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L.,

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Act Oct. 1, 1890, sec. 10;

1305.

pointments required by existing law) to appoint any such company organized under the first subdivision of section seven hundred and fifteen of this subchapter, with its assent, such trustee, receiver, administrator, committee, or guardian, with the consent of the guardian of the person of such minor: Provided, however, That no court or judge who is an owner of or in any manner financially interested in the stock or business of such corporation shall commit by order or decree to any such corporation any trust or fiduciary duty.

Sec. 723. OATH.-Whenever any corporation operating sact oct 1: under this code shall be appointed such trustee, executor, 26 Stat. L., 628 administrator, collector, receiver, assignee, guardian, or 1901, sec. 723'; committee as aforesaid, 'the president, vice-president, sec- 31 Stat. retary, or treasurer of said company shall take the oath or affirmation now required by law to be made by any trustee, executor, administrator, collector, receiver, assignee, guardian, or committee.

SEC. 724. STOCK TO BE SECURITY.—When any court shall appoint the said company a trustee, receiver, adminis- 26 Stat. L., 628 trator, collector, or such guardian or committee, or shall 1901, sec. 5:28; order the deposit of money or other valuables with said 31. stat. L., company, or where any individual or corporation shall appoint any of said companies a trustee, executor, assignee, or such guardian, the capital stock of said company subscribed for or taken, and all property owned by said company, together with the liability of the stockholders and officers as herein provided, shall be taken and considered as the security required by law for the faithful performance of its duties, and shall be absolutely liable in case of any default whatever.

Sec. 725. EXISTING COMPANIES.—Any safe deposit company, trust company, surety or guaranty company, or 26 stat. L., 628 title-insurance company now incorporated and operating 1901, sec. 725" under the laws of the United States in the District of Columbia, or of any of the States, and now doing business in said District, may avail itself of the provisions of this subchapter on filing in the office of the recorder of deeds of the District of Columbia, or with the Comptroller of the Currency, a certificate of its intention to do so, which certificate shall specify which one of the three classes of business set out in section seven hundred and fifteen it will carry on, and shall be verified by the oath of its president to the effect that it has in every respect complied with the requirements of existing law, especially with the provisions of this subchapter; that its capital stock is paid in as provided in section seven hundred and thirty-five of this subchapter and is not impaired, and thereafter such company may exercise all powers and perform all duties authorized by any one of the subdivisions of section seven hundred and fifteen of this subchapter in adition to the powers now lawfully exercised by such company.

Act Oct. 1, 1890, sec. 11;

31 Stat. 1306.

L.,

Act Oct. 1, 1890, sec. 12;

31 Stat. 1306.

Act Oct. 1, 1890, sec. 13;

31 1306.

Act Oct. 1, 1890, sec. 14;

31 Stat. 1306.

Sec. 726. REAL ESTATE.—Any company operating under 26 Stat. L., 628. this subchapter may lease, purchase, hold, and convey 1901, sec. 726; real estate, not exceeding in value five hundred thousand

L., dollars, and such in addition as it may acquire in satis

faction of debts due the corporation, under sales, decrees, judgments, and mortgages. But no such association shall hold the possession of any real estate under foreclosure of mortgage, or the title and possession of any real estate purchased to secure any debts due to it, for a longer period than five years.

SEC. 727. DURATION OF CHARTER.—The charters for in26 Stat.

L. 628. corporations named in this subchapter may be made per1901, sec. 727'; petual, or may be limited in time by their provisions, Stat . L., subject to the approval of Congress.

SEC. 728. CAPITAL STOCK.—The capital stock of every 26 Stat. L., 628. such company shall be at least one million dollars, and Act Matias at least fifty per centum thereof must have been paid in,

L., in cash or by the transfer of assets as hereinafter pro

vided in section seven hundred and thirty-five of this subchapter, before any such company shall be entitled to transact business as a corporation, except with its own members, and before any company organized hereunder shall be entitled to transact the business of a trust company, or to become and act as an administrator, executor, guardian of the estate of a minor, or undertake any other kindred fiduciary duty, it shall deposit, either in money or in bonds, mortgages, deed of trust, or other securities equal in actual value to one-fourth of the capital stock paid in, with the Comptroller of the Currency, to be kept by him upon the trust and for the purposes hereinafter provided; and the said Comptroller may from time to time require an additional deposit from any such company, to be held upon and for the same trust and purposes, not exceeding, however, in value one-half the paidin capital stock; and the said Comptroller shall not issue to any corporation the certificate heretofore provided for until said deposit with him of securities required by this section. Within one year after the organization of any corporation under the provisions of this subchapter, or after any corporation heretofore existing shaìl have availed itself of the powers and rights given by this subchapter in the manner herein provided for, its entire capital stock shall have been paid in.

