-252 BANKS AND TRUST COMPANIES. [ART. 11

stockholders, until such reduction hag been approved by the Bank Com-
missioner. Such approval must be based upon a finding by him that
the remaining assets of the bank or trust company, after such proposed
reduction of its capital stock, will be entirely sufficient for the payment
of the claims of existing creditors.
Cf. art. 23. sec. 24, ct seq.

1910, ch. 219, sec. 54 (p. 24).

55. A bank or trust company may purchase, hold and convey real
estate for the following purposes only:

First. Such as shall be necessary for the convenient transaction of
its business, including, with its banking offices, other apartments in the
same building, or on adjoining land, to rent as a source of income.

Second. Such as shall be conveyed to it in satisfaction of debts pre-
viously contracted in the course of its business.

Third. Such as it shall purchase at sale on judgments, decrees or
mortgage foreclosures under securities held by it, but a bank shall not
bid at such a sale a larger amount than is necessary to satisfy its debts
and costs.

Fourth. No real estate acquired in the cases contemplated in the
second and third subdivisions preceding shall be held for a longer time
than ten years, except when an extension is granted by the Bank Com-
missioner. If such extension be not granted, it must be sold at a
private or public sale within one year thereafter. Nothing in this
section shall be construed as preventing a bank or trust company from
loaning moneys upon real estate security as provided by law. Nothing
in this section shall affect the title to or holding by any trust company
of any real or leasehold estate now owned by said trust company, and
nothing herein shall affect the rights of trust companies to purchase
and hold land or real or leasehold estate as trustee or in other fiduciary
capacity.

1910, ch. 219, sec. 55 (p. 25).

56. Every bank and trust company shall make to the Bank Com-
missioner not less than five reports during each calendar year, at such
times as the said Bank Commissioner shall require the same, according
to the forms which he shall prescribe and furnish. Such forms shall
conform as nearly as practicable to that required of national banks,
including the schedules. Such reports shall be signed and verified by
the oath or affirmation of either the president, cashier or treasurer of
such bank or trust company before a notary public. Such report shall

exhibit in detail and under proper heads the resources and liabilities
of the bank or trust company at the close of the business of any past
day by the Bank Commissioner specified, and shall be transmitted to
said Bank Commissioner within ten days after the receipt of the
request from him. Such reports shall be published in a newspaper

of the city or village or county where such bank or trust company is