The Laws of the State of New York Relating to Banks, Banking, Trust Companies, Loan, Mortgage and Safe Deposit Corporations: Together with the Acts Affecting Moneyed Corporations Generally ... Also the National Bank Act as Amended, and Cognate United States Statutes : Annotated

Willis Seaver Paine

Matthew Bender, 1910 - 811 pages

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Title Page

Table of Contents

Index

ARTICLE XIV	3

Registry of bills or notes	7

First and Second Banks of the United States	8

Restraining Act of 1804	14

Bank charters prior to 1825	20

Dividends	23

Statute regulations of 1827	26

Office of bank commissioners	34

Financial statement to stockholders	403

Liabilities of officers directors and stockholders of foreign cor porations	404

Laws repealed	405

GENERAL CORPORATION	406

ARTICLE I	408

Classification of corporations 410 2	410

Qualifications of incorporators	412

Mode of conducting special election of directors	428

Office of superintendent of the banking department	41

ARTICLE II	53

Savings banks benevolent not charitable	62

Surplus moneys	72

Trust companies	79

Building associations	86

Short title	89

The banking department superintendent	93

Examiners	99

Publication of report of examiners	102

Impairment of capital	103

Causes for dissolution	104

Proceedings against and liquidation of delinquent corporations and individual bankers	105

Examination by order of court	112

Reports	113

Penalties for failure to report	117

Books papers and affairs to be examined	118

Publication of reports	119

Annual report of superintendent	120

Reports presumptive evidence	121

Calculation of profits	127

Losses in excess of profits	128

Publication of unclaimed dividends and deposits	129

Change of location	131

Approval and certificate of superintendent upon incorporation	132

Permission and certificate of superintendent in case of foreign corporations	133

Appointment of receiver	134

Merger	135

Submission of merger agreement to stockholders	136

Rights of dissenting stockholders	137

Effect of merger	138

Rights of creditors and others having relations with merged corporations	139

Meetings of directors or trustees and reports thereto	140

Banks designated as depositaries of court funds to give bonds and pay interest	142

ARTICLE 3	144

102	145

Previous notice of intention to be given	146

When superintendent shall file certificate	147

Amended certificate of incorporation	148

Certificate of change	178

Destruction of bank notes	185

Banks closing business	192

When bills of exchange to be without grace	201

Bills payable otherwise than in money prohibited	207

Use of sign indicating bank by unauthorized persons prohibited	208

Petition service of	209

Contents of notice	210

Application for final order	211

Bond discharged bank released	212

ARTICLE 4	213

Notice of intention to organize	214

Examination by superintendent	215

When persons named in certificate become a corporation powers	216

Must begin business within one year	220

Bylaws	223

Vacancies	224

Dividends compensation and loans to trustees prohibited	225

Repayment of deposits regulations limitation	229

Deposits of minors and trust deposits and deposits in the names of more than one person	236

Wife witness against husband claimants may be interpleaded	240

In what securities deposits may be invested	242

Limitation as to real property	258

Available fund for current expenses how loaned	260

Temporary deposits	268

Mortgaged property to be insured	269

Rate of interest extra dividends	271

Per centum of surplus how determined	275

No other report or inspection required	276

Expenses to be paid	277

Advertisements of unauthorized savings banks prohibited 278 2	278

PAGE	280

Charters to be conformed to this chapter 281 Tam 162 Savings bank voluntarily closed	281

When dissolution effected	282

Deposit of unclaimed moneys	283

ARTICLE 5	284

Previous notice of intention to be given	285

When superintendent shall file certificate 286	286

Capital must be paid cash	287

Additional powers of certain trust companies	291

Additional powers dependent on location	292

No security required trust fund debts preferred	293

Official oath not required 295 W 192 Deposits of minors and trust deposits	295

Interest and accumulations 296 84	296

Directors	297

Liability of stockholders and directors	299

ARTICLE 6	302

Incorporators	303

Incorporation 304 Mi	304

Capital and shares	305

Dues fines entrance fees advance payments 306 虐 216 Withdrawal of free shares	307

Dues when to cease	308

Security for loans	311

Arrearages forfeitures withdrawal values	314

Association may borrow to pay withdrawals	315

Profits and losses ascertained annually	316

Transfer of shares	317

Annual reports to banking department	318

Visitation by superintendent of banks	319

Annual statement to stockholders	320

Reincorporation	321

194	322

Investment of deposits and income	323

Construction of term cooperative savings and loan associa tion	324

When association may be dissolved	325

Petition for dissolution	326

Hearing and order for dissolution appointment of trustee	327

Limitation and construction of article ARTICLE 7	328

Incorporation	329

Borrowing money	330

Dividends	331

Incorporation	332

Incorporation	338

197	348

ARTICLE I	354

Voluntary sale of franchise and property	364

201	366

7	368

Issue and transfers of stock	383

Transfers of stock by stockholder indebted to corporation	384

Subscription to stock	385

Time of payment of subscriptions to stock 386 婴 55 Consideration for issue of stock and bonds 387 I	386