SEC. 729. SHARES.—The capital stock of every such 26 Stat. L., 629. company shall be divided into shares of one hundred dolAct Mar. 3: lars each. It shall be lawful for such company to call for

L., and demand from the stockholders, respectively, all sums

of money by them subscribed, at such time and in such proportions as its board of directors shall deem proper, within the time specified in section seven hundred and twenty-eight, and it may enforce payment by all remedies provided by law; and if any stockholder shall refuse or neglect to pay any installment as required by a resolution of the board of directors, after thirty days' notice of the same, the said board of directors may sell at public auc

Act Oct. 1, 1890, sec. 15;

1901, sec. 729;
31 Stat.
1306.

Act Oct. 1

L., 1307.

Act Oct. 1,

;

tion to the highest bidder so many shares of said stock as shall pay said installment, under such general regulations as may be adopted in the by-laws of said company, and the highest bidder shall be taken to be the person who offers to purchase the least number of shares for the assessment due.

SEC. 730. ANNUAL REPORTS TO COMPTROLLER.-Every such company shall annually, within twenty days after 1890 sec. 10 the first of January of each year, make a report to the 19Aet Mar;38: Comptroller of the Currency, which shall be published in 31 Stat. a newspaper in the District, which shall state the amount of capital and of the proportion actually paid, the amount of debts, and the gross earnings for the year ending December thirty-first then next previous, together with their expenses, which report shall be signed by the president and a majority of the directors or trustees, and shall be verified by the oath of the president, secretary, and at least three of the directors or trustees; and said company shall pay to the District of Columbia, in lieu of personal taxes for each next ensuing year, one and one-half per centum of its gross earnings for the preceding year, shown by said verified statement, which amount shall be payable to the collector of taxes at the times and in the manner that other taxes are payable.

SEC. 731. LIABILITY OF TRUSTEES. If any company fails to comply with the provisions of the preceding sec-26 Stat. L., 629 tion, all the directors or trustees of such company shall be jointly and severally liable for the debts of the company stat. then existing, and for all that shall be contracted before such report shall be made: Provided, That in case of failure of the company in any year to comply with the provisions of section seven hundred and thirty of this subchapter, and any of the directors shall, on or before January fifteenth of such year, file his written request for such compliance with the secretary of the company, the Comptroller of the Currency, and the recorder of deeds of the District of Columbia, such director shall be exempt from the liability prescribed in this section.

SEC. 732. FALSE SWEARING.—Any willful false swearing in regard to any certificate or report or public notice 26 Stat. 1.., 620 required by the provisions of this subchapter shall be 1902, secFizi* perjury, and shall be punished as such according to the 31 laws of the District of Columbia. Any misappropriation of any of the money of any corporation or company formed under this act, or of any money, funds, or property intrusted to it, shall be held to be larceny, and shall be punished as such under the laws of

said District. SEC. 733. STOCK PERSONAL ESTATE.—The stock of such

1890, sec. 19; company shall be deemed personal estate, and shall be 26 Stat. L., 629 transferable only on the books of such company in such 1901, sec. 733; manner as shall be prescribed by the by-laws of the com- 1307. pany; but no shares shall be transferable until all previous calls thereon shall have been fully paid, and the said stock shall not be taxable in the hands of individual own

Act Mar. 3, 1901, sec. 731 ;

L., 1307.

Act Oct. 1,

;

Stat. L., 1307.

Act Oct. 1,

Stat.

L., Act Oct. 1, 1890, sec. 20;

31 1307.

Act Oct. 1, 1890, sec. 21;

31 Stat. 1308.

ers, the tax on the gross earnings of the company hereinbefore provided being in lieu of other personal tax. All certificates of the stock of any company organized under this subchapter shall show upon their face the par value of each share and the amount paid thereon.

SEC. 734. LIABILITY OF STOCKHOLDERS.—All stockhold26 Stat. L., 630. ers of every company incorporated under this subchapter, 1901, sec. 734 ; or availing itself of its provisions under section seven Stat . L., hundred and twenty-five, shall be severally and individu

ally liable to the creditors of such company to an amount equal to and in addition to the amount of stock held by them respectively for all debts and contracts made by such company.

SEC. 735. ŠTOCK TO BE PAID UP IN MONEY ONLY.—Noth26 Stat. L., 630. ing but money shall be considered as payment of any 1901, sec. 735°; part of the capital stock, except that in the case of any

L., company now doing business in the District of Columbia

in any of the classes herein provided for, or under any act of Congress or by virtue of the laws of any of the States, and which company has actually received full payment in money of at least fifty per centum of the capital stock required by this act and which company desires to obtain a charter under this act, all the assets or property may be received and considered as money, at a value to be appraised and fixed by the Comptroller of the Currency: Provided, That all such assets and property are also transferred to and are thereafter owned by the company organized under this act.

