250 BANKS AND TRUST COMPANIES. [ART. 11

companies, whether incorporated under this article or by special act,
shall be appointed, or shall be acting, as executor, administrator, guar-
dian, trustee, receiver, committee, or in any other fiduciary capacity,
they shall be responsible for losses of moneys or property received or held
by them in any such character in the same cases and to the same extent
as individuals so acting would be. Upon the dissolution of any such
company by the Legislature, court or otherwise, or in case of its insolv-
ency, all debts or liabilities due or owing by such corporation in any of
said fiduciary capacities, shall be preferred in the distribution of the
assets of such company to all debts or liabilities of any nature whatso-
ever, including salaries and wages of employees and other preferred
debts or liabilities. The court having jurisdiction may make orders
respecting such trusts, and require the corporation to render all accounts
which such court or officer might lawfully require if such executor,
administrator, guardian, trustee, receiver, committee or depositary were
a natural person.

1910, ch. 219. sec. 48 (p. 22).

49. Upon the appointment of such corporation as executor, adminis-
trator, guardian, trustee, receiver or committee, as provided by this
article, no official oath shall be required from such corporation or trust
company.

1910, ch. 239. sec. 49 (p. 23).

50. The affairs of every such corporation shall be managed and its
corporate powers exercised by a board of directors of such number, not
less than eleven nor more than thirty, as shall from time to time be
prescribed in its by-laws. The number of directors necessary to form
a quorum for the transaction of business may be fixed by the organiza-
tion certificate or by the by-laws; such quorum shall not be less than
one-third of the number of directors, and in no case less than seven.
No person can be a director who is not the holder of at least five shares
of capital stock in the corporation. The persons named in the organiza-
tion certificate, or such of them, respectively, as shall become holders
of at least five shares of such stock, shall constitute the first board of
directors, and may add to their number not exceeding the limit of
thirty, and shall severally continue in their office until others shall be
elected to fill their respective places. Such election shall be held at
the office of the corporation, and at such time and upon such public
notice, not less than ten days, by advertisement in at least one news-
paper published in the city or county where said office is located.
Vacancies occurring in the intervals of election shall be filled by the
board. Each director when appointed or elected shall take an oath that
he will, so far as the duty devolves on him. diligently and honestly
administer the affairs of the corporation, and will not knowingly vio-
late, nor willingly permit to be violated, any of the provisions of law
applicable to such corporation, and that he is the owner in good faith
and in his own right of the number of shares of stock required by this