their claims. A debtor cannot obtain a discharge without the consent of every creditor.

Quebec. - A trader cannot give one or more of his creditors a preference over the other creditors by chattel mortgages, bills of sale, or otherwise. Every trader who has ceased payments may be required by his creditors to make an abandonment of his property for their benefit. The creditors appoint a curator and inspectors who, under the direction of the court, distribute the estate.

BANKS AND BANKING

Alabama. - Banks of discount and deposit may be incorporated by not less than three persons, for a period of 20 years, with a capital stock of not less than $50,000, of which not less than 20 per cent. and in no case less than $25,000, must be actually paid by subscribers before filing the declaration of incorporation. There is no provision

for the establishment of banks of issue. Any banker who discounts a bill or note at a greater rate than 8 per cent. can enforce the collection of the principal only, and any interest paid must be deducted from the principal. Holders of bank-notes, and depositors who have not stipulated for interest, are entitled in case of insolvency to preference over all other creditors. A stockholder is liable only to the extent of unpaid stock owned by him.

Arizona. - Banks of discount and deposit, but not of issue, may incorporate under the general corporation law. Savings and loan associations may receive deposits of money and invest and collect the same with interest. Realty acquired in the collection of debts must be conveyed within 5 years. These associations are examined by the bank comptroller, must make reports to the legislature, and must keep a reserve of 15 per cent. of the deposits.

Arkansas. - State laws prescribe no special regulations for banking. Banking may be carried on by individuals or by corporations organized under the general corporation law.

California. - Banking may be carried on by any corporation organized for that purpose, by individuals, or by partnerships, except special partnerships. Every such corporation must, whenever required by the board of bank commissioners, make a report in writing to the commissioners, verified by the oath of its two principal officers. Such report shall show the actual financial condition of the corporation at the close of any past day specified. Said reports shall be required by the bank commissioners, from each and every corporation doing a banking business, at least three times in each year, and shall be transmitted to the commissioners within 15 days after the receipt from them of a request or requisition therefor. Every foreign corporation, or person or number of persons not being incorporated, engaged in the business of banking or publicly receiving money on deposit, shall comply with the foregoing provisions. Savings banks may invest funds only in United States bonds, bonds of the state of California, or of the counties, cities, and towns of California, unless they have the capital stock paid

in, or a reserve fund of not less than $300,000, but they may loan money on adequate real or personal property for any period less than 6 years.

Colorado. - Incorporators of a bank of discount and deposit must not be less than three. Capital stock must not be less than $30,000, 50 per cent. to be paid in before beginning business, and all paid in within 1 year. Loans to any one party are limited to 25 per cent. of the paid-up stock of the bank. Loans to an officer or director of the bank are limited to 90 per cent. of the stock held by such officer or director. Savings banks shall have a capital of not less than $25,000, which shall be paid in in cash. Funds may be invested in bonds of the United States, of the state, or of any county or school district of the state, or in mortgage bonds on unencumbered real estate worth at least double the amount loaned.

Connecticut. - Banks are organized only upon special enactment of the legislature; they cannot be organized under the general jointstock act. The state imposes no restraint nor does it assume any control over individuals or copartnerships conducting a banking business. No one not a resident of the state may be a director. No credit is to be given to any one party for more than 15 per cent. of the capital stock paid in. No director shall be obligated to it for more than 50 per cent. of the stock paid in, together with the surplus, and no bank shall allow its directors to become obligated to it for more than 20 per cent. of its stock paid in and surplus. The cashiers of all banks must file quarterly statements, under oath, with the state bank commissioner each year, which reports must be published in a newspaper within the county where the bank is located.

Delaware. - State banks are chartered by special act of assembly. The national banks and trust companies do the banking business principally. There are no official examinations, and the bank is merely required to make a yearly report of its condition to the governor of the state.

District of Columbia. - All banks organized in the District of Columbia, except purely private banks, are subject to, and governed by, the acts of congress applicable to national bank associations.

Florida. - Banks may be established by five or more persons in any city or town having 3,000 or more inhabitants, with a capital of not less than $50,000; in towns of less than 3,000 inhabitants, with a capital of not less than $15,000. They may not begin business until 50 per cent. of the capital stock is paid in, and 10 per cent. further must be paid each month thereafter until the whole amount is paid. The state comptroller supervises the banks, which are required to make semiannual reports.

