BANKS AND TRUST COMPANIES. 120
1031, ch. 204, sec. 40C.
40C. Every savings institution incorporated under this Article or
heretofore incorporated with the written consent of the Bank Commis-
sioner, may merge or consolidate with a like institution, by a vote, in
person or by proxy, of two-thirds of its corporate members or like govern-
ing bodies, and in event there is no such body, by a vote of the board of
directors, such vote to be taken at a meeting duly called for that purpose
as provided by law. A copy of the agreement setting forth the terms and
conditions of the proposed plan, executed before a public officer, qualified
to take acknowledgments, by the president and treasurer of the associations
entering into the agreements, must be filed with the Bank Commissioner.
An. Code, 1924, sec. 41. 1012, sec. 41. 1010, ch. 219, sec. 40 (p. 18).
1931. ch. 204, sec. 41.
41. The provisions of Section 32 to 40C, inclusive, shall apply to all
savings banks, or savings institutions, without capital stock, now existing
or hereafter incorporated, engaged in an exclusive savings bank business.
Trust Companies.
An. Code. 1024, sec. 42. 1912, sec. 42. 1910, ch. 219. sec. 41 (p. 18). 1920. ch. 26. S.
sec. 42. 1924, ch. 266. sec. 42. 1927, ch. 188, sec. 42. 1929, ch. 350.
1931, ch. 294, sec. 42. 1933, ch. 528, sec. 42. 1935, ch. 517.
42. Five or more persons, citizens of the United States, and a majority
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, which name
shall be in no material respect similar to the name of any other trust
company in the same State, county or city.
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 there-
in, if elected to act as such.
The capital stock of such corporation must be at least seven hundred
and fifty thousand dollars; provided, however, that a corporation with a
capital of not leas 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 organ-
ized 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
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