§ 34. Payment of orders after death of drawer.-Every such savings bank is authorized and empowered to pay any order drawn upon it by any person who has funds on deposit to meet the same, notwithstanding the death of such drawer in the interval of time between signing such order and its presentation for payment, when said presentation shall be made within thirty days after the date of such order; and at any subsequent period, provided, the depository has not received actual notice of the death of the drawer. (Code 1916, c. 54.)

§ 35. Deposits in trust.-When a deposit is made in any such corporation by any one in trust for another, the name and residence of the person for whom it is made shall be disclosed, and it shall be credited to the depositor as trustee for such person; and if no other notice of the existence and terms of a trust has been given in writing to the corporation, in the event of the death of the trustee, the deposit, with the interest thereon, may be paid to the person for whom such deposit was made, or to his legal representatives. (Code 1916, c. 54.)

Note. See §13a of this chapter.

§ 36. Dissolution or expiration. The trustees of any such corporation may at any time, in any annual meeting, or meeting called for the purpose, resolve to discontinue the business of the corporation, a majority of all the trustees being present and voting in favor of such discontinuance; and may divide among the depositors, in proportion to their respective interests therein, the property and assets that may remain after paying all debts and liabilities of the corporation. Public notice of such resolution shall be immediately given by advertisement in some newspaper or newspapers of general circulation in the county where such savings bank is located, once a week for six successive weeks at least, before any dividend of the funds of the corporation shall be made; and the said resolution shall be forthwith certified by the president under his hand and the common seal of the corporation, to the secretary of state, who shall preserve the same in his office, and deliver a copy to the clerk of the house of delegates, to be printed and bound with the acts of the legislature. (Acts 1917, c. 56.)

§ 37. Same: corporate acts thereafter; distribution of assets. When any such corporation shall expire or be dissolved, its property and assets shall, under the order and direction of the board of trustees then in office, or of the receiver or receivers appointed for the purpose by the circuit court of the county in which such savings bank is located, be subject to the payment of the liabilities of the corporation and the expenses of winding up its affairs; and the surplus, if any then remaining, to distribution among the depositors according to their respective interests. And suits may be brought, continued or defended, the property, real or personal, of the corporation be conveyed or transferred, under the common seal or otherwise, and all lawful acts be done, in the corporate name, in like manner and with like effect, as before such dissolution or expiration; but so far only as shall be necessary or proper for collecting the debts and claims due to the corporation, converting its property and assets into money, prosecuting and protecting its rights, enforcing its liabilities, and paying over and distributing its property and assets, or the proceeds thereof, to those entitled thereto. 1916, c. 54.)

(Code

§ 38. Reports to legislature.-Every corporation subject to this act shall exhibit its books, papers and property to such agents or committees as the legislature may from time to time appoint to examine the same; and when required by the legislature shall report thereto a full, fair and detailed exhibit of its property, liabilities and conditions verified by the oath of the president, treasurer or principal bookkeeper. (Code 1916, c. 54.)

§ 39. Statutes applicable.-Savings banks incorporated under this act shall be subject to the provisions of the fifty-second, fiftythird, fifty-fourth and fifty-fifth chapters of the Code, so far as the same are applicable. (Code 1916, c. 54.)

Note. See also ch. 1, § 42, hereof.

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CHAPTER 3.

TRUST AND SURETY COMPANIES.

§ 1. Powers. Every company which may have been hitherto or which may hereafter be incorporated under the laws of this state as a trust company shall have the power and right:

(1) To buy, hold, sell and guarantee bonds, stocks, loans and evidences of indebtedness, whether of persons, or corporations, and make, execute and perfect such and so many contracts, agreements, and other instruments as may be required therefor.

