246 BANKS AND TRUST COMPANIES. [ART. 11

1910, ch. 219, sec. 39 (p. 18).

40. No corporation created under the laws of any other State, and
no corporation or association created under the laws of this State not
authorized by its charter or certificate to conduct the business of savings
bank or savings institution, nor co-partnership, firm nor individual shall
advertise or put forth a sign as a savings bank or savings institution.
Every corporation, association, co-partnership, firm or individual violat-
ing or assisting in the violation of the provisions of this section shall be
guilty of a misdemeanor and liable to a fine of five hundred dollars for
such offense.

1910. ch. 219, sec. 40 (p. 18).

41. The provisions of Sections 32 to 40, inclusive, shall apply to
all savings banks, or savings institutions, without capital stock, now
existing or hereafter incorporated, engaged in an exclusive savings bank
business.

Trust Companies.

1910, ch. 219, sec. 41 (p. 18).

42. Eleven or more persons, citizens of the United States, and a
majority of them citizens of this State, may form a corporation to be
known as a trust company. Such persons shall under their hands and
seals acknowledge articles of incorporation which shall specifically
state:

First. The name by which the corporation shall be known.

Second. The place where its business is to be transacted.

Third. The amount of its capital stock and the number of shares of
the par value of not less than fifty dollars each, into which same is to
be divided.

Fourth. The name, residence and postoffice address of each member
of the corporation.

Fifth. The term of its existence, not exceeding forty years.

Sixth. A declaration that each member of the corporation will
accept the responsibilities and faithfully discharge the duties of a
director therein, if elected to act as such.

The capital stock of such corporation must be at least five hundred
thousand dollars; provided, however, that a corporation with a capital
of not less than two hundred thousand dollars may be organized in a
city containing more than one hundred thousand and less than two
hundred and fifty thousand inhabitants, and a corporation may be
organized with a capital of not less than one hundred and fifty thousand
dollars in a city containing more than twenty-five thousand inhabitants
and less than one hundred thousand inhabitants, and with a capital of
at least one hundred thousand dollars in a city or town the population
of which does not exceed twenty-five thousand inhabitants, the number