Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1883-05-16
Published April IA, 1888
CHATTER 294.
AN ACT to provide for the organization of trus

AN AK provide Tor the organization of trust
companies
The people Of The state of Wisconsin, represented
in senate and assembly, do enact as follows
Section L. Ten or more adult persons, residents
OF this state, may form a corporation in the
manner provided by chapter IS of the revised
statutes for the following purposes, tO-Wit: To re-
celYe moneys in trust and to accumulate the same
at such rate OF interest as may be obtained or
agreed on, or to allow such interest thereon as
may be agreed not exceeding, in either case, the
legal rate. To accept and execute all such trusts
anu perform such duties of every description not
inconsistent with the laws of this state as may be
committed to ii by any person or persons what
soeYer, or by any corporation or by order of any
court OF record TO take and accept by grant, as
signment, transfer, device or bequest and hold
any real or personal estate on trusts created in
accordance with the laws OF this state or of the
United States and execute such legal trusts in re-
gard to same on such terms as may be declared,
established or agreed upon in regard thereto To
act as agent for the purpose Of transferring, ssu
ing, registering or counerSigning the certificates
OF stock, bonds or other evidences of debt Of any
corporation, association. municipality, state or
public authority. on such terms as may be agreed
upon. To accept from and execute trusts for
married women in respect to their separate prop
erty, whether real or PERSONAL to act agent for
them in the management of such property and
generally to have and exercise such powers as are
usually had and exercised by trust companies
Section ?. In all cases where an application
shall be made to any court of this state for the
appointment of guardian of the estate of any
infant, the said court shall have power to appoint
the said corporation as guardian of the estate Of
may be paid by parties, or be brought by order or
judgment, may by order direct the same to be de-
posted with the said company on such terms as
may be agreed upon.
Section g. When appointed guardian, receiver,
depoSltary, executor or administrator the court
may in its discretion, require bonds from said
company, but if not so required, none shall be
demanded. In case of the dissolution of said cor
poration, the debts due from the corporation as
guardian, executor, administrator, or as receiver
or deposltary OF moneys in court shall have a
preference.
Section 4. The capital Of corporations organ
lied in accordance with this statute, shall be not
less than one hundred thousand dollars (S1O0 00O)
which shall be divided into shares of one hundred
dollars (S10O each. The capital shall be invested
in bonds and mortgages ON unincumbered real
double the amount loaned thereon or in the bonds
of the United States or of this state or in bonds Of
the incorporated cities Of this state authorized to
ton shall be authorized to transact any business
in cash
Section 5. All the corporate powers of the said
corporation shall be exercised by board of trust
more than twenty (2Q in number, and such
officers and agents as they shall appoint
Section 6. A majority of the trustees must be
citizens of this state, and each trustee must be
stockholder to the amount OF five thousand dollars
($5 000) at least.
Section T. This act shall take effect and be in
force from and after its passage.
Approved April 2. 1888.