Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-09-21

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given in writing to such bank. In the event of the
death of the trustee tie same or any part there
of, and any interest due thereon, may be paid to
the person for whom the said deposit was made
SECTION 81 All real estate owned by any bank
shall be taxed the same as other real estate in
the town, village or CITY where such real estate
Is situated. The capital, surplus and undivided
; profits of a bank shall not be taxed, but the
shares of capital stock shall be taxed to the
shareholders of such stock where the bank is
located. The value OF the shares to be deter
mined the same proportionally as that OF other
property, after deducting tbe.ssrom the real
estate owned by the bank. The tax OF any share
holder not residing in the taxing district OF the
bank IL unpaid at the time for returning this
unpaid tax list to the county, may be paid by
the bank, and snch payment shall constitute
first lien upon the shares so taxed. Any bank
may pay the taxes upon all of the shares of its
shareholders, and deduct such tax from its
earnings.
SECTION IS Legal process against any bank
may be served upon any officer of said bank in
the county where its siness office is located
SECTION 50. In the event that the congress of
the United States shall hereafter provide for the
establishment of circulation by banks Organized
under state laws, any bank organized or doing
business under this act, shall have the power to
issue circulating notes currency IN accord
al with any such act of congress- aud shall
have the power to avail itself of the provisions
of any such act OF congress. The provisions Of
this section shall not be construed to permit
any savings association or private bank or
banker, o., any loan or trust company, or any
SECTION 10. The provisions of this act shall
apply to, and govern, all banks organized and
now existing within this state and the powers
PRIVILEGES duties and restrictions conferred and
imposf upon any bank, existing and DOING
business under the laws of this state, are hereby
abridged, enlarged. or modified as each partic-
uiar case may require, to conform 70 the pro,
visions of this set, Nothing in this act shall
be construed 20 affect the legality of invest
ments heretofore made, or TO transactions here
tofofs had, pun suant to any provisions OF law
in force when such Investments were made OF
transaction had. All banks now existing and
doing business within this state shall on or
before the first day of July next following the
time when this act becomes operative alter or
amend ATS articles of orgaEization il necessary
70 comply with the provisions of this act and
shall by said time make its business conform in
all respects To the requirements of this act, ex
eept whore such requirement is expressly waived
|. herein.
CHAPTER Ill
PRIVATE BANKS
SECTION 1. Every person. co.partnershin or
corporation doing business In this state, or that
may hereafter be doing business Ia this state
which shall advertise as bank or as doing a
banking business, either BY signs circulars
letter heads, or printed matter of any descrip-
ton or any such person. CO. pa rtnershlp or cor.
poratlon, who shall receive money or funds for
deposit or safe keeping a regular business or
who shall buy sell Exchange as a regular busi-
ness. shall be deemed TO be doing a bap,tnr
business. and shall be known as priya.e bank,
and as such shall be subject to the provisions
OF TINS act so far as the same shall be apple.
able. And every such person, co-partnership or
corporation shall make reports and be subject
TO examination, the same as banks under this
act Aud every such person. CO pa rtnershiD or
corporation shall maintain the reserve REQUIRED
OF any bank under similar condition, and shall
keep separate set OF books Of account relating
to such banking business, and no entries shall
be made upon said books relating to any other
class of business. Such set of books shall be-
subject at all times to examination by the bank
commissioner, his deputy, or person appointed
by him. Upon the refusal of any such person,
co partnership or corporation TO keep the re.
serve required under this act O upon the re-.
hDnEa If
required hereunder, or upon the refusal TO
make the reports required by thi- act, or upon
the refusal to submit the books IF account
papers, securities and cash TO the examination
herein required shall forfeit not less than
twenty-h five dollars and not more than one hun.
dred dollars for each day of any such refusal.
The banking business of any person. co.partner-
ship or corporation shall be subject to the limi.
tations, powers and regulations OF this act in
SO FAR as the same may be applicable.
CHAPTER ".
SAVINGS ASSOCIATIONS.
SECTIoN1. Any numoet Of persons not less
than twenty, nor mole than fifty, may uute for
the purpose of organizing association 10
receive on deposit the savings of laborers ma
chanics, farmers servants minors aud others.
and to loan the same Tor the benefit of such
depoSitors; tbree-fourth OF such number Of
persons or corporate shall reside 10 tue county
where the proposed assoc iation il to be coated
SECTION 2 Every such association may at
any annual meeting by majority of at least
two-thlrds OF those present.. elect BY ballot any
citizen Of tue county wherein the atsoclatoa il
located, or OF any auIJininR county, be
member thereof. AIS member iatiing 10 attend
the annual meeting fHr two successive gears
snch non-attenfance nay be deemed equivalent
TO resignation and h!s place me, be insd To
the usUal manner. The assOcIstiGu ma, Nil
vacancies aud add to their humber frcm time
TO time, as hey may desire
SECTION D They shall make, sign aud &C.
