province or territory shall be valid as if cast within this state. (Laws 1897, p. 132.)

SEC. 1420. Penalty for false and fraudulent statements. Any person, officer, member or examining physician who shall knowingly or willfully make any false or fraudulent statement or representation in or with reference to any application for membership, or for the purpose of obtaining any money or benefit in any association transacting business under this act, shall be guilty of a misdemeanor, and upon conviction shall be punished by a fine of not less than $100 nor more than $500, or by imprisonment in the county jail for not less than thirty days nor more than one year, or both, in the discretion of the court; and any person who shall willfully make any false statement of any material fact or thing in a sworn statement as to the death or disability of a certificate holder in any such association for the purpose of procuring payment of a benefit named in the certificate of such holder, and any person who shall willfully make any false statement in any verified report or declaration, under oath required or authorized by this act, shall be guilty of perjury, and shall be proceeded against and punished as provided by the statutes of this state in relation to the crime of perjury. (Laws 1897, p. 132.)

SEC. 1421. Penalty for refusing or neglecting to make report duty of superintendent of insurance - injunction, etc.-Any such association refusing or neglecting to make the report as provided in this act, or to appoint the superintendent of the insurance department as its true and lawful attorney for the purpose of this act, shall be excluded from doing business within this state. Said superintendent of the insurance department must, within sixty days after failure to make such report, or in any case any such association shall exceed its powers, or shall conduct its business fraudulently, or shall fail to comply with any of the provisions of this act, give notice, in writing, to the attorney-general, who shall immediately commence an action against any such association to enjoin the same from carrying on any business. And no injunction against any such association shall be granted by any court, except on application by the attorney-general at the request of the superintendent of the insurance department. No association so enjoined shall have authority to continue business until such report shall be made, or overt act or violations complained of shall have been corrected, nor until the costs of such action be paid by it: Provided, the court shall find that such association was in default as charged. Whereupon the superintendent of the insurance department shall reinstate such association, and not until then shall such association be allowed to again do business in this state. Any officer, agent or person acting for any association or subordinate body thereof within this state, while such association shall be so enjoined or prohibited from doing business pursuant to this act, shall be deemed guilty of a misdemeanor, and on conviction thereof, shall be punished by a fine not less than $25 nor more than $200, or by imprisonment in the county jail for not less than thirty days nor more than one year, or by both such fine and imprisonment, in the discretion of the court. (Laws 1897, p. 132.)

SEC. 1422. Failing to comply with article, agent guilty of misdemeanor.-Any person who shall act within this state as an officer, agent or otherwise for any association which shall have failed, neglected or refusd to comply with, or shall have violated any of the

provisions of this act, or shall have failed or neglected to procure from the superintendent of the insurance department a proper certificate of arthority to transact business as provided for by this act, shall be subject to the penalty provided in the last preceding section for the misdemeanor therein specified. (Laws 1897, p. 132.)

SEC. 1423. Article not applying to Masons, Odd Fellows or similar orders.-This act shall not apply to or affect grand or subordinate lodges of Masons, Odd Fellows or similar orders paying only sick disability or funeral benefits, or any association not working on the lodge system which limits its certificate holders or membership to a particular class, or to the employes of a particular town or city, designated firm, business house or corporation. (Laws 1897, p. 132.)

SEC. 1424. Articles of agreement shall contain, what. Any three or more persons who shall have associated themselves by articles of agreement, in writing, as provided by law, for any of the purposes included under section 1427 of this article, may be incorporated under any name or title designating such business. The articles of agreement shall set out: First, the corporate name of the proposed corporation, which shall not be the name of any other corporation heretofore incorporated in this state for similar purposes, or an imitation of such name; second, the name of the city or town and county in which the corporation is to be located; third, the amount of the capital stock of the corporation authorized by the articles of agreement, the number of shares into which it is divided, the amount of capital stock actually subscribed in good faith at the time of the filing of such articles, which amount of capital stock actually subscribed shall be at least one-fourth of the capital stock authorized by the articles; and said articles shall further state that onehalf of the capital so subscribed has been actually paid up in lawful money of the United States, and is in the custody of the persons named as the first board of directors or managers; fourth, the names and places of residence of the several shareholders, and the number of shares subscribed by each; fifth, the number of the board of directors or managers, and the names of those agreed upon for the first year; sixth, the number of years the corporation is to continue, which

in no case shall exceed fifty years; seventh, the purposes for which the association or company is formed. (R. S. 1889, § 2836.)

