Page images

the county, to be designated by the auditor; and the auditor shall allow the exaininers a reasonable compensation for their services, and such compensation, with the cost of publication, shall be paid by the society. 74 v. 26, $ 3.

$ 3817. Annual reports of certain corporations to same

Every banking institution, or corporation engaged in the business of banking, organized under the laws of this state, shall make a report to the auditor of state, as provided in the next section, showing the condition thereof before the commencement of business on the first Monday of the months of April and October of each year; but institutions known as building or loan associations, organized and conducted under the statutes for such institutions, and not doing a banking business, shall not be required to make such reports. 74 v. 72, $ 1.

§ 3818. Auditor to require same-Penalty

The auditor of state shall issue his requisition upon each of such institutions, for the reports required to be made by the preceding section, a convenient number of days prior to the first day of April and October of each year, upon receipt of which it shall immediately forward to the auditor a balanced report of its condition, verified by the oath or affirmation of one or more of its officers, and shall also publish such report in full, at its own expense, in a newspaper published at the place where the institution is located, or, if there is no newspaper published at that place, then in the one nearest thereto; if any such institution neglect to comply with these provisions it shall be subject to a penalty of thirty dollars for each day's delay after the expiration of five days from the time any such report is required to be made, which penalty may be collected by a suit to be brought by the auditor of state, or by any creditor of the association, before any court of competent jurisdiction in the district wherein such institution is located; and all sums of money collected for penalties under this section shall be paid into the treasury of the state. 74 V. 72, § 2.

$ 3819. Form of report of stock companies

All savings associations, banks, trust companies, savings banks, and other banking institutions having capital stock, shall make such report of their resources and liabilities in the following form:


Report of the condition of The --- at

in the State of the commencement of business on the first Monday of

, 19DR.


[merged small][merged small][merged small][merged small][ocr errors][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small]

$ 3820. Form of report of other corporations

All savings associations, savings banks, and other banking institutions having no capital stock, shall make such report of their resources and liabilities in the following form:


Report of the condition of "The

in the State of the commencement of business on.the first Monday of DR

[blocks in formation]


County of
Sworn to and subscribed before me, this



of “ The "do solemnly swear that the above statement is true, to the best of my knowledge and belief.

day of


And such associations and banks shall also furnish with their reports a statement showing the number of open accounts, and the rate per centum of dividends and of interest on deposits for the past year. 74 v. 72, $ 4.

$ 3821. Reports to be compiled and published

The October reports shall be compiled by the auditor of state, and transmitted to the general assembly with his annual report. 74 v. 72, $ 5.

$3821a. Powers of safe deposit companies

Safe deposit and trust companies shall have power to provide by lease or purchase a proper and secure fire proof building or buildings, and fire and burglar proof vaults or safes, and to receive on deposit for safe keeping therein, government securities, stocks, bonds, coins, jewelry, plate, valuable books, papers and documents, and other property of every kind, and to collect and disburse the interest or income upon such said property received on deposit as produces interest or income, and to collect and disburse the principal of such of said property as produces interest or income when it becomes due, upon terms to be prescribed by such company so receiving such property.

Said companies shall also have power to act as agent or trustee for the purpose of registering, countersigning, or transferring the certificate of stock, bonds, or other evidences of indebtedness of any corporation, association, municipality, state or public authority, upon such terms as may be agreed upon.

Courts may order moneys paid into courts to be deposited with such companies. Any court in this state, including probate courts, may by order, decree, or otherwise, direct any moneys or properties under its control, or that may be paid into court by parties to any action or legal proceedings, or which may be brought into court by reason of any order, judgment, or decree, in equity or otherwise, to be deposited with such safe deposit and trust company, as may be by such court designated, upon such terms, and subject to such instructions as may be deemed expedient; provided, however, that such company shall not be required to assume or execute any trust without its own consent; such companies shall also have power to receive and hold moneys, or property in trust, or on deposit from executors, administrators, assignees, guardians, trustees, corporations, or individuals upon such terms and conditions as may be obtained or agreed upon between the parties.

How moneys received in trust by such companies to be loaned. All moneys or properties received in trust by such coinpanies, unless by the terms of the trust some other mode of investment is prescribed, together with the capital of such company, shall be loaned on or invested only in the authorized loans of the United States, or of the State of Ohio, or cities, counties, or towns of this state, or the stocks or bonds of any state in the Union that has for five years previous to such investment being made, regularly paid the interest on its legal bonded debt in lawful money of the United States, or cities, counties, or towns of such states, which shall have so paid the interest on the legal bonded debt of such cities, counties, or towns, or stocks of national banks organized within this state, or the first mortgage bonds of any railroad company within the state above named, which has earned and paid regular dividends on its stock for five years next preceding such loan, or investment, or first mortgages on real estate in this state or of individuals with a sufficient pledge of any of the aforesaid securities, or may be loaned to this state, or to any county, city, or town therein.

No loan shall ever be made directly or indirectly to any officer, employe or trustee of such company, and not more than ten per centum of its capital shall be invested in any one security or loan except in the provisions of a building and vaults.

Real estate acquired by such company by foreclosure of mortgage, etc., to be sold. All real estate not needed by such companies for the transaction of its [their] business, which may be acquired by foreclosure of mortgage or by levy of execution, shall be offered for sale, and if practicable be sold within two years after the same shall be so acquired. 79 0. L. 101.

Such companies have power to receive and hold money and property in trust, and can act as trustees under a mortgage in a case germane to the purposes of their incorporation. Cin. Hotel Co. v. Central Trust and Safe Dep. Co., 25 B. 375. See 8s 0. L. 407.

§ 3821b. Account of moneys, etc., received in trust shall

be kept separateAll money or property held in trust shall constitute a deposit in the trust department, and the accounts thereof shall be kept separate, and such funds and the investment or loans of them shall be especially appropriated to the security and payment of all such deposits, and not be subject to any other liabilities of the company, and for the purpose of securing the observance of this proviso, such companies shall have a trust department, in which all business pertaining to such trust property shall be kept separate and distinct from its general business.

Said companies must maintain a reserve equal to fifteen per cent of deposits. Such company shall at all times have on hand in lawful money of the United States as a reserve, an amount equal to fifteen per centum of all deposits, payable on demand or within ten days; and when said reserve shall be below such per centum of such deposits, said company shall not make new loans, nor make any dividends of its profits until the required proportion between the aggregate amount of its deposits and its reserve shall be restored; provided, that clearing-house certificates representing specie or lawful money specially deposited in the vault of such safe deposit company, or the United States sub-treasury, for the purpose of any clearing-house association of which said company may be a member, may be recorded as a part, not exceeding onethird of said reserve; provided, further, that one other third of said fifteen per centum shall consist of bonds of the United States or this state, the absolute property of said company, and the remaining third of said fifteen per centum in lawful money of the United States.

Such company may be appointed trustee under willCapital stock security for faithful discharge of duties. Any such company may be appointed trustee under any will or instrument creating a trust for the care and management of property, under the same circumstances, in the same manner, and subject to the same control by the court having jurisdiction of the same, as in the case of a legally qualified person. The capital stock of said company, with the liabilities of the stockholders existing thereunder, shall be held as security for the faithful discharge of the duties undertaken by virtue of this act, and surety shall be required upon

« PreviousContinue »