Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-10-19
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death of the trustee, the same or any part there
Of, and any interest due thereon, may be paid to 1
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 4
the town. village or city where such real estate +
Is situated. The capital, surplus ana undivided
shares of capital stock shall be taxed to the i
shareholders of such stock where the bank is |
mined the same proporti oRally as that of other
property, after deducting therefrom the real |
estate owned by the bank The tax OF any share
holder not residing N the taxing district OF the
bank, III unpaid at the time for returning this
unpaid tax list 10 the county. may be paid by
the bank, and such payment shall constitute a
first lien upon the shares taxed. Any bank
may pay the taxes upon II of the shares OF its
shareholders and deduct snch tax from its
earnings.
SECTION 81 Legal process against any bank
may DO served upon any officer of said bank in
the county where its business office is located.
SECTION ~. 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, in accord |
ance with any such act of congress- aud shah
of any such act OF congress. The provisions of
this section shall not be construed to permit
any savings association, Jr private bank or
banker, or any loan or trust company, or any
other COOPERATION, TO lsFue circulating notes.
SECTION 40. The provisions OF this act shall |
apply TO, and govern: ali banks oTs am and
prif 3eges duties and restrictions conferred ana
! imposed upon any bank, existing and doing
business under the laws OF this state are hereby
abridged, enlarged, or modified as each partlc-
ular case may require, TO confoT n 70 the pro,
VISIONS of this aao. Nothing in this act shall |
be construed 20 affect the legality of invest |
ments heretofore made or TO transactions here
tofore had pursuant to any provisions of Law
IN force when such investments were made OF |
transaction had, All banks 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 OF /
amend rs articles of orgaEization, if necessary
| 70 comply with the provisions of this act and |
shall by said time make its business conform Ia I
! all respects To the requirements of this act ex
cept where such requir, lent IS expressly waived
! CHAPTER III.
PsIyATE BANKS.
! SECTION l. Every person, co-partnership or |
corporation doing business in this state or that
! may hereafter be doing businf IS la this state /
| which shall advertise as a t4nk or as doing n /
| banking business either By signs circulars |
! letter heads, or printed matter OF any dsscrip !
| ton; or any such person co-partnership or cor.
poration, who shall receive money or funds foe |
deposit or safe keeping a regular business or |
/ who shall buy or sell excLange as regular bust
/ ness, shall be deemed To be doing q banking
! business, aud shall be known 5 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 shall make reports and ba subject
| to examination, the same as banks under this
| act. And every such person, co pa rtnership or
|
| of any bank under similar condition, and shall
| keep separatA set OF books Of 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
| commissioner his deputy or person appointed
| by him Upon the refusal OF any such person.
| co partnership or corporation to keep the re.
| serve required under this act, upon the re.
| tusa 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 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.
ship or corporation shall be subject TO the limi-
| tations, powers and regulations of this act, ia
so far as the same may be applicable.
CHAPTER "
| SAVINGS ASSOCIATIONS.
SECTION l. Any uumbet OF persons uot less
than twenty, nor more than Atty may unite for
receive on deposit the savings of laborers. me.
chanics, farmers servants. minors and others;
and to loan the same for The benefit Of such
! depoeltors threetourth OF such number OF
persons or corporators shall reside 10 Il county
where the proposed association u To be located.
SECTION , Every such association may, at
any annual meeting, by majority If at least
| twothirds of those present.. elect By ballot any
| citizen of the County wherein the association IL
located or of aug adjoining eouaty, to be
member thereof Ans member !4ilug 10 attend
the annual meeting fNr tive successive years
! such non-attendance mas be dee ned '9niv sleul
| TO a esignatl0n sud his plIce mos be- hiled In
the usual maunes. The assoctsticU ICA, hi
| vacancies aud aGj t. thelf uumbet frcm time
| to time, as they n" desire
| SECTION 3. Fuzzy shall make, sign and &C
knowledge in trplica'e. q certificate 10 writing,
il which shall be stated the name of such
ISOLATION, he mes Of the corpot tors with tho
residence OF each the name Of the city. Village,
| town and county "a which the operation OF snch
! association is to be conducted. One certificate
shall be filed in the office the register OF deeds
of hp n which %
| citation is to be carried on, one shall be de-
| posted in the office OF the secretary ~ state,
| and one shall be deposited 10 ths CthcS Ot tie
bank commissioner.
