have been exhausted, each shareholder may be required to pay his pro rata share of such debts to the amount of his unpaid stock, or to any extent to which he may by law have become individually liable.

124. Jurisdiction of equity. § 25. Courts of equity shall have full power, on good cause shown, to dissolve or close up, or take charge of the business of any association for the benefit of the creditors, to appoint a receiver therefor, who shall have authority, by the name of the receiver of such association (giving the name), to sue in all courts, and do all things necessary to close up its affairs, or to make the money charged against it and restore it back to the shareholders of the association, as may be commanded by the decree of court. Said receiver shall be a citizen of the State of Illinois, and shall enter into bonds, payable to the people of the State of Illinois, for the use of all parties interested, in such penalty and with such sureties as the court may, in the decree or order appointing the same, require.

125. Certified copies of articles of incorporation evidence. 26. The certified copy of any articles of incorporation and changes thereon, under the great seal of the State of Illinois, shall be taken and received in all courts and places as prima facie evidence of the facts themselves.


AN ACT to provide for and regulate the administration of trusts by trust companies. [Approved June 15, 1887. In force July 1, 1887. L. 1887, p. 144.] 126. Corporation may be appointed assignee or trustee. SEC. 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That any corporation which has been or shall be incorporated under the general incorporation laws of this State, being an act entitled "An act concerning corporations," and all amendments thereof, for the purpose of accepting and executing trusts, and any corporation now or hereafter authorized by law to accept and execute trusts, may be appointed assignee or trustee by deed, and executor, or trustee by will, and such appointment shall be of like force as in case of appointment of a natural person.

127. Court may appoint. § 2. Whenever application shall be made to any court in this State for the appointment of any receiver, assignee, executor or trustee, it shall be lawful for such court to appoint any such corporation as such trustee, receiver, assignee or executor.

128. When corporation not required to give bond. 3. Such corporation shall not be required to give any bond or security in case of any appointment hereinbefore provided for, except as hereinafter provided, but shall be responsible for all investments which shall be made by it of the funds which may be intrusted to it for investment by such court, and shall be further liable as natural persons in like positions and as hereinafter provided. The amount of money which any such corporation shall have on deposit at any time shall not exceed ten

now are,

times the amount of its paid-up capital and surplus, and its outstanding loans shall not at any time exceed said amount.

129. To pay interest. § 4. Such company shall pay interest upon all moneys held by it by virtue of this act, at such rate as may be agreed upon at the time of its acceptance of any such appointment, or as shall be provided by the order of the court.

130. Compensation. $5. Such corporations shall be entitled to, and shall be allowed proper compensation for all the services performed by them under the provisions of this act; but such compensation shall not exceed that allowed to natural persons for like services.

131. Deposit with auditor. 6. Each company, before accepting any such appointment or deposit, shall deposit with the auditor of public accounts, for the benefit of the creditors of said company, the sum of two hundred thousand dollars in stocks of the United States or of this State, or in mortgages on improved and productive real estate in this State, being first liens thereon, and the estate being worth at least twice the amount loaned thereon. The stocks and securities so deposited, may be exchanged from time to time for other securities receivable as aforesaid. Said stocks of the United States or of this State to be registered in the name of said auditor, officially, and all said securities to be subject to sale and transfer, and to the disposal of the proceeds by said auditor only on the order of a court of competent jurisdiction, and as hereinafter provided in section eighteen. So long as the company so depositing shall continue solvent, such company shall be permitted to receive from the said auditor the interest or dividends on said deposits. 132. When deposited in bonds and mortgages. § 7. When any part of such deposit is made in bonds and mortgages it shall be accompanied by full abstracts of titles and searches, and shall be examined and approved by or under the direction of the auditor. The fees for an examination of title by counsel, to be paid by the company making the deposit, shall not exceed twenty dollars for each mortgage, and the fee for each appraiser not exceeding two, besides expenses, shall be five dollars for each mortgage.

133. Auditor to certify authority. §8. It shall not be lawful for any such company to accept any trust or deposit as herein before provided, after the passage of this act, without first procuring from the auditor of public accounts a certificate of authority stating that such company has complied with the requirements of this act in respect to such deposit.

134. Annual report. § 9. Such companies shall file with the said auditor, during the month of January of each year, a statement under oath, of the condition of such company on the thirty-first day of December next preceding, exhibiting the following items in the following form:

(a.) The assets of said company, specifying:

First-The description and market value, or as nearly as may be, of the real estate owned by such company.

Second-The amount of cash on hand and deposited in banks to the credit of said company, specifying in what banks such deposits are. Third-The amount of cash in the hands of agents and in course of transmission.

Fourth-The amount of loans secured by mortgages and bonds, constituting a first lien on real estate, on which there shall be less than one year's interest due or owing, and the amount of such interest.

Fifth-The amount of such loans on which there shall be more than one year's interest due or owing, and the amount of such interest. Sixth-The amount due the company on which judgments have been obtained.

Seventh-The amount of stocks and bonds of this State, and of the United States, of any incorporated city of this State, and of any other stocks and bonds owned by such company, specifying the amount, number of shares, and the par and market value of each kind of stock or bonds.

Eighth-The amount loaned upon the pledges of securities, with a statement of the securities so held by such company, and the par and market value of such securities.

Ninth-The amount of all other assets of such company, including accrued interest not enumerated above.

(b.) The liabilities of such company, specifying:
First-The capital stock paid in.

Second-The surplus on hand.
Third-The undivided profits.

Fourth-The deposits held by such company.

