Wisconsin tribune. (Mineral Point, Wis.) 1847-1854, 1852-06-03

See IA. The treasurer NAV give To
any person or association of persons 50
transferring securities in pursuance of the
provisions of this act, powers of attorney
to be eountersi gned by the bank comptrol-
Ter, and recorded by him in a book to be
procured and kept for that purpose, to re-
celve interest or dividends thereon. which
such association may receive and apply to
their own use but such power may be
revoked upon such person or association
OF persons falling to redeem the circula-
ting notes so issued, or when In the opin-
ion of the bank comptroller the principal
OF such securities shall become INSULT
Gent security and the bank comptroller
upon application Of the owners Of such
transferred securities in trust. may in his
discretion, with the approval of the treas
urer IN writing, change or transfer the
same for other securities of the kind be
fore specified in this act, or may transfer
the said securities or any part thereof. up
on receiving and canceling an equal a
mount of such circulating notes delivered
by him to such person or association of
persons, in such manner that the circu-
latlng notes shall always be secured in
full by securities as in this act provided
See, 10 The bills or notes so to be
cOuntersigned and registered and the pay
ment of which shall be secured bv the
transfer of public stocks. shall be stamp
ed upon their face, .' secured bv the pledge
of public stocks" and the bills or notes.
the payment of which shall be secured bv
the transfer of public stocks and railroad
bonds shall be stamped upon their face
. secured by the pledge Of public stocks
and railroad bond" and the amount of
capital stock of the bank SHALL be stamp
ed on all such bills or notes.
Sec l6. Every bank and banking as
sociation organized under the provisions
of this act, shall pay TO the state treasur-
er on the first day Of January and July
OF each year, a semI-aunual tax of 81
Of one per centum on the amount of
capital stock of such bank or banking as
sociation; the first payment of such tax
to be computed at the rate of one and
half per centum per annum from the time
Of filing the certificate required in sec
tlon nineteen, to the first day of January
or j uly then next succeeding If anv
bank or banking association as aforesaid
shall neglect or refuse to pay said tax for
ten days after it shall become due. notice
of non-payment shall be sent to such de-
lInquent by the state treasurer and if
the payment be not made within twenty
day thereafter, such delinquent bank or
banking association, shall in addition to
the tax aforesaid, forfeit and pay to the
said treasurer, for the use of the state.
q
ltal stock. The above semi-auuual tax
and forfeiture always constitute a lien on
the interest of the securities deposited
with the treasurer as provided in section
five, and In case of nOn-pavment Of such
tax and forfeiture or either of them. the
treasurer Is authorized and required to re
woke the power Of attorney granted such
delinqent, as provided in section fourteen.
collect the interest Of such securities and
apply the same to the payment Of said tax
and forfeItures or Of either Of them, and
hold the balance if any subject to the or
order of such delinquent If the inter
est of said securities shall be insufficient
to pay SAID tax and forfeiturcs. the treas
urer after deducting the amount Of said
interest may collect the balance by action
of debt In any court of competent iuris-
dlctlon, In the county where such delin-
quent is located, in the name and on be-
half of the state Said capital stock shall
be exempt from all other taxes except on
that portion of said capital stock which
shall consist of and include the real prop
erty Of such bank or banking association,
and the real property of all banks and
banking associations shall be assessed and
taxed in the city. ward. village or town
where the same is located, for all state,
county, town and corporation purposes, in
the name of such bank or banking asso-
citation Provided, that the owner or hold
or of shares of stock in any bank or bank
ing association shall not be taxed as an
individual for such shares of stock
Sec. II, Before any person or bank
formed under this act, shall
receive from the comptroller any circula-
ting notes as provided in sections FIVE and
six of this act, the directors or stockhold-
ers shall give to the comptroller good and
sufficient bonds, to be approved by him,
to the amount of one-fOurth of the notes
that the said association shall propose to
receive as an additional security to indem-
0lly~tNG Dill uplutTS against any loss LAdL
may be sustained in case the securities de-
posted with the comptroller, shall be in
sufficient to redeem said bills. and such
person or association Of persons are here
by authorized after having executed and
signed such circulating notes, payable on
demand at the place of business within
this state, to loan and circulate the same
as money. according to the ordinary
course of banking houses.
Sec. Is. Any number of persons may
associate to establish Offices of discount.
deposits and circulation, and become in
upon the terms and conditions.
and subject to the liabilities prescribed in
this act; but the aggregate Of the capital
stock Of any such association shall not
be less than twenty-five thousand dollars.
nor more than FIVE hundred thousand dol
lars
Sec. 19. Such persons under their
hands and seals shall make a certificate
which shall specify:
lst. The name assumed to distinguish
such association and To be used In All its