SEC. 1425. Id. To be signed, recorded and filed in office of secretary of state. The articles of agreement shall be signed and acknowledged by the parties thereto, and recorded in the office of the recorder of deeds of the county or city in which the corporation is to be located; and a certified copy of such recorded instrument shall be filed in the office of the secretary of state. (R. S. 1889, § 2837.)

SEC. 1426. Certificate not to exceed fifty years—rights and privileges.-The secretary of state shall thereupon give a certificate setting forth that such corporation has been duly organized, and the amount of its authorized and subscribed capital; and such certificates shall be taken by all courts of this state as evidence of the corporate existence of such corporation. The persons so acknowledging such articles of association, and their associates and successors, shall, for the period not to exceed fifty years next succeeding the issuing of such certificate by the secretary of state, be a body corporate; and by such name they and their successors shall be entitled to have, possess and enjoy all the rights and privileges conferred by law upon corporations, subject to the provisions of this article. (R. S. 1889, § 2838.)

SEC. 1427. Powers and purposes of.-Corporations may be created under this article for any one or more of the following purposes: First, to receive money in trust, and to accumulate the same at such rate of interest as may be obtained or agreed upon, or to allow such interest thereon as may be agreed, not exceeding in either case the legal rate, and the payment to them or their order of deposits made by minors shall be binding on them; to receive upon deposit for safe keeping personal property of every description; to guarantee special deposits, and to own or control a safety vault and rent the boxes. therein. Second, to accept and execute all such trusts and perform such duties of every description as may be committed to them by any person or persons whatsoever, or any corporation, and act as assignee, receiver, trustee and depositary, and to accept and execute all such trusts and perform such duties of every description as may be committed or transferred to them by order, judgment or decree of any of the courts of record of this state or other state, or of the United States. Third, to take, accept and hold, by the order, judgment or decree of any court of this state, or of any other state, or of the United States, or by gift, grant, assignment transfer, devise or bequest of any person or corporation, any real or personal property in trust, and to execute and perform any and all such legal and lawful trusts in regard to the same, upon the terms, conditions, limitations and restrictions which may be declared, imposed, established or agreed upon in and by such order, judgment, decree, gift, grant, assignment, transfer, devise or bequest, and to execute as principal or surety, and to guarantee against loss any principal or surety upon any bond or bonds required by law to be given in any proceeding in law or equity in any of the courts of this state or other state, or of the United Fourth, to act as agent or attorney in fact for any person or corporation in the management and control of real or personal property and the sale or conveyance of the same, and for the investment of money, and to act for and represent corporations

or persons under power and letters of attorney, and as agents for persons and corporations for the purpose of issuing, registering, transferring or countersigning the certificates of stock, bonds or other evidences of debt of any corporation, association, municipality, state or public authority, on such terms as may be agreed upon. Fifth, to accept from and execute trusts for married women in respect to their separate property, whether real or personal, and act as agents for them in the management of such property, and generally to have and exercise such powers as are usually had and exercised by trust com panies. Sixth, to act as executor under last will or as administrator of the estate of any deceased person, or as guardian or curator of any infant, insane person, idiot or habitual drunkard, or trustee for any convict in the penitentiary, under the appointment of any court of record having jurisdiction of the person or estate of such deceased person, infant, insane person, idiot, habitual drunkard or convict. Seventh, to guarantee the fidelity and diligent performance of their duty of persons or corporations holding places of public or private trust; to guarantee or become surety on any bond given by any person or corporation, and to reinsure or guarantee any person or corporation against loss or damage by reason of any risk assumed by insuringthe fidelity or diligent performance of duty of any such person or corporation, or by guaranteeing or becoming surety on any bond; to guarantee the principal or interest, or both, of any securities of any kind, and to certify and guarantee titles to real estate. Eighth, to loan money upon real estate and collateral security, and execute and issueits notes and debentures payable at a future date, and to pledge its. mortgages on real estate and other securities as security therefor, which notes and debentures may be issued to an amount not exceeding, in the aggregate, ten times the amount paid up on the capital stock of the company issuing the same, and shall in no case exceed the amount of first mortgages pledged to secure their payment. Ninth, to buy and sell all kinds of government, state, municipal and other bonds and all kinds of negotiable and non-negotiable paper, stocks. and other investment securities. (R. S. 1889, § 2839, amended, Laws 1891, p. 99-e.)

