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three months standing; and any such savings bank may, by its by-laws, provide that no dividends shall be declared or paid on a less sum than three dollars, or on the fractional part of a dollar. (Code 1916, c. 54.)
$ 25. Same: when dividends not declared.—If at the time provided by the by-laws for making ordinary dividends, the net profits for the six months preceding, over and above the sum to be added to the guaranty fund, do not amount to one per cent. of the deposits, no dividends of the profits shall be declared or paid. (Code 1916, c. 54.)
§ 26. Same: tri-ennial dividends. Once in every term of three years, if the net profits accumulated over and above said guaranty fund and dividends, amounts to one per cent. of the deposits which have remained in such savings bank for one year then next preceding, such net profits shall be divided among the depositors whose deposits have remained therein for one year at least then next preceding, in proportion to the amount of dividends which have been declared on their deposits during the three years then next preceding. (Code 1916, c. 54.)
$ 27. Same: how dividends declared.-- No dividend shall be declared or paid until the trustees cause an examination to be made and find that the amount thereof has actually accrued, and no dividend or interest shall be paid unless authorized by an aye and no vote of the trustees, recorded in their minutes, after such examination. (Code 1916, c. 54.)
$ 28. Examination of bank by trustees.--It shall be the duty of the trustees of every such savings bank, by a committee of not less than three of their number, in the months of January and July in each year, to thoroughly examine the books, vouchers and assets of such savings bank, and to make a statement of its assets and liabilities, and to publish the same in a newspaper of general circulation in the county in which such bank is located. at least twice within ten days from the completion of such statement; which said statement shall be verified by the oath of a majority of the trustees making such examination. (Code 1916. c. 54.)
§ 29. Examination of bank by circuit court.—The circuit court of the county in which any such savings bank is located, may, at any time, on the application under oath, of any five or more officers, trustees or deposiitors, of any such corporation, and such depositors, representing deposits aggregating at least two thousand dollars, setting forth their interests, and the reasons for making such examination, for reasons deemed sufficient by said court, appoint two or more persons to examine into the investments thereof, and its affairs and business generally. The books, papers and business of such corporation shall be open and subject to the examination of such persons, and the trustees, officers and clerks thereof or any other person may be examined on oath by such persons; and the said court may confer such other powers on the persons so appointed as they may consider necessary for the more thorough and perfect examination of the affairs and business of such corporation; the said persons so appointed shall report the result of their investigation to the said court, who, if satisfied thereby, that any trustee, officer or servant of such corporation has been guilty of any fraud or misconduct, may remove such person or persons, and make further order and take such further measures for securing the funds, and property of such corporation, as the said court may deem expedient. The costs and fees attending such proceedings shall be within the discretion of the said court, and may be adjudged either against the petitioners or the funds of such corporations as the court may determine. (Code 1916, c. 54.)
$ 30. Unlawful investments.-Any trustee, officer or agent, of any such corporation who shall authorize or make an investment in any securities not named in this act, shall be guilty of a misdemeanor, and fined not less than one hundred dollars, and imprisoned not less than one year. (Code 1916, c. 54.)
§ 31. Special meetings of trustees; notice.--Every such corporation may, at any time, hold special meetings of its trustees; and its treasurer shall also give notice of such special meetings upon the requisition in writing of the president or any three trustees. Notice of all meetings shall be given by mailing to each trustee a written or printed notice of such meeting at least a day before the meeting. (Acts 1917, c. 56.)
§ 32. Withdrawal of members or removal from state.—Any member of any such corporation may, at an annual meeting, withdraw from the corporation, if he has filed with the treasurer a written notice of his intention so to do, three months at least, before such meeting. And no person shall continue to be a member after removing from the state. (Code 1916, c. 54.)
§ 33. Publication of list of unclaimed deposits.—The board of trustees of every such corporation shall, in the month of January of each year, or at the time of publishing the first semi-annual statement of such corporation each year, cause to be published at the same time, and in the same newspaper or newspapers, a complete list of the unclaimed deposits, on which at least the sum of five dollars shall then be due, and which shall have been deposited by persons who have not within ten years then next preceding, made a deposit or received credit for a dividend or received a payment from such corporation. (Code 1916, c. 54.)
§ 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. 45.)
§ 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.)
§ 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. (Code 1916, c. 54.)
§ 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.
TRUST AND SURETY COMPANIES. § 1. Title and trust companies: powers. — Every company which may have been heretofore, or which may hereafter be, incorporated under the laws of this state, for the purpose of insuring owners of, and other persons interested in, real estate, against loss by reason of defective titles, liens and incumbrances, or 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 notes, 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 same 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.