Liabilities of stockholders 388 E 57 Liabilities of stockholders to laborers servants or employees	389

Nonliability in certain cases 390 NEON BACK KNM 59 Limitation of stockholders liability	390

Partly paid stock	391

Increase or reduction of capital stock	392

Notice of meeting to increase or reduce capital stock	393

Change in par value of shares	395

Officers	398

Application to court to order issue of new in place of lost	400

certificate of stock	401

Order of court upon such application	402

Approval of certificates of extension or revival when required	434

Petition by corporation to change name	437

JUDICIAL SUPERVISION OF CORPORATION AND OF THE OFFICERS AND MEMBERS	444

Officers and stockholders may be made parties in action brought	446

ACTION TO ANNUL A CORPORATION	452

Allowance rejection and adjustment of claims by receiver	458

Petition for voluntary dissolution of corporation	462

Directors or trustees may be required to petition	463

Affidavit to be annexed to petition	464

Action by court upon petition for dissolution	465

Application for appointment of receiver	466

Decision	467

Permanent receiver 467 f 192 Appointment of director trustee or other officer or stockholder 盲 as receiver	468

Dissolution of stock corporation before beginning business	469

Reports	472

Receivers title to property	474

Authority of single receiver	475

Power of receiver to institute proceedings to recover assets	476

Power of receiver in the settlement of controversies	478

Power of receiver to employ counsel	479

Power of receiver to hold real property	480

Duty of receiver to keep accounts	481

Duty of receivers to give notice to creditors	482

Duty of receiver to call creditors meeting	483

Retention of funds for subsisting contracts and pending suits	484

Failure to file claim before first dividend	485

Disposition of moneys retained by receiver for suits	486

Notice of final accounting	487

PROVISIONS APPLICABLE TO TWO OR MORE OF THE FOREGOING PROCEED	490

When to take effect	498

203	500

The Tax Law in so far as it directly relates to Corporations formed under or subject to the Banking	505

Exemption from taxation	507

Banks to make report	508

Individual banker how assessed	511

Notice of assessment to bank or banking association	512

ing associations	513

Franchise tax on trust companies	514

Tax upon foreign bankers	515

Reports of corporations	516

Payment of tax and penalty for failure	518

Exemption from other state taxation	519

CREATION OF CORPORATIONS 1894Extract from the Constitution of the State of New York Article VIII	522

