The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1909-07-15

amount OF SUCH deposit shall be increased
OF diminished TO comply herewith and
new eertlficate of such fact shall be issued
Section 2o24-77k Any such corpora
Ion snait have the following powers
flrst To make all contracts necessary
ana Pr Der to effect its purpose and con-
Second. To sue and be sued, to appear
and defend in all actions and proceedings
unueF IT'S corporate name to the same ex-
tent as a natural person
Third. To have a common seal and alter
the same at pleasure
Fourth. To elect or appoint all neces-
sary oIncers, agents and servants. to de
me tnelr duties and obligations, fix their
compensatlons, dismiss them, fill vacancies,
and require bonds
Fifth To make. amend. and repeal by
laws ana regulations not inconsistent with
law or us articles or organization, Tor Its
own government. for the orderly conduct of
It's affairs and the management of its prop
erty, Tor determining the manner of calling
and conducting its meeting, the tenure of
ONCE OF its several officers; and such
othefS as snail be necessary or convenient
for the accomplishment of its purpose.
SIXTH Any such corporation shall have
power, in and by its corporate name, to
take, receive, hold, pay for, re-conyey. and
dispose OF any effects and property. real or
personal, which may be granted, committed,
tIdAolcIAeu, oE conveyed TO II Will IT'S Gull
sent upon any terms, or upon any trust or
trusts at any time, by any person or per-
sons, including married women and minors,
bodies corporate. or any. court, including
the courts of the United States and TO ad-
minister, fulfill and discharge the duties OF
such trust or trusts for such remuneration
as may pc agreed upon. Nothing nereln
shall be held orr construed to give minors
or married women any other or different
power or right than they now have as to
transferring or disposing OF any OF their
property or effects, personal or real; and
when any money or other property Is en-
trusted to any such corporation by or IN
the name Of any minor or married woman
the same may be held in the manner pro-
vided in section 2024-46, and the receipt
of such minor or married woman shall have
the effect provided in said section.
And any such corporation may act gen
orally as agent or attorney for the trans
estates, the collection of rents, interests,
dividends, mortgages, bonds, bills. notes,
and other. securities, or moneys, land also
as agent for the purpose. of issuing, nego-
tiating, registering, transferring, or counter
signing certificates of stock, bonds, or other
obligations OF any corporation. associatlon,
OF municipality, and manage any. sinking
fund therefor, on such terms as may be
agreed upon; and may also accept and exc
cute the offices Of executor, administrator,
trustee, receiver, assignee, or guardian or
any minor or insane or incompetent person
lunatic. or any person subject to guardian
ship; and in all cases in which appllca-
ton shall be made to any court for the ap-
pointment OF any person in any such capac-
fty. it shall be lawful to appoint such cor
poration. with it's consent to hold SUCH
office or Offices.
In case of such appointment, or in case
such corporation shall be named as an
assignment for the benefit Of creditors, it
shall not be required to make and file any
oath or give any bond or security, except
in the discretion Of the court making such
or houip 1ric 0tin of ri
will or assignment.
The accounts of said corporation as such
trustee, receiver, assignee, executor, admin
strator, or guardian shall be regularly
settled and adjusted by the proper officers
or tribunals; and all proper, legal. usual,
and customary charges, costs and expenses
shall be allowed to such corporation for the
care and management Of the estate so COM
m1tted to it.
Any such corporation may transfer to
trust estates without incurring any other
legal liability than as if such transfer were
made by third person any mortgages or
other securities owned by it which comply
with the requirements Of legal investments
for trust funds under the statutes.
Such corporation may loan money upon
real estate and upon securities other than
personal notes or commercial paper or OBJ
legations secured solely thereby, may re-
ceive time deposits and issue it's notes,
lions therefor, payable at a future date
only, not earlier than thirty days from the
date Of such deposit; it shalI,;not receive
deposits subject to draft, order, or check,
or payable upon demand, ISSUE Bills to cir2
culate as money or deal in bank exchange.
All such deposits so received shall DIT, all
times be held or invested separate from
other funds or property held BY the corpo-
ration and in case Of insolvency sos ilianida-
ton all such funds and Investments made
therefrom shall be primarily AHablen and:
used for the payment of such Deposits -
ANY such corporation may take and re-
ceive from any individual or corporation
for safe keeping and. storage gold and. silver
plate, jewelry, money, stocks, securities, and
other valuables or personal property; and
rent out the use of safes or other recep-
tacles upon it's premises upon such COM
pensation as may be agreed upon. Such
corporation shall have a lien for it's charges
on any gold or silver plate, jewelry, money,
stocks securities, and other valuables and
personal property taken or received by it
for safe keeping, and in case such lien shall
not be paid within two years from the date
1t accrues, or in case any property so taken
or received by it shall not be called for by
the person or persons depositing the same,
or his or their legal representatives or as
signs, within two years from the date Of
the accruing of any lien upon the same,
such corporation may sell such property at
public auction upon like notice as is re-
quired by law for sales of personal prop
erty on execution, and after retaining from
the proceeds of such sale all the liens and
expenses of the sale, shall pay the balance
thereof to the person or persons SO de-
posting such property, or his or their legal
representatives or assigns.
1t shall be lawful for any such corpora
tion to lease, purchase hold, and convey
such land as may be necessary to carry on
its business, and execute any trust COM
mitted to it, as well as such real or per-
sonal estate as it may deem necessary to
acquire in the enforcement or settlement Of
any claims or demands arising out Of it's
business transactions, and to execute and
issue in the transaction of it's business all
necessary receipts, certificates, and con-
tracts, which shall be signed by such per-
son or persons as may be designed by its
bylaws.
ton SHALL at all times, have in it's posses
sion, in lawful money, or subject to call in
any banking institutions approved by the
commissioner of banking a reserve fund OF
not less than fifteen per cent. of its de-
posits. t.-
Section 2O24-77m. Every such corpora
ton shall keep its trust accounts in books
count All funds and property held by 1t
in trust capacity shall, at all times, be
kept separate from the funds and property
of the corporation, and all deposits. by it OF
be deposited as trust funds to it's credit as
trustee, and not otherwise. Every security
in which trust funds or property are in
vested, shall, at once upon, the receipt
thereof, be transferred to It as trustee, ex-
ecutor, administrators, guardian, receiver,
assignee, or other trustee as the case may
be for each particular trust or fund by
name and Immediately entered in the
proper books as belonging to the par
ticular trust whose funds have been in
vested therein. Any change in such in
vestment shall be fully specified in and I'M
der the account of the particular trust to
which it belongs, so that all trust funds
and property shall be readily identified at
any time by any person.
its funds, trust or otherwise, to any sala-
ried officer OR employee, nor shall any such
officer or employee become, in any manner,
indebted to it by. means Of an overdraft,