BANKS AND TRUST COMPANIES. 339

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 insolvency, 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 whatsoever, 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.

An. Code, sec. 49. 1910, ch. 219, sec. 48 (p. 22).

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

An. Code, sec. 50. 1910, ch. 219, sec. 49 (p. 23). 1914, ch. 805, sec. 49.

50. The affairs of every such corporation shall be managed and its cor-
porate 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 organization 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 corpora-
tion, which stock shall represent at least $500.00 par value. The persons
named in the organization 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 newspaper published in the
city or county where said office is located. Vacancies occurring in the inter-
vals of elections 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 violate, nor willingly permit to be violated, any of the pro-
visions 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 section, subscribed by him or standing in his name on the books of
the corporation, and that the same is not hypothecated nor in any way
pledged as security for any loan or debt.

An. Code, sec. 51. 1910, ch. 219, sec. 50 (p. 23). 1914, ch. 805, sec. 50.
1920, ch. 268, sec. 51.

51. Every trust company incorporated under any law or laws of this
State shall possess the powers and be subject to the provisions of this Article,