Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-08-17
rms ii a ,egaI and vaIia trust sbar bavs hss4

terms Of legal and valid TRUST shap have been
given In writing TO such bank In the event of the
death of the trustee the same or any part there
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
profits Of bank shall not be taxed, but ths
80 ceholders of such stock where the bank is
located Tho value OF the shares to be deter
mined the same proportionally as. that Of other
property, after deducting .herefrom 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
unpaid tax list to the county, may be paid by
the bank and such payment shall constitute a
first lien upon the shares so taxed. Any bank
may pay the taxes upon all OF the shares OF It's
earnings.
SECTION So Legal process against any bank
may be served upon any officer of said bank in
the county where It's business office is located
SECTION 50. 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 OF doing
business under this act, shall have the power to
issue circulating notes OF currency, III accord
ance with any such act of congress- aud shall,
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 issne circulating notes
apply to, and govern, all ranks organized and
now existing within this state, and the powers,
privileges duties aud restrictions conferred and
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,
be construed 20 affect the legality Of invest
mcnts heretofore made, or to transactions here
tofore had, pursuant to any provisions of Law
in force when such investments were made OF
transaction had. ALI banks now existing and
doing business within this stete shall, on OF
before the first day of July next following the
amend its articles of organization, If necessary
to 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
cept where such requirement is expressly waived
herein.
CHAPTER III.
PRIVATE BANKS.
SECTION l.. Every person, partnership or
corporation doing business in this state or that
may hereafter be doing business ia this state
which shall advertise bank as doing
banking business, either by signs, circulars
letter heads. or printed matter Of any descrip-
ton or any such person. co-partnershlp or cor.
| poration WHO shall receive money or funds for
deposit or safe keeping as regular business OF
who shall buy or sell exchange as regular bust
| moss. shall b. d. smed to be doing banking
| business anC. shall he known as private bank,
| and as such shaI be subject to the provisions
| OF this act 81 far as the same shall DO apple
| able. Aud every such person. oo-partaership or
corporation shall make reports and be subject
| to examination, the same banks under this
act Aud every such person, CO. partnership or
Corporation shall maintain the reserve required
OF any bank under similar condition, and shall
keer separate set of books CT 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 to examination by the bank
b. him Upon the refusal Of pny sueh larson
| co partnership or corporation to keep the re
| serve required under this act, or upon the re.
m, to
| required hereunder, or upon the refusal to
| make he reports required by this act, or npou
| 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 hun.
| dred dollars for each day of ANY such refusal.
| The banking business of any person, co-partneE4
| ship corporation shall be subject To the iimi.
| tations, powers and regulations Of THIS act 10
| SO far rs the same mag be applicable
| CHAPTER Nv
| SAVINGS ASSOCIATIONS.
| SECTION l. Any number Of persons, not less
| than twenty, nor mote Than hfty. may unite for
| the purpose of orsauiLne an association to
receive on deposit the savings of laborers me-
| cbanics, farmers, servants. minors aud others:
| and 70 loan the same for the benett Of such
| depositors; three fourth OF such number Of
| persons corporaturs shall reside la Tie county
| where the proposed association is to be located.
| SECTION 2 Every soeh association may. at
| any annual meeting, by majority of at least
| two-thirds of those present, elect BY ballot any
| citizen of the county wherein the association Is
| located, or OF aoF adlotning eounty, TO be
| member thereof. An! member failing to attend
! the annual meeting fer 1--we successive years
| such non-attendance NAV be dee med eqnlFsient
| to resignation and his place maY be flied 10
| the usual mauuef. The association may MI
/ vacancies aud add TO theft number frcm time
| to time, as they mas desire
| SECTION J. they shall make. sign and ac.
/ knowledge in triplicate, certificate 10 writing.
| in which shall BE- stated the name of such as
| sociatoa the names OF the cnrpofators. With tho
| residence of each, the name Of the city, village.
" which Ia O surh
| 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 ia the Office Of the secretary Of state,
and one shalt DC deposited 10 the office of the
bank cCtltint sSiOner.
SECTION 4. Such corporation shall have the
power to enact bylaws, not inconsiste, 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 de-
posits shall be made aud the terms on which
payments OF snch 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 and conspicuously posted IN the Office
of sucti corporation, SO us To be visible ana &C
cessible to all persons visiting tho 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 or directors,
which shall consist of not less than nine, who
shall be divided into three classes, as follows:
Onethird shall be elected for one year. one
third for two years, and one third for three
years. After the election of the first board OF
trustees or directors all subsequent trustees or
directors shall be elected al the annual meeting
for the full term Of three years unless elected to
fill vacancy, when they shall be elected to
serve the unegpired portion of the term they NIL
SECTION 8. The trustees or directors, within
ten days after their election shall elect from the
members of their own board, a president, one or
more vice-presidents a treasurer and secre-
tary the same person may act as SECRETARY anu
treasurer: they may also eect from their own
ma Am bp a
GERS to hold their offices till others are elected
and qualified to I'll their places.
SECTION I. No more than one officer OF any
awnings ASSOCIATION shall. AT tie same time be
an officer of any bank or trust company aud no
stakeholder of bank shall be treasurer OF any
savings asSoci alton.
SECTION s. The treasurer shall give bond
for the faithful discharge of his duties. with
surety to the acceptance of thu directors or
trustees In not less than ten thousand dollars,
payable TO said association, and shall give
new bond with surety to the acceptance OF the
directors or trustees, as otten as ouee 10 every
last bond The said bond shall torthwtth be
recorded at length 10 the books o! said SAVINGS
association which record shall at all times pe
subject to the inspection Of the bank commIs'
sioner of the state. 1t shall be the duty OF the
| president Of said savings association 70 safely
| keep the, original b1nd s. given. Whenever,
trustees, or the bank comm SsioneF II Is neces-
sary for the security OF the eNositors the treas
| urer shall give new bond IL snch amount as
| said board or the bank commissioner shall re-
| quire, and with such sureties as may De ap,
| proved. No president, director or trustee shall
| be surety on the bond Of such treasurer:
| SECTION O. No corporator, trustee. director.
manager nor any other officer, except the treas
urer shall receive any compensation for his SET.
vices In the management of such association,
| nor derive any emolument therefrom; provided.
| however, that the president may receive Tor MS
services sum hot 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 OF It's funds, nor re-
| ing procuring or recommending any Ioap 'soms
| such assoc alton, nor for selling or aiding IN
the sale of ny stocks, bonds or securities to or
1 by such association. and any such ofticef VINO
/ 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 pronIssory note to circu-
| late as currency.
| SEcTJoN r. Such association may receive
| name or in the name of another, III any one
| year a sum not exceeding one thousand dollars
| SECTION i3. Any association orgablZeu nero.
| under, may employ not exceeding ohe-ha!f OF
| it's deposits in making loans on personal Sc
| -uritg and in the purchase Of the public stock
western states towit. Ohio, Indiana. Mlchi-
gan, illinois. Iowa. Wisconsi ia and Minnesota:
Or Of tho authorized bonds of any Incorporated
city village, town or county. or school district
in the aforesaid nort western states. All 1tier,
loans shall be secured by mortgage on uDln'
| numbered real estate, lying and being III the
aforesaid northwestern states. No association
81 any railroad company, nor loan On, nor invest
4 IN auv rrnrtcaua on real estate, except such