Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-09-14
ferms Il ! lessI and ralId trusf shaI1 ha1s -hs.n

terms OF a legal and valid trust shall have beam
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
shat be taxed the same as other real estate in
the town, village or city where such real estate
Is situated Inc eapltd surplus an nad sn 6s
shares of capital stock shall be taxed to the
shareholders of such stock where the bank is
located. The value Of the shares to be deter
mined the same proportiooally 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 SO taxed. Any bank
may pay the taxes upon all of the shares of its
shareholders, aud deduct such tax from its
earnings.
SECTION s. Legal process against any bank
may be served upon any officer of said bank in
the county where its business office is located.
SECTION 80. 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 TO
issue circulating notes or currency, in accord
ance with any such act of congress, aud SHAH
have the power TO avail itself of the protisions
of any such act of congress. The provisions OF
this section shall not DO construed to permit
am savings association, or private bank or
y,
other COOPERATION, TO issue circulating notes.
SECTION 40. The provisions of this act shall
apply to, ana 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'
ular case may require, to conform to the pro.
visions of this aot. Nothing in this act shall
be construed 20 affect the legality of invest
ments heretofore made, or TO transactions here.
tofore had, pun suant to any provisions OF Law
in force when such Investments vera made n,
transaction had. AL banks now existing and
doing business within this state shall. on or
before the first day of July next followinc ths
time wnen TINS act becomes operative alter or
amend Its artic es of Organization, if necessary
10 comply with the provisions of this act and
shall by said time make its business conform In
all respects 20 the requirements Vt this act ex
herein,
CHAPTER III
PRIVATE BANKS.
SECTION l.. Every person, co-partnership ~
corporation doing business ia This state or that
may hereafter be doing business ia this state
which shall advertise a bank or as doing a
banking business, either by signs, circulars
letter heads, or printed matter of any descrin.
ton; or any such person, co-partnership or cor.
poratlon, who shall receive money or funds for
deposit or safe keeping as a regular business. or
who shall buy or sell exchange as a regular bust
ness shall be deemed to be doing a banking
business, and shall be known as private bank
and as such shall be subject TO the provisions
OF tins act so far as the same shall be apple
aoie. ana every such person, co-partne rship or
corporation shall make reports and be 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 Of account relating
70 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
commissioner his deputy, or person appointed
oy 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.
fusal to keep the separate books of account "a
requtreo hereunder, or upon the refusal to
make the reports required by this act or upon
the refusal to submit the books of account
papess, securities and cash 70 the examination
herein required, shall forfeit not less than
drad dollars for each day of any such refusal.
The banking business of any person, co pa rtner-
.hlP or corporation shall be subject to the lImi.
tatlons, powers aud regulations Of this act, in
so far as the same may be applicable.
CHAPTER w
SAVINGS ASSOCIATIONS.
SECTION |. Any numosr OF persons not less
than twenty, nor mole than nifty may unite for
the purpose OF organizing an association TO
receive on deposit the savings of laburers ma
chaalcs, farmers. servants, minors aud others (:
AID to IoaG the same for the benefit of such
depositors, three-fourth of such number Of
persons or corpora shall reside 10 ha county
where the proposed association il 10 be located
SECTION 2 Every such association may. At
any annual meeting, by majority Of al least
two-thIrds OF those present., elect By ballot any
citizen Of the county wheteIn the a*soeIauoa IL
located, or of aug adjoining county. 10 be "
member thereof. An! member ttIline to attend
the annual meeting Ire two succesSIve years
such non attendance may be lee ned eauirF
to resignation and his place nst be IA. -
the usual manner. The assocIaticG ira. Mi
vacancies and add to their uOnbsI frcm time
to time. as they may desire
SECTION s. they shall make. sign and ac-
knowledge in triplicate, c-ttlficate 10 writing,
IN which shall be stated Il name OF slch 3.
ISOLATION, the ma mes of the coz atoTs. with the
residence OF each. the name Of L. city. village,
town and county in which the operate OF such
association is to be conducted. Que certificate
shall be filed in the office of the register OF deed
of the county in which the business Of the asso-
citation is to be carried on, one shall be de.
posted la the office of the secretary 81 state,
and one shall be deposited 10 the cities of the
bank commissioner.
SECTION 4. 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
posits shall be made and the terms GU which
payments of such deposits shall be made TO the
tors shall be bound by the regulations enacted
in such bylaws, which equations shall be
printed and conspicuously posted in the Office
of such corporation, so as to be visible and &C
fee 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
directors shall be elected at the annual meeting
for the full term of three years unless elected to
r-tA ktnY hall 10 81
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, Que
more vice presidents, a 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 are elected
and qualified to fiji their places.
SECTION T. No more than one officer OF any
savings association shall at the same time be
an officer OF any ban or trust company: and no
stockholder of a bank shall be treasurer of any
savings association.
SECTION s. The treasurer shall give bond
for the faithful discharge of his duties, with
surety to the acceptance of the directors or
trustees, in not less than ten thousand dollars,
papa ole to said association, aud shall give a
new bond. with surety to the acceptance OF the
directors or trustees, as often AS once 10 every
period of three years from 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 Snall at all times ne
subject to the inspection 81 the bank commits
sioner of the state. 1t shall be the duty of the
president OF said savings association 70 safely
keep the original bond so given. Whenever
in the judgment of the board Of directors or
trustees, or the naGk commissioner II is neces
sary for tie security Of the depositoTs the treas
urer shall give new bond in such amount as
said board or the bank commissioner shall re-
Ouire, and with such Sureties as may be APP
proved. 10 president, director or trustee shall
be surety the bond of such treasurer.
SECTION g. No COrporatur, trustee, director
manager nor any other officer except the treas
urer, sha Il receive any compensation for his SER
vices in she management OF such association
nor deriI e any emolument 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 or manager
Of such corporation, shall be borrower. or
surety for borrower, OF any OF Its funds nor re
,eive any money or valuable thing tor negotiat-'
ing, procuring or recommending any loan from,
such association, nor for selling or aiding in
the sale of any stocks bonds OF securities to 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 H. Such corporation shall not make
and issue any bill or promissory note to clrcu-
late as currency,
SECTION II. Such association may receive on
deposit from any one parsou, ia his or her own
game or in the name of another ia any Que
year, a sum not exceeding one thousand dollars.
SECTION H. Any association organised here:
rnder, may employ not exceediug ons-haf 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, o-wit; Ohio, Indiana Michi..
gan, Illinois, Iowa. Wisconsin, and Minnesota,
or Of the authorized bonds OF any Incorporated
sty village, town OF county or school district
in the aforesaid northwestern states. All other,
loans shall be secured by mortgage on unin.
numbered real estate, lying and being in the
aforesaid north western states. No association
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