Georgia. - Banks may be chartered by three or more persons. All banks, on public notice by the governor, are required within 30 days to make, semiannually, reports showing the officers, stockholders, and condition of the bank in full. Each stockholder is individually liable

to the amount of his unpaid stock.

Idaho. - There are no state banking laws.

Indian Territory. - Any bank or trust company organized under the laws of any state may transact such business in the Indian Territory as is authorized by its charter. The statutes at large of the United States provide that the national banking laws shall have the same force and effect in the territory as in the several states.

Illinois. The capital stock required is graded, according to the population of the town or city wherein the bank is located, from $25,000 up to $200,000. Banks may not issue bills to circulate as money. Loans to any one party shall not exceed one-tenth of the capital stock paid in. The state auditor inspects the banks, and banks are required to furnish statements at his request.

Indiana. - Banks may be incorporated by not less than five persons, with a capital stock of not less than $25,000, of which 50 per cent. must be paid in before beginning business. Banks may not issue notes to circulate as money. Real estate taken in enforcing the collection of debts must be conveyed within 5 years. Banks are required to make not less than five reports annually to the state auditor, and special reports whenever required. The state auditor may appoint a bank examiner to examine into the affairs of a bank. Savings banks may be organized by not less than seven nor more than twenty-one persons, who have been citizens for more than 5 years previously and voters in the county in which the bank is to operate, and who shall severally own unencumbered real estate worth at least $5,000; each incorporator to declare in the articles his acceptance of the trusteeship thereof. The statute goes into the minutest details as to investments and regulation of the affairs of the bank.

Iowa. - State banks may be organized by not less than five persons. The word state must be in the corporate name; and other bankers, or banking associations, are prohibited from using such word. The capital shall be not less than $50,000, except in cities or towns having a population of 3,000 or less, where they may be organized with a paid-up capital of not less than $25,000. A reserve of not less than 10 per cent. of the total deposits must be kept in banks located in towns and cities having less than 3,000 population, and 15 per cent. of their total deposits in other state banks. Loans to any one party are limited to 20 per cent. of the actually paid capital of the bank. The state auditor may examine a bank whenever he sees

fit, and shall four times annually call for a report of the bank's condition. Savings banks may be formed by five or more persons, a majority of whom are citizens of Iowa. Capital stock may be $10,000 or more in cities or towns of 10,000 population or less, and $50,000 in larger cities. Deposits may not exceed ten times the capital stock. Investments are restricted. A cash reserve must at all times be kept, in towns having 3,000 population or less, equal to 15 per cent. of commercial deposits and 8 per cent. of savings deposits; in other banks, 20 per cent. of commercial deposits and 8 per cent. of savings deposits.

Kansas. - Banks may be organized by not less than five persons. Capital stock shall not be less than $5,000, paid in full in cash. Not more than 15 per cent. of the capital stock and surplus can be loaned to any one party. Four reports annually are required, and the bank commissioner, or deputy, must make an examination of each bank at least once a year.

Kentucky. - Banks may be incorporated by not less than five persons, with a capital stock of not less than $15,000, and, if in a city of 50,000 or more population, of not less than $100,000, of which 50 per cent. must be paid in before beginning business, and all within 1 year.

Louisiana. - State banks may be incorporated by not less than five persons, for a period less than 99 years. No special acts of incorporation can be passed. A bank may not hold real estate, except that necessary for the transaction of its business, for a longer period than 10 years. They must make quarterly reports to the state examiner of state banks. The parties composing a private bank are liable without restriction for all obligations; of others, the stockholders are liable only for the amount of their respective shares. Savings, safe deposit, and trust banks, without power to issue banknotes, may be organized with a capital of $50,000 or more, of which at least $10,000 must be paid in before beginning business.

Maine. - Banks may be organized under general statutes, or by special charter. The circulation of a bank is limited to 50 per cent. of the capital and $3 in excess for every $1 held in specie. Banks are subjected at all times to examination by the state bank examiner. Savings banks have no capital, and do business only for the benefit of depositors under statute regulations restricting investments.

Maryland. - Prior to the act of 1870, a general act under which all banks must be incorporated, state banks were incorporated by special act of the legislature. In Baltimore city, the capital stock must not be less than $300,000; elsewhere, not less than $50,000. The