Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-10-05
terms 4 ) l,say and yaIId trust ,baIl = /,

terms OF legal and valid trust shall have besn
given in writing to such bank In the event of the
death of the trustee, the same or any part there
the as for whom the said enos Ds paia 70
SECTION 3D. ALI real estate owned by any bank
shall bc taxed the same as other real estate in
Is situated: The capital, surplus and undivided
profits OF bank shall not DO taxed, but the
shares Of capital stock shall be taxed to tho
Shareholders of such stock who're the bank is
located. The value OF the shares to be deter
mined tho same proportioaally 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, IL unpaid at tho time for returning tbs
h and such 10 inc pfa
first 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
earnings.
Section IS. Legal process against AIRY bank
may be served upon any officer Of said bank in
the county where IT'S business office Is located.
SECTION y. Ia 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 elieeiatihg notes OF currency. in accord
have the power to avail itself of the provisions
! uf any such act OF congress. The provisions OF
this section shall not be construed to permit
any savings association, or private bank or
banker, any lo;;n trust company, or any
/ other COOPERATION, to issue circulating notes,
apply to and govern, all banks organized and
now existing within this state, and the powers
privileges duties aad restrictions conferred and
business under tbs laws of this state, are hereby
| abridged, enlarged, or modified as each partic.
ular case MAY quire, to conform to the pro
! visions of this est- 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 were made n,
| transaction had. All banks now existing aud
| doing business within this state shall on or
before the first day of July next following the
| time 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 the requirements OF this act ex
eept where such requirement Is expressly waived
herein
CHAPTER I'LL
/ PRIVATE BANKS.
SECTION L. Every person. co-partnership or
corpor ion doing business in this state or that
| may hereafter be doing business la this state !
WHICH shall advertise bank or a doing |
banking business, .either by signs. circulars, |
letter heads or printed matter of any descrip- |
ton or any such person, co-partnership cor |
poratioh, who shah receive money or funds for
deposit or safe keeping as a regular business or
who shall buy or sell exchange as a regular bnsi
| 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 provisions |
| OF TINS act so far as the same shall be apple |
| aoie. And every such perSon, co partnership or |
corporation shall make reports and be subject |
| act and every such person, partnership or |
corporation shall maintain the reserve required |
| o. any oank under similar condition, and shall |
| keep separate set OF books OF account relating I
| to 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 |
subject at all times to examination by the hank |
eommi ssioner his deputy, person appointed /
| by 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 as |
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 aus such refusal |
| The banking business of any passon, eo.partneF,
| ship or corporation shall be subject 10 the lImi. |
| tations, powers and regulations Of this act 10
| so far as the same may be applicable
| CHAPTER "
| SAVINGS ssOclATIoNS.
| SECTION ]. Any number Of persons not less
! than twenty, nor mole than fifty, may lutte for
! tho purpose of expanding an ASSOCIATION TO
| receive on deposit the savings of lal,ofers ma.
| rnanics, farmers. servants. minors aud others;
| ana TO loan the same for the benefit Of such
| deDositorS; Teefourth OF such number OF |
persons or corpora tors shall reside ia ths county
1 where the proposed association l. To ha located
| SECTION Every spch association may. at
any animal meeting, by majority of at least
| two-thirds of those prsseut, elect BY ballor any
citizen of the county wborein the ASSOCIATION Is
| located or Of aus adjoining COUNTY to M a
| member thereof An! member failing to attend
| the annual meeting fHr Two successive years
| such non-attendance may be dee ned equivalent
| to resignation and has platc tn0y be flied 10
| the usual manner. The associaticu ms. Mi
| vacancies and add 10 their number trcm time
to time. as they mag desire
| SECTION 3, They shall make. sign and &C.
knowledge in triplcate. n certIhcate ia writing,
! In which shall be stated the name of such as.
sociation, the uu mos OF the corporators with tho
residence of each the name OF the city, village.
| town and county in which the operation OF such
| association is to be conducted Que certificate
hn in "a 1lRa Ilan H. Il
OF the county in which the business of the asso-
| citation Is to be carried on. one shall be De.
| posted in the office of tho secretary 81 state
and one shall be deposited la the ctlice of the |
bank commissioner.
