Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1891-05-14

it. as well as such real or personal estate IS II
lcsy deem necessary 10 acquire IN The enforce
Il ent OF settlement OF any claims r demands
arising out OF its business transactions, and .
execute and issue IN the transaction of its bust
ness all necessary receipts, certificates aud
contracts which shall be sign by such person
or persons as may be designated by the bylaws
OF such corporation.
SETON Corporations crSs'ed under this act
shall have and exercise any ana all such pswerS
as are usually had and exercised by ;rnst COM
Section 9. The directors Of any such corpora
tien shall invest so much Of the capital as here
IN directed 10 be deposited in TIE state tres sury
provided that they shall not make such deposit
in cash. in bonds secured by mortgages, or notes
and mortgages on unincumbered real estate
within the state O. Wisconsin, worth double the
amount secured thereby. OF In public stocks and
bonds of the United states OF any state OF the
United states that has not deiaulted on its
principal or interes within ten years.or OF any
organized cO1Efy or township. or incorporated
city in this state And such board of directors
may invest or loan the balance OF
It's capital and other moneys received by
such corporation in trust. in bonds secured by
mortgages or notes and mortgages on upincum-
bered real estate within the state of Wisconsin
worth double the amount secured thereby. or in
public ttOcks and bonds of the United States, or
any state of the United States that has not de-
taulted on its principal or lateres within ten
years or Of any organized COunty or township,
or incorporated city in this state, or in any other
such state, duly authorized TO be issued or IN
such real or personal securities as they may
deem proper.
Section 10 Every corporation organized IN
der this act shall, on or before the first day Of
March in each year pay to the state treasurer,
as an annual license fee for transacting such
business the sum OF three hundred dollars; and
in addition. each such company. organized
under this act shall pay tWO per centum of its
net income during the calendar year preceding
The payment of such license and percentage
shall be in lieu OF all taxes for any purpose
authorized by the laws of this state. except
taxes on such real estate as may be owned by
such corporation
secIioil IL Every company organized under
the provisions'0i this act. shall report is condi-
ton and opera ion by the first Monday of Janu-
airy in each year, TO the secretary OF state; and
the supreme court may at any time, on applica-
tiOn made suthonze any person or persons.
under such directions rs the court may pre-
scribe, to examine the books ana accounts OF the
said company, and inquire into and report upon
its management aud atfeirs.
Section u The pr visions of this act shall al
tach, apply to, ana govern all corporations now
kissing and organized under chapter l5S
OF the laws of 1887, or the amendments thereof
except that any such corpCratio may con-
! tinue TO do business with the amount OF capital
prOvid in said last named act. and all such
corprations shall, on or before the first day OF
January next following the time when this act
becomes operative. make the deposit required
| under Secllon of this act with the state treas
urer. and upon making such deposit any such
! corporation shall have the same powers and
privileges aud be subject TO the same liza ,iities
as II organized under his act
Section 10 Chapter 294. of the laws oflSSS. en-.
titled IAN act to provide for the organization OF
trust companies chapter 80. of the laws of 1855
entitled, An act to amend chapter 294 of the
laws of 1888 " and chapter l5S OF he laws of 1887
entitled An act TO amend chapter 80, of the laws
of 1885" are hereby repealed.
Section IA. This act shall be in force from and
after Its passage and publication.
| Approved April II, 1891.