The St. Lucie County tribune. (Fort Pierce, St. Lucie County, Fla.) 1905-1920, 1911-07-28

AN ACT for the Incorporation, Powers, Duties
and Liabilities OF Trust and Security Compan-
les and to Regulate the Same.
Be It Enacted by the Legislature OF the State
OF Florida:
Section |. Five or more persons of full age
may form and organize a trust company on the
terms and conditions and subject to the liabilities
prescribed in this Act. The name OF every
trust company formed under this Act shall con-
tain the word trust" but such company shall
not bear the name OF any other existing corpora
ton OF this State; Provided, however, that il
such trust company shall be Incorporated for the
purpose OF succeeding any other trust company,
such newly formed trust company may assume
the name OF the trust company which it is in
tended to succeed the capital stock Of any trust
company hereafter organized under the terms
OF this Act shall not be less than fifty thousand
dollars and shall be divided into shares OF one
hundred dollars each all OF which shall be paid in
| in cash before any such trust company shall be
authorized TO transact any other business than
such as relates TO its formation and organization,
and such payment shall be certified to the Comp
troller Of the State OF Florida, under oath by the
president and treasurer or secretary OF the trust
company; no corporation organized under this
Act shall create more than one class Of stock
| Hereafter no corporation shall be organized for
the purpose OF carrying on a trust company bust.
ness in the State OF Florida, except under the
provisions OF this Act, and no company hereafter
organized under any other Act shall use the
word trust as part OF its name.
Sec ?. Such companies shall be Incorporated
in accordance with the General Laws OF the State
OF Florida prescribing the manner and regula-
ting the incorporation OF banking companies.
Sec j. Every trust company hereafter or
ganzed to the extent set forth in its certificate
OF incorporation, original or amended. and every
trust company heretofore created by special
charter or organized under any law OF this State
not inconsistent herewith, whether such pow.
ers are set forth in its charter or certificate OF
INCORPORATION or not, shall have power.
~ To act as the fiscal or transfer agent of
any State, municipality, body polite or corpora
ton, and in such capacity 10 receive and dis
burse money.
az To transfer. register ana countersign GER.
tiicates Of stock, bonds or other evidences of
indebtedness and to act as agent OF any cor
poration, foreign or domestic for any purpose
now or hereafter required by statute or otherwise
(,) To receive deposits OF trust moneys.
securities or other personal property from any
person or corporation. and TO loan money on real
or personal securities,
ca To. lease, hold, purchase and convey
any and all real property necessary for and con-
venent in the transaction of its business, or
quire, or which it shall acquire in satisfaction
or partial satisfaction OF debts due the corpora
ton under sales, judgments or mortgages or
in settlement or partial settlement of debts due
the corporation by any OF its debtors.
81 To act as trustee under any mortgage or
| bond issued by any municipality, body polite
or corporation, and to accept and execute any
| other municipal or corporate trust not inconsis-
| tent with the laws OF this State.
(6) To accept trusts from and execute trusts
| for married women in respect to their separate
equitable property, and to be their agent in the
management OF such property, or to transact
any business in relation thereto
| ~ To act, under the order or appointment
OF any court OF record, as guardian, receiver or
trustee of the estate OF any minor, and as de-
pository OF any moneys paid into court whether
for the benefit OF any such minor or other person.
| corporation or party.
| (s) To take, accept and execute any and all
such legal trusts, duties and powers in regard
to the holding management and disposition Of
any estate, real or personal, and the rents and
profits thereof. or the sale thereof. as may be