Trust companies (L. 1893, ch. 337), § 1.

less than ten days, by advertisement in at least one newspaper approved by the superintendent of banks published in the city where such corporation is located, as shall be prescribed in the by-laws. In case of failure to elect any director on the day named, the directors whose terms of office do not that year expire, may proceed to elect a number of directors equal to the number in the class whose term that year expires, or such number as may have failed of reelection. The persons so elected, together with the directors whose terms of office shall not that year expire, shall constitute the board of directors until another election shall be held according to law. Vacancies occurring in the intervals of election shall be filled by the board. Each director when appointed or elected shall take an oath that he will, so far as the duty devolves on him, diligently and honestly administer the affairs of such corporation and will not knowingly violate, or willingly permit to be violated, any of the provisions of law applicable to such corporation, and that he is the owner in good faith and in his own right, of the number of shares of stock required by this section, subscribed by him or standing in his name on the books of the corporation, and that the same is not hypothecated or in any way pledged as security for any loan or debt. Such oath shall be subscribed by the director making it, and certified by the officer before whom it is taken, and shall be immediately transmitted to the superintendent of banks and filed and preserved in his office. (Amended by L. 1896, ch. 452; L. 1901, ch. 510, and L. 1904, ch. 607, in effect May 6, 1904.)

§ 195b. Payment of expenses. A co-operative savings and loan association, a building and mutual loan association, a building, mutual loan and accumulating fund association, or a building and lot association, or any other similar corporation or association, incorporated under and doing business pursuant to the laws of this state, shall not make deductions from stock payments for running expenses. (Added by L. 1903, ch. 84, in effect Sept. 1, 1903.)

(2) Powers of Certain Trust Companies.

L. 1893, ch. 337, § 1 (See C. & G.'s General Laws, etc., p. 385), amended by L. 1902, ch. 360, in effect April 3, 1902, as follows:

§ 1. Each trust company organized under the banking law of this state, and having its principal place of business within a county containing less than six hundred thousand and over three hundred

Trust companies (L. 1893, ch. 337), § 1.

thousand inhabitants, as appears by the last state or federal enumeration of its inhabitants, and having a capital of five hundred thousand dollars or upwards, and each trust company organized under said law, and having its principal place of business within a county containing less than three hundred thousand and over sixtyfive thousand inhabitants, as appears by the last state or federal enumeration of its inhabitants, and having a capital of two hundred thousand dollars or upwards, and each trust company organized under said law and having its principal place of business within a county containing less than seventy-five thousand and over fifty thousand inhabitants as appears by the last state or federal enumeration and having a capital of one hundred thousand dollars, or upwards, may possess and exercise, in addition to the powers conferred upon it by the banking law of the state, the power, upon terms and conditions to be prescribed by its by-laws, to receive upon deposit for safe keeping bonds, mortgages, jewelry, plate, stocks, securities and valuable papers of any kind, and other personal property, for hire, and to let out receptacles for safe deposit of personal property, and each trust company of the class first above specified may also for hire examine titles to real estate, procure and furnish information in relation thereto, and guarantee or insure the title to real estate to persons interested in such real estate or in mortgages thereon against loss by reason of defective title or of other incumbrances upon such real estate; and any trust company herein before specified may be appointed guardian, trustee or administrator, with or without will annexed, on the application or consent of any person acting as such or entitled to such appointment and in the place and stead of such person; or such trust company may be joined with any person so acting or entitled to such appointment; but such appointments shall be made upon such notice, as is required by law, to the persons interested in the estate or fund and on the consent of such of the principal legatees or other persons interested in the estate or fund as the court, surrogate or judge making the appointment shall deem proper. No appointment hereunder shall be deemed to increase the number of persons entitled to full compensation beyond the number so entitled under the terms of the will or deed creating a trust or appointing a guardian or authorized by law. Whenever a person is joined with such trust company in any appointment as guardian, trustee or administrator, with or without the will annexed, his appointment may be under such limitation of powers and upon such terms and conditions as to deposit of assets by such per

Board of examiners; licenses, etc. (L. 1903, ch. 632), §§ 1, 2.

son with such trust company or otherwise, and upon such reduced bond or security to be given by him as the court, surrogate or judge making the appointment shall prescribe. (Amended by L. 1898, ch. 73; L. 1901, ch. 443, and L. 1902, ch. 360, in effect April 3, 1902.)

(3)

Lost Certificate of Deposit.

L. 1899, ch. 451. (C. & G. Gen. Laws, p. 387.)

Validity of act as to certificates of deposit issued before its passage.— The provisions of the above act authorizing a person claiming to be the owner of a certificate of deposit which is alleged to have been lost or destroyed, to maintain a proceeding to enforce payment thereof, is not a statute of limitations. So far as the statute relates to certificates of deposits issued before its passage, it is unconstitutional. Matter of Cook, 86 App. Div. 586, 83 N. Y. Supp. 1009.

