statutes or in the charter of any trust Limitation on company incorporated by this state, powers of trust which authorizes or permits trust com- companies. panies to issue, sell, or negotiate their

own bonds or mortgage securities, or their own choses in action secured by mortgage of real estate which are to be issued, sold, or negotiated as investments, or which authorizes or permits trust companies to guarantee the bonds, mortgage securities, or other choses in action of other persons or corporations issued, sold, or negotiated as investments, or which authorizes or permits trust companies to engage in the business of marine, fire, or life insurance, or fidelity, surety, accident, health, liability, credit, title, or other form of casualty insurance, is hereby repealed; and to that extent this act shall be an amendment to the charter of every such trust company, and it shall not be necessary for such companies, or any of them, to accept said amendment.

Not applicable

"Sec. 2. This act shall not apply to any corporation actually engaged on the first day of January, 1907, in the business of a title insurance and guarantee company, in so far as the right of such company to continue such business of title insurance and guarantee is concerned."

when.

Mortgage upon

machinery of manufacturing corporations to

Chap. 260 of the Public Acts of 1911, provides as follows: "When any manufacturing or mechanical establishment, together with the machinery, engines, or implements situated and used therein, or any printing, publishing, or engraving establishment, together with the machinery, engines, implements, cases, types, cuts, or plates, situated and used therein, or any of the personal property above mentioned, without the real estate in which the same is situated or used, shall be mortgaged by a deed containing a condition of defeas

include after acquired machinery.

ance executed, acknowledged, and recorded as mortgages of land in accordance with the laws of this state, if such mortgage so recorded shall provide that any after-acquired property forming a part of the establishment and connected with or situated and used therein, or any after-acquired substituted machinery or personal property, of like nature to the property included in such mortgage, shall be covered by such mortgage, such mortgage shall be deemed valid and effectual as respects all such after-acquired or substituted property or machinery and the retention by the mortgagor of the possession of such property shall not impair the title of the mortgagee, and such mortgages may be foreclosed under and in accordance with the provisions of section 4132 of the general statutes."

Chap. 197 of the Public Acts of 1911, provides as follows:

Private banking

restricted.

"Section 1. No person or corporation, except a bank, trust company, or building and loan association incorporated under the laws of the United States or this state, shall cause to be published any advertisement or display any sign containing the word 'bank,' 'trust,' or 'savings,' or any artificial or corporate name, or any other word or words indicating that such person or corporation is a bank, trust company, savings bank, or building and loan association, or shall in any way solicit or receive deposits as a savings bank. Every person or corporation violating any provision of this act shall be fined not more than one thousand dollars. This act shall not, however, prohibit such firms or individuals, doing business as private bankers under their own name or names, as have deposited with the state treasurer a bond of ten thousand dollars secured either by a surety company of recognized standing or by an individual or individuals owning real estate within the state, or, at the option of such firms or individuals,

securities of the value of not less than said amount, to the acceptance of said treasurer, conditioned for the protection of their customers, from styling themselves bankers in the conduct of their said business.

Corporations,

partnerships or individuals, engaged in receiv

"Sec. 2. All corporations, partnerships, or individuals engaged in the business of receiving money for safe-keeping or forwarding shall report to the bank commissioners that they are engaged in such business, and shall file with the state treasurer the bond or securities provided by section one of this act.

ing money for safe-keeping to report to bank

commissioners.

"Sec. 3. Section one of chapter 209 of the public acts of 1905 and chapter 86 of the Repeal. public acts of 1907 are hereby repealed.”

Condemnation of railroad company shares.

Gen. Stat., § 3694, authorizes any railroad company which has acquired more than three-fourths of the capital stock of any other railroad company to take the outstanding stock by condemnation proceedings, if necessary, and upon a judicial finding that such an acquisition will be for the public interest. It was held that this statute did not confer exclusive privileges upon any set of men in violation of the constitution of this State, that it did not deprive the stockholder of his property without due process of law, nor did it impair the obligation of a contract. New York, New Haven & Hartford R. R. Co. vs. Offield, 77 Conn. 417, affirmed 203 U. S. 372.

A national bank is not exempt from the operation of State laws, provided they do not impair its efficiency in performing those functions by which it was designed to serve the United States, nor trench upon the field occupied by the legislation of Congress. Cogswell vs. Second National Bank of Norwich, 76 Conn. 252.

Sec. 60. Certificates. Every certificate required by this part to be filed shall be signed and sworn to by the persons required to file it, and shall be filed in the office of the secretary of the state, who shall examine the same, and, if he shall find that it conforms to law and that all taxes which may be due upon the filing of the certificate under the provisions of section 61 of this act have been paid, shall endorse thereon the word "Approved," with his name and official title, and shall thereupon record such certificate in a book kept by him for that purpose. No act required to be set forth in any such certificate shall be valid until such certificate has been approved as aforesaid, but this provision shall not relieve the corporation, its officers, directors, or stockholders from any liability which might otherwise be enforcible against them or any of them, or invalidate any of the stock of such corporation in the hands of bona fide holders without notice. No such corporation shall commence business until a copy of the certificate required by section 63 hereof, duly certified by the secretary of the state, shall have been filed in the office of the town clerk of the town where the said corporation is to be located; and said town clerk shall record the same in a book kept by him for that purpose.

Every such

Sec. 61. Tax on capital stock. corporation, before its certificate of incorpora

tion shall be approved by the secretary of the state, shall pay to the state treasurer fifty cents on every one thousand dollars of its authorized capital stock up to five million dollars; and it shall pay ten cents upon every one thousand dollars of its authorized capital stock in excess of five million dollars. Whenever any corporation organized under the provisions of this part, or under any former joint stock law of this state, shall increase the amount of its authorized capital stock, it shall pay to the state treasurer, before the certificate of increase shall be approved, fifty cents on each one thousand dollars of such authorized increase until it has paid on a total capital stock of five million dollars; and, upon any authorized increase of capital stock above five million dollars, it shall pay to the state treasurer ten cents on each one thousand dollars; but no payment under the provisions of this section shall be less than twenty-five dollars. Said payments shall be in lieu of all other taxes upon the franchise of the corporation, but shall not be in lieu of any tax imposed by law upon the property of the corporation or upon the shares of its stock in the hands of its stockholders.

Sec. 62. Formation. Any three or more persons may associate to form a corporation under this act for the transaction of any lawful business. Such corporation shall not have power,