Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-08-31

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
SECTION 81. ALI real estate owned by any bank
shall be taxed the same as other real estate in
Is situated The capital surplus and undivided
profits of bank shall not be taxed, but the
shares of capital stock shall ne taxed to tho
shareholders of such stock whore the bank Is
located The value of the shares to be deter
mined the same proportionally as that of other
property, after deducting 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 shall constitute a
first lien upon the shares 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 business office IS located
SECTION -. 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 nader this act, shall have the power to |
issue circulating notes or currency, in accord |
ance with any such act of congress and shall |
have the power to avail itself OF the progisions |
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, or any |
other corpt ration, to issue circulating notes,
SECTION 40. 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 agv bank, existing and doing
business under the laws of this state are hereby
abridged, enlarged. or modified as each partic,
ular case may require, to conform to the pro
visions of this Hot. Nothing in this act shall
be construed 20 affect the legality of invest
ments heretofore made, or to transactions here
toiore had pun Suant to any provisions of Law
in force when such Investments were made n, |
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 aIter or |
amend its articles of organization if necessary
70 comply with the provisions of this act. and
! all respects to the requirements OF this act ex
eept where such requirement is expressly waived
1 herein.
CHAPTER III.
pRIvATE BANKS.
SECTION /. Every person, copartnership or |
| corporation doing business in this state or that
| may hereafter be doing business Ia this state
which shall advertise as a bank or as doing n |
| banking business, either by signs circulars |
letter heads, or printed matter of any descritr
ton or any such person co-partnership or cor |
| poratlon. who shall receive money or fund. for
deposit or safe keeping as a regular business or
who shall buy or sell xchange as a regular bnsi
ness, shall be deemed to be doing a banking
business, and shall be known private bank,
| 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 Do subject
| TO examination, the same as banks under this |
! act. And every such person, co-partnership or |
| corporation shall maintain the reserve reauired
| of any bank under similar condition and shall
keep separate set of books 81 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 Determination by the bank
| commissioner. his deputy or person anpointed !
| Dy hlm. Upon tile refusal of any such person. |
| copartnershlp or corporation TO keep the ra |
SCI e required under this act, or upon tho re. |
fusai 70 keep the separate books OF account "a |
| required hereunder, or upon the refusal to |
| nv
| the refnSa to submit the books of account
| papers 'ecul ties and cash to the examination
hereIr requIreE, shall forfeit not less than
| ,Henty-f dollars ana not more than one hun.
| fred dollars for each day of auy such refusal
Inc banking business OF any person co.partner-
snip or corporation shall be subject to the itmi.
tai lions, powers and regulations OF this act, 10
So far as the same may be applicable.
!, CHAPTER "
| SAVINGS ASSOCIATIONS.
| SECTION /, Any numoer of persons, not less
| than twenty, nor mole than hfty may unite for
the purpose OF Organizing IA association to
| receive on deposit the savings of laborers mo
| chan1cs, farmers. servants. mlnors aud others
| and To loan the same for the benefit of such
| depositors; three fourth of such number ~
persons or corporators shall reside 10 the county
where the proposed association Is t. be located
| SECTION Every such association may at
| any annual meeting, by majorIty Of at least
two-thlrds of those present.. cleo, By ballot any
CITIZEN of the county wherein the ASSOCIATION IL
! located or of auy adi1niGs county 70 be
| member thereof. Any member failing to attend
! the annual meeting fNr two successive years
| such non-attendhnce may be dee net eqnIvsleut
| to resignation and his pldte ns, be fnrd la
the usual manner. The asSocIstiCu MAJ NIL
| vacancies aud adj to their number ircm line
| to time. as they may desire
SECTION s. They shall make. siEn and &C
knowledge in triricate, certificate writing, |
| in which shall be stated the name of such AS
ISOLATION, the names ut the cprpofators with the
residence of each the name of the city, village
town and county IN which tina operatt IN of such |
association Is 10 be conducted. One certificate |
shall be filed in the Office of the register OF deeds
OF the county in which the Oh siness of the asso-
citation Is to be carried on one shall be d. |
posted in the office % the secretary Of state.
and one shall be deposited III the Ctiice of the |
bank commissioner.
