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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), guardian, 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 stock, 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 accommodations, 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 proceedings 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. (Code 1916, c. 54C.)
Note.—For other laws applicable to trust companies, see ch. 1, § 42; ch. 4, § 6 hereof.
$. 2. Same: examination by court.-That 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. (Code 1916, c. 54C.)
§ 3. Same: as fiducaries.—That 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, vicepresident, 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. (Code 1916, c. 54C.)
8 4. Same: separation and safeguard of 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 obligations of said company. (Code 1916, c. 54C.)
§ 5. Same: liability of capital.—That 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. (Code 1916, c. 54C.)
$ 6. Same: amount of capital; annual certificate.—No company shall be entitled to any of the provisions of this act, 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 secretary 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 than five hundred dollars, and in any such case, whether or not there be a prosecution for such misdemeanor, the auditor, upon being satisfied of the facts, shall publish by, at least two insertions in a paper of general circulation, in the county in which there was such attempt, an advertisement of the fact that such company is not entitled to exercise the powers and rights mentioned in section one, or entitled to the benefit of the provisions of section five, as the case may be. (Code 1916, c. 54C.)
8 7. Same: who may be surety.—That no company which may be engaged in the banking business, by receiving money on deposit subject to check, or which may act as trustee or fiduciary, shall be accepted as surety on any bond or undertaking required in any of the courts of this state, or shall become surety or guarantor for any individual, firm or corporation, for the faithful
scharge of duty in any position, or for the performance of any contract, except as provided in section one of this act. (Code 1916, c. 540.)
$ 8. Same: examination by banking commissioner.-All companies operating under this act shall be subject to an examination by the commissioner of banking, as provided for by the laws of the State of West Virginia. (Code 1916, c. 54C.)
§ 9. Surety and guaranty 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, or for the purpose of guaranteeing the fidelity of any person holding a position of public or private trust, or for guaranteeing the performance of any contract, or for insurance of any kind, other than upon the life of any person, or against loss by fire, shall have the power and right:
1. To make insurance of every kind pertaining to, or connected with, titles to real estate, and notwithstanding the provisions of section three of chapter fifty-two of the code of this State, as amended by section one of chapter thirty-five of the acts of nineteen hundred and one, or any other provisions of such code, to buy, 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 make insurance for the fidelity of persons holding positions of responsibility and trust.
3. To become sole surety in any case where by law one or more sureties may be required for the faithful performance of any trust, office, duty, action or engagement.
4. To take by purchase or otherwise, and receive and hold any and all such pieces of real property as may have been, or may hereafter be, the subject of any insurance made by such company under the powers conferred by its certificate of incorporation, and the same to grant, bargain, sell and convey, and dispose of in any such manner as it may deem proper.
5. To act as surety for the faithful performance of any contract entered into with any person, firm or municipality, or other corporation, or with any state or government or public authority, by any person or persons, corporation or corporations.
6. To become sole surety for the faithful performance of the duties of any national, state, county or municipal officer, or employee, and to execute such bonds or recognizances as may be required by law in such cases.
7. To become surety upon any writ of error, supersedeas or appeal, or in any proceedings instituted in any court of this State or of the United States held within this state, in which security may be required.
8. To become surety for the faithful performance of the duties of any clerk, officer or employee of any corporation, firm or individual.
9. To issue policies of insurance against loss from any cause, other than by the death of any person or by fire.
10. For the purpose of indemnifying and saving harmless any company executing any bond or policy under the provisions of this act, 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, or loss under, such bond or policy for which such property has been received as indemnity, or as collateral security, without proceedings at law or in equity, and for such price and upon such terms as may be agreed upon between such company and those persons making such deposits or creating such trusts.
11. To become surety for the payment of all damages that may be assessed and directed to be paid for lands or property taken in the building of any railway, or for the purpose of any railway, or for the opening of streets or roads, or for any purpose whatever where land or other property is authorized by law to be taken.
12. To stipulate, provide for and take indemnity from persons, firms or corporations for whom such company shall so become surety, and enforce any bond, contract, agreement, pledge, or other security, made or given for that purpose. (Code 1916, c. 54C.)
§ 10. Same: investigation by court; new bond.—That whenever any company, wherever incorporated, is offered as surety to any court, or the clerk thereof, or to any board upon which is devolved by law the duty of approving such bond, the said court, or board, may, at its discretion, upon the application of any person interested, appoint a suitable person to investigate the affairs and management of the company so offered, who shall report to such court or board the manner in which the investments of such company are made and the security offered to