ties prescribed in this act. The name of any corporation formed under this act may contain the words "Industrial Bank," but said name shall not be that of any other existing corporation of this State, and it shall not be necessary for any corporation organized under the provisions of this act to use the word "incorporated" in addition to its corporate name either in its place or business or on any printed or advertising matter. The capital stock of any such loan and investment company shall not be less than $25,000, fifty per cent. of which shall be paid in in cash before any such corporation shall be authorized to transact any business other than such as relates to its formation and organization, and the remainder of the capital stock shall be paid in in money within one year after the loan and investment company is authorized to com. mence business at such times and in such amounts as the directors may require. ARTICLES OF INCORPORATION-WHAT THEY SHALL SPECIFY. Three. Such persons shall execute articles of incorporation which shall specify: 1. The name of the corporation which shall be such such as to distinguish it from any other corporation engaged in the same business or promoting or carrying on the same objects or purposes in this State. 2. The name of the city or town and county in which its principal office or place of business is to be located. 3. The nature of the business, or objects, or purposes proposed to be transacted, promoted or carried on. 4. The amount of its capital stock and the number of shares into which the same shall be divided. 5. The names and places of residence of the incorporators and the number of shares of stock subscribed by each. 6. The time when it is to commence and the period it is to continue. 7. By what officers or persons the affairs of the corporation are to be conducted and the time and place at which they are to be elected. 8. The highest amount of indebtedness or liability which the corporation may at any time incur. 9. Whether the private property of the stockholders, not subject by the provisions of the law under which it is organized, shall be subject to the payment of corporate debts, and if so, to what ex tent. ARTICLES OF INCORPORATION-HOW EXECUTED AND RECORDED-PREVIOUS APPROVAL BY COMMISSIONER OF BANKING. Four. The articles of incorporation shall be signed and acknowledged by the parties thereto before any officer authorized to take acknowledgment to deeds, and recorded in the county clerk's office of the county in which the loan and investment company is to be located, and a certified copy thereof shall be filed in the office of the Secretary of State; and said articles, or a certified copy thereof, may be used as evidence in any action for or against such loan and investment company; provided, however, that before filing the articles of incorporation of any proposed loan and investment company in the office of the county clerk in the county in which the loan and investment company is to do business, and with the Secretary of State as is herein provided, the incorporators shall present a copy of said articles of incorporation to the Banking Commissioner for his approval and when same are approved in writing by said commissioner, the incorporators may proceed to the filing and recording of same. Upon presentation of said articles of incorporation to the Banking Commissioner for approval, said commissioner shall carefully examine same, and shall make such inquiry and investigation as to the financial standing and moral character of each of the incorporators as he may deem necessary. He shall inform himself that the incorporators are seeking to establish a bona fide loan and investment business and are acting in good faith, and upon his conclusions he shall approve or refuse to approve said articles of incorporation. If such articles be approved then the county court clerk and the Secretary of State respectively may receive said articles for filing and recording. Upon the filing and recording of said articles and doing all other things required by the laws of the State, the said bank or trust company shall be deemed organized for the purposes named in its articles of incorporation, but no corporation seeking to do a loan and investment business shall actually transact any such business until it receives from the Banking Commissioner a certificate in which it shall be set out that said corporation has fully complied with all the provis ions of this act, and that the requisite capital has been in good faith subscribed and paid in cash. BUSINESS-WHEN MAY BEGIN-POWERS OF Five. When the articles are filed and recorded, and the certificate received from the Banking Commissioner as herein provided, it may commence busi ness and be known by and carry on its business in its corporate name and as such shall have power to adopt and use a corporate seal; to make contracts; sue and be sued; to appoint, remove and elect officers, define their duties and require from any of them a bond for the faithful discharge of their duties; to prescribe by its Board of Directors, by-laws for the government of the loan and investment company not inconsistent with law; to exercise subject to law all such powers as may be necessary: (a) To lend money and to deduct interest therefor in advance at the rate of six per centum per annum, and in addition to require and to receive uniform weekly or monthly installments on its certificates of indebtedness purchased by the borrower, simultaneously with the said loan transaction, or otherwise, and pledged with the corporation as security for the said loan, with or without an allowance of interest on such installments. (b) To sell or negotiate bonds, notes, certificates of investment and choses in action for the payment of money at any time, either fixed or uncertain, and to receive payments therefor in installments or otherwise, with or without an allowance of interest upon such installments. (c) To charge for a loan made pursuant to this section one dollar for each fifty dollars or fraction. thereof loaned for expenses, including any examina tion or investigation of the character and circum stances of the borrower, co-maker or surety and the drawing and taking acknowledgment of necessary papers or other expenses incurred in making the loan; no charge shall be collected unless a loan shall have been made as a result of such examination or investigation. Six. No corporation organized under the provisions of this act shall, (a) Hold at any one time the obligation or obligations of any person, firm or corporation for more than two thousand dollars. (b) Make any loan under the provisions of this act for a longer period than one year from the date thereof. (c) Deposit any of its funds with any bank or trust company unless such bank or trust company has been designated as such depository by vote of the majority of the directors or of the executive committee, exclusive of any director who is an of ficer, director or trustee of the depository so designated. Seven. Every corporation incorporated under the provisions of this act shall report to and be subject to examination, supervision and control of the Banking Commissioner as now provided or may hereafter be provided by law. Eight. The provisions of Chapter 82 of the Session Acts of 1902 entitled "An Act to Regulate Investment Companies" shall not apply to corpora tions incorporated under the provisions of this act. Approved March 20, 1918. CHAPTER 29. AN ACT providing for the appointment of a member of the State Tax Commission to succeed the Auditor of Public Accounts on said commission. Whereas, it was necessary in the creation and establishment of the State Tax Commission in 1917 to provide that the present Auditor of Public Accounts should be a member thereof because of his experience in the assessment of certain classes of property for taxation, and, whereas, the necessity for his membership on said commission still continues, but at the expiration of his term, his successor in office as auditor will not have the time from the duties of his office to assist in the performance of his duties as a member of the State Tax Commission, and it is |