SEC. 1428. Remedy for non-payment of rent for safes. Any corporation which has been authorized, or may hereafter be authorized, to own or control a safety vault and rent the boxes therein, may, if the amount due for the use of any safe or box in the vault of such corporation shall not have been paid for two years, at the expiration thereof, cause to be sent to the person in whose name such safe or box stands on its books, a notice, in writing, in a securely closed post

(e) 144 Mo: 562. Such company is proper surety on atachment bond. 75 A. 135. Trust companies: general deposits: banking business: interest on deposits. A trust company, under the laws of Missouri, cannot receive moneys by way of general deposits and pay them out on demand on the check of the depositor, in such a way as to thereby establish the relation of debtor and creditor between such company and the depositors. Such company cannot receive money in exchange for its credit, in the way a bank does, thereby establishing the relation of debtor and creditor. It can receive money on deposit by paying interest thereon, and such deposit may be payable on demand, or at such time as may be agreed upon, and on checks or writen orders. or otherwise as may be most convenient. But it has no authority to operate a general deposit account and receive money without paying interest thereon. No corporation organized under the laws of this state except a bank has authority to receive moneys: on general deposit and pay them out on checks on demand. 144 Mo. 562.

paid registered letter, directed to such person at his postoffice address as recorded upon the books of the corporation, notifying such person that if the amount then due for the use of such safe or box is not paid within sixty days from the date of such notice, the corporation will then cause such safe or box to be opened, in the presence of its president, or vice-president, or secretary, or treasurer, and of a notary public not an officer or in the employ of the corporation, and the contents thereof, if any, to be sealed up by such notary public in a package, upon which such notary public shall distinctly mark the name and address of the person in whose name such safe or box stands upon the books of the corporation, and the estimated value thereof; and the package so sealed and addressed, when marked for identification by such notary public, will be placed by such notary public in one of the general safes or boxes of the corporation, and retained by the corporation, subject to the payment of all rent that may be unpaid, and of all expenses incurred in opening the safe or box, and also of a reasonable compensation for the safe-keeping of the contents after their removal from the safe or box. (New section.)

SEC. 1429. Amount of capital stock-number of directors, how chosen.-The amount of capital stock actually subscribed of any corporation organized under this article shall not be less than one hundred thousand dollars, and the amount of capital authorized by such articles shall not be more than ten millions of dollars. The property or business of the corporation shall be controlled and managed by directors, not less than five nor more than twenty-five in number, who shall respectively be stockholders of such corporation, and a majority of whom shall be bona fide citizens of this state, to be elected by ballot by the shareholders of such corporation for one year, if the number of directors of such corporation does not exceed five, at such time and place as shall be directed by the by-laws of such corporation, of which time and place at least two weeks' notice shall be published in some newspaper published at least once a week in the city or county in which the corporation is located, and if there be no newspaper published in such county, then in any paper published in this state, which circulates in the locality where such corporation is located. Such election shall be made by such of the shareholders as shall attend in person or by proxy, in writing. In case the election shall not be made on the day named, the said corporation shall not thereby be dissolved, but an election may be had at any other time, agreeably to the by-laws of said corporation; and the persons so elected shall hold their office until others are elected and qualified. If the number of directors of such corporation, named in the articles of association, shall exceed five in number, they shall, as soon as may be after their organization, divide themselves by ballot into three classes of equal number as near as may be designated, the first, second and third class, of which the first class shall remain in office one year, the second class two years, and the third class three years; and at each annual election, conducted in the manner herein before designated, directors shall be elected for the term of three years to fill the vacancies created by the retiring class. In case of death or resignation of one or more of said directors, the survivors shall fill the vacancy until the next election. (R. S. 1889, § 2840.)

SEC. 1430. Powers-dividends not to be declared when insolvent.-The directors of corporations created under this article shall have power of investing the moneys placed in their charge in