(2) To engage in a general banking business, and exercise, under the laws of this state, all such incidental powers as shall be necessary to carry on the business of banking, by discounting promissory notes, negotiating drafts, bills of exchange and other evidences of indebtedness, receiving deposits and allowing interest on same under such regulations as may be prescribed by the board of directors and not inconsistent with the provisions of this act, buying and selling exchange, bank note, bullion or coin, and by loaning money on personal or other security. Such company and its stockholders shall, as to such business of banking, be subject to all the provisions of chapter fifty-four of the code, and all the laws which may have heretofore been and which may hereafter be, enacted relating to banks of issue and circulation and of discount and deposit as far as the sums are applicable, and not inconsistent with the powers hereby granted to such company. But nothing in said chapters shall limit the maximum amount of paid up capital which a trust company, doing a banking business, may desire.

(3) To receive upon deposit, for safe keeping, jewelry, plate, stocks, bonds, and valuable property of every description, upon terms as may be agreed upon.

(4) To act as trustee, assignee, receiver (general or special), guardain, executor, administrator, special commissioner, committee or curator and to take, accept and execute, trusts of every description not inconsistent with the constitution of this state or of the United States, and to receive deposits of money and 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.

(5) To act as agent for the purpose of issuing, registering or countersigning, purchasing or selling, the certificates of stocks, bonds or other obligations of any corporation, association, county school district, magisterial district or municipality, state or public authority, and to receive or manage any sinking fund thereof, on such terms as may be agreed upon.

(6) To purchase and sell or take charge of, and receive the rents, issues and profits of, any real estate for other persons, firms or corporations.

(7) For the purpose of indemnifying and saving harmless any company for making any loans, or associations, 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 proceeding at law or in equity, and for such price and upon such terms as may be obtained, or as may be agreed upon between such company and those persons making such deposit or creating such trust. (Acts 1919, c. 80.)

§ 2. Court investigation. Whenever any court shall appoint any such company trustee, receiver, executor, administrator, guardian, special commissioner, curator or committee, or to execute any trust authorized by this act, the said court may, in its discretion, upon the application of any person interested, investigate the affairs and management of the company so appointed. (Acts 1919, c. 80.)

§ 3. Oath as fiduciary.—Whenever any court or clerk thereof shall appoint any such company trustee or receiver, assignee, guardian, executor, administrator, special commissioner, curator or committee, or to execute any trust, the president, vice-president, secretary, or treasurer of such company shall, either in person before such court or clerk, or before any officer authorized to administer an oath or affirmation, take the oath or make the affirmation required by law to be made by any such fiduciary. (Acts 1919, c. 80.)

§ 4. Trust funds.-Every such company shall keep all trust funds and investments separate and apart from the assets of the company, and all investments made by the said company as fiduciary shall be so designated that the trust to which such investments shall belong shall be clearly shown; and such funds shall be held for the uses designated and shall not be liable for any other obligation of said company. (Acts 1919, c. 80.)

§ 5. Liability of capital.—Whenever any such company, having complied with the requirements of section six hereof, shall become trustee, assignee, receiver, guardian, executor, administrator, special commissioner, curator or committee, or shall be directed by the order or decree of any court to execute any trust whatever, the capital of such company shall be taken and considered as the sole security required by law for the faithful performance of its duties aforesaid, and shall be absolutely liable in case of any default whatever; provided, that where the liability under such appointment as trustee, assignee, receiver, guardian, executor, administrator, special commissioner, curator or committee, or under the execution of any trust by order or decree of any court, shall be equal to or exceed the capital and surplus of any such company, the court making such appointment, or order or decree, shall require additional security. (Acts 1919, c. 80.)

§ 6. Filing certificate with secretary of state. No company incorporated under sections one, two, three, four, five, six, seven and eight of this chapter, shall exercise any such power or right as is mentioned in the first, second, third, fourth, fifth, sixth and seventh clauses of section one of this chapter until there has been filed with the secretary of state a duly authenticated certificate showing the capital of such company to be at least one hundred thousand dollars, paid up and unimpaired, and such duly authenticated certificate shall be filed with the sercretary of state in the month of January of every year thereafter. If any company shall exercise or attempt to exercise any such power or right as is mentioned in section one hereof, or shall endeavor to take the benefit of section five hereof, without in any such case having complied with the requirements of this section as to the filing of a certificate, it shall be deemed guilty of a misdemeanor, and upon conviction thereof shall be fined not less.