Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1909-07-15

stock saa,, Re increased or diminished the
aH'ollnt ct such deposit shall be increased
or diminished to comply herewith and q
new certificate of such fact shall be issued
accordingly.
ton shall have the following powers:
First. To make all contracts necessary
and proper to effect its purpose and con-
duct its business.
Second no sue and be sued, TO appear
and defend in all actions and proceedings
under its corporate name to the same ex-
tent as natural person
Third. To have common seal and alter
the same at pleasure.
Fourth. To elect or appoint all neces-
aay theirs duties nd ap fix their
compensations. dismiss them, I'LL vacancies
and require bonds
Fifth. To make. amend, and repeal by
laws and regulations not inconsistent with
law or its, articles or organization, for its
own government. for the orderly conduct OF
its affairs and the management Of It's pop
erty, for determining the manner of calling
and conducting its meeting, the tenure or
Office of its several officers; and such
others as shall be necessary or convenient
for the accomplishment of it's purpose.
Sixth. Any such corporation shall have
power, in and by it's corporate name to
take, receive hold, pay for, re-convey. and
personal, which may be granted. committed,
transferred. or conveyed to it with Its con-
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-
such trust or trusts for such remuneration
as may be agreed upon. Nothing herein
shall be held or 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; ana
when any money OR other property IS EN-
the name of any minor or married woman
the same may be held in the manner pro
vided in section 2O24-46, and the receipt
of such minor married woman shall nave
the effect provided in said section.
And any such corporation may act gen.
orally as agent or attorney for the trans Is
estates the collection of rents: interests,
dividends, mortgages, bonds. bills. notes,
and other securities, or moneys, and also
as agent for the purpose of issuing. nego-
tating, registering transferring, or counter
signing certificates of stock, bonds, or other
obligations of any corporation. ASSOCIATION,
or municipality, and manage any sinking
fund therefor, such terms as may be
agreed upon; and may also accept and exc
cute the offices Of executor, administrator,
trustee receiver, assignee, or guardian OF
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
Othce or OmceS 81.
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, 1t
shall not be required to make and 1le any
oath or give any bond or, security, except
in the discretion of the court. making such
appointment, or having jurisdiction OF such
will or assignment.
The accounts of said corporation as such
trustee, receiver, assignee executor. admin
istrator, or guardian shall be regularly
settled and adjusted by the proper officers
Or tribunals; and all proper, legal. uSuaI,
and customary charges, costs and expenses
shall be allowed to such corporation for the
care and management Of the estate so com
mitted to it.
ANY such corporation may transfer to
rust estates without mourning any other
legal liability than 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 its notes,
tons therefor payable at a future date
only, not earlier than thirty days from the
date Of such deposit; 1t shall not receive
deposits subject to draft order. or check
or payable upon demand. issue bills to cir
culate as money, or deal in bank exchange
All such deposits so received shall at all
times ,Or
other funds or property held by the corpo-
ration and in case of insolvency or l1qu1da-
ton all such funds and Investments made
therefrom shall be primarily liable 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, ana
other valuables or personal property; and
rent out the use of safes or other recep-
tacles upon its premises upon such com
Densation as may be agreed upon. Such
corporation shall have 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 II
for safe keeping. and in case such lien shall
not be paid within two years from the date
it accrues in case any property SO taken
or received by it shall not be called Tor oy
the person or persons depositing the same,
or his or their legal representatives or as,
signs, within two years from the cate OF
the accruing of any lien upon the same,
such corporation may sell such property at
public auction upon like notice as is re-
ouired by law for sales Of personal prop
erty on execution, and after retaining from
the proceeds of such sale all the liens ana
charges due and owing and the reasonable
expenses Of the sale, shall pay the balance
thereof to the person or persons SO oe,
posting such property, or his or their legal
REPRESENTATIVES or assigns.
1t shall be lawful for any such corpora
ton to lease, purchase. hold, ana convey
such land as may be necessary 10 carry T Oh
mitted to it. as well as such real or per-
sonal estate as it may deem necessary TO
acquire in the enforcement or settlement o., OF
any claims or demands arising out of its
business transactions, and to execute and
issue in the transaction Of its 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. ou,,,o
ton shall, at all times, have IN its posses
sion in lawful money or subject to call in
any banking institutions approved by the
| commissioner of banking reserve fund of
! not less than fifteen per cent. *ot It's de-
| posits. 'f
Section 2O24-77m. Every such corpora
| ton shall keep it's trust accounts In books
| separate from it's own general books OF &C
! count All funds and property held by, 1t
| in a trust capacity SHALL at all times, De
| kept separate from the funds and property
| of the corporation, and all deposits. by it OF
| such funds in any banking institution snail
| trustee, and not otherwise. Every security
| in which trust funds or property are In
/ vested, shall, at once, upon the recelpt
| thereof be transferred to it as trustee, ex-
ecutor, administrator, guardian receiver,
! assignee, or other trustee as the case may
| be for each particular trust or fund by
name and Immediately entered In the
| ticular trust whose funds have been IN
| vested therein. Any change in such In
vestment shall be fully specified IN and IN
| which it belongs, so that all trust funds
! and property shall be readily loentlneo at
any time by any person:
Section 2o2477n 1t snail ~ mot mot s ioan
| ried officer employe, nor shall any such
/ officer or employee become, in any manner,
| indebted to 1t by means OF an overdraft
| promissory note, account, endorsement,
| guaranty. or any other contract; nor snail
| such corporation establish more than one
! Office of deposit nor establish nor maintain