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OPINIONS OF THE ATTORNEY GENERAL

INDEX.

(The references in arabic numerals are to consecutive opinions, those in roman numerals are

to pages..)
A.

ABSTRACT DEPARTMENT:

Trust companies may own and operate.

ANNUAL MEETING:

Stockholders must be present or represented by proxy at.

ARTICLES OF INCORPORATION:

Authority to subscribe, as "trustee" required...

Executor of estate may not subscribe, in his representative capacity ASSESSMENT:

Directors' notes not permissible in lieu of assessment. not limited to one hundred per cent on stockholders.

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B.

BANK:

absorbing another cannot continue to hold certain unauthorized investments

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Branches:

may not be maintained in an unincorporated village by bank
incorporated in another unincorporated village.
permitted in certain instances.

cannot extend its credit to individual or bank.

cannot legally sell steamship tickets..

Commercial (strictly), must amend articles to transact savings busi

ness

condition of, Commissioner may require information tending to show
Foreign, not permitted to engage in business in this state.
may loan to Building and Loan Associations..

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may not legally close on days other than prescribed by law.
may open on legal holidays with certain restrictions.
not to pledge assets in lieu of bond to secure county funds.
corporations to invest in or possess only on certain conditions..
may be cancelled and new certificates issued.
Taxation of

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house, Stock in building company cannot be carried as, under Sec. 11 54
Law, General, not affected by act to make uniform law of transfer
of stock

BOARD OF DIRECTORS:

cannot fill vacancy on board through failure of stockholders to elect cannot increase or decrease their number.

must have fully paid for ten shares of stock at organization.
Report of examining committee of, to be made matter of proper record

BONDS:

Certain municipal public utility, not legal savings investments.
Joint trusteeship in certain issues of, permissible...

Officers and directors, must be commensurate with size of bank..

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stock may not be carried as banking house under Sec. 11.....

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C.

Opinion.

Page.

CAPITAL:

construed

Increase of, not required of banks by extension of corporate limits..
Stock:

impairment, Discretionary authority vested in commissioner in
of banks may be cancelled and new certificates issued.
requirements affected by extension of corporate limits.

CERTIFICATES:

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(strictly) must amend articles to transact savings business... COMMISSIONER:

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authority re: Consolidations...

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may require information tending to show bank's condition. Discretionary authority vested in, in capital stock impairment. CONDITION OF BANK:

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Commissioner may require information tending to show.. CORPORATE LIMITS:

extension of:

Requirements in connection with increase of capital stock of
banks affected by.

Increase of capital not required of banks by.

CORPORATION:

Banking, must incorporate under general banking law.
Constituent, entitled to twenty per cent loan limit.

municipal, Loans to, limited to twenty per cent of capital and surplus stock not trust company investment...

to invest in or possess bank stock only on certain conditions.

COUNTY FUNDS:

State bank not to pledge assets in lieu of bond to secure. CREDIT:

Banks cannot extend their, to an individual or bank.. CREDITOR:

Banks are preferred, of building and loan associations.

DEPOSIT BOXES:

D.

Bank's liability when rented to two individuals...
DEPOSITS:

Building and loan associations may not advertise for.
Trust companies may receive, and issue certificates therefor.
DIRECTORS:

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cannot fill vacancy on board through failure of stockholders to elect examination--proper record to be made of report..

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Executor cannot be member of board of, in that representative capacity
must have fully paid for ten shares of stock at organization.
notes in lieu of assessment not permissible...

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cannot be director of state bank in that representative capacity. may not subscribe for stock in bank in his representative capacity.. 28 EXTENSION: of corporate limits:

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affects requirements in connection with increase of capital by
banks
does not require increase of capital by banks.

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county, State banks not to pledge assets in lieu of bond to secure.. Private Banks not depositories for public..

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legal, State banks may open on with certain restrictions. State banks may not legally close other than those prescribed.

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not evidences of indebtedness as contemplated by banking law. not legal investments for State Banks.

LEASES:

Purchase price of, may be carried as banking house.

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Municipal corporation, limited to twenty per cent of capital and surplus

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M.

MAKER :

signer on face of note considered as such unless otherwise designated MORTGAGE : Real estate:

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corporations:

Loans to, limited to twenty per cent of capital and surplus..
public utility bonds, certain, not legal savings investments..
N.

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Signer on face of, considered maker unless otherwise designated..
Director's, in lieu of assessment not permissible.
Renewals with proper signatures to be procured.

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State banks not to pledge assets in lieu of bond to secure county

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