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


for the organization of trust companies aud
the repeal OF chapter 50. laws OF 1850. entitled
AN act 10 provide Tor the oEgal izatl0n Of
trust companies. and 10 repeal chapter 2s4' o.
the laws OF ISIS. entitled An act 10 proFide
for the organization o. trust ompanies-
The people OF the state chcouslh. repre-
sent q in senate and assembly DO enact as
Section Any number Ct persons. not less
than five may associate themselves aud become
Incorporated for the purpose OF Hansaellig busl-
ness as a trust, annuity guaranty safe deposii
and security company upon Complying Nltn
the provisions of chapter Sc, OF The revised
statutes Of Wisconsin. aud the provisiOls OF
this act and any company so formed ana lis
successors, shall be entitled T. the rights and
privileges and subje,t 70 the duties and obligs-
tons hereiu prescribed,
Section >. he capital stock of any such cor
poratiOn shall be fixed and limited by the
articles of association. an must be At least one
hundred thousand dollars (Sl00 OG0 and not 10
exceed five million dollars. except that in cities
of less than one hundred thousand inhabitants
such capital stock shall not be less than fifty
thousand dollars. When fifty per centum Of the
capital stock named in the articles OF association
shall have been paid in. in cash. and an sfhda-
Wit to that effect is duly sworn to by the presi-
dent or the secretary of the corporation,
and filed with the secretary of state
the secretary of state shall by proper
commence business under this act. The balance
of the capital stock of such corporation shall be
paid in al such times, and In such amounts as the
board of directors may determine, but the whole
thereof shall be paid in, within six mouths from
the date of the commencement OF business; and
whenever such capital stock shall be fully paid,
and an affidavit TO that effect is duly sworn to by
the president or the secretary of the corporation
and filed with the secretary OF state, he shall give
to the corporation certificate TO that effect
Section As soon as possible, and not later
than six months after any such company has
commenced business under the provisions this
act ii shall deposit with the state treasurer OF this
state not less than fifty per cenium of the
amount oil its capital stock nor more than one
hundred thousand dollars In amount such
deposit to be in cash or bonds In MORTGAGES,
or notes and mo- tgages, on unlncumoeFed real
estate within the state OF Wisconsin, worth
double the amount secured thereby, or public
stocks and bonds of the United States or of any
state OF the United States that has not deiaulted
on its principal interest within ten years or OF
any organized county or township or iDcor-
porateu city in this state, and upon all which
bonds OF other securities there shall have been
no default in the payment of interest or princi-
pal for longer period than thirty days; whica
cash. bonds md mortgages. or notes aud mHrt-
cages or pubic stocks or bonds, shall be held
by the state treasurer, in trust, security for
the depositors and creditors of said corporation,
and for the faithful execution Of any trusts
which may be lawfully imposed upon and &C.
eepted by such corporation. Such corporation
may, from time TO time. withdraw the said securi-
ties from the sai0 state treasurer. as well as the
cash or any part thereof, provided, that secUri-
ties or cash of the an2Sunt and value required
by this act shall at all times during the exist
ence of such corportion, remain in the posses
sion of the state treasurer, for the purpose aiOre
said And until otherwise ordered by a court
OF comDetent jurisdiction, the said state trees
urer shall nay over to such corporation the in
terest, dividends, or other income which he
shall collect upon such securities: or he may
authorize the said company to collect the same
for its own benefit. Upon such deposit being
made. the tate treasurer shall issue to the said
corporation a certificate of suoh fact, and an
amount equal to that stated in such certificate,
shall remain with the state treasuzer in manner
provided above.
Section A. The stock, property and afFaiso of
such corporation shall be managed by not less
IN yp6
hold in his own name not less than ten shares OF
the capital stock of the company, to be elected,
after the first election on the second TuesdST of
January OF each year, in such manner as the
bylaws of said corporation shall determine,
and shall hold their Offices for the period of
one yte- and until their successors shall be
duly .osen and qualified; said directors SHALL
have power to make all bylaws that nay
be proper ard necessary for tEem 10 make
not inconsistent with law, for the general regH-
lation and management of the bOsiness CT she
COMPANY and the administration of its Affairs
ane shall chose one OF tkeir number president
and majority OF them convened, according 70
the by laws shall constitute quorum for the
transaction OfiDusiness said directors shall gave
the power tofn any vacancy whseh may bap
pen in their board by death, resig nation or other
WISE for the current year
Section S. al other officers necessary for the
transaction of the business of such corporation
shall be chosen in. such manner sc the by-lsws
thezeOf shall prescribe,
Section g. Any corporation organized under
THE act shall hspe power1n and by sfts corpoEEte
name to take, 1aceive andfbold; an6Tepay, recon-
vey and dispose ofany effects and property, beth
real and personal, whichmay be granted, ooEl
committed transferred or conveyed 90 1t, with us
consent upOn any terms, or upon any trust or
trusts, at any tin9 or times, by any person or
persons, including married women and minoF9
body or bodies corporate,s0r by any court, tsa
eirding the feds7sl courts; and whe8sany money
or other prOpert is entrusted to Ss'ch corpora
ti0n by or in The name of any mineC
or married woman, the sane may
be held in one saBae manner, aRG
thersseipt of sueh.ninor orrnarried woman shall
have the same effect as provided in and by sec
tion 2220. of the revised statutes OF ~ isconsin;
and to administer fulfill and discharge the duties
OF such trust or trusts for sucl remuneration as
may be agreed on; and any such corporation
shall have power tO.aot generally as agent or at
torney for the transaction 0fbusiness, the man
agement of estates. the collection of rents, inter
securities for moleysi and also to act AZ agent
for the purpose of issuing, ,nSgotiat-
ing. registering, transferring or eoun-
tersignins the certificates OF stock,
bonds or other obligations of any corporation,
association or municipality, and TO mango any
sinking fund therefor. On such terms as may be
agreed upon. And any company organized
under the provisions ofitilis act shall have power
TO accept and to execute the offices of executor.
administrator, trustee, receiver or assignee or
guardian of any minor or dAsane OF incompetent
person. lunGtic or any person suAect TO snar-
dianship; and in all eases when application
shall be made to any count Ia the state for the
appointment of any trustee, receiver, guar
dian or administrator. or guardian OF any
minor. incompetent person insane person, luna
TIC OF any OlDeE PERSON HADj9tA 70
it shall be lawful for any such court to appoint
such company, with Its consent, TO hod such
Offices or offices, and the accounts Of said com
paRy sAch trustee, receiver, assg nee, executor,
administrator or guardian, shall be regularly set
lied and adjusted by the proper officers or tri-
bunas; and all proper, legal, usual and custom
airy charges, costs and expenses SHALL be allowed
70 such company for the care and management
of the estate so committed to it. In Case OF such
appointment by any court. s1eh company
shall net be .ssequired TO make and
he any oath or give any bond or security
except in the discretion OF the court, other than
as provided in this act for deposit with the state
treasurer. sEch corporation shall have power
10 loan money upon real estate and collateral
security, and execute and issue its notes and
debentures payable at 8 future date and to
pledge lis mortgages on real estate and other
securities as security therefor. But nothing
herein contained shall be C .nstrued as giving
the right to issue bills to circulate as money or
buy or sell bank exchange or do banking
business. And any such company shall have
power to take and receive from any individual
or corporation, or deposit for safe keeping and
storage gold and silver plate, jewelry, money,
stocks, securities and other valuables
or personal property, and to rent out the use of