Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1898-10-17

SECTION 38 Legal process against any banl
may ne served upon any officer of said bank l.
the county, where It's business Office is located.
SECTION 3D. In the event that the congress o
the United States shall hereafter provide for tht
esta bIIshnehto OF circulation by banks organized
under state laws, any bank organized or doins
business under this act shall have the power tt
issue circulating notes or cuxrency, in accord
ance with any such act of congress, and shall
have the power to avail itself OF rssa provisions
OF any such act % congress. Ihe provisions O
th1SSeCtiOn shall not be construed to permit
any savings association, or private bank OF
banker or any loan or truSt company. or any
other corporation, 80 issue circulating notes.
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
imposed upon anF bank, existing and doing
business under tie laws of this state, are hereby
abridged, enlarged, or modified as each Dartic-
ular case may require, to conform to the pro-
visions of this act. Nothing in this act shall
be construed to affect the legality of invest
f2ents heretofore made, or to transactions here
H9 '.d't t}4f@f@tl a 80 'att'F 2sEe'ilN 81 II y
IN force when sucn Investments were made or
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 ITS articles of organization, ii necessary.
to 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
cept where such requirement. is expressly waived
herein. =
CHAPTER III
PRIVATE BANKS.
SECTION l. Every person, co-partnership or
corporation doing business in this state or that
may hereafter be doing business III this state,
which shall advertise as bank or as doing
banking business, either by signs, circulars
letter heads, or printed matter of any descrip-
ton or any such person, partnership or cor
pOration who shall receive money or funds for
deposit or safe keeping as a regular business, or
who shall buy or sell exchange as regular bust
ness, shau be deemed to be doing a banking
l1l,o I~oI~
and as such shall be subject to the provisions
Of this act SO far as the same shall be applic-
able And every such person, co-partnership or
corporation shall make reports and be subject
to examination, the same as banks under this
act. And every such person, co-partnership or
corporation shall maintain the reserve required
OF any bank under similar condition, and shall
keep a separate set OF books CT 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 oil times to examination by the bank
commissioner his deputy, or person appointed
by him, Upon the refusal OF any such person,
co,paTtnershlp or corporation to keep the re-
servo required under fhis act, or upon the re-
fusal to keep the sepagate books Of account as
required hereunder, or upon tho refusal to
make the reports f6QtIT6d pF this act, or upon
the refusal to submit the books of account,
papers, securities and cash TO the examination
herein required, shall forfeit not less than
twenty-five dollars and not more than one hum
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-
tatious, powers and regulations of this act in
SO ia as the same may be applicable.
CHAPTER ".
SAVINGS ASSOCIATIONS.
SECT1oN1 1. Any number of persons, not less
than twenty nor more than fifty, may unite for
the purpose of organizing an association to
receive on deposit the savings of laborers, me-
chanlcs} farmers, servants, minors mn and others;
depositors; three-fourth OF sucli number of
persons or cOrporators shall reside in the county
where the proposed association is to be located.
SECTION z. Every such association may. at
any annual meeting, by majority Of at least
two-thirds of those present, elect by ballot any
citizen of the county wherein the association is
located, or of any adjoining county, to be
member thereof ANY member failing to attend
the annual meeting for two successive years,
such non-attendance may be deemed equivalent
TO resignation, and his place may be filled in
the usual manner The association may fill
vacancies and add to their number from time
to time as they may desire.
SECTION ;. They shall make sign end &C
knowledge in triplicate, certificate in writing,
in which shall be stated the name of such
ISOLATION, the namesof the corpora tors, with the
residence OF each, the name Of the city, village,
town and county in which the operation ofSuch
association is to be conducted. One certificate
sua he flied in the Office OF the register of deeds
g the county IN which the business OF the as@0-
citation is ~ be carried on, one shall be Ge-
positad IL the office Of the secretary Of stata,
and one shall be deposited IN the Office Of the
bank commissioner.
SEGfIoN 4. Such corporation shall have fho
power to enact bylaws, not Inconsistent with
the laws OF this state OF Of the United States
for the government OF its affairs, and such by
la Tvs may prescribe the conditions on Wl.!clt &C.
pos IS shall be made. and the terms "3iich
payments Of such deposits shall be made TO the
drpositors by such institution and the deposit
tors shall be bound by the regulations enacted
liz such bylaws, Which regulations shall be
printed and conspicuousiy posted IN the office
OF such corporation, so as to be visible and at-
cesSIbip to ali persons visiting the business Of
C,t4 of the association,
SECTION The corporators shall, at tleir
first annual meeting. elect by ballot from their
own number, board ct trustees or directors,
which shall consist Of not less than nine, who
thall he divided into three classes, as follows:
One-third shall be elected for one year. one
titirl for two years, and one third for three
years. After the election OF the first board Of
tru.te;.~ or directors. all subsequent trustees or
Girec:n~a shall be elected at the annual meeting
FIR hc ftIii of three years, unless elected to
FL Il vacancy when they shall be elected to
serve the pnexDired portion of the term they till
SECTION 8. The trustees or directors. within
ten days after thoir election shall cleo !."ritse
members Of their own board, president. or
more vce-presidents, a treasurer and secre-
ta9'y. the same person may act as secretary and
tre9surer; they may also elect from their own
members a committee on finance; all said otii-
GERS 10 hold their offices till others are eiected
ard qualified to fill their places
S.cTIoN I. No more than one officer Of any
saviasrS association shall at tie same time be
an 5iiicar of any bank or trus company And no
SAVINGS association.
SECTION s. The treaGEirar shall give 5ond
for the faithful discharge OF h&s oNtleS, with
surety to the acceptance OF the directors OF
Trustees, in not less than ten thousand dollars,
para bic to said association, and shall give a
new bond, with surety to The acceptance Of the
directors or trustees, as often as once IN every
period of three years from the date of givingthe
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. It shall be the duty Of the
president 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 bank commissioner, it is neceS-
sary for the security of the depOsitOrs the treas
urer shall giyea new bond in such amount as
said board or the bank commissioner shall re-
Quire, and with such suroties as may be APP
proved. No president, director or trustee shall
be surety on the bond Of such treasurer,
SECTION 9, No corpOrator, trustee, director.
nor any other officer, except the treas
uror, shall receive any conpensat lon for his ser
vices ia the management of such association,
nor derive any emolument therefrom provided,
however that the president may receive for his
services sum not exceeding five hundred dol
lers when the deposits shall exceed Eve hundred
thousand dollars.
SECTION 10. No trustee, director or manager
of such corporation, shall be q borrower, or
surety for borrower, of any OF its funds, nor
COVE any money or valuable thing for negotlat-
ing, procuring or recommending any loan from
such association, nor for selling or aiding in
the sala Of any stocks. bonds or securities to or