SEC. 736. NUMBER OF TRUSTEES.—The stock, property, 26 Stat. L., 630! and concerns of such company shall be managed by not 1961, sec. 738°; less than nine nor more than thirty directors or trustees,

L., who shall, respectively, be stockholders and at least one

half residents and citizens of the District of Columbia, and shall, except the first year, be annually elected by the stockholders at such time and place and after such published notice as shall be determined by the by-laws of the company, and said directors or trustees shall hold until their successors are elected and qualified.

SEC. 737. OFFICERS.—There shall be a president of the 26 Stat. L., 630. company, who shall be a director, also a secretary and a 1901, sec. 737; treasurer, all of whom shall be chosen by the directors or

L., trustees: Provided, That only one of the above-named

offices shall be held by the same person at the same time. Subordinate officers may be appointed by the directors or trustees, and all such officers may be required to give such security for the faithful performance of the duties of their office as the directors or trustees may require.

SEC. 738. BY-LAWS.—The directors or trustees shall 26 Stat. L., 630 have power to make such by-laws as they deem proper for 1901, sec. 438; the management or disposal of the stock and business

L., affairs of such company, not inconsistent with the pro

visions of this subchapter, and prescribing the duties of officers and servants that may be employed, for the appointment of all officers, and for carrying on all kinds

Act Oct. 1, 1890, sec. 22;

31 Stat. 1308.

Act Oct. 1, 1890, sec. 23;

31 Stat. 1308.

Act Oct. 1, 1890, sec. 24;

31 Stat. 1308.

1

Act Oct. 1

L.,

Stat.

L.,

Act Oct. 1,

;

Act Mar. 3,

L.,

1308.

Act Oct. 1, 1890, sec. 28;

of business within the objects and purposes of such com-
pany.
Sec. 739. DIVIDENDS. If the directors or trustees of

1890, sec. 25;
any company shall declare or pay any dividend the pay-26 Stat. L., 630
ment of which would render it insolvent, or which would 1901, sec.
create a debt against such company, they shall be jointly ikos stat.
and severally liable as guarantors for ail of the debts of
the company then existing, and for all that shall be there-
after contracted, while they shall, respectively, remain in
office.

SEC. 740. If any of the directors or trustees shall object Act Oct. 61: to declaring of such dividend or the payment of the same, 26 Stat. L., 630 and shall at any time before the time fixed for the pay- 1901, sec. 740' ment thereof file a certificate of their objection in writing ixos. with the secretary of the company and with the recorder of deeds of the District they shall be exempt from liability prescribed in the preceding section.

SEC. 741. LIABILITIES EXCEEDING ASSETS.—If the liabilities of any company shall at any time exceed the amount 26 Stat. L., 630 of the fair cash value of the assets, the directors or trus

1901, sec. 741; tees of such company assenting thereto shall be personally 31. stat. and individually liable for such excess to the creditors of the company after the additional liability of the stockholders has been enforced.

SEC. 742. EXECUTORS, AND SO FORTH, HOLDING STOCK.No person holding stock in such company as executor, 26 stat. L., 631 administrator, guardian, or trustee shall be personally 1901, sec. 742; subject to any liability as stockholder of such company, but the estate and funds in the hands of such executor, administrator, guardian, or trustee shall be liable in liké manner and to the same extent as the testator or intestate or the ward or the person interested in such trust fund would have been if he had been living and competent to act and hold the stock in his own name.

SEC. 743. INCREASE OF CAPITAL STOCK.—Any corporation which may be formed under this subchapter may in- 26 Stat. L., 631. crease its capital stock by complying with the provisions 1901, sec. 743'; of this subchapter to any amount which may be deemed 31 stat. sufficient and proper for the purposes of the corporation.

SEC. 744. COPY OF CERTIFICATE TO BE EVIDENCE.--A copy of any certificate of incorporation filed in pursu- 26 Stat. L., 631 ance of this subchapter, certified by the recorder of deeds 1901, sec. 944; to be a true copy and the whole of such certificate, shall be 31 received in all courts and places as presumptive legal evidence of the facts therein stated.

SEC. 745. NO BOND TO BE REQUIRED WHEN COMPANY AP- 1890, sec. 31*; POINTED EXECUTOR, AND SO FORTH, EXCEPT, AND SO FORTH.No bond or other collateral security, except as hereinafter 1901, sec. 745 stated, shall be required from any trust company incor- 1309 porated under this subchapter for and in respect to any trust, nor when appointed trustee, guardian, receiver, executor, or administrator with or without the will annexed, collector, committee of the estate of a lunatic or idiot, or other fiduciary appointment; but the capital

31 Stat. 1 1308.

L.,

Act Oct. 1, 1890, sec. 29;

L.,

1309.

Act Oct. 1, 1890, sec. 30;

Stat. 1309.

L.,

Act Oct. 1,

26 Stat. L., 631.

Act Mar. 3,

L.,

Stat. .

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