Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1898-10-24

SECTION 30. 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 congs.ass, aud shaI
have the power to avail itself OF JEi5 provision
OF any such act OF congress. The provisions O.
thISSect1On shall not be construed TO permit
any savings association or private bank or
+. banker, or any loan or trust company or any
/. other corporation, to issue circulating notes.
SECTION 90. The PROVISIONS OF this act snail
apply to, and 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 dong
business under tie laws Of this state, are hereby
abridged, enlarged, or modified as each partic-
ular case may require to conform to the pro- pro,
be construed to affect the legality of invest
"te@+s heretofore made. or TO transactions bore
.ft"es In Hu"~;tasaf ~ my 3.s0 t-:sIGls y
IN force When sucn Investments were made or
transaction had. All banks now 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
amend its articles of organization, if necessary,
to comply with the provisions. of this act, and
shall by said time MA Ike its business conform in
all respects to, the requirements of this act, ex
cept where such requirement is expresslywaiVed
GereIna&.
$ PRIVATE BANKS,
SECTION l. Every person, co-partnership or
corporation doing business in this state, or that
may hereafter be doing business i'll this state,
which shall advertise as bank doing
banking business, either by signs, circulars,
letter heads, or printed matter of any descrip-
ton or any such person, cO-partnership or cor
pOratlotb, who shall receive money or funds for
deposit or safe keeping as regular business, or
wlIo shall buy or sell exchange as regular bust
ncssv shaFE be deemed to be doing banking
business and shall be known as a private bank
aud MS SUCH shall be subject to the provisions
OF tfIls act so far as the same shall be apple
able. And every such person, co-partnership 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 h5rIIS under similar condition, and shall
keep ii separate set OF books Of account rela ting
TO such banking business, and no entries shall
lee made pom said books relating to any other
class OF business Such set of books shall be
sGbject all times to- examination by the bank
commissioner, his deputy, or person appointed
by him. Upon the refusal OF any such person,
cG-partnGrShlp or corporation to keep the re-
serve required under this act, or upon the re-
fasal to keep the sopaGabe books OF account as
required hereunder, or upon tbs refusal to
make the reports required by this act upon
the refusal to submit the books Of account,
pa erB, securities and cash to the examination
heroiu required, shall forfeit not less than
twenty-five dollars and not more than one hun
d red dollars for each day OF any such refusal.
The banking business OF any person, cO-partner-
ship or corporation shall be subject to the limi-
ions, powers aud regulations of this act IN
SO far as the same may be applicable.
CHAPTER ~.
SAVINGS ASSOCIATIONS.
SECr1oN1.. Any number of persons, not less
than twenty, nor more than fifty, may unite for
the purpose, of organizing an association to
receive on deposit the savings of 1aborers, me-
chanics, farmers, servants minors and others;
and to loan the same for the benefit of such
depositors; three-fourth of such number of
persons or corporators shallreside in the county
where the proposed ASSOCIATE is to be located.
SECTION 2. Every such, association may~at
any annual meeting, by a majority of at least
twothirds of those present, elect by ballot any
citizen of the county wherein the association is
located. or of any adjoining county, to be a
member thereof. Any member failing to attend
the annual meeting for two successive years,
such non-attendance may be deemed equivalent
to a resignation, and his place may be filed il
the usual manner. The association may fill
vacancies and add to their number, from time
to time, as they may desire.
SECTION B. They shall make, sign and &C
knowledge ID trIplicate, a certificate in writing,
in which shall be stated the name Of such as
ISOLATION the mar mes of the corp2ratofs, with the
residence of each, the name of the city, village,
town and county inwhich the operation ofSuch
ascot tom is to be conducted. One certificate
stlai u lied in the Office OF the register of deeds
q Tbe county III which the business Of the ass0-
Grafton is to be carried on, one shall be de-
posted in the office OF the secretary Of stata,
and Quo shall be deposited In the Office OF Tho
6goa Jon 4. Such corporation shall have thn
power to enact bylaws, NOT inconsistent with
the. laws OF tnla state OF q me pnlt9d otntes
for the government OF It's atIalcs, and SUCH by
laws may prescribe the conditions on fte-
posts shall be made and the terms f,.s v!lich
payments of such deposits shall be made TO ti,c
dep0Sitors by such institution. and the deposit
tors Shall De bound by the regulations enacted
IN such bE-IaWs which regulations shall he
printed and conSpiGQoEsIy posted IN the Office
Of sncil corporation, so as 10 be visible and ac
cnSSible to all persons visiting; the business o.
g. . If tho association.
SECTION The cOrporatOrs shall, at their
first annual meeting. elect by ballot from tiieiy
Own number, a board OF trustees or directors,
which shall consist of not less than nine who
~ ..el n n insrN oIa fl
fiu,-thIrd shall be elected for one year,
t:?tr.} for two years. and one third for three
yet!s. After the election of the first board OF
tr}:~ton@ or directors, all subsequent trustees
dlrct ~ <hall be elected at the annual meetlh"
tnr fal torn of three years, unless elected to
81 vacancy. when they shall he elected o
servn Ne unexpired portion of the term they I'LL
SECTION 6. The trustees or directors. ~i:I III
ten days after TIL ir election shall cie@ 10
utttRDnrS Of their own board a president,
more vice-presidents, treasurer and a secre-
t4fv the same person may act as secretary and
treasurer; they may also elect from thei" own
members cominlttee on finance all sald oil,
cars tU hold their Offices till others are oectsd
and qualified fill their places.
>t:CTfON 7. No more than one officer o. airy
81 ~" association shall at the some time he
asl ...cer of any bank or trus tconlLaE and 40
s9aclhoder of bank shall be tro8Suscr Of any
Sd ,iavs association.
for he faithful, discharge OF his s!nfieS with
Snroty to the acceptance of the directors or
trustees, in not less than ten thousand dollars,
pa a BILE to said association, and shall give a..
new. bond, with surety 80 the acceptance Of the
directors or trustees, as, often as once in every
period of three years from the date of giving tho
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 commits
Bioner of the state. It shall be the duty of the
president of said savings association to safely
keep the original bond SO given. Whenever
in the Judgment of the board OF directors or
trustees, or the bank commissioner, it is neces-
sary for the security of the depOsitors the treas
urer shall give q new bond in such amount
said board or the bank commissioner shall re-
Quire, and with such sureties as may be APP
proved. No president, director or trustee shall
be surety on the bond of such treasurer.
SECTION g. No corporation, trustee, director
manager. nor any other officer, except the treas
user. shall receive any compensation TOR his ser
vices ia tue management Of such association.
nor derive any enolument therefrOm; provided
however, that the president may receive for his
sorg.ces q sum not exceeding Eve hundred dol
jars wren tho deposits shall exceed five hundred
Thousand dollars.
SECTION 10. No trustee, director or manager
of G3oh corporation, shall be a borrower, or
surety for borrower, OF any of its funds, nor
ceiv8 any money or valuable thing for neg0tiat-
ing, procuring or recommending any loan from
such association, nor for selling or aiding IN
the sale of any stocks, bonds or securities t00r
by such association, and any such officer who
shall violate any provision of this section shall