Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-09-28

terms OF legal and valid truss shan have b1sf
given In writing to such bank In the event Of the
oil and any interest due thereon, may be paid to
the person for whom the said deposit was made.
SECTION 81. All realrstste owned by any bank
shall be taxed the sane as e.her real estate in
the town, village or city whore such real estate
Is situated. The CAPITAL, surplus and undivided
profits of bank shall not be taxed, but the
shares of capital stock shall be taxed to tho
shareholders OF sach stock where the bapk Is
located. The value OF the shares to De deter
property, after deducth1g 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 tho Tins for returning, the
unpaid tax list to the county, may be PAID by
the bank, and such payment shall constitute
may pay the taxes upon all OF the shares of It's
sharehoidsss, and deduct sreh tax from its
SECTION IS Legal process against any bank
may be served upon any osiicer Of said bank in
the county where Its business Office is located.
SECTION So 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 under this act. shall have the power 10
issue circulating notes or currency. Iii accord
ance 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, private bank or
/ banker or any loan or trust company or any |
other corpcration to issue circulating notes.
SECTION 90. The provisions of this act shall
/ 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 :iartic'
ular case may require. to conform TO the pro,
visions of this act. Nothing in this act shall
be construed % affect the legality Of invest
! ments heretofore made, or to transactions here
tofore had pun suant to any provisions OF Law
4 In force when such investments were made OF
I transaction had. All banks now existing and
doing business within this state shall, on or
before the first day Of July next following the
| tune when this act becomes operative, alter or
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 tho 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 doiag business ia this state
| which shall advertise bank or as doing
! banking business, either by signs, circulars |
| letter heads, or printed matter Of any iescrip. /
| tion; or any such person, copartnership or cor
| poration, who shall receive money or funds for
| deposit or safe keeping a regular business, or
| who SHAH buy or sell exchange as regular busi-
ness, shall be deemed to be doing banking
! business, aud shall be known as a private bank,
| and as such shall! be subject 20 the provisions
| OF FMS act SO far as the same shall be apple.
! able. And every such person, co.pai tnership or
! corporation shall make reports and ba subject
| To examination, the same as banks under this
act. And every such person, co-partnership or
| corporation shall maintain the reserve required
| of any bank under similar condition and shall
| keep 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
commissioners. his deputy, or person appointed
by him. Upon the refusal OF any such person
| co partnership corporation to keep the re.
4 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 10 the examination |
! hereiu required, shall forfeit not less than |
| twenty-five dollars and not more than one hun.
| dred dollars for each day of any such refusal. /
! Tho banking busines o any person. partner |
ship or corporation shall be subject to the lImf-
tations, powers and regulations OF this act 10 |
so far as the same may be Applicebls.
CHAPTER Nv.
| SAVINGS ASSOCIATIONS.
! SECTION l. Any numoet u persona not less
than twenty, nor mote than fifty may unite for |
tho purpose II organizing an association 10
! receive on deposit the savings, of laborers me
| chanics, farmers. ser 7GGts minors aud others:
and to loan The same for the benefit Of such |
depositors; threefourth OF such number of |
persons or corporators shall reside 10 the county |
where the proposed association /. 10 BE- located. /
SECTION Every such association may. at |
any annual meeting, by majority OF at least |
two-thirds of those present. elect bg ballot any |
| citizen of the county wherein the ASSOCIATION Ia !
| located. or of auy adjoining ccun,y, TO be
| member thereof. Any member fatilne TO attend |
| the annual meeting fNr two sUccessire years |
such non-attendanCe nav be deemed equtrsleut !
to resignation and his place 1873 be hiled la |
the usual manner. The ass0e.stIIu irst Mi |
| vacancies and adj 10 their nUmbst frcm Time
| TO time as they may desire
| SECTION s. They shall make, eign and ac-
! knowledge in tripilcate, certificate 10 writing,
! in which shall be stated the name OF such as
| sociation the names OF the corpotators, with tho
residence OF each the name OF the city, WALLACE,
| town and couaty 10 which the operation of such |
| association Is 10 be conducted. Que certificate |
shall be filed in the office OF the register OF deeds
| of the county in which the business of the
| citation is to be carried on, shall be de |
posted in the office Of the secretary of stats, |
and one shall be deposited III the ctbcs OF the !
| bank commissioner.
SECTION T. 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 of its affairs, and such by
| laws may prescribe the conditions on which de. |
| posits shat. oe made, aud the terms on which |
| payments of such deposits she'll he made TO the |
! depOStorS by such institution and the deposit
| tors shall be bound by the regulations enacted
| IN such bylaws. which regulations shall be !
| printed and consplcuouSly posted 40 the Office
! of such corporation so as to bc visible and nc |
cessibe 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, a board OF trustees or 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, 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
for the full term of three unless elected to
| fill a vacancy. when they shall he elected to |
serve the unexpired 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 a president. one or
| more vicepresldents' a treasurer ana eecre
tary: the same person may act as secretary and |
| treasurer; they may also elect from their own |
| members committed on finance, all said oiii- |
GERS to hold their offices till Others are elected |
| and qualified to fill their places.
| SECTION !. No ruore thau Que officer OF any
| savings association stall at the same time be
| an officer of any brink or trust company: and no
| stoc kholder Of bank shall be treasurer OF any
| savings association.
| SECTION & The treasurer shall give 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 eball give a
| new bond. with surety TO the acceptance OF the
directors or trustees, as often as once 10 every
period Of thee years from the dat OF giving The
| last bond. The said hord shall forthwith be
| recorded at lenlth in the books of said savings
| association, which record shall at all times be
| subject to the inspection nf 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 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 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 SHAH
be surety on the bond OF such treasurer.
| SECTION 8. No corpora pr, trustee. director.
manager nor any other officer, except the treas
| urer, shall receive any compensation for his ser
vices in the Infringement Of such association.
nor derive any emolument therofrom; provided,
however, that the president may receive for his
| services a sum not exceeding five hundred dol.
lars when the deposits shall exceed tive hundred
| thousand dollars.
| SECTION 10. No trustee, director or manager
| of such corporation. shall be a borrower, OF.
surety for borrower Of airy Of ITS funds, nor re-
cefye nny money or yaiua bic thing for negotiat-
ing procuring or recommending aay loan from
| sfch associate. nor for selling or aiding IN
the sale of any stocks, bonds securities TO a.
| 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 omissofy note to cITcu-
| late as currency.
| SECTION II. Such association may receive on
| deposit from any one person. IN his or her owa
| name or in the name OF another, in aDy one
| rear A gum not exceeding one thousand dollars
| SECTION - Any association organized here
| nnder may employ not exceeding one'haf OF
its deposits in making loans on personal Sc
| -urity aud in the purchase Of the public stock
| or bonds OF the United States. or Of the north
| western states, to-wit. Ohio, Indiana. Micbi-. |
| gan Illinois Iowa. Wisconsin and Minnesota,
! or of the authorized bonds Of any incol porstsd
city. village town OF county. or school district
| in the aforesaid north western states. All other.
| loans shall be secured by mortgage on unin-
| numbered real estate. lying and being u the