Page:United States Statutes at Large Volume 26.djvu/681

 FIFTY-FIRST CONGRESS. Sess. I. Ch. 1246. 1890. 627 necessary, to take possession of any such company for the reasons and in the manner and to the same extent as are provided in the laws of the United States with respect to national banks. Sec. 7. That all companies organized under this act are hereby de- Cvrporm powers. clared to be corporations possessed of the powers and functions of ` copporations generally, and shall have power, irst. To make contracts. Second. To sue and be sued, implead and be impleaded, in any court as fully as natural persons. Third. To make and use a common seal and alter the same at pleasure. Fourth. To loan money. — Fifth. When organized under subdivision one of the first section Trustcompmiies. of this act to accept and execute trusts of any and every description which may be committed or transferred to them, and to accept the office and perform the duties of receiver, assignee, executor, administrator, guardian of the estates of minors, with the consent of the guardian of the person of such minor, and committee of the estates of lunatics and i 'ots whenever anty trusteeship or any such office or appointment is committed or trans erred to them, with their consent, by any person, body politic or corporate, or by any court in the District of Columbia, and all such companies organized under the first subdivision of section one of this act are further authorized to accept deposits of mone for the purposes designated herein upon such terms as may be agreed, upon from time to time with depositors, and to act as agent for the purpose of issuing or countersigning the bonds or obligations of any corporation, association, municipality, or State, or other public authority, and to receive and manage any sinking fund on any such terms as may be agreed upon, and shall have power to issue its debenture bon s upon deeds of trust or mortgages Ma.yissuebo¤ao,o¤o;, of real estate to a sum not exceeding the face value of said deeds of trust or mortgages, and which sha not exceed fifty per centum of ` the fair cash value of the real estate covered by said eeds or mortgages, to be ascertained by the Comptroller of the Currency. But Securities to be deno debenture bonds shall e issued until the securities on which the ’°““°" ‘”"“‘ "'““‘°°“~- same are based have been placed in the actual possession of the trustee named in the debenture bonds, who shall hold said securities until all of said bonds are paid; and when organized under the sec- Real estate title ma ond subdivision of the first section of this act said company is ““’““°° °°’”¥’°”“‘* authorized to insure titles to real estate and to transact generally the business mentioned in said subdivision; and when organized under seem-my and gum-. the third subdivision of section one of this act said company is °¤*Y °¤¤¤¤¤¤i¤¤· hereby authorized, in addition to the loan and mortgage business therein mentioned, to `secure, guaranty, and insure in iv1duals, bodies politic, associations, and corporations against loss by or througah trustees, agents, servants, or employees, and to guaranty the fait · ful performance of contracts and of obligations of whatever kind entered into by or on the part of any person or persons, association, corporation or corporations, and against loss of every kind: Provided, Proviso. That any corporation formed un er the provisions of this act when Lmomeyeszniszeeo, acting as trustee shall be liable to account for the amounts actually earned b the moneys held by it in trust in addition to the principal so held; but such corporation may be allowed a reasonable compen- Compensation. sation for services erformed in the care of the trust estate. . Sec. 8. That in alll cases in which application shall be made to any Appointment by eourt in the District of Columbia, or wherever it becomes necessary °°“””**’°¤°°°· °°°· or proper for said court to appoint a trustee, receiver, administrator, uardxan of the estate of a minor, or committee of the estate of a hunatic, it shall and may be lawful for said court (but without prejudice to any preference in the order of any such appointments required by existing law) to appoint any such company organized under the first subdivision of section one of this act, with its assent, such trustee,