Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-10-26
tsrms q a l,gal and yaIId trust sham bafs ,bs.n

terms OF a legal and valid trust shah have bean
given in writing 10 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. All real estate owned by any bank
shaiI De 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 q bank shall not be taxed but the
shares Of capital stock ehall be taxed to the
Shareholders of such stock where the bank is
located The value OF the shares TO be deter
mined the same proportiorally as that of other
property, after deducting therefrom the real
! estate owned by the bank The tax of any share
holder nor residing in the taxing district of the
bank, II unpsid at the time for returning this
unpaid tax list to the county, may be paid by
the bank, and such payment shall constitute
flrst 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
i earnings.
4 SEcTIoN 81 Legal process against any bank
may be served upon any officer OF said bank in
! SECTION 49, In the event that the congress of
the United States shall hereafter provide for the
Z establishment of circulation by banks organized
under state laws any bank organized or doing
business under this act, shall have the power 10
Issue circulating notes or currency in 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, or any
other COOPERATION, 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 any bank, existing and doing
business under the laws of this state, are hereby
abridged enlarged or modified as each partic
uiar case Llay require, to conform to the pro
visions Ct this Get. Nothing in this act shall
be cc-.str led 20 affect the legality of INCEST
ments heretofore made, or to transactions here
tofore had, pun snant 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 on
amend its articles of organization If necessarv
| 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
| 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 Ia this state
whicn shan advertise as a bank as doing
banking business, either by signs, circulars
letter heads, or printed matter of any deserip
ton, or any such person. co partnership or cor.
/ poratIont who shall recsive money or funds for
| deposit or safe keeping as regular business or
% shall buy or sell exchange as a regular bust
| ness, shall be deemed to be doing banking
| business, and shall be known as a private bank
| and as such shall be subject TO the provisions
| OF this act so far as the same shall be apple.
ABLE And every such person, co partnership or
\ corporation SDdll make reports and be subject
10 examination, the same as banks under this
act And every such person. CO. pa rtnershln or
corporation shall maintain the reserve required
OF any bank under stmilal condition and shall
keep separate set OF books of account relating
TO such banking business and no entries shall
De made upon said books relating to any other
cias> or business. Such set OF books shall be
| subject at all times to examination by the bank
| commissioner, his deputy, or person appointed
| oy hlm, 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
maze the reports required by this act or upon
the refusal to submit the books of account
papers, securities and cash 10 the examination
herein required, shall forfeit not less than
twenty-five dollars and not more than enc hun.
dred dollars for each day Of any such refusal
The banking business of any parson. co.partner-
ship or corporation shall be subject 10 the limi.
tatlorrs, powers aud regulations Of this act in
so TAI as the same may be applicable
CHAPTER ".
SAVINGS ASSOCIATIONS.
SECTIoNl l. Any uumoor OF persons not less
than twenty, nor mole than fifty, may unite fer
the purpose of organizing an a, ISOLATION 70
receive on deposit the savings OF laborers me.
CHANCES, farmers, servants minors aud others.
and to loan the same for the benefit of such
depoSitorSi threefourth OF such number Of
persons or corporators shah reside 10 tne county
where tbe proposed association i to be located
SECTION , Every such association may at
any annual meeting, by maJortty Of ~ least
two-thirds of those prS>eut. elect by ballot any
located, or of any sdt1lnins county, 10 be y
member thereof AnA member failing 10 atteud
the annual meeting fHr tive eucce$stve years
sueh non-attendaare may be dee med elnIvsleol
to resignation and his nlase m0l be tingi 10
the usual manner. The associAtiCu rs, Mi
vacancies and add to their nblnbs! Ircm time
to time. they may desire.
SECTION 8. Ihey shah make. sign aud &C
knowledge IN triplicate, certificate IN writing,
IN which shall be stated the name of such AZ.
