Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-10-12

terms "a
given In writing to such bank in the event OF he
death of the trustee the same or any part thera.
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
shall be taxed the same as other real estate in
the town. village or city where such real estate
is situated. The capital, surplus and undivided
FRONTS q 9ank snan not % taxed, but the
of such stock whore the bank Is
located, The value OF the shares TO be deter
mined the same proportionally 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 tine for returning tbs
the bank, and such payment shall constitute a
nrst lien upon the shares so taxed. Any bank
may pay the taxes upon all of the shares of its
shareholders, and deduct such tax from its
SECTION So Legal process against any. bank
may De served upon any officer of said bank in
the county where It's 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 to
issue circulating notes or currency. ia accord
anco with any such act of congress, aud shall
have the power to avail itself of the provisions
of any snch 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
IA.
SECTION 40. The provisions of this act shall
apply to, and govern, all banks organized aud
now existing within this state, and the powers
privileges, duties and restrictions conferred and
imposed upon any bank, existing and doing
business under the 4. VS. OF this state, are hereby
abridged, enlarged. or modified as each partic.
uiar case may require, 70 conform to the pro
VISIONS OF this act. Nothing in this act shall
be construed 20 affect the legality of INCEST
ments heretofore made, or to transactions here
eoiore had, pun suant to any provisions of Law
u force when such Investments were made OF
transaction had. All banks now existing and
doing business within this state shall on or
before .he nrst day OF July next following the
time When this act becomes operative. alter or
70 comply with the provisions OF this ACT ana
snail by said time make its lsness conform in
an respects TO the requirements of this act. ex
herein. NS
CHAPTER III.
PRIVATE BANKS.
SECTION L. Every person, co-partnershin or
corporation doing hu 81 ness in this state or hal
may hereafter be dong business la this state.
which shall advertise as 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.
poration, who shah rec i've money or funds for
DEPOSIT or safe keeping as regular business, or
VINO shan buy or soil exchange as a regular bust.
ness, shall be desmed to be doing a banking
business, and shall be known as private bank,
and as such shall be subject to the rovsions
VI TINS act so TAR as the same snail be anDlic.
able. And every such person, oo-partnership or
corporation shall make reports and be subject
TO examination, the same as banks under this
act ana every such person. co-partnership or
or any bank under similar condition, and shall
keep separate set OF books of account relating
10 such banking business, and no entries shall
De made upon said books relating to any other
class OF business. Such set of books shall be
suolect at ali times TO examination by the bank
commissioner, his deputy, or person appointed
oy him Upon tile refusal Of any such person
co partnership or corporation to keep the rs.
serve rec Tired under this act or upon the re.
fusal to Leep 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
herein required. shall forfeit not less than
twenty-hr dollars and not more than one hun.
bred dollars for each day of auy such refusal
The banking business OF any person. co .partuer.
ship or corporation shall be subject to the limi.
tations, powers and regulations of this act, In
so far as the same may be applicable.
CHAPTER w.
SAVINGS ASSOCIATIONS
SECTION l. Any numoer Of persons not lass
than twenty, nor more than fifty. may unite for
the purpose OF organizing an association to
receive on deposit the savings of laborers mo-
chanlcs, farmers, servants. minors aud oths.s:
and To loan the same for the benefit of surh
depositors; three-fourth OF sueh number uf
persons or corporstors sh3l reside Ia tho county
where the PROMISED ASSOCIATION |. 10 be located
SEcTioN,2 Every such association may. at
any annual ineettpg 10y a majority of at least
two-thirds Of those present., elect By ballot any
citizen of the county whereia the atsocIatioa Is
located, or of ang adj1,nins couaty 20 be u
member thereof. Any member !siling TO attend
the annual meeting fNr tive successive years
such moo Attendance nay be lee ned equivalent
to resignation and his pldss MOI be fIlsd 10
the usual manner. The assoct4tico ma, Nil
vacancies aud add 10 their hOmbei ircm time
to time. as they mag desire,
SECTION 5. They shah make. sigp spd &C.
knowledge IN tripiica'e, a etnIacate 10 writing,
ISOLATION, the names Ut the c.rporator with tho
residence Of each, the name of the city village
town and county in which the ppet stiop of snch
Is to be conducted. Que certificate
shall be filed In the Office Of the -esister OF deeds
Of the county Ia which the business Of the asso-
citation is to be carried On. one shall be De.
