Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1909-07-14

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section 2O24-77k Any such corpora
tion shall have the following powers
First, To make all contracts necessary
and proper 10 effect ifs purpose and con
duct its blBiness
Second. 10 sur and BE- sued. to appear
ana defend IN all actions and proceedings
under It's corporate name 20 the same ex-
tent as a natural person.
Third 10 have common seal and alter
Fourth 10 elect or appoint all neces-
sary oiheers. agents. and servants. 10 de
fne their duties ard obligations, TX their
c0mpensattons dismiss them. All vacancies
and require bonds
Fifth. To make amend. and repeal by
laws aud regulations not INCONSISTENT with
law 81 its articles or organization. Tor its
own government far the orderly conduct Of
its affairs and the management Of Its prop
erty. for determining the manner Of calling
I and conducting IT'S meeting. the tenure Of
office Of It's several officers; and such
others as shall be- necessary or convenient
soF the accomplishment Of its purpose.
sixth. Any such corporation shall have
power. In and By its corporate name, 10
take, receive. hold, pay for. re convey. and
dispose Of any effects and property real or
personal, Which mas be granted. committed.
transferred, or conveyed 70 II with It's con-
sent. upon any terms, or upon any trust or
sons, Including married women aud 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 De 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 disp0sing u 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
vlded 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
action OF business the management Of
estates. the collection OF rents. Interests,
dividends mortgage, bonds. Dlils. notes.
and other securities, or moneys, and also
agent for the purpose OF issuing, nego-
tiating, registering, transferring. or counter
signing certificates of stock. bonds. or other
obligations Of any corporation. association.
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 OF
any minor or insane or incompetent person,
unatie or any person subject 70 guardian
SHIP and in all cases in which applica-
tion shall be made to any court for ne ap-
poiutment OF any person IN any such capac-
ity. II shall be lawful to appoint such cor
porati0n with Its consent to mold sueh
office or Offices.
In case of such appointment or in case
suck corporation shall be named as an
exeta or In any VIII or as assignee In any
assignment Tor Lbe DeHeHL OF GEtuiLOEst II
shall not be required 70 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 AMI expenses
shall be allowed TO such corporation for the
and management of the estate NJ
United to II.
Any such corporation may transfer to
trust estates without mourning any other
legal liability than II 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
legations secured solely thereby, may re-
ceive time deposits and issue Its notes,
certificates debenturas and other obliga-
lions 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 bilfs 20 cir
culate as money or deal In bank exchange;
All such deposits 80 received sha4p at all
times be held or Invested separate from
other funds or property held by the eorpo-
ration and Ia case Of insolvency 90 tiauida-
ti0n all such funds and investments made
therefrom shall be primarily liable and
used Tor the payment OF SuEn deposits.
Any such corporation may take and re-
ceiye from any Individual or corporation
for safe keeping and storage gold and silver
plate. jewelry, money, stocks, securities, and
other yaluables or personal property and
rent out the use of safes or other recep-
tacies upon its premises upon such com
pensation as may be agreed upon Such
corporation shall have Hen for its charges
on any gold or silver plate. jewelry, money,
stocks, securities, and other yaluables and
personal property taken OF received ~ u
"a HIM nd auata mol IiaH al
not be paid within two years from the date
IL 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-
quiTed 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 50 de,
posting such property, or his or their legai
Representatives or assigns.
1t shall be lawful for any such corpora
ton to lease. purchase, hold, and convey
such land MS may be necessary 10 carry on
its business, and execute any trust com
mitted 10 Il, as well as such real or per
sonai estate as IL may deem necessary TO
acquire In the enforcement or settlement OF
any clatms or demands arising out OF Its
business transactions, and TO execute and
issue In the transaction of It's business ali
necessary receipts. certificates, and con-
tracts, which shall be signed by such per
son or persons as may be designed by It's
section 2o24-77l. Every such corpora
ton shall at all times, have la Its posses
sion In lawful money or subject TO call IN
any banking institutions approved by the
commissioner OF banking a reserve funu or
not less than fifteen per cent. OF Its de-
posits.
Section 2o24-TTm Every such corpora
tinu shall keep its trust accounts In books
separate from Its own general books OF ae-
count All funds and property held by II
IN a 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
he deposited rs trust funds to It's credit as
trustee and not otherwise. Every security
Ia 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,
assignee. OF otbCr trustee as the case may
he FOR each particular trust or fund by
name aud Immediately entered IN the
proper books as belonging TO the par
vested therein. Any change In such In
vesJment shall be fully specified IN and I'M
der the account of the particular trust to
which Ii belongs. So that Gil trust runds
and property shall be readily Identified at
any time by any person.
Its funds trust or otherwise, g any scls-
ried officer or employee, ncr shall any such
officer or employee become. In any manner,
indebted 20 II by means OF an overdraft,
| promissory note, account, enuoiseuls M;
guaranty. or any other contract nor snail
such corporation establish more than one
Office OF deposit nor establish nor maintain
branches.