The Washburn times. [volume] (Washburn, Wis.) 1896-1976, 1909-07-29

Section 2024-77k Any such corpora
tion shall have the following powers
First. To make all contracts necessary
and proper to effect it's purpose and con-
duct it's business.
Second To sue and be sued, to appear
and defend in all actions and proceedings
under its corporate name to the same eA-
tent as natural person.
Third TO have a common seal ana after
the same at pleasure.
Fourth. 10 elect or appoint all neces-
sary officers, agents, ana servants: 10 de-
fine their duties and Obligations, nX. tnelr
compensations, dismiss them, fill vacancies.
and require bonds. 49,. - ,~,
Fifth. To make. amend, and repeal by
laws and regulations not monastery win
law or it's articles or organization. for its
own government for the orderly conduct OF
its affairs and the management OF It's prop
erty, for determining the manner OF calling
and conducting it's meeting, the tenure OF
office of its several officers; and SUCH
others as shall be necessary or convenient
for the accomplishment OF its purpose.
Sixth. Any such corporation snail nave
power, in and by it's corporate name, to
take, receive, hold, pay for, re-convey, and
dispose of any effects and property. real or
personal, which may be granted, comInltteu'
transferred, or conveyed to 1t with It's con-
sent, upon any terms, or upon any trust or
trusts at any time, by any person or per
sons, including married women ana minors,
bodies corporate, or any court, including
the courts of the United States, ana TO ao.
minister, fulfill, and discharge the duties OF
such trust or trusts for such remuneration
as may be. agreed ~upen.. Nothing herein
shall be held or construed to give, minors
or married women any other or olHerent
transferring or disposing Of, any Of their
property or effects, personal or real ana
when any money or other properly 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 snail nave
the effect provided in said section
And any such corporation may act gen
orally as agent or attorney Tor the trans
action Of business, the. management OF
estates the collection Of rents, interests,
dividends, mortgages, bonds, bills. notes.
and other securities, or moneys, anu adso
as agent for the purpose or issuing nego-
tiating, registering transferring, or counter
signing certificates Of stock, bonds, or other
obligations Of any corporation. ASSOCIATION,
or municipality, and manage any SINKING
fund therefor on. such terms as may be
agreed upon; and may also accept ana exc
cute the offices of executor, admlnlStratorI
any. minor or insane or incompetent person,
lunatic, or any person subject to guardian
ship; and in all cases In when applca-
ton shall be made to any court TOT the ap-
pointment Of any person in any such capac-
ity, it shall be lawful to appoint such cor
poration with Its consent 70 hold sucn
office or Offices.
In case Of such appointment, or in case
such corporation shall be named as an
executor in any will or as assignee In any
assignment for the benefit OF creditors, IL
oath or give any bond or security, except
in the discretion Of the court making such
appointment, or having Jurisdiction or sucn
will or assignment.
The accounts Of said corporation as such
trustee, receiver. assignee. executor, admin
isttat9r or a. s4 4S De regS5e cers
or tribunals; and all proper, legal usual,
and customary charges, costs and expenses
shall be allowed to such corporation 1or the
care and management Of the estate 20 com
mitted to 1t.
Any such corporation may transfer to
trust estates without incurrng any any other aee
made by q 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
ceive time deposits and issue its notes,
certificates, debentures, and other obliga-
lions thereof payable at future @re oa bs
date OF such deposit; it shall not receive
deposits subject to draft, order, or check,
OF payable upon demand. issue oilis TO CIR
culate as money or deal In bank exchange;
All such deposits so received shall at all
times be held or invested separate from
other funds or property held by the corBo-
ration and In case of insolvency or liquida-
ton all such funds and investments made
therefrom shall be primarily liable ana
used for the payment CT such deposits
Any such corporation may take and re-
ceiye from any individual or corporation
for safe keeping and storage gold and silver
plate, 1ewelry, money, stocxs' securities ana ana
rent out the use of safes or other recep-
tacles upon It's premises upon such COM
pensation as may De agreeo upon ion oh a Suen
on any gold or silver plate, Jewelry, moneys
stocks, securities, and other valuables and
personal property taken OF recelV fa Dy III II
not be paid within two years from the cate
II accrues or in case any property so taken
or received by 1t shall not De can tS loa oy
the person. or persons deposit1ng the same,
or his or their legal representatives or as
signs, within two years from the date or
the accruing of any lien upon the same,
such corporation may sell such property at
public auction upon like notice as ID re-
quired by law for sales OF personal prop
erty on execution, and after retaining IRON
the proceeds of such sale all the liens ana
charges due and owing and the reasonable
expenses of the sale, shall pay the balance
hosting such property or his or their legal
Representatives or assigns.
1t shall be lawful for any such corpora
ton to lease, purchase. hold, and convey
such land as may be necessary to carry on
It's business, and execute any trust COM
mitted to 1t, as we'll as sucn reaI OF per
sonal estate as 1t may deem necessary 20
ACQUIRE in the enforcement or settlement OF
any claims or demands arising out or 1ts
business transactions, and TO execute ana No
issue in the transaction of Its business ali
necessary receipts, certificates, and con-
tracts. Which shall be signed by such per
son or persons as may be designed Dy aus
bylaws.
Section 2O24-77l. Every such corpora
tlon shall, at ell times, have, IN its posses
sion, In lawful money. or subject 70 eau IN
any banking institutions approved Dy Cne
commissioner OF banking. reserve fund or
not less than fifteen per cent OF lts oe-
posits.
Section 2O24-77m. Every such corpora
tion shall keep It's trust accounts In DOCKS
separate from its own general books OF &C
count. All funds and property held BY It
kept separate from the FUNDS and properly
of the corporation, and all deposits by It OF
such funds in any banking institution snail
be deposited as trust funds to- Its credit as
in which trust funds or property are IN
vested shall, at once, upon the receipt
thereof, be transferred to 1t as trustee, ex-
ecutor. administrator, guardian, receiver,
be for each particular trust OF runo py
name and Immediately entered In the
proper books as belonging TO the par
vested therein. Any change In such In
vestment shall be fully specined In ana I'M
der the account of the particular trust TO
which it. belongs, SO that all trust runos
and property shall be readily loentlneo at
Il Section 2O24-77n. :. It shall not loan
It's funds, trust or otherwise, TO any sala-
ried .cfncersor employee nor snail any sucn
officer orsemPlOye become many name
Indebted to It by means or an oVeroraIt,
nrOtnissoty note. account, endorsement,
guaranty, or any other CONTRACT; nor snail
such corporation establish more tnan one
office of deposit nor estaollsn nor maintain
branches. = .ar ''4i "<2
Section 2024-77o Any existing trust
company heretofore organized unaer the
laws of this state may continue It's exist
ence under the provisions Of this sub-chap,