EXECUTOR UNDER WILL

According to the Italian law, a person may by will nominate one or more executors. He may not nominate persons unable by law to contract legal obligations. The testator may give to the executors immediate possession of all or part of his movable property. The executors may not retain possession for longer than one year from the date of the decease of the testator. The heirs may at any time cause to cease the possession on the part of the executors by offering a sum of money sufficient to satisfy any legatees there may be, or producing proof that such legatees have been satisfied, or offering sufficient guarantee of same. The object of the nomination of an executor and duty of the same is to see that the testament be properly carried out in all its particulars. Hence the executors must: 1st, have seals placed when among the heirs there are minors, lunatics, absentees or a corporate body; 2d, make out an inventory of the property in the presence of the presumptive heirs. or after having invited same to be present. They must then proceed to the payment of legacies. Should funds be lacking, they must obtain a magisterial warrant authorizing the sale of property sufficient to produce the sum necessary. Should the testament be questioned, they must appear in support of its validity.

ACCOUNTS

Accounts must be rendered by the executors within one year from the decease of the testator, and they are responsible for any error they may have made. They must consign in full to the heirs whatever may have come into their hands under the mandate. If there be more than one executor, one may act in the absence of the others, but all are responsible for the goods entrusted to them, unless the testator has divided their functions, and each has restricted himself to the exercise of his own special function. Any expenses inherent in the executorship are at the charge of the estate.

MARRIED WOMEN

It may be mentioned that according to Italian law a married woman may not be an executor unless the authorization of the husband be obtained. The executorship is held to constitute a mandate, and the Italian law prohibits the acceptation of any mandate on the part of a married woman unless such marital authorization be obtained.

TRUSTEE UNDER WILL

While the mandate of the executor is limited both as to object and as to time, the object being principally to satisfy the legacies, and the duration limited to one year, the trustee is nominated to manage the estate left by a testator to a minor until the minor comes of age. Normally the property of a minor is administered by the father, but he who nominates as heir a minor may also nominate a trustee notwithstanding the fact that the father is living. Such trustee is subject to the rules governing a mandate. He must administer the real estate in a manner best calculated for the interests of the minor and must receive and invest moneys, and render an account of his trusteeship to the minor when he is of age.

GUARDIANSHIP OF MINORS

If a minor be left without parents there arises the guardianship. The choice of a guardian may be made by testament of the latest survivor of the parents; lacking this the guardianship falls to the grandparents. If there be none, then a family council is called to decide the question.

Whenever there is a minor under guardianship there is also a family council. This is formed of members of the family if there be any, if not, the members composing it are chosen by the local Praetor (magistrate) who must always preside at the meetings of the Council.

There must always be a vice-guardian. who enters into action whenever a conflict of interests between guardian and minor arises, and in case of decease or incapacity

of the first he must take steps to have another guardian appointed.

There are certain restrictions as to the choice of the guardian, and vice-guardians. Unmarried women and females may not be guardians, except in the case of a grandmother or sisters. Likewise, persons not enjoying the free administration of their own estates, persons at law or about to go to law with the minor, criminals or bankrupts, may not be appointed guardians.

The guardian has under his charge the person of the minor, represents him in civil acts and administers his estate. The family council, unless the guardian be a grandparent, has the right to choose the residence and education of a minor, but if the minor is over twelve years of age he has a right to be heard.

Immediately upon being informed of his guardianship, which he cannot refuse except for legal reasons, illness, age, family cares, or military service, the guardian must take steps to have removed the seals placed upon the property, and to have an inventory made. This inventory must be made in the presence of the guardian, the vice-guardian, and two members of the family, by a public notary, and must be deposited at the chancellery of the Praetor, and sworn to as genuine by guardian and vice-guardian.

In the inventory must be mentioned the personal property, credits and debits, also all documents bearing upon the financial position of the minor, and all houses, premises and lands. If there be industrial establishments among the property a special inventory of these must be made. Should the guardian have any credit against the minor, it must be brought forward before the inventory is taken, on pain of nullity.

Prior to taking the inventory, the guardian shall deal only with business demanding immediate attention.

