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the bonds filed by such company for the same as in other cases. In all proceedings in the probate court or elsewhere, connected with any authority exercised under this act, all accounts, returns, and other papers may be signed and sworn to in behalf of such company by any officer thereof duly authorized by it; and the answers and examinations, under oath, of such officer, shall be received as the answers and examinations of the company, and the court may order and compel any and all officers of such company to answer and attend said examination in the same manner as if they were parties to the proceedings or inquiry, instead of such company; provided, however, that such company shall not be required to receive or hold any property or moneys, or to execute any trust contrary to its own desire.
Money held in trust to be invested in trust funds of company. In the management of money and property held by it as trustee, under the powers conferred in the foregoing section, said companies shall invest the same in the general trust fund of the company; provided, that it shall be competent for the authority making the appointment to direct, upon the conferring of the same, whether such money and property shall be held separately or invested in the general trust fund of the company;
provided, also, that said company shall always be bound to follow and be entirely governed by all directions contained in any will or instrument under which it may act.
Money held in trust not mingled with other funds, or be liable for debts of company. No money, property, or securities received or held by such company under the provisions of this act establishing a trust department, shall be mingled with the investments of the capital stock or other moneys or property belonging to said company, or be liable for debts or obligations thereof.
Liability of stockholders. The stockholders of such company shall be held individually liable for all contracts, debts and engagements of such company, to the extent of the amount of their stock therein at the par value thereof, in addition to the amount invested in such shares.
Trustees to notify auditor of state of organization of company, and make statement-Auditor of state may appoint expert to examine affairs of such companies. The trustees of all companies organized under this act shall, within six months after the incorporation of such company, notify the auditor of state of the date of the organization thereof, and shall within ten days after the annual meeting thereof in each year make, under oath, a complete statement of the condition of said company, in which they shall specify the different kinds of its liabilities, and the different kinds of its assets, stating the amount of each kind, which statement shall be filed with the auditor of state and published in his annual report, and said auditor of state shall have the right and the power at any time, through an expert appointed by him, to make a full examination of the affairs and condition of every such company.
The trustees shall also cause said statement to be published in a newspaper of general circulation in the county in which the principal office of such company shall be located.
Dividends, and how paid. The trustees shall have power by their by-laws, as often as they may deem proper, to make and declare dividends of the profits of said company after paying its expenses and reserving and setting aside the reserve as herein before required, and such other amount as they deem advisable wherewith to meet any contingency in its business. The dividends authorized herein shall be payable to the shareholders within twenty days from and after the time the same are so declared. No company organized under this act shall commence business until all of its authorized capital shall have been paid up in cash.
Increase of capital stock. Any safe-deposit and trust company may increase its capital stock as provided in sections thirty-two hundred and sixty-two and thirty-two hundred and sixty-three of the Revised Statutes, and in case of such increase, either by preferred or common stock, the stockholders of such company at the time of such increase shall each be entitled to a pro rata share of such increase of stock upon payment of the par value thereof; such right to such pro rata share of such increased stock shall, however, be forfeited by such stockholder who shall fail to pay the amount required of him for such pro rata share of the increased stock within thirty days after the time fixed by the trustees for such payment, by public notice in a newspaper published in the county in which the principal place of business of such company is located, and written or printed notice mailed to him.
Assignment and transfer of stock. The stockholders of such company shall have power to provide and determine, as they may see fit, the conditions upon which the shares of stock of said company shall be assignable and transferable according to such rules and regulations and upon such conditions as the stockholders shall for that purpose make and establish, and not otherwise. 79 0. L. IOI.
$ 3821c. Safe deposit and trust company may act as exe
cutor, administrator, assignee, guardian, etc.Trust operations limited to county in which
located-Limitation of powersCompanies organized under the acts to which this is supplementary, and engaged in the business of safe deposit and trust companies, in addition to the powers already possessed, shall have the power to take, accept and execute all such trusts of every description as may be committed to such company by any person or persons, or any corporation by grant, assignment, devise or bequest, or which may be committed or transferred to, or vested in, said company, whether the same be to act as executor, administrator, assignee, guardian, receiver or trustee, or in any other trust capacity, by order of any court of record or probate court, in the county in which such company is located, and its principal business is transacted, or of any court of record or probate court of any other state, or of the United States, to receive and take any real estate which may be the subject of any such trust, and to act as agent under any power. Provided any such appointment as guardian shall apply to the estate only, and not to the person. 91 0. L. 255.
