BANKS AND TRUST COMPANIES 415

or by proxy, of two-thirds of its corporate members, or like governing
bodies, and in event there is no such body, by a unanimous vote of the
board of directors. Whenever a vote is taken to go into liquidation, it
shall be the duty of the board of directors to cause notice of this fact to be
certified under seal of the institution by its president and treasurer to
the State Bank Commissioner and publication thereof, notifying creditors
to present their claims against the institution for payment, shall be made
once in each week for eight consecutive weeks in a newspaper published
in the city, village or county in which the institution is located, and if no
newspaper is there published, then in the nearest county seat. After this
has been done the directors of the institution shall file with the Bank
Commissioner over their signatures, a statement to the effect that the
institution has been duly liquidated.

An. Code, 1924, sec. 40C. 1931, ch. 294, see. 40C.

52. 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. 1912, sec. 41. 1910, ch. 219, sec. 40 (p. 18). 1931, ch. 294, sec. 41.

53. The provisions of Section 41 to 52, 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. 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. 1931, ch. 294,

sec. 42. 1933, ch. 528, sec. 42. 1935, ch. 517.

54. 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