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It was also thought wise by the Commission to leave undisturbed the laws relating to surety companies as contained in the statute entitled "An Act Relative to the Formation of Surety Companies, and Regulating Surety Companies doing business in this State" (P. L. 1895, 350).

In drawing this revision the Commissioners have had the co-operation of the Department of Banking and Insurance of this State, and are under obligation to Thomas K. Johnston, Esq., the Deputy Commissioner, who has rendered the Commission constant and valuable assist

ance.

All other existing legislation respecting banks, trust companies and safe deposit companies is recommended for repeal, and a separate repealing act is presented.

Dated March 1st, 1899.

JAMES B. DILL,

JOHN B. VREELAND,

THOMAS N. MCCARTER, Jr.,

Commissioners.

IX

TABLES SHOWING THE DERIVATION OF THE BANKING LAW AND THE TRUST COMPANY LAW.

I. THE BANKING LAW.

Unless otherwise expressed, the references in the second column below are to the General Statutes, Title "Banking," Vol. I, pp. 120 et seq.

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§§ 1 (p. 120), 8 (p. 122). P. L.
1890, p. 431. P. L. 1897,
p. 274

§ 2, p. 120.

§§ 2 (p. 120), 3 (p. 121).
Practically new. See § 3 (p.
121).

P. L. 1890, pp. 430, 431.

§§ 4 (p. 121), 10 (p. 122). See
also "An act concerning
Bailments," P. L. 1893,
p. 81.

See §§ 27, 28 of General Cor-
poration act, and P. L.
1897, p. 93.
§ 39 (p. 128).

See § 4 (p. 121), also §§ 12, 15,
17 of General Corporation
Act.

New.

New.

§ 47 (p. 130).

P. L. 1889, p. 368 (§ 1).
See also P. L. 1896, p. 332.

New.

Fixing par value of shares at $100 and limiting bank to one class of stock; new.

Subdivisions III, IV, VI and VII;

new.

Publication of certificate of authority; new.

Allowing bank to pay interest on deposits; new. Power to buy and sell promissory notes, etc.; new.

Provision requiring majority of directors to make quorum, and requiring each director to hold five un pledged shares; new.

Provision as to loans to officers;
new. Penalty for overdrafts by
officers changed.
Publication; new.

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15.

New.

16.

New.

17.

New.

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$24.

§ 51 (p. 130). P. L. 1889,

p. 368 (§ 3).

P. L. 1889, p. 368 (§ 4).

Power of Commissioner to take possession; new.

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See §§ 65, 66 of General Corporation Act.

3302), and § 260 (pp. 3338-9). Last clause, new.

New.

Repealer.

II.-THE TRUST COMPANY LAW.

Unless otherwise expressed, the references in the second column below are to the General Statutes, Title “Surety, Trust and Safe Deposit Com

panies,” Vol. III., pp. 3250 et seq.

NEW LAW.

OLD LAW.

REMARKS.

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§ 5 (p. 3250). P. L. 1890, p. Fixing par value of shares at $100

427 (§ 9).

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§ 6.

7.

8.

§ 9.

§ 15 (p. 3252).

$10.

New.

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and limiting trust company to one class of stock; new.

Proviso; new.

Publication of certificate of authority; new.

Proviso; new.

See §§ 27, 28 of General Corpora

tion Act.

Requiring majority of directors to make quorum, and requiring

each director to hold five unpledged shares; new.

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Penalty changed.

17.

New.

18.

New.

19.

New.

20.

New.

21.

§ 26 (p. 3255).

22.

27 (p. 3255).

23.

New.

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Power of commissioner to take possession; new.

See §§ 65, 66 of General Corpora-
tion Act.

See § 114 of General Corporation
Act.

Repealer.

I.

Department of Banking and Insur

ance.

LAWS OF 1891, CHAPTER 6.

Being "AN ACT TO ESTABLISH A DEPARTMENT OF BANKING AND INSURANCE."

Department of banking and insurance established.

1. There is hereby established a department of banking and insurance, charged with the execution of all laws now in force or which may be enacted hereafter, relative to insurance, banking, savings, trust, guarantee, safe deposit, indemnity, mortgage, investment and loan corporations.

Commissioner of banking and insurance. Bond. Oath.

2. The chief officer of said department, to be denominated the commissioner of banking and insurance, shall be appointed by the governor, by and with the advice and consent of the senate, and shall hold office for the term of three years, beginning on the first day of April, one thousand eight hundred and ninety-one, and until his successor shall be appointed and confirmed, unless sooner removed by the governor for cause; no person shall be appointed as such commissioner who is in any way connected with the management or control of any corporation affected by this act, and his term of office shall immediately cease if at any time he shall become so interested; before entering upon the dis

charge of his duties the said commissioner shall give bond, conditioned for the faithful discharge of his duties, in the sum of twenty-five thousand dollars, with two good and sufficient sureties, freeholders of this state, to be approved by the governor; he shall also take an oath of office before one of the justices of the supreme court in form similar to that now required of the secretary of state, which bond and oath of office shall be filed in the department of state.

Salary, clerks, etc.

3. The said commissioner shall receive an annual salary of four thousand dollars, to be paid monthly by the state treasurer, on the warrant of the comp troller; for all services performed by him he shall charge the same fees as are now fixed by law for like services in the department of state, and shall make quarterly returns to the comptroller of all fees and moneys collected by him, and pay the sum so collected into the state treasury; he shall employ from time to time such clerks, agents and employees as may be necessary for the proper discharge of his duties; their compensation shall be fixed by the governor and be paid in the same manner as that of the commissioner; provided, that the entire sum paid for salaries annually in this department shall not exceed the amount of fees collected by the commissioner and paid into the state treasury.

Deputy commissioner.

4. The said commissioner shall have authority to appoint, with the consent of the governor, a deputy, who shall have power to perform all the duties of the commissioner in case of his absence or inability to act from any cause; said deputy shall be commis. sioned by the governor, and before entering upon his duties shall execute a bond in the sum of ten

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