Page:United States Statutes at Large Volume 31.djvu/1358

 1306 FIFTY-SIXTH CONGRESS. Sess. II. Ch. 854. 1901. such guardian, the capital stock of said company subscribed for or taken, and all property owned by said company, together with the liability of the stockholders and officers as herein provided, shall be taken and considered as the security required by law for the faithful performance of its duties, and shall be absolutely liable in case of any default whatever. C mQ§§¤gj,g§,‘{§,*;1g;§jg Sec. 725. EXISTING coMrANms.—Any safe-deposit company, trust of present provisions. COII1p8iI1y, S\1I`Gl3y OI' g'\18.I‘El·Ill3y (3OH1p8.lly, OI' bllilé 1DSI1I’8.I1GG COIIIPHJIY HOW incorporated and operating under the laws of the United States in the District of Columbia or 0 any of the States, and now doing business in said District, may avail itself of the provisions of this subchapter on filing in the office of the recorderof deeds of the District of Colum- ··°€’*i“°*‘~*° ’°q“*’°d· bia, or with the Comptroller of the Currency, a certificate of its intention to do so, which certificate shall specify which one of the three classes of businessfset out in section seven hundred and fifteen it will carry on, and shall be verified by the oath of its president to the effect that it has in every respect complied with the requirements of existing law, especially with the (provisions of this subchapter, that its capital stock is paid in as (provided in section seven hundred and thirty-five of this subchapter an is_not impaired; and thereafter such company may exercise all powers and perform all duties authorized by any one of the subdivisions of section seven hundred and fifteen of this subchapter in addition to the powers now lawfully exercised by such company. F~¤=1°¤°¤“*- Sec. 726. REAL ESTATE.——ADy company operating under t is subchapter may lease, purchase, hold, and convey real estate, not exceeding in value five hundred thousand dollars, and such in addition as it may acquire in satisfaction of debts due the corporation under sales, decrees, judgments, and mortgages. But no such association shall hold the possession of any real estate under foreclosure of mortgage, or the title and ossession of any real estate purchased to secure any debts due to it, fldr a longer period than five years. Dmuvn ¤f<=¤¤¤=¤r- Sec.- 727. DURATION or CHARTER.—Tl18 charters for incorporations named in this subchapter may be made perpetual, or may be limited in time by their provisions, subject to the approval of Cop ress. C“Pit°1s*°°k- Sec. 728. CAPITAL sTocK.-—The capital stock of eviiiy suegi company shall be at least one million dollars, and at least fifty per centum thereof must have been paid in, in cash or by the transfer of assets as hereinafter provided in section seven hundred and thirty-five of this _ subchapter, before any such company shall be entitled to transact “°"““ °°mP’”"°s‘ business as a corporation, except with its own members, and before any company organized hereunder shall be entitled to transact the business of a trust company, or to become and act as an administrato1·, executor, uardian of the estate of a minor, or undertake any other kindrediiguciary duty, it shall deposit, either in money or in bonds, mortgages, deeds of trust, or other securities eqlpal in actual value to one-fourth of the capital stock paid in, with the Comptroller of the Currency, to be kept by him u(pon the trust and for the purposes hereinafter provided; and the said Comptroller may from time to time require an additional deposit from any such company, to be held upon and for the same trust and purposes, not exceeding, howeverfinlwalue one-half the paid-in capital stock; and the said Comptroller shall not issue to any corporation the certificate heretofore provided for until said deposit wit him of securities required by this section. Within one year after the organization of any corporation under the provisions of this subchapter, or after any corporation heretofore existin shall have availed itself of the powers and rights given by this subciapter in the manner herein provided for, its entire capital stock_ shall have been paid in. ` Sh“’°" Sec. 729. SHAREs.—The ca ital stock of every such company shall be divided into shares of one hundred dollars each. It shall be lawful