regular

examina

no charge shall be made except for necessary traveling and other Results of actual expenses. The result of any such examination shall be certified by the examiners, or one of them, upon the records of the corpotion to be ration examined, and the results of all the regular examinations durin annual ing the previous year shall be embodied in the annual report of the the legisla- Superintendent required by this act to be submitted to the Legisla

embodied

report to

ture.

Duty of

the super

ture.

§ 44. Whenever it shall appear to the said Superintendent, from intendent any examination made by him, or from the report of any examinawhen such tion made to him, or from the report made by any such corporation

corpora

tion violates law

or con

ducts its business in an unsafe

manner. Amended

1878, ch. 372, post, and 1879,

ch 422.

attorneygeneral

shall institute proceedings.

pursuant to the requirements of sections thirty-six, thirty-seven and thirty-eight of this act, that any such corporation has committed any violation of its charter or of law, or is conducting its business and affairs in an unsafe or unauthorized manner, he shall, by an order under his hand and seal, direct the discontinuance of such illegal and unsafe or unauthorized practices, and strict conformity with the requirements of the law, and with safety and security in its transactions; and whenever any such corporation shall refuse or neglect to When the make any such report as is herein before required, or to comply with any such order as aforesaid, or, whenever it shall appear to the Superintendent, that it is unsafe or inexpedient for any such corporation to continue to transact business, he shall communicate the facts to the Attorney-General, who shall thereupon institute such proceedings as the nature of the case may require. The proceedings instituted by ings by the the Attorney-General may be for the removal of one or more of the trustees, or for the transfer of the corporate powers to other persons, or the consolidation and merger of the corporation with any other savings corporation that may be willing to accept of the trust, or for such other or further relief or correction as the particular facts communicated to him shall seem to require. And the court before whom such proceedings shall be instituted shall have power to grant such orders, and, in its discretion, from time to time, to modify or revoke the same, as the evidence in the case and the situation of the parties, and the interests involved shall seem to require.

Proceed

attorney

general.

Committee of trustees

an exam

ination

256, post.

§ 45. It shall be the duty of the trustees of every savings bank, shall make by a committee of not less than three of such trustees, on or about the first day of January in each year, to thoroughly examine the books, each year; vouchers and assets of such savings bank, and its affairs generally, 1877, ch. and the statement or schedule of assets reported to the SuperintendStatement ent of the Banking Department, for the first of January in each year, shall be based upon such examination, and shall be verified by to the the oath of a majority of the trustees making such examination; but nothing herein contained shall be construed as prohibiting the trustees of any savings bank from requiring such examinations at such upon such other times as they shall prescribe.

of assets reported

superintendent to be based

examina

The super

may employ clerks

tion, etc. § 46. The Superintendent of the Banking Department is hereby intendent authorized from time to time to employ so many clerks and examiners as may be necessary to discharge, in a proper manner, the duties and exam- imposed upon him by this act; and the salary of the said clerks and examiners shall be paid to them monthly out of the treasury of the clerks and State, upon the certificate of the Superintendent and the warrant of and their the Comptroller, and it shall be the duty of the said Superintend

iners.

Names of

examiners

tion to be

ent, in his annual report to the Legislature, to state the names of the compensa clerks and examiners so employed, and the compensation allowed to stated in them severally.

annual report.

by contri

§ 47. For the purpose of defraying the expenses incurred in the Expenses performance by the Superintendent of the general duties, including incurred the regular examinations, imposed upon him by this act, each savings defrayed corporation shall pay five dollars, and the residue of such expenses butions. shall be paid by savings corporations, whose deposits exceed one hundred thousand dollars, in proportion to the amount of assets severally held and reported by them, and the sums so contributed shall be paid into the treasury of the State. If any such savings corpora- How tion shall, after due notice, refuse or neglect for thirty days to pay may be its allotted share of such charges, the said Superintendent may enforced. maintain an action in his name of office against such corporation for the recovery of such charges.

payment

corpora

deposits.

13 Hun, 269,

§ 48. All the assets of any bank or banking association now or Insolvent hereafter organized, that shall become insolvent, shall, after provid- banks ing for the payment of its circulating notes if it shall have any, be savings applied by the directors, assignee, or receiver thereof, in the first tion place to the payment in full of any sum or sums of money depos- 10 lun, 148; ited therewith by any savings corporation, but not to an amount 69 N. Y. 358, exceeding that authorized to be so deposited by the provisions of 18 Hun, 221. section twenty-seven of this act; and the foregoing provisions of this Also appli section shall also extend and apply to trust companies receiving de- trust to posits of saving corporations as authorized by this act, subject, how- companies ever, to any preference in payment declared and provided in the charters of such trust companies, respectively.

