Page:United States Statutes at Large Volume 31.djvu/1357

 FIFTY-SIXTH CONGRESS. Sess. II. Ch. 854. 1901. 1305 of section seven hundred and fifteen of this subchapter are further authorized to accept deposits of money for the purposes designated herein, upon such terms as may be a reed upon from time to time with depositors, and to act as agent gor 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 bonds upon deeds of trust or mortgages o real estate to a sum not exceeding the face value of said deeds of trust or mortgages, and which shall not exceed fifty per centum of the fair cash va ue of the real estate covered by said eeds or mortga es, to be ascertained by the Comptroller of the Currency; but no iebenture bonds shall be 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 or anized Title insurance, under the second subdivision of section seven hundred and fiaeen of §?$é§t$kj§€c1l1p°°‘e°; this subchapter said company is authorized to insure titles to real estate and to transact generally the business mentioned in said subdivision; and when organized under the third subdivision of section · sevenxhundred and fifteen of this subchapter said company is hereby authorized, in addition to the loan and mortgage business therein mentioned, to secure, guarantee, and insure indivi uals, bodies politic, e,§¤¤&)¤W·sv¤{¤¤w§. associations, and corporations against loss by or through trustees, em`&.r,Ji?°m°S’ pm" agents, servants, or employees, and to guarantee the faithful performance of contracts and obligations of w atever kind entered into by or on the part of any person or ersons, association, corporation, or corporations, and against loss of) every kind: Provided, That any corpo- {,°g°rg;gét,OnS ming rations formed under the provisions of this subchapter when acting as as trustee accounttrustee shall be liable to accountifor. the amounts actually earnedz b §`,§’,{§’1;‘{,,§,{'{,'f,‘,§"§,‘Q."`§,{'§,Fg the moneys held by it in trust in addition to the principal so held}; f“¤dS·€*°· but such corporation may be allowed a reasonable compensation for services performed in the care of the trust estate. Sec. 722. MAY an Arromrnn rnusrna, Exnorrron, AND so rontrn.-—— c0§I§>¤;;“gggsgvwi9¤ In all cases in which application shall be made to any court in the Dis- ecutidr. ém. ee' °“" trict of Columbia, or wherever it becomes necessary or proper for said court to appoint a trustee, receiver, administrator, collector, guardian, of the estate of a minor, or committee of the estate of a lunatic, 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 aw) to appoint any such com any organized under the first subdivision of section seven hundred andpfifteen of this subchapter, with its assent, such trustee, receiver, administrator, collector, committee, or guardian, with the consent of the guardian of the erson of such minor: Pro- Pmejovzded, however, That no court or judge wlho is an owner of or in any E;*§;g¤¤¤¤¢i¤1lYi¤- manner financially interested in the stock or businaiis of such corpora- ` tion shall commit by order or decree to any such corporation any trust or fiduciary duty. ·¤ ` Sec. 723. OA·rH.—Whenever any corporation operating under this Omcode shall be appointed such trustee, executor, administrator, collector, _ receiver, assignee, guardian, or committee, as aforesaid, the president, - vice-president, secretary, or treasurer of said company shall take the oath or aiiirmation now required by law to be made by any trustee, executor, administrator, collector, receiver, assignee, guardian,. or commit ee. · ‘ Sec. 724. Srocx ro an sncnmrr.-—When any court shall appoint Swckm b·>S€<=¤¤W· the said company a trustee, receiver, administrator, collector, or such guardian or committee, or shall order the deposit of money or other valuable with said company, or where any individual or corporation shall appoint any of said companies a trustee, executor, assignee, or