BANKING LAWS OF KENTUCKY.



,may incur-not including amounts due to depositors--
to the extent of its capital, reserve and surplus.)
   6. Corporation tax. Every corporation which may
be incorporated by or under the laws of this State, having
a capital stock divided into shares, shall pay into the State
Treasury one-tenth of one per centum upon the amount of
capital stock which such corporation is authorized to have,
and a like tax upon any subsequent increase thereof. Such
tax shall be due and payable on the incorporation of the
company and on increase of the capital stock thereof, and
no such corporation shall have or exercise any corporate
power until the tax shall have been paid, and upon pay-
ment it shall file a statement thereof with the Secretary
of State: Provided, That every corporation which has not
heretofore paid the organization tax upon any or all of its
capital stock, and which, by amendment of its charter,
changes its name, increases its powers, enlarges its scope, or
prolongs its corporate life, shall, upon the filing of such
amendment, pay the tax as above provided, upon its entire
capital stock, or so much thereof as has not theretofore
borne the tax.
   7. Signers to direct affairs until organization com-
pleted. Until the directors arc elected the signers of the
Articles of Incorporation shall have the direction of the
affairs of the organization of the corporation, and may take
such steps as are proper to obtain the necessary subscrip-
tions to stock and to perfect the organization of the cor-
poration.
   8. When banks can begin business-business to be
engaged   in-U.   S. deposits-discount.  A\TVhen  the
articles are filed and recorded, as above provided, it may
commence business, and shall thereupon become a body cor-
porate, and to 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



it