248 BANKS AND TRUST COMPANIES. [ART. 11

1910, ch. 219, sec. 44 (p. 20).

45. The Bank Commissioner shall, before issuing a certificate of
authorization to any such corporation, examine or cause an examina-
tion to be made in order to ascertain whether the requisite capital of
such organization has been paid in, in cash; and if it appears in such
examination that such capital has not been fully paid in in cash a
certificate of authorization shall not be granted; and no such corpora-
tion shall commence business until such certificate of authorization has
been granted.

1910, ch. 219, sec. 45 (p. 20).

46. Upon the filing of any such certificate of authorization of a
trust company, the persons named therein and their successors shall
thereupon and thereby become a corporation and shall possess the
following powers:

First. To act as the fiscal or transfer agent of any State, munic-
ipality, body politic or corporation; and in such capacity to receive
and disburse money, to transfer, register and countersign certificates
of stock, bond's or other evidences of indebtedness, and to act as agent
of any corporation, foreign or domestic, for any lawful purpose.

Second. To receive deposits of trust moneys, securities and other
personal property from any person or corporation, and to loan money
on real or personal securities and to receive money on deposit.

Third. To lease, hold, purchase and convey any and all real prop-
erty necessary in the transaction of its business, or which the purposes
of the corporation may require, or which it shall acquire in satisfaction
or partial satisfaction of debts due the corporation under sales, judg-
ments or mortgages, or in settlement or partial settlement of debts due
the corporation by any of its debtors.

Fourth. To act as trustee under any mortgage or bond issued by
any municipality, body politic or corporation, and accept and execute
all other municipal or corporate trusts not inconsistent with the laws
of this State.

Fifth. To accept trusts from and execute trusts for married women,
in respect to their separate property, and to be their agent in the man-
agement of such property, or to transact any business in relation thereto.

Sixth. To act under the order or appointment of any court of
record as guardian, receiver or trustee of the estate of any minor or
other person or corporation, and as the depositary of any moneys paid
into court, whether for the benefit of any such minor or other person,
corporation or party.

Seventh. To take, accept and execute any and all such legal trusts,
duties and powers in regard to the holding, management and disposi-
tion of any estate, real or personal, and the rents and profits thereof,
as may be granted or confided to it by any court of record, or by any
person, corporation, municipality or other authority; and it shall be
accountable to all parties in interest for the faithful discharge of every
such trust, duty or power which it may so accept.