HARRY W. NICE, GOVERNOR, 1073

FIFTH: A declaration that each member* of the cor-
poration will accept the responsibilities and faithfully dis-
charge the duties of a director therein, if elected to act as
such.

The capital stock of such corporation must be at least
seven hundred and fifty thousand dollars; provided, how-
ever, that a corporation with a capital of not less than two
hundred thousand dollars may be organized in a city con-
taining 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 hun-
dred 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
enumeration, and no trust company shall start business
until all of the capital stock provided for in its charter and
an additional sum equal to 20% thereof as surplus, shall
have been paid for in full in money and no payment shall
be regarded as made by the delivery of any note, security
or property of any kind as a substitute for money, except
as otherwise provided by law.

In the event that any trust company hereafter estab-
lishes a branch or branches outside of the city, town or
village in which it is now located, it shall add for each
branch established, to its paid-in-capital the following sums
and twenty per cent (20%) thereof as additional surplus;
the sum of twenty-five thousand dollars in towns or villages
having less than fifteen thousand (15, 000) inhabitants;,
seventy-five thousand dollars in towns, villages or cities
having more than fifteen thousand (15, 000) and up to fifty
thousand (50, 000) inhabitants, and not less than one hun-
dred thousand dollars in towns or cities having more than
fifty thousand and less than one hundred and fifty thou-
sand inhabitants; and not less than five hundred thousand
dollars in cities having more than one hundred and fifty
thousand; the number of inhabitants in each case to be
ascertained or determined by the last Federal or State
enumerations; unless the surplus and paid-in-capital of
such trust company is already sufficient under the present
conditions of the law to provide the surplus and capital re-
quired by a trust company hereunder doing business in the
city, town or village in which it may be located, and for
branches in cities, towns or villages in which it proposes to