Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-09-07

terms OF legal and valid trust shall have bee1
given In writing TO such bank, In the event of the
death OF the trustee, the same or any part thefes
Of and any interest due thereon, may be paid to
the pc BON for whom the said deposit was made.
SECTION 81. All real estate owned by any bank
ehall be taxeG the same as other real estate in |
the town. village or city whore such real estate
Is situated. The capital, surplus and undivided dr.
shares of capital stock shah be texed to the
Shareholders OF such stock where the bspk Is
sS ta Inc value o. tne IS hat ~ other
property, after deducting siTerefrom the real
estate owned BY the bank The tax OF any share
{ bank II unpaid q. the tiare for returning, tina
unpaid tax list 10 the county, may be paid by
the bank and such tayr;ent shall constitute q
first lien upon the shares SO faxed. ANY bank
may pay the taYss uiS,h all OF the shares OF its
shareholders. and deduct such FAX from Its |
SE6TIoN So Legal process against any bank |
may be served upon any officer of said bank in |
the county whers its business office is located.
! SECTION 80. In the event that the congress OF |
the United States shall hereafter trOvide for the /
establishment of circulation BY banks orgar ;sed |
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 shat |
have the power to avail Itself Of tile provisions |
! of any such act of congress. The provisions OF |
this section shall not be construed 90 permit
any, savings association, al private bank or
| banker, or any loan or trust coinpSnyi or any |
| other COOPERATION. to issue circulating notes.
SECTION %. Tho provisions of this act snail
1
! 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
I abridged, enlarged. modified as each partic'
uiar case may require, TO conform TO the pro,
visions of this act; Nothing in this act shall
/ be construed 20 affect the legality of invest
monts heretofore made, or to transactions here |
tofore had, pursuant to any provisions of law
| ID force when such Investments were made OF
| transaction had. ALI banks existing and !
| doing business within this state shall, on or |
before the first day Of July next following the |
amend its scteles of orgatizatiou, II necessary |
to comply ~ith the provisions Of this act, and |
shall by SAID lime make its business conform In
all respects to tito requirements OF this act ex
cept where such requirement Is expressly waived
! herein.
CHAPTER III.
PRIVATE BANKS.
| SECTION I. Every person, co partnership or |
corporation doing business in this state or that
| may hereafter be doing business Ia this state |
| which shall advertise as bank or as doing |
| banking business, either by signs, circulars |
| letter heads or printed matter of any descrp |
poration. who shall receive money or funds for
! deposit or safe keeping regular business, or
who shall buy or sell exchange as 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 provision
OF this act so far as the same shall be eppltc
| able. And every such PERSON. coepartnershtp or
| corporation shall make reports and be subject
| to examination, the same as banks under this
corporation shall maintain the reserve required
OF any bank under similar condition, and shall
| keep separata set OF books Of account relating
to such banking business and nc entries shall |
| be made upon said books relating to any other
class of business. Such set of cooks 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'partuershp or corporation to keep the re.
| serve required under this act, upon the re-
| fusa to keep the separate bccts 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
| The banking business of any person, o-partner-
ship or corporation shall be subject TO the iimi.
tat.ons, powers and regulations Of this act in
| SO far as the same may be applicable
CHAPTER "
| SaSiNGS ASSOCIATIONS.
| SECTION l. Ans number OF persons, not less
| thar twenty, OF moie than fifty may unite for
the purpose OF organiGing An association 10
receive on deposit the savings of laborers. me
| and TO loan the same for the benefit of such
| depositors; three fourth OF such number "
persons or corporators shall reside 10 tue county
| where the proposed association il to b5 located,
| SECTION 2 Every such association MAJ. at
| any annual meeting, by majority Of at least
| twothirds of those present.. elect ~ ballot any
| citizen of the county wherein the association IL
| located, or Of auy adjoining county, to he II
| member thereof AnS member failing - attend
1
! such uou attendance may be {eemed eaulvaleut
to resignation aud nis pi'Se no! be hilsd 10
| the usual manuel. The a>soctduCu may NIL
vacancies and adj 10 their bomber from time
| to time. as they may desire
SECTION 3. they shall make. Sign aud &C
knowledge in tfipicate, a certificate in writing,
in which shall BE- stated the name OF such AS
ISOLATION, the names Of the corporation with the
residence Of each thu name Of the city. village.
