the proper conduct of its business, and may own, hold and convey such real estate as it may acquire through the collection of debts due to it, but the real estate so owned shall not exceed fifty per cent. of the capital of the company for a longer period than six months; and whenever the value of real estate so owned shall exceed fifty per cent. of the capital of the company, it shall be reduced to the proper limit within six months. Deeds conveying real estate owned by trust companies shall be executed by the president and secretary, by order of the board of directors, and attested by the corporate seal of the company. [Id., § 1477.]

Under Supervision of Bank Commissioner; Statements.SEC. 544. Trust companies shall be under the supervision of the bank commissioner; shall be subject to examination in the same manner as banks; shall not commence business until they have received authority from the bank commissioner, which authority shall set forth that such company has been incorporated by the state and has complied with the provisions of this act. Such companies shall also make four official statements to the bank commissioner during each year, at the same time and in the same manner as is provided for banks, and shall publish such statements in like manner. [Id., § 1478.]

Banking Law; Penalties to Apply.- SEC. 545. All the penalties provided for the failure to make and publish reports, the refusal to permit examinations, or to comply with any lawful requirement of the bank commissioner, or for misconduct in office, embezzlement, the making of false reports or false entries in the books, and the receiving of deposits when insolvent, in the banking law of the state of Kansas, shall apply equally to trust companies, their officers, directors, and employés. [Id., § 1479.]

Other Provisions of Banking Law to Apply.- SEC. 546. The provisions of the banking law relating to the impairment of capital and insolvency and the duty of the bank commissioner in such cases shall also apply to trust companies; and

such companies shall pay the same fee for examinations by the bank commissioner as are paid by banks. [Id., § 1480.]

General Corporation Law Applicable, Except, etc.— SEC. 547. In the absence of any provisions in this act, the provisions of the general corporation act shall apply to corporations organized thereunder: Provided, That trust companies shall not be required to make reports to the secretary of state. [Id., § 1481.]

Unlawful to Engage in Business of Trust Company without Complying with Law.- SEC. 548. It shall be unlawful for any corporation in the state of Kansas to engage in the business of a trust company as defined herein, except so far as banks are engaged in this business, without complying with all the provisions of this act; and any individual who, as an officer or agent or other representative of such corporation, shall violate the provisions of this section, shall be deemed guilty of a misdemeanor, and on conviction thereof shall be fined in a sum not less than three hundred dollars nor more than one thousand dollars, or by imprisonment in the county jail not less than thirty days nor more than one year, or by both such fine and imprisonment. [Id., § 1482.]

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PART III.

FOREIGN CORPORATIONS.*

The right of the people of a state to prescribe generally by its constitution and laws the terms upon which a foreign corporation shall be allowed to carry on its business in the state, has been settled in this court." (Supreme Court of the United States, in Cooper Manufacturing Co. v. Ferguson, 113 U. S. 727-732; citing, Bank of Augusta v. Earle, 13 Pet. 519; Pau! v. Virginia, 8 Wall. 168; Ducat v. Chicago, 10 Wall. 410.)

*As to insurance companies and building and loan associations, see those titles in Part II.