posted Ia the office Of the secretstk, Of state.
and one shall De deposited 10 the ediet OF the
SEcTios 1, Such corporation shall have tho
power to enact bylaws, not inconsistent with
for the government OF its affairs. and such by
laws may prescribe the conditions on which do.
posts shall be made. and the terms on which
depositors by such Institution, and the deposit
tors shall DO bound by the regulations enacted
In such bylaws, which regulations shall be
printed and conspicuously posted in tho office
Of such cooperation, so as to be vi ible and &C.
sessible to all persons visiting tbs business Of
fee of the association.
SECTION 5 The corporafors shall, at their
1rst annual meeting elect by ballot from their
)wn number 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 tbreo
Fears. After the ELECTION OF the first board Of
trustees or directors all subsequent trustees or
directors shall be elected at the annual meeting
or the full term of three years. unless elected ia
Ill vacancy. when they shall be elected to
erVe the unexpired portion 81 the term they AL.
SECTIONS. The trustees 9E DIRECTORS, within
members 81 their own board, q president, one or
more vice presidents a treasurer and score.
AIRY; the same person may act as secretary and
they mag also elect from their own
MEMBERS committee on finance; all said Off.
.ers to hold their offices till others arc elected
md qualified to I'll their places.
SECTION !. No moro than one officer Of any
avngs association shall at the same time be
iu officer Of any bank or trust company; and no
tockholdar Of bank shall be treasurer OF any
,ayings association.
SEcTIoE s; The treasurer shall slve a bond
oi the faithful discharge Of his duties. with
surety ia the acceptance Of the directors or
rustees, IN not less than ten thousand doliafs,
lew bond with surety to the acceptance Of the
directors or trustees, as often as once 10 every
serlod al three years from the date OF giving ihe
sst bong TIE ssd , aond shs be
which record shall at all times te
nbjeet to the inspection 81 the hank commits
Toner Of the state. 1t shall DO the duty OF the
PRESIDENT Of said savings association TO safely
.eep the original bond SO vixen, Whenever.
q the Judgment OF the board OF directors or
Fustees. OF tue bank commissioners. 1t Is neces-
AIRY for the security OF the depositoTs, the treas
Irer shall give new bond in such amount as
aid boatd or the bank commissioner shall re-.
plre, and, With spoh s9retles as may DO ap,
iFQyed, No president, director or trustee shall
e surety on the bond OF such treasurer.
SECTION o. No corporator, trustee, director,
manager, nor any other officer. except the treas.
ror. shall receive any compensation for his ser.
ices IN the management OF such association.
or derive any emolnmelt thsrefrom provided,
owever. that the president may receive for his
ervices sum not exceeding five hundred dol
ars when the deposits shall exceed five hundred
thousand dollars.
SECTION TO- No trustee, director or manager
I such corporation, shall be a borrower. or
urety for borrower Of any OF it's funds, nor re-
Give any money or valuable thihg for begotiat' |
ne, procuring or Recommending any load from |
uch association, nor fox asiiiae OF aiding In |
he sale q any stneks. bonds OF securities to o.
y euGA assficiatioh. and any such officer who
hall violate any provision OF this section shall
orfeit to the state one thousand dollsra,
SECTION IL. Such corporation shall not mako
nd Issue ANY bill az pFdmissory aote TO circu-
alto "a euTrehey,
sRofIos l2. Such association may receive on
eposit from any ono person In his or her own
ame, or liz the naLls of another, in any one |
ear, sum not exceeding one thousand dollars
SECTION 49, Any association otgGsised hero |
nder, may employ not ex5eedihg one half OF |
~ deposits 10 making loans on personal So |
r bonds IT the Unltefi States. or Of tEs le,thl
lestern sthtes, to-w!ti Ohio, laa.ans, Micni- |
an, Illinois Iowa, lpiscGasia and Minnesota |
r Of the authorized sonds 81 any incoT porated' |
ity village, TOWN o; county, or school district |
bans shall be sec ired by mortgage on min. |
uinbered real est ate. lying and heina In the |