| town and county 10 which the operation of such
association is to be conducted. Que certificate
shall be filed in the office of he register OF deeds
of the county In which the business OF line $3.50
citation Is to be carried on, one shall be de-
| posted in the office of the secretary Of state,
and one shall be deposited in the office of the
| bank commissioner.
| SECTioN4 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 shall be made, and the terms which
payments of such deposits shall be made to the
depositorS by such institution aud the deposit
tors shall be bound by the regulations enacted
in such bylaws, which regulations shall be
printed and cOnspicuousy posted ~ the office
of such corporation, as to be visible and ac-
,essible to all persons visiting the business Of
ice 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:
| One-third shall be elected fer 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
fill vacancy. when they shall be elected to
serve the nnexpired portion OF ,ne term they MI
| SECTION 6. The trustees directors, within
ten days after their election shall elect from the
| members of their own board, president, one or
| more vice presidents, q treasurer and secre.
| tary the pc ESon may act as secretary and
treasurer they may all? elect from their own
| members committee OIL finance; all said OIL.
GERS to hold their offices ill Others are elected
| ard qualified to fill their places.
| SECTION I. No more then officer of any
| savings association shall at the same time be
| an officer of any bank OF trust company; aud no
| stakeholder of bank shall be trea urer OF any
| savings association.
| SECTION s. The treasurer shall give bond
for the faithful discharge o. his duties, with
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 10 the acceptance OF the
| directors or trustees, as often as 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 snail at all times be
| subject to the inspection Of the bank commits
sioner of the state. 1t shall be the duty of the
president of said savings association to safely
| keep the original bCud So given. whenever,
| in tho Judgment Of the board of directors OF
trustees, the oank commissioner, It IS neces-
sary for the security OF the deposltofs the treas
urer shall give u new bond in such amount as
said board or the bank commissioner shall re-
quire, and with such sureties as may be ap,
| proved No president director or trustee shall
be surety on the bond OF such treasurer.
| SECTION 8. No corporator, trustee, director,
manager, nor any other officer, except the treas
uTer, shall receive ally compensation Tor hla ser
vices in the management OF such association.
nor derive 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 live hundred
thousand dollars.
SECTION 10. No trustee, director or manager
| Of such corporation. shall he borrower, or,
surety for borrower, Of any of It's funds nor re-
ceive any money or valuable thing TOT ueg0tlat.
ing procuring or recommending any loan from,
the sale of any stocks, bonds 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 II. Such corporation shall not make
| and issue any bill or promissory note 10 circu-
late as currency.
| SECTION II. Such association may receive on
| Ieposit from any one pgTsOn. III his or Der own
| aame or in the name of another. ii any ono
| GEAR A sum not exceeding one thousand dollars.
| SECTION 10. ANY association organized here.
| nnder, may employ not eSceedlng one-haii OF
its deposits in making loans on personal Sc
! curity and 10 the purchase OF the public stock
or bonds of the United States, or OF the north
western states, to-wit: Ohio, Indiana. hichI',
Yau Illinois, Iowa. Wisconsin and Minnesota,
| ar OF the authorized bonds of any Incorporated
| .ity village town or county, or school district
In the aforesaid northwestern states. All other,
| loans shall be secured by mortgage on unln'
| .umbered real estate, lying and being ia the
| aforesaid north western states. No association
shall invest any part of its deposits In the STOCK
| Of any railroad company, nor loan on, nor invest
in any mortgage on real estate, except such