Within two months from the dates of the inventory the guardian shall proceed to the public sale of the furniture belonging to the minor, but he may be authorized by the family council to retain all or a part of the same, or to make a private sale. The family council shall determine the annual sum to be spent upon the education of the minor, and the expenses of the estate, and from that sum shall commence the obligation on the guardian of the investment of the money accruing from the estate.

The guardian may not, without the consent of the family council, enter into pos

session of the capital of the minor; invest same, borrow money, make mortgages, sell goods or personal property, except the property which is liable to rapid deterioration. He may not cede or transfer credits, buy any property whatever, except dome ic objects or those necessary to the administration, make leases exceeding nine years, accept or repudiate inheritances, accept or refuse donations or legacies subject to condition, proceed to division or demand same from a magistrate. He may not compromise or make arrangements or take legal steps without such authorization, except those referring to the possession or the receipt of rents.

If there be, among the property of the minor, shares of stock to bearer, the trustee must have them inscribed in the name of the minor, unless the family council has decided another investment for the money, Any works or establishments shall be converted into money, but the family council may permit the continuance of such works or establishments when it is to the interest of the minor. Such decision must be submitted for the approval of the tribunal.

The trustee may not buy anything from the minor or accept the cession of any credit against him. Neither may he lease anything from him without the approval of the family council. Every decision of the family council concerning sales or mortgages must be submitted to the approval of the tribunal. This must be done for any loan, transaction or division.

The trustee must render accounts annually for the approval of the family council, and at the end of the trusteeship a final account must be made.

ADMINISTRATION OF GOODS BELONGING TO ADULTS

The administration of goods belonging to adults is governed by special contracts made at the time, and the making of such contracts is governed by the general law referring to mandate. The law referring to the administration of minors' estates is also applied as far as possible.

Should a person be absent without giving any notice to his family, absence is presumed, and the court takes the necessary steps to have him represented in cases, processes, etc., in which he may be interested. If the absence lasts three years, the court, on request of the presumptive heirs, as against testamentary heirs, may declare him absent. Following such declaration the heirs, presumptive and legitimate, may be allowed to enter into possession of the

property under certain restrictions, but they may not alienate or mortgage property without the authorization of the court. After three years from entry into possession, the court directs the definite admission to possession. This definite admission constitutes those who receive it the definite proprietors.

STOCKS AND BONDS ISSUED BY THE STATE,

MUNICIPALITIES AND COMPANIES

Inscribed stock must be in the name of one person, except in the case of minors or other administrated persons, provided they be represented by one trustee, guardian or other administrator. Transfer of inscribed stock may be made through a notary public, by intimation to the general director of finance by personal inscription on the back of the certificate duly legalized.

Any issue of bonds by a municipality must be authorized by the Municipal Council in two separate sittings, must have a definite object, and the amortization of the bonds must be provided for. The deliberations must be approved by the District Council, and all municipal bonds must bear the signature of the Prefect of the city.

The mode of issue of shares of a company is dictated by its constitution. The formation of a company may take place in two ways:

1. By a general meeting of the persons proposing to form the company and the depositing by them of three-tenths of the amount they propose to subscribe with one of the banks recognized by the State.

2. By the drawing up and distribution of proposal to form a company among various persons. Any person agreeing to enter in the company must deposit with the bank as above three-tenths of the amount of the shares he proposes to subscribe. After the formation of the company the shareholders must pay the remaining seven-tenths as, and when called for.

Shares must be of equal value and confer equal rights except as otherwise fixed in the articles of constitution. They may be bearer and registered shares. Until fully paid up they remain registered shares.

Registered shares are inscribed in the books of the company, and transfer of such shares is made by declaration and entry in the books signed by both parties. In case of decease of the proprietor, unless there be opposition to the transfer to the heirs, transfer is made by presentation of death certificate and proof of heirship. Bearer shares are transferred by handing the shares to purchaser.

A company may not buy its own shares except when authorized to do so by a general meeting and then only out of profits. Companies may not issue bonds to bearer or registered shares for an amount exceeding the paid-in deposit existing according to the last balance sheet approved by the general meeting. Bonds may not be issued except with the approval of a general meeting, in which there has been represented at least three-quarters of the capital and with a vote of at least half of such capital.

