BANKS AND TRUST COMPANIES. 43
Trust Companies.

An. Code, 1924, sec. 42. 1912, sec. 42. 1910, ch. 219, sec. 41 (p. 18).
1920, ch. 268, sec. 42. 1924, ch. 266, sec. 42. 1927, ch. 188, sec. 42.

1929, ch. 359.

42. Eleven, or more persons, citizens of the United States, and a major-
ity of them citizens of this State, may form a corporation to be known as 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 ten dollars each, into which same is to be divided.

Fourth. The name, residence and postoffice address of each member of
the corporation.

Fifth. 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
thousand dollars; provided, however, that a corporation with a capital
of not less than two hundred thousand dollars may be organized in a city
containing 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 ascertained or determined by the last Federal or State enumera-
tion, 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