or individual banker purporting to be received in payment of debts due to it, shall be deemed and taken to be promissory notes for the payment on demand of the sum or value expressed in such instrument, and such sum shall be recoverable by the holder or bearer of such instrument, in like manner as if the same were a promissory note. R. S., 1579, L. 1882, ch. 409, § 310. $92. Use of sign indicating bank by unauthorized persons prohibited. No person engaged in the business of banking in this state, not subject to the supervision of the superintendent and not required to report to him by the provisions of this chapter, shall make use of any office sign at the place where such business is transacted, having thereon any artificial or corporate name, or other words indicating that such place or office is the place or office of a bank; nor shall such person or persons make use of or circulate any letter-heads, bill-heads, blank notes, blank receipts, certificates, circulars, or any written or printed or partly written and partly printed paper whatever, having thereon any artificial or corporate name, or other word or words, indicating that such business is the business of a bank. Every person violating this provision shall forfeit the sum of one thousand dollars. But this section shall not apply to any person or persons engaged in the business of banking prior to October 1, 1892. R. S., 1579, L. 1882, ch. 409, § 311. L. 1885, ch. 329, 101. Notice of intention to organize. 102. Filing of certificate by superintendent. 103. Examination by superintendent. 104. Certificate of authorization. 105. When persons named in certificate become a corporation 106. Must begin business within one year. 107. Trustees and their powers. 108. By-laws. 109. Meeting of trustees; quorum. 110. Vacancies. 111. Security may be required and salaries fixed. 112. Dividends, compensation and loans to trustees prohibited. SECTION 114. Deposits of minors, and trust deposits. 115. Wife witness against husband; claimants may be interpleaded. 116. In what securities deposits may be invested. 117. Limitation as to real property. 118. Available fund for current expenses; Low loaned. 119. Temporary deposits. 120. Personal security prohibited; loans on bond and mortgage. 121. Mortgaged property to be insured. 122. Restrictions on methods of doing business 123. Rate of interest; extra dividends. 124. Per cent of surplus, how determined. 125. Compensation of officers. 126. No other report or inspection required. 127. Proceedings against delinquent corporations. 128. Examination of vouchers and assets by trustees. 129. Expenses to be paid. 130. Debts due savings banks from insolvent banks preferred. 133. Savings bank voluntarily closed. 134. When dissolution effected. 135. Deposit of unclaimed moneys. 100. Incorporation.-Thirteen or more persons, two-thirds of whom shall be residents of the county where the proposed bank, shall be located, may become a savings bank by executing under their hands and seals and acknowledging a certificate in duplicate, one of which shall be filed in the office of the clerk of such county, and the other in the office of the superintendent of banks within sixty days after its acknowledgment, which shall set forth : 1. The name by which the corporation shall be known. 2. The place where its business is to be transacted, designating the particular city, village or town, and, if in a city, the ward therein. 3. The name, residence, and, if in a city, the street and number, occupation and post-office address, of each member of the corpo ration. 4. A declaration that each member of the corporation will accept the responsibilities and faithfully discharge the duties of a trustee in such corporation when authorized according to the provisions of law. R. S., 1563, L. 1882, ch. 409, § 236. Id., 1564, L. 1882, ch. 409, §§ 237, 238. § 101. Notice of intention to organize.-A notice of intention to organize such savings bank shall be published at least once a week for four weeks previous to filing such certificate in at least one newspaper of the largest circulation published in the city, village or town where such savings bank is proposed to be located, or, if there is no newspaper published therein, then some newspaper published in the county; if none in the county, in an adjoining county; which notice shall specify the names of the proposed corporators, the name of the proposed savings bank, and the location of the same as set forth in the certificate; and if there is any savings bank organized and doing business in such county, a copy of such notice shall also be sent to every such savings bank so organized and doing business, at least fifteen days before the filing of such certificate. R. S., 1564, L. 1882, ch. 409, § 239. 102. Filing of certificate by superintendent. If such certificate shall not be in form and substance as required by this article and not duly and properly acknowledged, or not accompanied by evidence satisfactory to the superintendent of the publication and service in good faith according to the intent and purpose of this article of the notice required by the preceding section, the superintendent shall refuse to file such certificate until it shall be amended in conformity to the provisions of this article. If such certificate is in due form and duly executed according to the provisions of this article and is accompanied by evidence satisfactory to the superintendent of the proper publication and service in good faith of such notice, he shall forthwith indorse the same over his official signature "filed for examination," with the date of such indorsement. R. S., 1564, L. 1882, ch. 409, §§ 240, 241. $103. Examination by superintendent. The superintendent shall thereupon ascertain from the best sources of information at his command: 1. Whether greater convenience of access to a savings bank will be afforded to any considerable number of depositors by opening a savings bank in the place designated in the certificate. 2. Whether the density of the population in the neighborhood designated for such savings bank, and in the surrounding country, affords a reasonable promise of adequate support to the enterprise. 3. Whether the responsibility, character and general fitness for the discharge of the duties appertaining to such a trust of the persons named in the certificate, are such as to command the confidence of the community in which such savings bank is proposed to be lo cated. R. S., 1864, L. 1882, ch. 409, § 242. § 104. Certificate of authorization.