1906-1908 Ind. Op. Att'y Gen. p. 188a

ceedings, or calls of the meetings, if there were any which could have been waived by Matthews if personally pres- ent, could be waived by his proxy, and such waiver was binding upon him." In view of the fact that thirty days' notice was given of the business to be transacted, I think there could be no question of the right and power of the proxy to vote under so comprehen- sive a power as that given in the proxy or power of attorney. INSURANCE-DEPOSIT OF FIRST 50 PER CENT. OF CAPI- TAL STOCK IN PRIVATE BANK, ETC. May 16, 1907. Hon. John C. Billheimer, Auditor of State, Indianapolis, Indiana: Dear Sir-In answer to your inquiry as to whether in my opinion section 48 94p Burns' Annotated In'diana Statutes, Re- vision 1901, prohibiting a loan to any stockholder or officer of the first fifty per cent. of the capital stock paid in of a life insurance company to be invested as therein provided, forbids a deposit of any part of said fifty per cent. in a private bank owned solely by a person who is a stockholder in such life insurance company, whether the deposit is made an ordinary account subject to check, or is made under a certificate of deposit bearing interest, I beg to advise that in my opinion said statute does forbid such deposit. It is well settled that the relation of debtor and creditor exists between a bank and a depositor in case of such deposits, and such deposits could amount to no more than a loan to such stockholder, and in my opinion comes clearly within the letter and spirit of the prohibition contained in the section of the statute referred to. SCHOOLS-RECOVERY OF INTEREST ON COUNTY FUNDS LOANED TO CITY SCHOOL BOARD NOT ACCOUNTED FOR BY TREASURERS. May 16, 1907. Hon. Fassett A. Cotton, Superintendent of Public Instruction, Indianapolis, Indiana: Dear Sir-I have your favor of the 14th inst., wherein you state that according to a recent report of the city comptroller of Evansville, the county treasurers of Vanderburgh county have