The Superior times. [volume] (Superior, Wis.) 1870-1912, 1885-03-21
LAWS OF WISCONSIN.
CHAPTER 2S

CHAPTER 3s.
AN ACT 10 amend chapter 29i, of the laws Of
1888, entitled AN act 20 provide Tor the organ
izatlon Of trust mpauies"
The people Of the state Of Wisconsin, represented
in senate and assembly, do enact as follows:
s. ction !. Chapter 29i OF the laws of
the year 1883, entitled "An act TO pro-
vide for the orga iZation of trust com
panies,' is hereby amended so as TO read as
follows: Ten or more adult persons, dents OF
this state. may form cooperation in the manner
provided by chapter So OF the revised statutes for
the following purposes 10 wit:
a, To act as the fiscal or transfer agent Of any
stale, municipality or corporation, and in such
Iapacity 30 receive and disburSe money. and
transfer, register and countersign certificates Of
stock, bonds or other evidences OF Indebtedness
,. To lease, purchase hold and convey real es-
late, necessary in the IT -nsactIon OF its bus 7s5
or acquired in satisfaction Of debts due the cor
poration, under sales, judgments, mortgages or
otherwise.
,. To act as trustee under any mortgage issued
by any municlpa lity, corporation or individual,
and 10 accept and execute any other municipal,
corporate or individual trust, not Inconsistent
with the laws OF this state.
4. 10 a cept from and execute trusts for mar
RED women, in respect to their rate property
whether real or personal. and TO be their agent
lH the management of such property.
,. 10 take and accept by grant, assignment,
ianster, devise or bequest, and hold any real or
personal estate on trusts created in accordance
Alth the ws of this state OF the United States,
&ia 10 Kecute such legal trusts in regard 10 the
same on such terms may be declared, esLab-
Hs.ed Of agree upon in regard thereto.
o. 10 ieceiYe moneys III trust and to accumu-
ate 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
ether case he legal rate and to invest and loan
upon mortgage or ether security all mOueys
lother than capital stock belonging to such cor
poTat0u or en- rusted 20 it,.
Z. To accept and execute all such trusts, and
perform such duties OF every description not in
consistent wi h the laws of this state, as may be
commit ed to 1t by any person or persl rs what
q
ment or order ofany court of record.
> 10 take. acf ept and execute any and all such
iegGl trusts, duties ard powers in regard to the
holding, management and disposition of any
estate or property real or personal and the rents
and profits thereof, or the sale thereof a. may
le granted or Contidet to it by any court and 10
a. as !he executor of any last viii and testament
% lns administrator of any estate OF The gu rdian
any infant when thereto appointed by such
VI OF by ORDER or judgment OF any court OF
scu having jurisdiction in the premises and
uy court Of record II TINS state having juriSdic-
.-)a, Is hereby authorized 10 appoint any such
.uTpO alton ministratOr of intestate estates or
tlh the VIII annexed ard guardian of any Iu-
.dIt or utLer person, and receiver in any action
Nh=Jryer, and as dePostary Of any moneys paid
utO court
Generally to have aud exercise such pow
= as are usually had and exercised by trust
0mpanies
section >. Whenever such corporot ton shalI be
proIn ID by any court of record of this stale
-1ardian OF the estate of any infant or other
-.eisou, or receiver, depositary executor or ad-
sululstrator no bond shall ue required from such
corporation, unless in the exercise OF its discre-
f n The court so appointing, shall REQUIRE the
auc: and every court into which mOneys NAV be
sald by parties, II be brought by ord,r or it.dC-
t.eut. may by order direct the same to be de-
HH.Ited with he sad company on such terms as
,aay be agrc.d upun. II moneys received by
tly such corporation, either in the capacity Of
s&ardldn, executor administrator, receiver or
a,l0stary, shah be at the sole rIsk of such cor
p1rat on, and in case OF the dissolution of
Il j 60. poTatlou. such debts shall have prefer
sute.
rtctieu 8. All CGths required law of anv ex-
HlCr. 'mluisr. utur, tIusice OF guardian. Shall
.- dspiasei with when any such corporation IS
5@iolhte. SUCH executor administrators, trustee
~eer. u + The capital Of corporations organ
.@tt in accoTdP' &c with this statute shall be not
.,sS than one hdndred thousand do lars, which
hai be CiyiOed int shares Of one hundred dol
a-s zach. The capital shall beinvested in bonds
md mortgages on un!ncUmbered real estate,
within the state of Wisconsin. worth At least
gou { an cunt loaned thereon, or in the
lohdS OF the United ates. or of this state or in
bonds of the Incorporated cities of this state.
authorized to be iss ted by the legislature: and
n' such corporation shall re authorized to trans
actually paid in, n cash.
Seeto Every such corporation so organized
shall report by the first Monday Of January in
CaCl year us condition and operations TO the
secretary of state and the supreme court may at
any lime, on apphca'ior made, authorize any
person or persons, under such direC IONS as the
s. ID court may prescribe, to examine the books
HhG accounts OF the said company, and inquire
INTO and report upon Its management and affairs
occinn E. majority of the directors of any
5 Ch corporation must be citizens of the state OF
NiscoUSn II, and each director must be stock
holder to the amount oftive thousand dollars at
least
section :. All acts contravenfng the provisions
ni this act are hereby repealed
Section 5. This act shall axe effect and be in
ioTce from and after its Passag and publication.
approved March s. 1855.