140 ARTICLE 11.

to or holding by any bank or trust company of any real or leasehold estate
now owned by said bank or trust company, and nothing herein shall affect
the rights of banks or trust companies to purchase and hold land or real
or leasehold estate as trustee or in other fiduciary capacity.

1935, ch. 491.

55A. It shall be unlawful for any banking institution doing business
under this Article to have any affiliate, affiliates or closely allied corpora-
tion or corporations.

The term "affiliate" and "closely allied corporation" as used in this sec-
tion shall be construed to include any corporation, business, trust, associa-
tion, or other similar organization which a banking institution controls by
one of the following methods:

(1) Owns or controls, directly or indirectly, either a majority of the
voting shares or more than 50 per centum of the number of shares voted
for the election of its directors, trustees, or other persons exercising similar
functions at the preceding election, or controls in any manner the election
of a majority of its directors, trustees or other persons exercising similar
functions; or

(2) Controls, directly or indirectly, through stock ownership or in any
other manner, by the shareholders of such banking institution who own or
control either a majority of the shares of such banking institution or more
than 50 per centum of the number of shares voted for the election of direc-
tors of such banking institution at the preceding election, or by trustees
for the benefit of the shareholders of any such banking institution.

Provided, however, that nothing in this section shall affect or disturb
any such affiliate or closely allied corporation existing on June 1, 1935,
and provided further that a Banking Institution, for reorganization pur-
poses and with the consent of the Bank Commissioner may create and have
an affiliate or closely allied corporation.

The Bank Commissioner shall have the same rights and powers to ex-
amine into the affairs of all existing affiliates and closely allied banking"
institutions as he has as to banking institutions whenever he shall deem
such examination desirable or necessary, and for making such examinations
he shall charge the same fees as for examining banking institutions.

An. Code. 1924, sec. 56. 1912. sec. 56. 1910. ch. 219, sec. 55 (p. 25).
1918, ch. 33, sec. 56. 1927, ch. 373 1931, ch. 294, sec. 56.

1935, ch. 494.

56. Every bank and trust company shall make to the Bank Commis-
sioner not less than three reports during each calendar year, at such times
as the said Bank Commissioner shall require the same, according to the
forms which he shall prescribe and furnish. Such forms shall conform as
nearly as practicable to the forms required of banking institutions under
the jurisdiction of the Federal authorities, including the schedules. Such
reports shall be signed and verified by the oath or affirmation of either the
president, vice-president, cashier or treasurer of such bank or trust com-