338 ARTICLE 11.

by documents conveying or securing title or by some other adequate security,
and provided further that it shall not accept such drafts or bills of exchange
for the purpose of furnishing dollar exchange in an amount exceeding at
any time the aggregate of one-half of its paid-up and unimpaired capital
and surplus; by issuing letters of credit authorizing the holders thereof
to draw drafts upon it or its correspondents at sight or on time not exceed-
ing one year; and when moneys or securities for moneys are borrowed or
received on deposit, or for investment, the bonds or obligations of the com-
pany may be given therefor, but it shall have no right to issue bills to cir-
culate as money.

Tenth. To be appointed and to accept the appointment of executor, or
of trustee under the last will and testament, or administrator, with or with-
out the will annexed, of the estate of any deceased person, and to be
appointed to act as the committee of the estates of lunatics, idiots, persons
of unsound mind and habitual drunkards.
Cf. sec. 23; also art. 23, sec. 9.

An. Code, sec. 47. 1910, ch. 219, sec. 46 (p. 21).

47. When any such corporation is appointed executor in any last will
and testatment, the court or officer authorized to grant letters testamentary
in this State shall, upon the proper application, grant letters testamentary
thereon to such corporation. When application is made to any court or
officer having authority to grant letters of administration with the will
annexed upon the estate of any deceased person, and there is no person
entitled to such letters who is qualified, competent, willing and able to
accept such administration, such court or officer may, at the request "of any
party interested in the estate, grant such letters of administration, with
the will annexed, to any such corporation. Any court or officer having
authority to grant letters of guardianship of any infant, may, upon the
same application as is required by law for the appointment of a guardian
of such infant, appoint any such corporation as guardian of the estate of
such infant. Any court having jurisdiction to appoint a trustee, guardian,
receiver or committee of the estate of a lunatic, idiot or habitual drunkard,
or to make any fiduciary appointment, may appoint any such corporation
to be such guardian, trustee, receiver or committee, or to act in any other
fiduciary capacity. Any court into which moneys may be paid by parties,
or be brought by order of judgment, may, by order, direct the same to be
deposited with any such corporation.

An. Code, sec. 48. 1910, ch. 219, sec. 47 (p. 22).

48. No bond or other security shall be required from any trust com-
pany for or in respect to any trust to which it shall be appointed executor,
administrator, guardian, trustee, receiver, committee or depositary by the
order of any court. In all cases in which such trust companies, whether
incorporated under this article or by special act, shall be appointed, or shall
be acting, as executor, administrator, guardian, 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