Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-08-24

I terms of a legal and valid trust shall have been
given in writing TO such bank In the event of the
death of the trustee, the same or any part there
of, and any interest due thereon may be paid to
/ the person for whom the said deposit was made
i SECTION 81. Ali real estate owned by any bank
shall be taxed the same as other real estate in
s the town, village city where such real estate
] Is situated. The capital, surplus and undivided
| profits of bank shall not be taxed, but the
shales Ct capital stock shall be taxed to the
located. Tho value of the shartS TO be deter
mined the same proportionaliy as that Of other
1 property, after deducfing therefrom the real
] estate owned by the bank. The tax of any share
holder not residing in the taxing district Of the
bank, II unpaid at the time for returning this
unpaid tax list to the county, may be paid by
| the bank, and such payment shah constitute a
| 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 81. Legal process against any bank
may be served upon any officer of said bank in
| the county where its business office is located
SECTION 3. 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 ia accord |
with any such act of congress, aud shah |
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 or any loan or trust company, any
| other corporation, to issue circulating notes.
SECTION 40 The provisions of this act shall
| apply to, and govern, al banks organized and
| now existing within this state, and the powers
| privileges duties and restrictions conferred and
imposed upon any bank, existing and doing
bus mess under the laws OF this state, are hereby
abridged, enlarged. or modified as each parttc-
| ular case may rSquire, to conform to the pro,
visions of this act. Nothing in this act shall
| be construed 20 affect the legality of invest
ments heretofore made, or to transactions here
tofore had, pun suant to any provisions of Law
/ in force when such Investments were made O,
| 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 lts articles OF organization, y necessary
| to comply with the provisions =: this act and |
shall by said time make its business conform In
all respects to the requirements OF this act ex |
cept where such requirs nent IS expressly waived
| herein.
CHAPTER'III.
| PRIVATE BANKS.
| SECTION l. Eqery ~ -aon, co-partnershin ar I
corporation doing husress in this state, or that !
| may hereafter be doing business Ia this state
WHICH shall advertise bank or a. doing a |
! banking business either by signs circulars
letter heads, or printed matter of ans descrip.
ton; or any such person, co-partnership or cor |
| poration, who shall teceive money or funds for
deposit or safe keeping as regular lsiness or
who shall buy ca sell exchange as are ular bust |
| ness, shall oe deemed to be doing a banking |
| busine ss, and shall be known as private bank
| and as such shall be subject TO the provisions |
| OF tbs act so far as the same shall be apple |
ahie. And every such person, partnership or /
| corporation shall make reports aud be subject !
| 10 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 miar condition, and shall |
| keep separate set of books Of account relating
| TO such banking business and no entries shall |
he 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 daputy, or person appointed |
| by him. Upon the refusal of any such person. |
| copartnership or corporation to keep the re.
| serve required under this act or upon the |
| tusal to keep the separate books of account as |
required hereunder, upon the refusal to |
| make the reports required by 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 hun.
| bred dollars for each day OF auy such refusal. /
The banking business Of any person, co partner. |
ship 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.
| SECTfoNl. Any number OF persons not less
| than twenty nor moIe than fifty, may lutte for
the purpose OF organizing An association to
receive on deposit the savings of laburers ms-
ehanlcs, farmers. servants. minors ADD others;
and To loan the same for the benefit of such
urpositors; three fourth OF such number Of
perso2s corporators shall reside Ia tue county
where tie proposed ASSOCIATION is to be located
SECTION Every such association may, At
any annual meeting, by majority of AT least
two thirds of those prNs91t. cinc, by bAllot any
citizen of the county wherein the tssociattou Is
located, or OF any adjoining coo aly 20 be
member thereof. Az! member fILing 10 attend
the annual meeting tNr I'VE successive years
such non-attenddnca nay be deemed e4uIvaleal
to a resignation and his place may b, fined la
the nsnat mauner. The assoctAticu nay MI
vacancies aud add to then number frcn time
to time, as they mas desire
SECTION !. Tbsy shall make, sign and &C.
knowledge in triplicate. u certlicate 10 writing,
IN which shall be stated the name NJ such |
ISOLATION the IA mes OF the corpoI tors with tho
residence of each, thu name of the cIt,, village,
town and county in which tina operation OF such
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 |
citation is to be carried on. one shall be- de-
posted in the office of tue secretary u state,
and one shall be deposited Ia the office of the
bank commissioner.
