed, one duplicate in the office of the county clerk of the county

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