SECTION 1. Such corporation shall hs 70 the !
| power to enact bylaws, not inconsistent with |
the laws of this state or of the Unite1 States,
for the government of its affairs, amt such by
| laws may prescribe the conditions on which de- |
| posts shall be made and the terms on which |
payments of such deposits shall be made to the
| depositors by such Institution. and tile deposi-
| tors shall be bound by the regulations enacted
| in such bylaws, which regulations shall be |
printed and consplcuonsly posted in the Office
of such corporation. so as TO be visible and ac-
cessible to all persons visiting the business Of
| flee of the association.
| SECTION The cQrporators shall ut their |
first annual meeting, elect by ballot from their
| own nunaer, 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 70
| fill a vacancy, when they shall be elected to |
serve the unexpired portion of the term they I'LL
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 tree surer and secre,
tary; the same person may act as secretary and |
members a COMMITTEES "a ansneo all said oil;
GERS hold their Offices till others are elected
SECTIoN7. No more than officer of any |
savings association shall at the same time be
an officer of any bank or trust company: and no
| stakeholder OF bank shall be treasurer OF any
| savings association.
SECTIONS s. The treasurer shall give bond
| for the faithful discharge u his dpties. with
| surety to the acceptance OF the directors or
trustees. In not less THIN ten Thousand dollars.
PAYABLE t6' said association and shall give a |
new bond with surety to tho acceptance Of the |
directorsor trustees. as often as once 10 every
period Of three years from the dats Of giSi2s Tie
recorded at length 10 the books of said savings |
association, which record shall at all times DO
sioner Of the state. Il sEaI be tie duty 81 the
president af said savings association TO safely
keep tho. original bond 80 given. Whenever.
in the Judgment of the board OF directors or
trustees, or the bank commissioners, 1t Is neces-
sary for the ari, Of tbs depositors, the treas
urer shall give new bond in such amount as
said board o. the bank commissioner shall re-
quire, and with such sureties as may Be APP
proved. No president. director or trustee shall
| De surety on the DOn0 OF SucD treasurer.
SECT toN9 8. No corpOrator, trustee, director,
manager. any other officer, except the treas
cIcf shall receive any mpensation for his ser-
vices In the management OF such association,
nor derive any emulument 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 a borrower, or
surety for borrower Of any OF its funds, nor rel
ceive any money or valuable thing Tor hegot!at-
ing, procuring or Recommending any lasn from.
srch association, nor fog ssiiihg OF aiding IN
the sale Of any stocks. bonds or securities to o.
Gy sush association, and any such officer who
shall violate any provision OF this section shall
forfeit to the state one thousand dollars.
SECTToN II. Such corporation RNaii aot make
and issue any BIZ OF Ffap,ss6ty note TO circu'
''SEcTTos IL. Such association may receive on
| deposit from any one person. In his or her own
uame, or in the name Of another, ii spy pne
GEAR, sum not exceeding 0tld thousand dollars.
SEcTIaEIa ANY ASSOCIATION organized here.
glder t1ay employ not exceeding one-haH OF
It's deposits in making loans on persQnal 40
curty, and Ia the purchase OF the public stock
or bonds Of the United States. or OF the north
western states, to-wit; Ohio, Indiana. Mich,
gan, Illinois, Iowa, Wlsconsjn aud Minnesota, |
az Of the authorized bonds 81 any Incorporated
city, village town or county. or school district
IN t4o qfssssaid northwestern states. All other. |
numbered real estate. lying and being In the
aforesaid northwestern states. No association
shall invest any part OF Its deposits In tho stock
M any railroad oamuauY, nor loan invest |