for certain

receive

trustees

49. It shall not be lawful for any bank, banking association or Unlawful individual banker, to advertise or put forth a sign as a savings bank, banks to or in any way to solicit or receive deposits as a savings bank; and solicit or any bank, banking association or individual banker, which shall deposits as offend against these provisions, shall forfeit and pay for every such banks. offense the sum of one hundred dollars for every day such offense Penalty. shall be continued, to be sued for and recovered in the name of the people of this State, by the district attorneys of the several counties, in any court having cognizance thereof, for the use of the poor chargeable to said county in which such offense shall be committed. § 50. It shall be lawful for the board of trustees of any savings Number of corporation, by a resolution to be incorporated in their by-laws, may be a copy of which shall also be filed with the Superintendent of the reduced to Banking Department, to reduce the number of trustees named in the Copy of original charter of such corporation, to a number not less than the resolution minimum named in this act, such reduction to be effected gradually the same by the occurrence of vacancies by death, resignation or forfeiture, with the until the number is reduced to thirteen or to such greater number as tendent. shall be designated in the aforesaid resolution; or the number of Number of trustees may be increased to any number designated in a resolution may be for that purpose, where reasons therefor are shown to the satisfac- increased tion of the Superintendent, and his consent in writing obtained sent of thereto.

thirteen.

reducing

to be filled

superin

trustees

with con

superintendent.

§ 51. Whenever a majority of all the trustees of any such corpo- Change of ration shall, by a resolution to be entered upon their minutes, name.

Proceed

ings.

express a desire and purpose to change the name of such corporation, the same may be effected in the manner following, to wit: Notice of intention to apply to the Superintendent of the Banking Department for leave to change the name of such corporation, specifying the name thereof, and the name to which it is proposed to change the same, shall be published as required in section five of this act. After such publication application may be made to the Superintendent to change the name of such corporation to such name as has been agreed upon in such resolution, and published in such notice, evidence of which resolution and publication must be made satisfactory to the Superintendent, together with such application. If it shall appear to the Superintendent that it is expedient and proper that such change of name be made, he shall, by an order under his hand and seal of office, direct and authorize such change of corporate name to be made, and designate some day in the future, not to exceed thirty days from the date of such order, when the Order au- said change shall take effect. Such order shall be executed in triplicate, one copy shall be transmitted and filed in the office of the county clerk of the county in which such corporation is located; one copy shall be transmitted to the corporation affected thereby, and one copy shall be filed in the office of the Superintendent of the Banking Department. Thereupon from the date designated in such order for such change of name to take effect, such corporation shall be known and described by the name designated in such order, and by such name shall have all the rights and powers to which it would be entitled if such change had not been made; but no such change shall in any manner lessen or impair any liability liability of of such corporation incurred or existing at the time such change of name shall be made.

thorizing

change of

name, where to be filed.

Such

change not to affect

such cor

poration.

Provision

to con

ings cor

invest

$52. The powers, privileges, duties and restrictions, conferred form char- and imposed upon any savings corporation, by whatever name known, ters of sav- by its charter or act of incorporation, are hereby abridged, enlarged porations or modified, as each particular case may require, in such manner to this act. that each and every such charter or act of incorporation shall be made to conform to the provisions of this act, and to such amendments as may be made thereto; and each and every such savings corporation shall possess the powers, rights and privileges, and be subject to the duties and restrictions and liabilities conferred and imposed by this act, any thing in their respective charters or acts of incorporation Legality of to the contrary notwithstanding. But nothing in this act shall be construed to affect the legality of investments heretofore made, or of transactions heretofore had, pursuant to any provisions of law tofore had in force when such investments were made, or transactions had, to law, not nor to require the change of investments for those named in this fected by act, except as the same can be done gradually by the sale or redemption of the securities so invested in, in such manner as to prevent loss or embarrassment in the business of such corporation, or unnecessary loss or injury to the borrowers on such securities. And the investment hereafter in any securities not named in this act, or the amendments that may be made thereto, shall be deemed a deemed a misdemeanor, on part of the trustees authorizing, or officers making the same; and such trustees or officers shall be subject to the prosecutions and punishments prescribed by law for that offense.

ments or transactions here

pursuant

to be af

this act.

Invest

ments hereafter contrary to this act

misde

meanor.

§ 53. All certificates or other evidences of deposit, made in pur- Evidences suance of the regulations and usages of any such corporation, shall of deposit. be as binding upon such corporation as though made under its com

mon seal.

not to im

ment, etc.

54. The misnomer of any such corporation in any deed, grant, Misnomer contract, conveyance or other instrument, shall not vitiate or impair pair any the same, if the corporation be sufficiently described therein to instruascertain the intention of the parties. 855. This act is hereby declared to be a public act and shall be Act deconstrued favorably for every beneficial purpose therein contained. § 56. The following acts and parts of acts are hereby repealed, to

clared a public act

Acts re

pealed.

4, p. 111.

wit: Sections three, four, six, chapter two hundred and sixty-two of Ante, vol. the laws of eighteen hundred and thirty-five, entitled "An act relative to unclaimed dividends and deposits.'

