Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1909-07-15
No. 4S5. S. Published May 81 1909
CHAPTER 1876. LAWS OF 1909.

AN ACT to amend chapter "a of the
statutes, relating to banks and banking,
by adding new sub-chapter pertaining
to trust company banks, and repealing
sections 1222k and 1791d to 1791i-5,
inclusive.
The people of the State of Wisconsin. rep
resented in Senate and Assembly, do en-
act as follows:
Section /. Sub-chapters " and of
chapter "a of the statutes shall hereafter
be. designated and known as sub-chapters
V and VI respectively.
Section 9. There is added to chapter "a
of the statutes a new Sub-chapter to be
designa5t ed and known ,o as chapter ~ sec
and to read as follows:
CHAPTER ".
TRUST COMPANY BANKS.
Section 2024-77i. Trust company banks
may be organized pursuant to the provi-
sions Of sub.chapter II. entitled Estate
Banks" and shall be subject to all the pro-
visions, requirements and liabilities of sub
cept sections 2o24~32 and 2624--S5, and
except as otherwise hereinafter provided
shall be fixed and limited by the articles
of association, and must be at least one
hundred thousand dollars. and not to ex-
cities Of less than one hundred thousand
Inhabitants it may be less than one hum
dred thousand dollars. but it shall not be
less than fifty thousand dollars.
poration shall commence business it shall
deposit with the state treasurer not less
than fifty per centum of the amount of it's
capital stock, provided, however, that no
such corporation shall be required to deposit
more than one hundred thousand dollars,
such deposit to be in cash, bonds, or mort
cages, or notes and mortgages on unencum-
bered real estate within this state worth
double the amount secured thereby. or pub
lie stocks or bonds of the United States, Or
of any state Of the United States that has
not defaulted on it's principal or interest
within ten years Immediately preceding the
date of such deposit or Of any county.
town, village, or city in this state, and
upon all which bonds and other securities
there shall have@been no default in the pay
ment of interest or principal for longer
period than thirty days; which cash,
bonds, mortgages. or notes and mortgages,
or public stocks or bonds shall be ap-
proved by the commissioner Of banking and
shall be held by the state treasurer in trust
as security for the faithful execution of
any trust which may be lawfully imposed
upon and accepted by it; such corpora
tfon may from time to time withdraw the
said securities as we'll as the cash, or any
part thereof; provided that securities or
cash of the amount and value required by
this section SHALL at all times, during the
existence of such corporation remain in
the possession of the state treasurer for
the purpose aforesaid and until otherwise
ton The said treasurer shall pay over to
such corporation the interest, dividends,
or other income which he shall collect upon
such securities, or he may authorize the
said corporation to collect the same for its
own benefit. Upon such deposit being made
and approved the state treasurer shall
Issue a certificate Of such fact and an
amount equal to the sum stated in such
certificate shall remain with him in the
manner provided above; in case the capital