Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-11-02


ferns 81 a legal and valid trust shall have bssn
given in writing 20 such bank, In the event of tho
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
shall be taxed the same as other real estate in
the town village or Sly where such "a real estate
profits of bank shall rot be taxed, but the
shares of capital stock si all be taxed to tho
Shareholders of such stock where the bank is
located. The value OF the shares to be deter
mined the same proportiopally 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 tbs
the bank, and such payment s,,aIl constitute
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 us business Office Is located
SECTION 30. 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
bE sneSs under this act. shall have the power to
| Issue circulating notes or currency, in accord
| ance with any such act of congress, aud shall
have the power TO avail itsef OF the provisions
| of any such act OF congress, The provisions of
| this section shalt 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.
l SECTION ~. Inc PROVISIONS OF ttlks act Shait
| apply to, and govern, all banks organized and
| now existing within this state, and the powers
privileges duties and restrictions conferred and
imposed Dpon any 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 act. Nothing in this act shall
be construed 20 affect the legality OF invest
| Enents heretofore made, or to transactions here
tofore had, pun suant 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 = lowing the
| time when this act becomes operative alter or
! amend Its articles of organization, il necessary
| 20 comply with the provisions of this act and
shall by said time make its business conform In
| all respects to the requirements of this aet ex
| herein.
CHAPTER Ill
PRIVATE BANKS.
SECTION l.. Every person, copartnership or |
| corporation doing business Il his state, or that
| may hereafter be doing business ia this state
which shall advertise as bank or a doing !
| banking business, either by signs circulars, |
letter heads or printed matter of any descrip |
ton; or any such person, Co ps rtnsrship or cor
poration, who shall receive me ney or funds for |
deposit or safe keeping as re guitar business or |
who shall buy or sell exchangna as regular bds |
ness, shall be deemed TO be doing a banking |
| business aud shall be known private bank /
| and as such shall be subject TO tho provisions |
OF this act so far as the sapIe shall be apple !
able, And every such perso n co-partnership or |
! corporation shall make reports and bs subject \
act. And every such person. partnership or I
| corporation shall maintain the reserve required |
OF any bank under siIniiir condition, and shall |
/ keep separate set o. books Of account relating (
! TO such banking husip ass, and no entries shall /
| be made upon said bot ks relating TO any other /
| class OF business. Sut h set of books shall be /
| subject at ali times to examination by the bank
| commissioner his DEF uty, 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.
| fnsal to keep the separate books of account az
| required hereunder. upon the refusal to
make the reports required by this act, or upon
! the refusa! to submit the books OF account
| papers, securities ano cash TO the examination
! herein required shall forfeit not less than
| Twenty-Five dollars aud not more than one hun.
/ 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 lmi-
| tatlons, powers aud regulations OF this act, in
so far as the same may be applicable
CHAPTER Nv.
! SAVINGS ASSOCIATIONS.
SECTION |. Any numoef of persons, not less
| than twenty, nor mote than fifty, may unite for
the purpose OF organizing an association TO
receive on deposit the savings of laborprs me-.
| chanlcs, farmers servants, minors add others:
| and TO loan the same for the benefit of such
deposltors three-fourth OF such number "
persons or corpora tors shall reside the county
where the proposed association IL Ia bs located
| SECTION Every such association may at
| any annual meeting, by majority Of al least
two-thirds of those pre- seUt. elect BY ballot any
citizen of the county wherein the ASSOCIATION il
| located, or OF auy adjoining count. 20 he H
| member thereof Ans member t4liing to attend
| the annual meeting fNr tive successive years
| such noo-attendAnce may be dee med equtv4ienl
| TO resignation and his place Det be hutd 10
| the usual mauuer. The assocIsticu ma, MI
| vacancies and add to their nUmbsI irSm time
| to time, as they may desire
| SECTION ). Thsy shall make. sign aud &C.
! knowledge IN trlplicate, certificate ia writing,
| in which shall be stated the name OF such as.
ISOLATION the ma mes of the corpor tors with the
! residence of each, the name Of the city, village,
| town and county in which the operation of such |
| association is to be conducted Que certlfcate |
! n ha nj Offl In ~ flaaH
| of the county 10 which the business OF the ssso-
citation is to be carried on, one shall be de-
| posted in the office OF the secrets oi state |
| and one shall be deposited 10 the dice of the |
| bank commissioner.
| SECTION 4. Such corporation shall have the
power to enact bylaws, not Inconsistent with |
| the laws of this state of the United States,
| for the government of its affairs, sad such by
| laws may prescribe the conditions on which de-
posits shall be made, and the terms which
payments of such deposits shall be made 10 the
| depositors by such institution and the deposi.
/ tors shall be bound by the regulations enacted
| in such bylaws, which regulations shall be
| printed end conspicuously posted in the Office
| of such corporation, SO to be visible and
| cessble 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 as follows.
| Onethird shalt be elected for year, one
| third for two years, and one third for three
| years After the election of the first board OF
1
directors shall be elected at the annual meeting
for the full term of three years unless elected to
serve the lnexpired portion of the term they fill. |
| SECTION 6. The trustees or directors within |
ten days after their election shall elect from the
members of their own board president. one or |
more vice presidents, treasurer and secre- !
| tary; the same person may act as secretary and |
| treasurer; they may also elect from their own
| members a committee ON finance, all said OIL |
GERS to hold their offices till others elected
| and qualified to fill their places
SECTION ]. No more 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.
SECTION s. The treasurer shall give a bond |
for the faithful discharge of bis duties. with |
surety to the acceptance of the directors or
trustees. in not less than ten THOUSAND dollars, |
payable TO said association, and euall give a
new bond, with surety to the .ce"ptsnce of the
directors trustees, often once in every
period OF thret years frori the date OF 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 III the bank commits
sioner of the state. 1t 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 oank commissioner, II Is neces-
sary for the security OF The depositoTs, the treas
urer shall give new bond in such amount as
said board or the bank commissioner lall re-
| quire, and With such sureties as mGy be APP
proved. No president, director or trustee shall
| be surety on the bond Of such treasurer.
| SECTICN9 s.. No corporation, trustee, director,
manager. nor any other officer, except the treas
1rer, shall receive any compensation for his
vices 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 the deposi shall exceed five hundred
| Thousand dollars.
SECTION 10. No tru.tee, director or manager
| Of such corporation, shall be a borrower, or
surety for borrower of any of Its funds, nor re-
ceive 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. bonds securities 10 O"
| by such association, and any such officer who
shall violate any provision Of this section shall
| forfeit to the state one thousand dollars.
SECTION II. Such corporation shall not make
! and issue any bill or promissory note To elreu-
| late as currency.
SECTION ~. Such association may receive on
deposit from any one person. In his or her own |
| name or in the name of another, III any one |
year a sum not exceeding one Thousand dollars. |
SECTION 49, Any association organized here |
nnder, may employ not exceeding one-haf q!
| its deposits in making loans on persansl So
curity, and in the purchase oil the public stock
or bonds of the United States, or OF the north
| western states towit: Ohio, Indiana. Miehi-,
gan Illinois, Iowa. Wisconsin and Minnesota,
| 3r Of the authorized bonds Of say Incorporated
city, village, town or county or school district
| in the aforesaid northwestern states All other.
loans shall be secured by mortgage uBia.
4 1Iared real estate lying aud being Ia the