Chapter three hundred and forty-seven of the laws of eighteen Id., hundred and thirty-nine, entitled "An act in relation to savings banks."

Chapter four hundred and seventy-eight of the laws of eigh 1a. teen hundred and forty-seven, entitled " An act in relation to deposits by banks of savings.

p. 194.

Chapter four hundred and thirty-seven of the laws of eigh- Id., p. 165. teen hundred and forty-nine, entitled "An act to amend an act relative to unclaimed bank dividends and deposits, passed May nine, eighteen hundred and thirty-five, and for other purposes, so far as its provisions may apply to savings corporations.

Chapter ninety-one of the laws of eighteen hundred and fifty, Id., p. 195. entitled "An act for the protection of savings banks and institutions receiving deposits from married women," so far as the same relates to savings banks.

Chapter two hundred and fifty-seven of the laws of eighteen hundred and fifty-three, entitled "An act relative to savings banks, or institutions for saving, in the city and county of New York, and the county of Kings."

Chapter four hundred and ninety-two of the laws of eighteen hundred and fifty-three, entitled "An act to amend an act entitled 'An act relative to savings banks, or institutions for savings, in the city and county of New York and county of Kings,' passed April fifteen, eighteen hundred and fifty-three."

Chapter seventy-two of the laws of eighteen hundred and fifty- Id. four, entitled "An act to authorize savings banks, or institutions for savings, to deposit surplus funds in trust companies."

Chapter three hundred and thirty-six of the laws of eighteen Id. hundred and fifty-five, entitled "An act to regulate the distribution of the assets of savings banks, or institutions for savings, by receivers thereof."

Chapter one hundred and thirty-six of the laws of eighteen hun. Id., p. 196. dred and fifty-seven, entitled " An act in relation to savings banks." Chapter one hundred and thirty-two of the laws of eighteen hun- Id., p. 187. dred and fifty-eight, entitled "An act to restrain banks, banking institutions and individual bankers from assuming the title of savings banks, or receiving deposits as such."

Chapter one hundred and thirty-six of the laws of eighteen hun

dred and fifty-eight, entitled "An act in relation to savings banks in the city of Buffalo, and to amend an act entitled 'An act relative to savings banks, or institutions for savings, in the city and county of New York and the county of Kings,' passed April fifteenth, eighteen hundred and fifty-three."

Chapter three hundred and fifteen of the laws of eighteen hundred and sixty-three, entitled "An act to amend the act in relation to savings banks."

Chapter one hundred and thirteen of the laws of eighteen hundred and sixty-four, entitled "An act to authorize savings banks and savings institutions of this State to make loans to counties on their bonds."

Chapter two hundred and fourteen of the laws of eighteen hundred and sixty-five, entitled "An act, relating to deposits by savings banks."

Section seven, chapter seven hundred and sixty-one, of the laws of eighteen hundred and sixty-six, entitled "An act authorizing the taxation of stockholders of banks, and the surplus funds of savings banks."

Chapter thirty-two of the laws of eighteen hundred and sixtyseven, entitled "An act to amend chapter one hundred and thirtysix, laws of eighteen hundred and fifty-seven, and chapter two hundred and fifty-seven, laws of eighteen hundred and fifty-three, in relation to savings banks."

Chapter eight hundred and sixty-one of the laws of eighteen hundred and sixty-seven, entitled "An act to amend chapter seven hundred and sixty-one of the laws of eighteen hundred and sixty-six, in relation to the taxation of the surplus funds of savings banks." Chapter eight hundred and forty-five of the laws of eighteen hundred and sixty-eight, entitled "An act relative to savings banks." · Chapter two hundred and thirteen of the laws of eighteen hundred and sixty-nine, entitled "An act to regulate and restrict the organization of savings banks or institutions for savings."

So much of section four as relates to savings banks, chapter nine hundred and seven of the laws of eighteen hundred and sixty-nine, entitled "An act to amend an act entitled 'An act to authorize the formation of railroad corporations, and to regulate the same,' passed April second, eighteen hundred and fifty, so as to permit municipal corporations to aid the construction of railroads."""

Chapter six hundred and sixty of the laws of eighteen hundred and seventy-one, entitled "An act to facilitate mortgage loans on lands authorized to be sold forming a portion of Prospect park, in the city of Brooklyn."

Chapter six hundred and ninety-three of the laws of eighteen hundred and seventy-one, entitled "An act to amend 'An act in relation to savings banks,' passed March twentieth, eighteen hundred and fifty-seven, and to confer additional powers upon the Superintendent of the Banking Department, in relation to savings banks in the State." Chapter nine hundred and seven of the laws of eighteen hundred and seventy-one, entitled "An act relative to savings banks," or any other acts, or parts of acts, relating to savings banks or institutions for savings.

$57. This act shall take effect immediately.

Vol. 7, p. 782.