Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1909-07-21

or diminished to comply herewith and
new certificate of suct fact shall be issued
accordingly.
Section 2o247Tk any such corpora
ton shall have the following powers:
First. To make all contracts necessary
and proper to effect its purpose and con-
duct its 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 natural person.
Third To have a common seal and alter
the same at pleasure
Fourth. To elect or appoint all neces-
sary officers. agents. and Servants. to de-
fine their duties and obligations, fix their
compensations, dismiss them, fill vacancies.
and require bonds.
Fifth To make amend and repeal by
laws and regulations not inconsistent with
law or its articles or organization. Tor It's
own government. for the orderly conduct of
its affairs and the management Of its prop
erty, for determining the manner of calling
and conducting its meeting. the tenure OF
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
dispose Of any effects and property. real or
personal, which may be granted committed,
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 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 disposfng 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 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 attorney for the trans.
action of business, the ma lagement OF
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-
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, 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 applica-
ton shall be made TO any court for the ap-
fly. it shall be lawful to appoint such cor
poration. with its consent to hold such
Office or offices. f
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 file 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. usual,
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.. 49,
Any such corporation may transfer to
trust estates without mourning any other
made by third person any mortgages or
other securities owned by 1t 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 obilga-
tons therefor, payable at q future date
Sas d not se ase not
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 be held or invested separate from
other funds or property held by the corpo-
ration and db n ease fnds OF ans OF s
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, tewelry, money, stocks, securities, ana
other or
tacles upon Its premises upon sucn COM
pensation may be agreed upon. Such
any aod or silver pat e%er moneys
stocks, securities, and other valuables and
personal property taken or received by it
for "a IN 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 or
the accru1ng Of any lien upon the same,
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
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, o OF MS or their iesai
It shall be lawful for any such corpora
tion to lease, purchase. hold, and convey
It's business, and execute any trust COM
mitted to it, as well as such real or per-
sonal estate as 1t may deem necessary TO
ACQUIRE in the enforcement or settlement OF
any claims or demands arising out Of Its
business transactions, and to execute and
Issue in the transaction Of its business All
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 its posses
sion In lawful money, or subject to call In
any banking institutions approved by the
commissioner of banking reserve fund or
not less than fifteen per cent. Of Its de-
posits.
Section 2o24-77m. Every such corpora
ton shall keep its trust accounts In BOOKS
separate from its own general books or &C
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
such funds in any banking Institution shall
be deposited trust funds to Its 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, 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
proper books as belonging to the par
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. ..u -. ,o.,
its funds trust or otherwise, to any sala-
rled officer or employee, nor shall any such
officer or employee become, in any manner,
indebted to It by means of an overdraft,
promissory note, account, endorsement,
Guaranty. or any other contract: nor shall
such corporation establish more than one
Office of deposit nor establish nor maintain
branches.
Section 2o24-77o. Any existing trust
company heretofore organized under the
laws of this state may continue it's exist
ence under the provisions of this sub-chap..
%nr INV ha odn INV q
oil its stockholders, of resolution at
duly convened meeting Of its stockholders,