(c.) A list and brief description of the trusts held by such company, the source of the appointment thereto, and the amount of real and personal estate held by such company by virtue thereof, except that mere mortgage trusts wherein no action has been taken by such company, shall not be included in such statement. The said report shall also be in such form and contain such statements, returns and information, as to the affairs, business condition, and resources of the corporation, as the said auditor of State may, from time to time, prescribe or require.

135. Contents of report. § 10. Such report shall be verified by the affidavit of one of the managing officers, and two of the directors or trustees of said company, who shall also state in such affidavit that they have examined the assets and books of said company for the purpose of making said report. Any false swearing in regard to such report shall be deemed perjury, and shall be subject to the punishments prescribed by law for such offense.

136. Auditor's power and duty. § 11. The auditor of public accounts is hereby authorized and empowered to address any inquiries to any such company, or the officers thereof, in relation to its doings and condition, or any other matter connected with its affairs, and it shall be the duty of any company or person so addressed, to promptly

reply in writing to such inquiries. The auditor may also require reports from any such corporation at any time he may deem desirable.

137. Auditor's annual examination. 12. It shall be the duty of said auditor, annually, either personally or by one or more competent persons to be appointed by him, to visit and examine every such corporation in this State. The auditor shall also have power, in like manner, to examine any such corporation, whenever in his judgment, it may be deemed necessary or expedient. The said auditor and every such examiner shall have power to administer an oath to any person whose testimony may be required on any such examination, and to compel the appearance and attendance of any such person for the purpose of examination, by summons, subpoena or attachment, in the manner now authorized in respect to the attendance of persons as witnesses in the courts of record in this State; and all books and papers which may be deemed necessary to examine by the auditor or examiner so appointed shall be produced, and their production may be compelled in like manner. The expense of every examination, if any, shall be paid by the corporation examined, in such amount as the auditor shall certify to be just and reasonable; but whenever such special examination shall be made by the auditor in person, or by one or more of the regular clerks in his department, no charge shall be made except for necessary traveling and other actual expenses. On every examination, inquiry shall be made as to the condition and resources of the corporation generally, the mode of conducting and managing its affairs, the action of its directors or trustees, the investment of its funds, the safety and prudence of its management, the security afforded to those by whom its engagements are held, and whether the requirements of its charter and of the laws have been complied with in the administration of its affairs. The result of any such examination shall be certified by the examiner, or one of them, upon the records of the corporation examined, and the result of all the examinations during the preceding two years, shall be embodied in the report of the auditor required by this act to be submitted to the legislature. Such report shall give the date to which such report refers, the amount of capital returned by each of said corporations, the whole amount of its debts and liabilities, the total sum of its resources, and such other information as such auditor may deem useful. 138. Proceedings against corporations. § 13. Whenever it shall appear to the said auditor, from any examination or report, that any such corporation has committed any violation of law, or is conducting its business in an unsafe or unauthorized manner, he shall, by an order under his hand and seal, direct the discontinuance of such illegal and unsafe or unauthorized practices, and strict conformity with the requirements of the law and with safety and security in its transactions; and whenever any such corporation shall refuse or neglect to make any such report as is hereinbefore required, or to comply with any such order as aforesaid, or whenever it shall appear to the auditor that it is unsafe or inexpedient for any such corporation to continue to transact business,

or that extraordinary withdrawals of money are jeopardizing the interests of remaining depositors, or that any trustee or officer has abused his trust or been guilty of misconduct, or malversation in his official position, injurious to the institution, or that it has suffered a serious loss by fire, burglary, repudiation or otherwise, he shall communicate the facts to the attorney general, who shall thereupon institute such proceedings against the corporation, as the nature of the case may require.

139. Revocation of certificate. §14. If the auditor shall at any time have satisfactory evidence that any annual statement or other report required or authorized by this act, made or to be made by any officer or officers of such corporation, is false, it shall be the duty of the said auditor to immediately revoke the certificate of authority granted on behalf of such corporation, and mail a copy of such revocation to said corporation and the clerk of every court of record in this State. Such revocation shall not be set aside until satisfactory evidence shall be given to said auditor, that such corporation is, in substance and in fact, in the condition set forth in such statement or report, and that all the requirements of this act have been complied with. Such revocation shall be sufficient cause for the removal of such company from any appointment held by it under the provisions of this act

140. Penalty. 15. Any violation of any of the provisions of this act shall subject the party violating the same to a penalty of five hundred dollars for each offense, and the additional sum of one hundred dollars per day during which any such company shall fail to file its said report after the last day of January in each year.

141. Publication of annual report. 16. The said auditor shall cause a proper abstract of the statements of assets and liabilities reported under section eleven [nine] of this act, to be published once in each week for three successive weeks, in two newspapers of general circulation, the one printed in the city of Springfield, and the other in the county seat of the county wherein the principal office of the respective company is located, such publication to be paid for by said company.

142. Fees. 17. There shall be paid by every company to whom this act shall apply, the following fees: For filing the original application and receiving the deposit required by section eight [six] of this act, the sum of thirty dollars; for filing the annual statement required, ten dollars; for the certificate of authority, two dollars; for every copy of a paper filed in the auditor's office the sum of twenty cents per folio; for affixing the seal of said office to said copy and certifying the same,

one dollar.

143. Closing up business. § 18. Any company which desires to retire from business under this act shall furnish to the auditor satisfactory evidence of its release and discharge from all the obligations and trusts hereinbefore provided for, whereupon he shall revoke his certifi cate to such company and return its securities.

144. Repealing clause. § 19. All laws and parts of laws in conflict with the provisions of this act are hereby repealed.

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