SECTION 4. Such corporation shall have the
| power to enGct 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 cOndttio on which de-
| posits shall be made. and the terms on which
| payments of such deposits shall be made 10 the
| depositors by such Institution and the deposit
tors shall be bound by the regulations enacted
| in such bylaws, which regulations shall be
| printed and conspicuuusly posted IN the office
| of such corporation as to be visible and ac
| ceSsibla 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 ninei who
| shall be divided into three classes as follows;
| Oue-third shall be elected for one year, one.
third for two, years, and one third Tor three
! years, After the election OF the hrst board OF
trustees or directors, all subsequent trustees or
| directors shall be elected a the annual meeting
for the full of three years, unless elected to
| fill a vacancy, when they shall be elected to
serve the unexpired portion OF the term they I'LL
| 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, a treasurer and secre-
| tary the same person may act as secretary ana
| treasurer they may also elect from their own
| members committee on finance, all SAID OIL
GERS TO hold their offices till others are elected
| aud qualified 10 I'LL their places.
| n officer
! eaviags association shall at the same time be
an officer of any bank OF trust company aud no
| stakeholder OF bank shall be treasurer OF any
| savings association.
SECTIONS The treasurer shall give a bond
for the faithful discharge OF his duties wlth
| surety to the acceptance of the directors or
trustees in not less than ten thousand dollars,
! payable to said association. aud shall give
| new bond. with surety to the acceptance otthe
| directors or trustees, as often once IN 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 shall at all times be
| subject to the inspection Of the bank commls-
soner 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 OF
trustees or the bank commissioner, It Is ueccs-
ssrv for the security of the depositots the treas
| urer shall give new bond 10 such amount as
| said board or the bank commissioner shall 70.
| uuire and with sueh sureties as may be APP
proved. No esident, director or trustee shall
be surety on the bond of such treasurer;
| SECTION g. No corporatOr, trustee director
| manager nor any other officer, except the treas
| urer shall receive any compensation for his ser
| vices in the management Of such association,
nor derive any emOlument thersfrom provided
| however that the pre- ident may receive for his
| services 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 a borrower, or
! surety for a borrower Of ANY of Its funds nor re-
| cpiye any money or vaiua bic thing for negotiat
| ing procuring or recommending any loan from
| such association, nor ioI selling or aiding M
| the ale oF any stocks, bonds securities TO o"
| bv such association. and any such officer who
| shall violate any provision Of this Sectiou shall
| forfeit to the state one thousand dollars.
| SECTION IL Such corporation shall not make
| and issue any DILL or promtssory note 10 circu-
| late as currency.
| SECTION II. Such association may receive on
| ieposit from any person, in BIS or her own
| naTne or in the name OF another, IN ANY one
| wear a sum not exceeding one thousand do tars
| SECTION -. Apy association orFslhzed pee
| Gnder may employ not exceeding onAhaii oi
| its deposits in making loans Iu personal Sc
| -urity and in the purchase Of the public STOCK
| ,r bonds Of the United States. or 81 the north
| western states, to- wit: OHIO, Indiana Mlchl
gan Illinois, Iowa. Wisconsin aud Minnesota.
! 5r of the authorized bonds Of any incorporated
/ rity village. town county. or school district
Ia the aforesaid northwestern states All other.
| loans shall be secured by mortgage on min
| numbered real estate, lying and being IA the
| aforesaid northwestern states. NO association
skalI invest any part of its deposits IA the stock
lu ~ fN