A company is administered by one or more persons who are responsible to the shareholders for their acts and these persons may be proceeded against by law. Any action taken against the administrators must be decided in general meeting, oneeighth of the capital being entitled to demand such vote. Any member has a right to take action in order to have annulled any vote in general meeting, should the same have taken place contrary to the dispositions of the law.

Every administrator must give a caution for the time of his holding the position, up to the fiftieth part of the capital of the Society, and this must be deposited in the form of shares.

Reorganization of Union Trust Company of Providence, R. I.

Aram J. Pothier, Governor of Rhode Island, has been elected president of the Union Trust Company of Providence to succeed Rathbone Gardner, resigned. Mr. Gardner had been at the head of the institution since it re-opened in May, 1908, after its suspension October 25, 1907, and his withdrawal is in accordance with his purpose to retire with the full rehabilitation of the company, recently effected. In the reorganization, Marsden J. Perry, who was vice-president of the company at the time of its suspension, has become Chairman of the board. Archibald G. Loomis continues as vice-president and Harold J. Gross has been added to the officers as a vice-president. Walter G. Brown has retired as secretary and treasurer, and, pending the election of his successor, the duties of that office will be looked after by Clinton F. Stevens, assistant secretary and assistant treasurer. Mr. Gardner has been elected general counsel. Only three of the directors who were heretofore members of the board continue on the directorate, which has been increased from 14 to 18.

At the Ohio Bankers' Convention, Mr. W. S. Hayden of Cleveland delivered an instructive address on the subject of "“Investment Banking." Mr. Hayden dealt with the relation of the investment banker to banking in the generally accepted meaning of that word, and discussed the action of the Executive Council of the American Bankers' Association at Briarcliff in not recommending the creation of a new sec

tion.

Among other things Mr. Hayden said: "If we are to be particular about names and require every one to call his business by some name which will inform everyone else just what he really does, we cannot stop with the investment bankers. We think of National banks as commercial banks, but many National banks really are savings institutions. The name savings bank appears self-interpreting, but some banks of that name with other than savings departments and without segregation of funds do not look like savings banks to anyone who knows them otherwise than by the rules printed in the pass book. The trust companies afford the fairest illustration of all. Probably no definition will include all the cases unless it were as broad as this-'a trust company is a corporation which has bank furniture in its office.' There comes tc mind a man who cannot tell to what church he belongs unless he knows in what town he is assumed to be. He finds people of his way of thinking in the Presbyterian church in one place and in the Unitarian church in another. His state of mind is constant but his religious demonination varies. In a sense, his religion is a matter of geography. With the trust company the case is otherwise-the name is constant but the practice varies. In one place the trust company is a savings bank, in another a commercial bank in another a place of safe deposit, in another a perpetual syndicate, in another a bond house, in another a division of the orphan's court, in another a real estate agency, in another a place where furs are kept in summer. Often some, or

all, of these activities are carried on by one company. There is no present quarrel with these conditions. In general, the world finds good ways to get its work done. The presumption is that ways that are not secret are good if they are profitable. Ways that are not good are after a while found unprofitable. We merely point out that if we are to be purists in christening our financial agencies, we have a good deal to do besides showing the investment man his place and putting him in it.

"Banking is sometimes called a profession. In strictness it is not. Anyone who can figure percentage and get the confidence of a few people may practice banking after a fashion. To be a first rate banker, however, one needs a broad culture in finance, and a thorough training in banking methods. The banker who believes this has a professional attitude toward his calling, and by virtue of his fitness may rank with the best man in the callings which are professions by their nature. Bankers need no stimulus to learn all they can about improving their routine, for that so plainly makes the day's work easier and better in result. There is not quite the same stimulus, however, to seek a broader culture, for the man without it is not of necessity out of the competition. This culture in finance involves more knowledge of the primary economic functions of production and distribution; the auxiliary personal functions of the professions; the auxiliary impersonal functions of transportation and finance, and an idea of how these things make a unit. Beyond this it involves understanding of the dovetailing of the services which constitute the general financing mechanism. The aim is to reach clear vision of the relation of one's own work to that of others near at hand and far away. This is within the purpose of the Association and its groups. It all makes for better banking, for better public feeling toward banking, less losses, more profits and closer, happier and more useful relations among financial men."