Corporations how created	523

Charters for savings banks and banking purposes	525

Specie payments	526

Officer or agent of banking corporation making guaranty	528

206	542

Short title	543

Definitions and meaning of terms	544

FORM AND INTERPRETATION SECTION 20 Form of negotiable instrument	546

When promise is unconditional	547

Additional provisions not affecting negotiability	548

When payable on demand	549

Terms when sufficient	550

Incomplete instrument not delivered	551

Liability of person signing in trade or assumed name	552

Forged signature effect of	553

ARTICLE III	554

Liability of accommodation party	555

62	556

Indorsement must be of entire instrument	557

Qualified indorsement	558

Indorsement in representative capacity	559

2	560

When title defective	561

Who deemed holder in due course	562

Liability of maker	563

When person deemed indorser 564	564

Liability of general indorser	565

ARTICLE VII	566

What constitutes a sufficient presentment	567

Presentment to persons liable as partners	568

honored	569

ARTICLE VIII	570

Notice given by agent	571

Inland and foreign bills of exchange	578

Acceptance how made etc	579

Acceptance of incomplete bill	580

When presentment for acceptance must be made	581

On what days presentment may be made	582

In what cases protest necessary	583

Protest both for nonacceptance and nonpayment	584

When bill may be accepted for honor	585

Certification of check effect	588

Amendments	600

Revised Statutes of the United States	612

Increase of capital stock	628

Reduction of capital stock	629

Right of shareholders to vote	630

Requisite qualifications of directors	631

Proceedings when no election was held on the proper day	632

Executors trustees etc not personally liable	636

Duties and liabilities when designated as depositaries of pub lic moneys	637

Organization of State banks as national banking associations	638

State banks having branches	640

What associations are governed by chapters 2 3 and 4	641

CHAPTER III	654

Penalty for failure to make reports	674

DISSOLUTION AND RECEIVERSHIP PAGE	680

Voluntary dissolution of associations	681

bonds	684

Sale of bonds at auction	685

Appointment of receivers 686	686

419	690

Notice to present claims 691	691

Dividends 692 2	692

Injunction upon receivership	693

Fees and expenses	694

Appointment of occasional examiners	696

Limit of visitorial powers	697

Transfers when void	698

Use of the title national	701

Internal Revenue CHAPTER VIII	702

banks	705

The National Bank Act the title	709

Limit to circulation of gold banks removed	715

Abating semiannual duty of insolvent banks	721

National banking associations authorized to extend corporate	722

Receiver to certify to Comptroller of equity of bank in property	730

National banks deemed citizens of State in which located	734

As to Hawaii	744

420	761

497	762

422	771

343	774

Stock books of foreign corporations	780

2	782

281	784

595	802

Common terms and phrases

action agent amended amount application appointed assets asso attorney-general authorized bank or banker bank or individual bank or trust banking association banking department Banking Law bills by-laws capital stock centum certificate of deposit certificate of incorporation chapter circulating notes corporation or individual creditors deemed deposit depositors discount dividends duties election examination filed Former section funds held holder individual banker insolvent institution interest investment issued January legislature liability loan located ment moneyed corporation mortgage N. Y. Supp national bank notice opinion organization certificate organized paid par value payable payment Penal Law person place of business poration powers prescribed president proceedings promissory notes provisions purpose real estate real property receiver savings bank securities statute Stock Corporation Law stockholders superintendent of banks surplus thereafter thereof thereto thousand dollars tion transaction transfer trust company trustees vote York

Popular passages

Page 632 - Shareholders (Sec. 5151). —The shareholders of every national banking association shall be held individually responsible, equally and ratably, and not one for another, for all contracts, debts, and engagements of such association to the extent of the amount of their stock therein, at the par value thereof, in addition to the amount invested in such shares...‎

Appears in 722 books from 1832-2008

Page 523 - Corporations may be formed under general laws; but shall not be created by special act, except for municipal purposes, and in cases where in the judgment of the Legislature, the objects of the corporation cannot be attained under general laws. All general laws and special acts passed pursuant to this section, may be altered from time to time or repealed.‎

Appears in 676 books from 1826-2007

Page 149 - To exercise by its board of directors or duly authorized officers or agents, subject to law, all such incidental powers as shall be necessary to carry on the business of banking; by discounting and negotiating promissory notes, drafts, bills of exchange, and other evidences of debt; by receiving deposits; by buying and selling exchange, coin, and bullion; by loaning money on personal security; and by obtaining, issuing, and circulating notes according to the provisions of this title.‎

Appears in 390 books from 1844-2006

Page 636 - Persons holding stock as executors, administrators, guardians or trustees, shall not be personally subject to any liabilities as stockholders, but the estates and funds In their hands shall be liable In like manner and to the same extent as the testator, Intestate, ward, or person interested In such trust funds would be, If living and competent to act and hold the stock In his own name.‎

Appears in 412 books from 1777-1992

Page 562 - Every holder is deemed prima facie to be a holder in due course ; but when it is shown that the title of any person who has negotiated the instrument was defective, the burden is on the holder to prove that he or some person under whom he claims acquired the title as holder in due course.‎

Appears in 357 books from 1858-1999

Page 617 - Seventh. To exercise by its board of directors, or duly authorized officers or agents, subject to law, all such incidental powers as shall be necessary to carry on the business of banking; by discounting and negotiating promissory notes, drafts, bills of exchange, and other evidences of debt...‎

Appears in 461 books from 1863-2005

Page 676 - Nothing herein shall prevent all the shares in any association from being included in the valuation of the personal property of the owner or holder of such shares, in assessing taxes imposed by authority of the State within which the association is located...‎

Appears in 273 books from 1835-1999

Page 584 - A bill must be protested at the place where it is dishonored, except that when a bill drawn payable at the place of business, or residence of some person other than the drawee, has been dishonored by non-acceptance, it must be protested for non-payment at the place where it is expressed to be payable, and no further presentment for payment to, or demand on, the drawee is necessary.‎

Appears in 235 books from 1867-2005

Page 659 - The taking, receiving, reserving or charging a rate of interest greater than is allowed by the preceding section, when knowingly done, shall be deemed a forfeiture of the entire interest which the note, bill or other evidence of debt carries •with it, or which has been agreed to be paid thereon.‎

Appears in 358 books from 1863-2005

Page 552 - Where the instrument contains or a person adds to his signature words indicating that he signs for or on behalf of a principal, or in a representative capacity, he is not liable on the instrument if he was duly authorized ; but the mere addition of words describing him as an agent, or as filling a representative character, without disclosing his principal, does not exempt him from personal liability.‎

Appears in 290 books from 1879-2005

Bibliographic information

QR code for The Laws of the State of New York Relating to Banks, Banking, Trust Companies, Loan, Mortgage and Safe Deposit Corporations

Title	The Laws of the State of New York Relating to Banks, Banking, Trust Companies, Loan, Mortgage and Safe Deposit Corporations: Together with the Acts Affecting Moneyed Corporations Generally ... Also the National Bank Act as Amended, and Cognate United States Statutes : Annotated
Author	Willis Seaver Paine
Edition	6
Publisher	Matthew Bender, 1910
Original from	Harvard University
Digitized	12 Dec 2007
Length	811 pages

Export Citation	BiBTeX EndNote RefMan

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