ISOLATION, the na mes Of the corpofators with the
residence OF each the name Of the city. Village
town and county in which tbs operation of .uch
association is to be conducted. Que certificate
shall be filed in the office OF the register OF deeds
of the county in which the business of the 1850
citation is to be carried on, one shall be de-
posted In the office of the secretary 81 stats
and one shall be deposited the otfics of the
bank commissioned
SECTION 4. Such corporation Shall have the
powe. - enact bylaws not Inconsistent with
the laws of this state 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 to the
depoSitors by such institution, and the depoSi.
tors shall be bound by the regulations enacted
In such bylaws, which regulations shall be
printed aud conspicu0usly posted in the office
of such corporation, SO to be visible and ac-
cessible to all persons visiting the business Of
flee of the association.
SECTION S The corporators shall at their
first annual meeting, elect by ballot from their
own number, board of trustees directors
which shall consist OF not less than nine, who
shall be divided into three classes, as follows:
One-third shall be elected for one year,
third for two years, and one thrd 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
till a vacancy, when they shall be elected to
9 the unexpred portion of the term they fill.
SECTION g. The trustees or directors, within
ten days after their election shall elect from the
members of their own boarS president one or
more vice. presidents, treasurer and secrs-
tary; the same person may act as secretary and
FiagH nfa hair
members d committee on finance, ali said Off
GERS to hold their offices till others are elected
aud qualified TO fill their places.
SECTION T. No moro than one officer OF any
savings association shall at the same time be
an officer of any bank or trust company; and no
stakeholder Of bank shall be treasurer of any
savings association
SECTIONS The treasurer shall give bond
for the faithful discharge of his duties, with
surety to the acceptance of the directors OF
trustees, in not less than ten thousard dollars
PAYABLE TO said association. aud stall give "A
new bond. with surety to the acceptance Of the
directors or trustees, as often as once In every
period of three years rom the date Of giving the
last bond The said bond shall forthwith he
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
president OF said savings association to sateg"
keep the original boud so given. NheI~' vt,
in the judgment of the board OF dirG-eotS OF
trustees, or the bank commissioner - - H .
sary for the security Of the depH tots' tue tIeds
nrer shall Jiva n nav houd j. such amount as /
safd boarJ ar tba bapk commissioner shall re-
uuire, and with sncl sureties as may be ap. |
ba snratv on tLe bond of such treasurer.
SECTION :. No coTporator trustee, director, |
mana co. nor any other officer except the treas
urer shall receive any compensation for his ser
yices in the management of such association. /
nor derive any emoument therefrom provided, |
however, that the president may receive for his |
services sum not exceeding five hundred dol |
lars. when tho deposits shall exceed i've hundred /
thousand dollars.
SECTION 10. No truste4, director or manager |
of such corporation, shall bs borrower, or
surety f0I borrower of any Of its funds, nor re
ceiye any money or valuable thing for negotiat-
ing procuring or recommending any loan from /
s1lch association, nor for selling aiding in |
by such association, and any SUCH officer who |
shall violate any provision Of this sActlon shall |
forfeit to the state one Thousand dollars.
SECTION ii. Such corporation shall notnake |
and issue any bill or promissoFy note to clrcu'
late as currency.
SECTION Y. Such association may receive on
deposit from any one person IN his or her own (
uame, or in the name OF another, IN any one /
year, sum not exceeding one thousand dollars |
SECTION H. Any association organized here |
Ender mas employ not exceeding onebaf OF |
its deposits in making loans on personal So |
curty, aud in the purchase OF the public stock |
or bonds OF the United States. or OF the north |
western states, to- wit Ohio. Indiana. Mtehi. |
gan Illinois, Iowa. Wlsconsj in and Minnesota |
on OF the authorized bonds Of any Incorporated |
city, village, town OF county, or school district |
in the aforesaid northwestern states All Other |
loans shall be secured by raQEt2age on unin- |
numbered real estate, lying and being in the |
aforesaid north western states. No association |
shall invest any part OF its deposits in the stock
OF any railroad company. nor loan on, nor invest
in any MORTGAGE on real estate, except such |
real estate as lies ia the aforesaid orthwestern
states No loan shall be made upon real estate |
10 an amount exceeding sixty Per cent. OF the