Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1913-08-22

No. 1884, Al Published June 9, 1913.
CHAPTER 45S, LAWS OF 1913.
AN ACT-To amend sections 1851, 1926
and 2989 of the statutes, and to create
sections 1751n-1 to 1751n-23. inclu
sive of the statutes, relating to the
transfer of shares of stock in corpora
tons uniform with those of other states.
The people of the State of Wisconsin,
represented in Senate and Assembly,
do enact as follows:
Section /. Sections 1851, 1925 and 2989
of the statutes are amended to read:
Section 1851. The capital stock Of every
corporation, divided into shares, shall
be deemed personal property
Section 1925. The stock of every such
corporation shall be deemed personal es-
tate
Section $685. Any share or interest Of
a stakeholder in any bank doing business
in this state, whether organized under
the laws of the United States or this
state or other stock corporation which
shall have been organized under the laws
of this state, may be levied upon by leav-
ing a copy of the execution with the
clerk, treasurer, or cashier of the bank
or other corporation, if there be any such
officer; otherwise, with any officer or
person who has at the time the custody
of the books and papers of such bank or
corporation. The officer having such exc
cutiOn may demand of any such officer
or person a certificate of the number Of
shares or the amount of the interest held
by the judgment DEBTOR IN Sucn DdOk or
other corporation, and such officer or per-
son shall give such certificate and if he
shall unreasonably refuse so to do or will
fully give a false certificate, shall be liza
BILE for double the amount of all damages
occasioned thereby, to be recovered in an
action by the Judgment creditor, unless
| the judgment be satisfied by the original
debtor If levy is desired on shares of
any domestic railroad corporation not
having it's principal office within this
state, which shall fail to keep in such Of
flee it's general and principal books of
account, including it's stock books, and
whose principal managing officer or SUI
perintendent shall not reside within this
state, such copy of execution may be left
by the officer having such execution with
any station agent within this state, of
such railroad corporation, and such sta
ton agent snail upon demand of such Of
ficer procure such certificate within
twenty days thereafter, failing which, or
if such railroad corporation through it's
said agent shall wilfully give false GER
tificate the officers of such railroad cor
ner as hereinbefore provided provided,
however, that no attachment or levy upon
shares of stock for which certificate is
outstanding shall be valid until such GER
! tificate be actually seized by the officer
making the attachment or levy, or be
surrendered to the corporation which is
sued it, or it's transfer by the holder be
enjoined. Except where certificate is
not be compelled to issue a new certif-
cate for the stock until the old certificate
is surrendered to it,
Section 2. There are added to the
statutes twenty-thr new sections to
read: Section 1751n-1. 1. Title to
certificate and to the shares represented
thereby can be transferred only:
Cd By delivery of the certificate in
person by the person appearing by the
certificate to be the owner of the shares
represented thereby; or
ca BY delivery of the certificate and
a separate document containing written
assignment of the certificate or a power of
attorney to sell, assign, or transfer the
! same Or the shares represented thereby,
| signed by the person appearing by the
represented thereby. Such assignment or
| power of attorney may be either in blank
or to a specified person.
2. The provisions of this section shall
! be applicable although the charter or
articles of incorporation or code of regu-
| lationS or bylaws of the corpora ton is,
suing the certificate and the certificate it
! self provide that the shares represented
! thereby shall be transferable only on the
books of the corporation or shall be reg
! istered by a registrar or transferred by
a transfer agent.
Section 1751n--2. Nothing in this act
| shall be construed as enlarging the pow
/ ers of an infant or other person lacking
| full legal capacity, or of a trustee, eX-
ecutor or administra tor or other fiduciary,
/ to make a valid Endorsement, assignment
| or power of attorney.
Section 1751n-3. Nothing in this act
shall be construed as forbidding a COR
/ poration:
] "a To recognize the exclusive right of
person registered on it's books as the
owner of shares to receive dividends, and
/ to vote as such owner; or
CD To hold liable for calls and assess
ments a person registered on it's books as
| the owner of shares.
/ Section 1751n-4. The title of a trans
| fierce of certificate under power Of
attorney or assignment not written upon
the certificate, and the title of any person
| claiming under such transferee, shall
/ cease and determine if, at any time prior
| to the surrender of the certificate to the
] corporation issuing it, another person.
for value in good faith, and without no.
| tice of the prior transfer, shall purchase
and obtain delivery of such certificate
/ with the Endorsement of the person ap-
| pearing by the certificate to be the owner
thereof. or shall purchase and obtain de-