SECTION g. 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 do.
posits shall be made, and the terms which
payments Of such deposits shall be made to the
depoSit0rS by such institution, and the deposit |
tors shall be bound BY tho regulations enacted
in such bylaws, which regulations shall be
printed and conspcuonsly posted in the office
of such corporal ion, to be visible and ac
cessibe to all pc sons visiting the business Of
flee of the assoc Iation.
Section B The corporators shall. at their
first annua. meeting elect by ballot from their
own number, board of trustees or directors,
which shall consist Of not less than nine, who
shall he divided into three classes, as follows:
One-third shall be elected for year, one
third for two years. and one third for three
years. After the election of the first board Of
directors shall be elected At tho annual meeting
for the full term of three years unless elected to
till vacancy when they shall be elected to
the uneXplred portion of the term they fill.
SECTION 6. The trustees OF directors, within
ten days after their election shall elect from the
members of their own board, president or
more vice presidents, treasurer and secre-
tary; the same person may act as secretary and
treasurer; they may ase elect from their own
GERS TO hold their offices till others are elected
and qualified to FIJI their places.
SECTION l. No more than one officer of any
savings association shall at the same time be
officer of any bank or trust company and no |
stakeholder of bank shall be'treasurer OF any |
savings association
SECTION 8. The treasurer shall give bond |
for the faithful discharge Of his duties with |
trustees, in not less than ten thousand dollars
payable TO said association, aud shall give
new bond. with surety to the acceptance OF the
directors trustees, often as once in every
period of three years from the date of giving tue
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
soner OF the state. 1t shall be the duty OF the
president of said savings association 70 safely
in the judgment of the board of directors or
trustees, or the bank commissioner, it Is neces-
sary for the security Of the depostors, the treas
urer shall give a new bond in such amount as
said board or the bank commissioner shall re-
quire, and with such sureties as may be ap.
proved No president, director or trustee shall
be surety on the bond Of such treasurer.
SECTION 8. No corporator, trustee, director.
manager, nor any other officer except the treas
urer, shall receive any compensation for his ser
vices in the management OF such association,
nor derive any emolumont therefrom 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.
SECTION 10 No trustee, director or manager
of such corporation. shall be a borrower, or
surety for borrower. of any o. ITS funds, re-
Ceive any money valuable thing for negotiat-
ing, procuring or recommending any loan from
such association, nor for selling or aiding Ia
the sale Of any stocks, bonds or securities to or
by such ssnciation, and any such officer who
shall violate any provision of this section shall
forfeit to the state one thC"saud dollars.
SECTION II. Snch cOTpo. alton shall not make
and issue any bill or promlssory notS To circu-
late currency.
SECTION IL. Such association may receive on
deposit from any one person, in his or her own
uuine or in the name OF another ia IVY one
year. q sum not exceeding one Thousand dollars. |
SECTION Is, Any association organized here |
nnder, may Ell ploy not exceeding one-half OF
its deposits in making loans on personal Sc
cuTity, aud in the PURCHASE OF the public stock |
OF bonds Of the United States, or OF the north
western states, wit; Ohio, Indiana Michi- |
gan Illinois, Iowa, Wisconsin and Minnesota,
Or of the authorized bonds of any Incorporated
oity village, town or county, or school district
in the aforesaid north western states. Ali other |
loans shall be secured by mortgage on unin. /
numbered real estate, lying and being " the |
aforesaid northwestern states. NJ association
oil of IT, defpgtts IN the stock |