Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1891-04-30
Published April 20. 1891

CHAPTER 2a4.
AN ACT 20 amend chapter 352 o. the general
laws OF 1857, entitled AN act 10 amend SectigI
ls.l OF chapter So. Of the revised statutes o.
1855, entitled, ''of the organization Of cor
pOrafi0us
The people OF the state of Wisconsin. renresent
ed III Senate and assembly. do enact a. FOL
lows:
section T. Section !. Of chapter s5s. az the
read as follows:
section Section ri. Of chapter 50. Of the
revised : atutes, is hereby amended by adding
thereto the following. .-Aud also for th, NM
pose Of iusuring or guaranteeing owners Of real
estate and owners Of real csts e mortgages and
others interested in real estate from loss BY
reason of defective TITLES. liens and incum
hrauces. but no such corporate shall De au.
horized 80 trausa any business or exercise
any powers such, with "A capital stock OF less
than TWO hundred thousand dollars the
whole Of which shall have been dnlv
subscribed, and one quarter thereof shall
have been actually paid in, In money and
invested as hereinafter provided: said one
quarter OF the amount OF stock paid in shall
be invested IN bonds OF the United States
or Of the state Of Wisconsin or IN the bonds and
obi atoms OF any Incorporated city Of this state
containing population Of not less than en-
thousand souls, which bonds shall NOT have
subscription 10. airy railroad or other private
enterprise, and whose total bonded indehtedua -
docs not exceed tive per ccntum of the then
assessed valuation OF the real and personal
property OF sad city in the bonds ~ any or.
gained county in this state containing a ponu.
lation Of not less than ten thousand souls. which
bonds. shall cot have been issued Tor any " ia
purpose aforesaid, and whose total boz, &
debteduess does not exceed five per eepfum ~
The then assessed valuation OF the real and Uer-
sonal property of such unity. or in bonds or
promissoIy notes secured by first mortgages or
deeds OF trust npOn unincumhered real csttte
situated within TINS state worth. AZ Least thirty
per centum more than the am unit OF the
obligation so secured " Such CORPORATION may
make aud deliver, and In like manner accent and
receive all necessary and proper deeds convey.
ances, mortgages. leases. assignments ana other
contracts and writings, obligatory, aud have and
exercise all necessary rights, franchises muni-
ments, estate, powers and privileges neces 4ary
to that end; aud such corporation Is authorized
To loan money and funds and secure such loans
by mortgage or trust deed. and shall have power
to purchase real estate notes. bonds mortgages.
trust deeds. and other evidences OF endebteduess
aud TO sell. convey and assign such real estate
nstes bonds, mortgages. trust deeds and other
evidences OF indebtedness and other securities
and to convert them into cash or other securities
Whenever any such corporation shall have so IN
vested one quarter OF its aptal stock required
to be paid in as herein provided the secretary or
president OF such corporation shall hle with the
secretary OF state a statement under oath con
tanning description Of The securities purchased
under the provision of this act and such cor
poration shall, at the same time. file witt the
secretary OF state its bond, with sHreties To be
approved by hun. In the penal sum of one half Of
its capital stock 10 the state of Wisconsin con
NltlOutu iNAN IL Will pay Az liabilities OF such
corporation and will deliver to the secretary
Of state and his successors in office on de-
mand. any part or AL Of said securities when he
shall in his Judgment required the same for the
security Of he iasued aud the creditors OF such
corporation or for the pu pose of examination
4 and upon the default Of any OF the conditions OF
such bond the secretary Estate is hereby aut hor
lied to commence sptt thereon, for he benefit of
any or all Of the creditors Of such cornoratiou
/ Upon the filing Of such statement and bond tue
secretary OF state shall execute aud deiivera Ger
tfcate, authorizing the ssid corporation IL com.
meDce, carry on and transact business under tue
provision of this act. And such corporation
may also deposit such securities with the secre-
tary Of state, and when il shall so deposit
them IL shall have the privilege OF with
drawing them and OF replacing Them as the
necessities of It's business may reunire And
when such securities are deposited with the
secretary OF state, he shall aut noriZe in writing
snch corporation TO collect the interest dividend
and income OF the same The secretary or pres
ident OF any such corporation. after the fling OF
its first statement OF securities. shall Annually
Thereafter on the second Tuesday OF January
file 8 like statement under oath with the secre-
tary Of state. And II at any time the secretary
of state shall not be satisfied with such state
ment he NAV require the production OF such se-
curittes before HIM Tor examination il they have
not already been deposited with him In lieu
OF filing such statmente aud fling such bond,
such corporation shall deposit such securities
with the secretary or stare, and he shall there
upon issue he certificate hereibbefore provided
for, authorizing such corporation 10 transact
business, aud he shall further authorize such
corporation 10 collect the interest, income and
dividends OF such securities. Such eorporatious
are hereby declared not to be insurance com
panies within the meaning OF chapter So Of the
revised statutes, and the several acts amendato.y
! thereoi. except IN the provisions relating "a
taxation; and such corporations shall pay a II
eense fee The same as Fire Insurance companies
in the manner now provided by Jaw. in lieu OF
all taxes.
Section 2. All acts or parts OF acts contraven
ing the p DIVISION OF this act are hereby re
pealed.
Section 3. Thiy act shall take effect and be in
force from and after its passage and publication
Approved April II, 1891.