-If the superintendent. shall be satisfied from his own knowledge or from information gained concerning the several matters specified in the last section, that the organization of the savings bank as proposed in such certificate will be a public benefit, he shall, within sixty days after the same has been filed by him for examination, issue under his hand and official seal the certificate of authorization required by this chap ter to the persons named in such certificate, or to a portion of them, together with such other persons as a majority of those named in such certificate shall in writing approve, which shall authorize the persons named therein to open an office for the deposit of savings as designated in the certificate, subject to the provisions of this chapter. No person shall be named in such certificate of authorization, who shall not have made and duly acknowledged the declaration prescribed in subdivision four of section one hundred of this chapter. The superintendent shall transmit such certificate of authorization to the county clerk of the county in which the savings bank is to be located, who shall file the same and attach it to the certificate of incorporation previously filed by him and record both certificates in the book of record of incorporations; and the superintendent shall also file a duplicate of such certificate in his own office. If the superintendent shall not be satisfied that the establishment of a savings bank as proposed in any certificate filed by him is expedient and desirable, he shall, within sixty days after the filing thereof, give notice to the county clerk of the county in which such savings bank is proposed to be located, that he refuses to issue a certificate of authorization for such savings bank, which notice shall forthwith be filed by the county clerk with the certificate of incor poration of such savings bank. R. S., 1565, L. 1882, ch. 400, SS 243, 244, 245. § 105. When persons named in certificate become a corporation; powers.-Upon the filing of any certificate of authoriza tion of a savings bank as herein before provided, the persons named therein, and their successors, shall thereupon become and be a corporation, and be vested with all the powers and charged with all the liabilities conferred and imposed by law upon savings banks; and in addition to the powers conferred by the general corporation law, every such corporation shall have power to receive on deposit any sum of money that may be offered for that purpose by any person, or by any corporation or society, and to invest the same, and to de clare, credit and pay dividends thereon, and further, to transact the business of a savings bank as hereinafter provided and not otherwise. No such corporation shall receive deposits until it shall have transmitted to the superintendent of banks the name, residence and postoffice address of each of the officers of such savings bank. R. S., 1563, L. 1882, ch. 409, § 235. Id., 1565, L. 1882, ch. 409, 246, 247. Id., 1557, L. 1882, ch. 409, § 256. §106. Must begin business within one year. Every such corporation which shall not organize and commence business within one year after the certificate of authorization has been filed, shall forfeit its rights and privileges as a corporation under this chapter. The superintendent of banks may, for satisfactory cause to him shown, by an order under his hand and official seal, extend the term within which such organization may be effected and such business commenced, for not more than one year. Such order shall be transmitted to the county clerk of the county in which such saving bank is to be located, who shall file the same, together with its certificate of incorporation and certificate of authorization. R. S., 1565, L. 1882, ch. 409, § 248. $107. Trustees and their powers. There shall be a board of not less than thirteen trustees of every such corporation, who shall have the entire management and control of all its affairs, and who shall elect from their number, or otherwise, a president and two vice-presidents, and such other officers as they may deem fit. The persons named in the certificate of authorization shall be the first trustees. A vacancy in the beard shall be filled by the board, as soon as practicable, at a regular meeting after the vacancy occurs. From and after the passage of this act, no person who is not a resident of this state or against whom a judgment for any sum of money shall have been recovered or shall hereafter be recovered and remain unsatisfied of record, or unsecured upon appeal, for a period of more than three months, or who hereafter takes the benefit of any law of bankruptcy or insolvency, or who makes a general assignment for the benefit of creditors, shall be a trustee of any savings bank, and the office of any such trustee is hereby vacated. It shall be lawful for the board of trustees of every such corporation by a resolution to be incorporated in their by-laws, a copy of which shall also be filed with the superintendent of banks, to reduce the number of trustees named in the original charter of such corporation to a number not less than the minimum named in this act. Such reduction to be effected gradually by the occurrence of vacancies by death, resignation, or forfeiture, until the number is reduced to thirteen, or to such greater number as shall be designated in the aforesaid resolution; or the number of trustees may be increased to any number designated in a resolution for that purpose, where reasons therefor are shown to the satisfaction of the superintendent and his consent in writing is obtained thereto. It shall not be lawful for a majority of the board of trustees of any savings bank to belong to the board of directors of any one bank or national banking association. Where a majority of the board of trustees of any savings bank now are members of the board of directors of any one bank or national banking association, the offices of such trustees of any savings bank shall, from and after the expiration of ninety days from the time of the taking effect of this act, be and become vacant; and they shall, at the expiration of such ninety days, cease to be such trustees, and the vacancies so to occur in any board of trustees of any savings bank shall before the expiration of such ninety days, be filled in accordance with the provisions of the general law relating to savings banks in such wise that a majority of trustees of such savings bank shall not be members of the board of directors or trustees of any one bank or national banking association; and whenever hereafter any trustee of a savings bank shall by becoming a director of a bank or national banking association, cause a majority of the trustees of such savings bank to be directors of any one bank or national banking association, his term of office as trustee of the savings bank shall thereupon end. Any savings bank knowingly violating this provision shall forfeit all its rights, privileges and franchises. Such violation shall be determined in the same manner as a violation of subdivision six of section twenty-five of article one of the banking law. Added by ch. 929 of 1895. Am'd by ch. 453 of 1896. Took effect May 9, 1896. |