334 ARTICLE 11.

a trust company. Such persons shall under their hands and seals acknowl-
edge 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 twenty-five 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 thou-
sand dollars; provided, however, that a corporation with a capital of not
less than two hundred thousand dollars may be organized in a city contain-
ing 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 of inhabitants in each case to be ascer-
tained or determined by the last Federal or State enumeration, and no
trust company shall start business until all of the capital stock provided for
in this section shall have been paid for in full.

In the event that any Trust Company hereafter establishes a branch or
branches outside of the city, town or village in which it is now located, it
shall add to its capital stock for each branch established the sum of twenty-
five thousand dollars in towns or villages having less than fifteen hundred
inhabitants, thirty-five thousand dollars in towns, villages or cities having
more than fifteen hundred and less than .thirty-five hundred inhabitants,
forty thousand dollars in towns or cities having more than thirty-five hun-
dred and less than five thousand inhabitants, forty-five thousand dollars in
cities having more than five thousand and less than ten thousand inhabi-
tants, sixty-five thousand dollars in cities having, more than ten thousand .
inhabitants and less than fifty thousand inhabitants, one hundred thousand
dollars in cities having more than fifty thousand inhabitants and less than
one hundred and fifty thousand inhabitants, and two hundred thousand
dollars for cities having more than one hundred and fifty thousand inhabi-
tants ; the number of inhabitants in each case to be ascertained or deter-
mined by the last Federal or State enumeration; unless the paid-in capital
of such trust company is already sufficient under the present conditions of
the law to provide the capital required by a trust company hereunder doing
business in the city, town or village in which it may be located, and for
branches in cities, towns or villages in which it proposes to establish
branches; provided, however, that no branch shall hereafter be established