$ 3821d. Liability–Additional security-Required paid
up capital-Deposit with treasurer of stateThe capital of such companies shall, with all their property and effects, be absolutely liable in case of any default whatever in any of the trust positions aforesaid and shall, together with the statutory liability of the stockholders, be taken, and considered as the only security required by law, and such companies shall not be required to give in any trust capacity any other bond, security, oath or undertaking. The probate judge may, at any time he deems proper, require additional security in any amount he may think necessary. Provided, however, that no such company whose principal place of business is in a city of the first class or in a city of the first grade of the second class or in a city not of the second grade of the second class which by the last preceding federal census had a population of thirty-three thousand or more, shall accept any trusts which may be vested in, transferred or committed to it by any individual or by any court of record, as provided in section 38210, until the capital stock of said company shall amount to two hundred thousand dollars, fully paid up, and until such company shall have deposited with the treasurer of the state one hundred thousand dollars in cash, or in securities in which said company is by law allowed to invest its capital; and provided that no such company whose principal place of business is in a city of the second class, which city by the last preceding federal census had a population of less than thirty-three thousand shall accept any trusts which may be vested in, transferred or committed to it by any individual or by any court of record, as provided in section 38210, until the capital stock of said company shall amount to fifty thousand dollars, fully paid up, and until such company shall have deposited with the treasurer of state twenty-five thousand dollars in cash, or in securities in which said company is by law allowed to invest its capital; provided, the full amount of such deposit so to be made by any such company may be made in bonds of the United States or State of Ohio; the treasurer of state shall hold such fund or securities deposited with him as security for the faithful performance of all the trusts assumed by said company, but so long as any such company shall continue solvent, said treasurer shall permit it to collect the interest of or dividends on its securities so deposited, and from time to time to withdraw such securities or cash, or any part thereof, on depositing with him cash, or other securities of the kind heretofore named, so as to maintain the value of said deposit as hereinbefore provided. 94 O. L. 132.
$ 3821e. Examination of company-
Any judge of the court in which any such company is acting in such trust capacity, may, if he deem it necessary, or upon the written application of any party interested in the estate which such company holds in any trust capacity, at any time, appoint a suitable person or persons, who shall investigate the affairs and management of such company concerning said trust, and make sworn report to such court of such investigation; the expense of such investigation shall be defrayed by the party asking such examination; and any such court may, at any time, examine any officer or officers of such company, under oath or affirmation as to the company's trust matters in such court, or as it to its finances and management while considering its appointment in any such capacity; and such court may, for any cause applicable to natural persons in the same capacity, order that said company shall forthwith settle its trust in said court. 88 0. L. 407.
$ 3821f. Provisions applicable to probate courts in certain
countiesThe provisions of sections 38210, 3821d, and 3821e, relating to the power of the probate judge to appoint any such company to act as executor, administrator, assignee, guardian, receiver, or trustee, shall apply to probate courts in all counties containing a city of the first class, and to all probate courts in counties containing a city of the second class, containing by the last preceding federal census a population of less than 33,000. 94 0. L. 132.
$ 3821g. Loans on or investments in stocks,
Any safe deposit and trust company organized under the acts to which this is supplementary, and engaged (exclusively) in the business of a safe deposit and trust company, may loan or invest any moneys or properties received in trust by such company, together with the capital of such company, in the following securities, in addition to those now authorized by law, i. e., in the stock or [of] gas light and coke companies, gas companies, gas and electric light companies, or stocks of street railway companies which have paid regular dividends on their stock for five years next preceding such loan or investment, and are located in the county in which such safe deposit and trust company is located, or in which it has its principal office; provided, however, that no investment of any moneys or properties held in trust by any such company, or investment of any part of the capital of any such safe deposit and trust company, shall be made in the stock of any such gas light and coke company, gas company, gas and electric light company, or street railway company, unless authorized by the board of directors of such safe deposit and trust company by resolution entered upon its minutes; and provided further, that not more than ten per centum of the capital of any such safe deposit and