Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1898-08-29

l. u l. 81 ~. 1898;
| SECTION 50. Legal process against any bank
| s1ay be served upon any officer of said bank II
the county where its business office is located.
/ SECTION 80. In the event that the congress OF
the United States shall hereafter provide for che
| establishment of circulation by banks organized
| 1nder sta te laws, any bank organized or doing
| business under this act shall have the power to
| issue circulating notes or currency in accord
ance with any such act of conGSnSs, and shall
! have the power to avail itself OF rHe PROVISIONS
| of any such aet of congress. The provisions of
| THIS section shall nCt be constrzed to perEait
| any savings association, or private bank Or
| banker, any loan trust companypor any
otber cOrporatEon to issue circulating notes.
| SECTION 49, 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 any bank, existing and doing
business under tAe laws of this state, are hereby
| abridged. enlarged, or modified as each .partic-
ular EaSe may require, to conform 30 the pro-
| visions of this act: Nothing in THIS act shall
| be construed to affect the legality of invest
n'crts heretofore made, or to transa eAions here
tot''1e had. pursuant 70 anT provisions oF law
| in foSGa. when cin inyesLne hts weEe made
| transaction had. All banks now existing and
| doing business within this state s1all on or
before the first day of July next following the
time when this act Becomes operative; alter
amend its articles of organization, IL necessary
to cOmpiy with the provisions. of this act. and
! shall 5y said time make Its business conform IN
| cept where such requirement. is expressly waived
hereia-
CHAPTER Ill
ot PRrvATB BANKS.
SECTION I. Every person, coportnership or
may hereafter be doing business On, this state,
which shall advertise as a bank or as doing
ba nkinse business either by signs circulars,
| letter heads, or printed matter OF any descrip-
ton OF any such person, co-partnership or cor
poration, who shall receive money or funds for
IL 70
who shall buy Orsell exchange as irregular bust
moss. shall be deemed to be doing a banking
| business, and shall be known private bank,
and such shah be subject to the provisions
OF this act so far as the same shall be apple
abfe. And every such person, eo-partnership or
corporation shall make reports and be subject
to examination, the same as banks under this
act And every such person, cO-partnership
| 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 npon 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, OF person appointed
| by him. Upon the refusal Of any such person,
co-partnership or corporation to keep the re-
! serve required under this act or upon the re-
| fusal to keep the separate books of account as
required hereunder, or 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 one hum
bred dollars for each day OF any such refusal.
I The banking business of any person, co-partner-
SHALL 6s smoeSt t 70 sn sc Il
1 SO far as tho same may be applicable. Isl.
CHAPTER ~. |
.< $ SAVINGS ASSOCIATIONS. s7z4 80
SBcrIoN1 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.
= chAnlCE. fSrmAra servants. minors and Nthoras
! and to loan the same for the benefit of such
| depositors; three-fourth OF such number OF
persons or corporatOre shall reside in tho county
whore the proposed association is to be located.
| SECTION z Every such association may. at
| any annual meeting, by majority OF at least
citizen Of the county Wherein g tie ass5saon
member thereof. Any member failing to attend
the, annual meeting FOR two. suceesslye, years.
| to resignation, and his place may be filed 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 and ac-
knowledge in triplicate, certificate in writing,
In which shall be stated the name OF such as
| soeiaton the names OF the corporators with the
residence of each, the name of the city, village
| town and county in which the operation of such
asrocia ton 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, shall be de-
aud one shall be deposited in the Office of the
bank commissioner.
SECTION 4. Such corporation shall have the
power to enact bylaws, not inconsistent with
the laws of this state or of the United States,
for tie government of its affairs, and such by
laws may prescribe the conditions or .~l'ic!I uc-
posts shall be made. and the terms -. ,5bich
payments of such deposits shall be made to the
deposiiors by such institution. and the depoSi-
tors shall be bound by the regulations enactei!
in such bylaws, which regulations shall be
printed and conSpicuously posted in the office
OF snch corporation, so as to be visible and
ceSSih!e to all persons visiting the business Of
Ern nf the association.
aEcTToS The corporators shall, at their
first annual meeting, elect by ballot from their
own Number, a board of trustees directors,
which shall consist of not less than nine who
shall he divided into three classes, as follows:
One-third shall be elected for one year, ono
third for two years, and one third for three
years. After the election of the first board of
trn~tocS or directors, all subsequent trustees or
directors shall be elected at the annual meeting
foc he full term of three years unless elected to
Gil vacancy. when they shall be elected to
serve the unexpred portion of the term they fill,
SECTION 3. The trustees directors vii lItn
tn days after their election shall eecr from tie
memberS of their own board, president,
more vice-presidents, treasurer and a secre-
tarv 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 their places.
SECTION Z. No more than one officer OF any
savings association shall at the same time be
stakeholder of bank shall be treasurer of any
savings association. #s
SECTIONS 8. The treasurer shall give a bond
for the faithful discharge of his duties with
surety to the acceptance of the directors
trustees, in not LEGS than ten thousand dollars,
parable to said association, and shall give
new bond, with surety to Che. acceptance of the
directors or trustees. as often as once in every
period of three years from the dateof 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. 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 depostors, 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 ap-
proved. No president, director or trustee shall
be surety on the bond of such treasurer.
SECTION 9. 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 emolument 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
all