BARBERING.

L. 1903, ch. 632. An act to regulate the practice of barbering in the state of New York; to establish a state board of barber examiners, and to provide for the sanitary inspection of barber shops. [In effect August 15, 1903.]

§ 1. Appointment of board. Within thirty days after the passage of this act the governor shall appoint a board of barber examiners for the state of New York. The board shall consist of four members, two of whom shall be master barbers and two of whom shall be journeymen barbers, and each of whom shall serve for a term of five years from the date when his appointment shall take effect, except that those first appointed shall serve as follows: One for one year, one for two years, one for three years, and one for four years, from the date when his appointment shall take effect respectively, and except in the case of an appointment to fill a vacancy. No person shall be eligible to appointment as a member of said board unless he shall have been continuously for five years last past engaged in the occupation of a barber within this state.

§ 2. Name of board.- Said board so appointed, and its successors, shall be known by the name "board of barber examiners of the state of New York." Every person so appointed to serve on said board shall receive a certificate of his appointment from the governor of the state of New York, and within ten days after

Board of examiners; licenses, etc. (L. 1903, ch. 632), §§ 3-5.

receiving such certificate, shall take, subscribe and file, in the office of the secretary of state, the constitutional oath of office.

§ 3. Compensation. Each member of such board shall receive as compensation the sum of five dollars for each day necessarily and actually engaged in the performance of his duty as a member of said board and three cents for each mile necessarily and actually travelled by him in attending the meetings of said board, which sum or sums shall be paid out of any moneys in the hands of the treasurer of said board.

§ 4. Meeting; seal; officers. The first meeting of said board shall be held within thirty days after their appointment as aforesaid, at a time and place to be fixed by a majority thereof, who shall give suitable notice thereof to all the members of said board. At such meeting the board may adopt a common seal, and shall elect from among its members a president, a secretary and a treasurer. The treasurer shall receive all fees paid for licenses or certificates, and shall keep a record thereof and of all disbursements of said board, in a book to be kept for that purpose. The treasurer shall not pay out or disburse any of the moneys so received by him except upon the order of the board. Before entering upon the performance of his duties the treasurer shall file with the state comptroller a bond with sufficient sureties to the people of the state of New York, in the penal sum of ten thousand dollars, to be approved by the state comptroller, conditioned that he will well and truly pay over all moneys received by him according to law and in compliance with the provisions of this act, and that he will otherwise faithfully discharge the duties of his office.

§ 5. Sub-boards of examiners. The board of examiners shall have the power to appoint sub-boards of examiners, in such cities and villages of this state, as they in their judgment shall deem necessary. Said sub-boards shall each consist of one master barber and one journeyman barber, and shall possess the same qualifications, receive the same compensation, and have the same power as the said board of examiners of the state of New York, while conducting the examinations hereinafter provided for. Said sub-boards shall be subject at all times to the jurisdiction and control of the "board of barber examiners of the state of New

Board of examiners; licenses, etc. (L. 1903, ch. 632), § 6-8.

York," and shall serve during the pleasure of said state board. The sub-boards shall report the result of their examinations, without delay, to the state board of examiners, and the latter shall issue certificates of qualification to the persons who have qualified in said examinations.

§ 6. Qualifications to practice; examinations.- No person shall hereafter practice the occupation of a barber in this state, unless such person shall have first received a certificate of qualification from the board of examiners provided for in section one of this act. For the purpose of examining applicants for certificates of qualification as barbers the said board of examiners shall appoint the times and places for holding examinations. Such appointment shall be made with due regard to the convenience of the applicants and the public service. Said state board of examiners shall prescribe the mode and manner of conducting such examinations and shall appoint two of its members, one of whom shall be a master barber and the other a journeyman barber to conduct such examinations, or said board may designate a sub-board to conduct such examinations. Said board of examiners is authorized to incur all expenses necessary to carry out, in a prompt and efficient manner, the provisions of this act, and to pay the same out of any moneys in the hands of the treasurer of said board, except, however, said board of examiners shall not incur any expense or obligation for which the state of New York shall be liable.

§ 7. Fees; list of certificate holders. Each person on filing his application for examination shall pay to the treasurer of the said board of examiners the sum of five dollars, which sum shall be returned in case said applicant shall fail to pass said examination. Such payment shall constitute a part of the fund to pay the compensation and expenses of said board. The board shall keep a list of the names and places of business of all persons to whom certificates of qualification are granted under the provisions of this act, in a book provided for that purpose, with the names arranged in alphabetical order, and said book shall be at all times open to public inspection.

§ 8. Barbers practicing at time of act.- Every person now engaged in the business of a barber in this state, shall, within three months after the passage of this act, file an affidavit with