know ledge IN triplIcate, certificate To writing,
IN which shal be stated the name of such as
ISOLATION the Ma mes Of the corpoIa.ors, with the
residence of each, the name Of the city. village.
a - in IL
ASSOCIATION IS to be conducted. One certificate
shall be filed in the office of the register OF deeds
of the county in which the business OF the asso-
cation Is to be carried on, one shall be de-
posted in the office Of the secretary ri state,
and one shall be deposited 10 the ctics of the
SECTION {. Such corporation shall have the
power to enact bylaws, not Inconsistent with
the laws of this state or Of the United States,
for the government of its affairs, and such by
laws may prescribe the conditions on which de-
posits shall be made, and the terms on which
payments of such deposits shall be- made 10 the
deposltors by such Institution. aud the depoSi-
tors shall be bound By the regulations enacted
in such bylaws, which regulations shall be
printed and conspicuously posted in the office
of such corporation SO as To be visible and ac-
cessible to all persons visiting the business OF.
flee of the association.
SECTION 5 The corporators shall at their
first annual meeting, elect by ballot from their
Gwn number, a board of trustees or directors.
which shall consist of not less than nine, who
shall be divided into three classes, as follows:
Oue-third shall be elected for one year, one.
third for two years, and one third for three
years. After the election OF the first board of
trustees or directors. all subsequent trustees or
directors shall be elected at the annual meeting
for the full term of three years unless elected to
fill a vacancy. when they shall be elected to
serve the unexplred portion of the term they ILL.,
SECTION b. The trustees or directors, within
ten days after their election shall elect from the
members of their own board president, one or
more vice presidents, treasurer and secTe-
taTy; the same person may act as secretary and
treasurer; they may ALSO elect from their own
members committee on finance; all said Off.
GERS to hold their offices till Others are elected
and qualified to fill tier places.
SECTION I. No moro than one officer OF any
savings association shall at the same time be
an officer of any bank or trust company aud no
stakeholder of bunk shall be treasurer of any
savings association.
SECTION s, The treasurer shall give bon
fol the faithful discharge of his duties. VII
surety to the acceptance OF the directors.
trustees, in not less than ten thousand dollars,
PAYABLE to said association. and shall give a
new bond. with surety to the acceptance Of the
directors or trustees, as often as once 10 every
period of three years from the date OF giving the
last bond. The said bond shall forthwith be
recorded at length in the books OF said savings
association, which record shall at all times be
subject to the inspection OF the bank commits
sioner Of the state 1t shall be the duty Of the
presideny of said savings association to safely
keep the original bond so given. Whenever
in the judgment of the board Of directors or
trustees, or the oank commissioner. IL is neces-
sary for the security Of the depositors, the treas
urer shall give new bond in such amount as
said board or the bank commissioner shall re-
quire, and with such sureties as may be APP
proved. No pre- sident, director or trustee shall
be surety on the Lond Of such treasurer:
SECTION 3. No oorpnratdr, trustee, director,
manager. any other officer, except the treas
prer, shall receive any compensation for his SER
vices in the management OF such association
nor derive any emolumept therafrom: provided
however, that the president may receive for his
services sum not exceeding five hundred dol
lars, when the deposits shall exceed five hundred
thousand dollars.
SucrroA. tru.t diractor or unanagart
of such corporation, shall be borrower, or
surety for borrower of any OF its funds, re-,
eeive any money or va lu bic thing for negotiat-
ing, procuring or recommending any loan from.
such association, nor for selling or aiding in
the sale of any stocks, bonds or securities to o.
by such association and any such officer who
shall violate any provision OF this section shall
forfeit 10 the state one thousand dollars.
SECTION II. Such corporation shall not make
and issue any blu or promissory note TO clrcu-
late as currency.
SECTION II. Such association may receive on
deposit from any one person, in his or her own
game, or in the name of another IN any ono
year, a sum not exceeding one thousand dollars.
SECTION Is. Any association organized here.
nnder, may employ not exceeding oue-half OF
its deposits in making loans on personal Sc
curity, and in the purchase OF the public stock
or bonds OF the United States. or OF the north
western states to-wit: Ohio, Indiana. Miobi. |
gan Illinois, Iowa. Wisconsin and Minnesota,
ar of the authorized bonds OF any iDoofpara ted
city village, town or county or school district |
ia the aforesaid northwesteFn states. all other |
cunbered real estate, lying and being In the
aforesaid northwestern states. No association
shall invest any part of its deposits in the stock
Of any railroad company. nor loan on, nor invest