SECTIONS. 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 IF its affairs, and such by
laws may prescribe the conditions on which de-
poSits shall be made and the terms which
payments of such deposits saail be made to the
depositors by such Institution, and the deposl.
tors shall be bound by the regulations enacted
in such bylaws WI lc!t regulations shah be |
printed and conGpicu OuSit posted in the Office
of such corporation, TO be visible and nc
cessible to all persons visiting the business Of
flee of the association.
SECTION The corporators shall, at their |
first annual meeting, elect by ballot from their |
own number board of trustees or directors, |
which shall consist of not less than nine who |
shall be divided into three classes rs follows: |
One-third shall be elected for one year. one |
third for two years, and one third TO. three |
years After the election of the iiTst board Cl |
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 vacancy. when they shall be elected to |
serve the unexpred portion of the tern they fill
SECTION g. The trustees or directors, within
ten days after their election. shall elect from the
members of their own hoard, president, ono or
more vice presidents, a treasurer and secre-
tary; the same person may act as secretary and |
treasurer; they may aAtQ elect from their own
members a committee on finance all said ofl |
GERS to hold their offices till others are elected |
and qualified to fill their places
SECTION l. No more than officer Of any |
savings association shall at the same time be |
an officer Of any hank or trust company; and no |
stakeholder of bank shall be treasurer of any |
savings association.
SECTION s. The treasurer shah give a bond
fOI the faithful discharge of his duties, with
surety to ethe acceptance OF the directors or
trustees, in not less than ten thousand dollars,
payable to said association, aud shall give
new bond, with surety to tho acceptance Of the
directors or trustees, as often as once IN every
period of three years from the date of giving the
last bond. The saj Luud shall forthwith be |
recorded at length in the books of said savings |
association, which record shall at all times no |
subject to the inspection Of the bank commits |
sioner of the state. 1t shall be the duty Of the
president of said savings association to safely
Ike y the original bond so given. Whenever, |
in the judgment of the board of directors or |
trustees, the bank commissioner, it is neoes-
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-
qure. and with such sureties as may be APP
proved. No president, director or trustee shall
Il
SECTION 8. No corpOrat0r trustee, director,
manager. nor any other officer except the treas
urer, shu Il eceive any compensation for his ser
vices in .ie management OF such association.
nor derive any emulumont therefrom; provided, |
however, that the president may receive for his
services a sum not exceeding five hundred dol |
lars, when the deposits shall exceed five hundred
thousand dollars.
SECTION 10. No trustee, director OF manager !
of such corporation, shall be a borrower. or |
surety for borrower of any OF Its funds nor re-
ceve any money or valuable thing for negotiat- |
ing, procuring or recommending any loan from |
such association, nor for selling or aiding IN |
the sale of any stocks, bouds or securities TO or |
by such association, and any such officer who |
shall violate any provision OF this section shall
forfeit to the state one Thousand dollars.
SECTION IL. Such cor poratlon shall not mako |
and Issue any bill or promissoFy note to circu-
late currency.
SECTION IL. Such association may receive on |
deposit from any one person. 10 his or her own |
name, or in the name of another, Ia any one |
year, a sum not exceeding one thousand dollars |
SECTION -. Any association organized here |
under, may employ not exceeding onehalf 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 Miehi..
zau Illinois, Iowa. Wisconsin and Minnesota,
ar of the authorized bonds Of any inooTpOrsted
oity, village town or county, or school district /
in the aforesaid northwestern states. AL other, |
loans shall be secured by mortgage on unin- |
numbered real estate, lying and being 10 the |
aforesaid northwestern states. No assno,a ton /
shall invest any part of its deposits in the stock /