tificates of deposit in their own name, which deposits shall be subject to their orders only.

SECTION 9. The said corporation may accept and General powers execute all such trusts, whether fiduciary or otherwise as shall or may be committed to it by any person or persons, or by the order of any court or tribunal of this state, or of the United States: may make such special regulations in reference to trust funds, deposits or savings, as shall best aid the depositors and parties interested by accumulating and increasing the same, allowing and receiving such rate of interest therefor, as may be agreed upon; may issue letters of credit. and other commercial obligations: provided, the same shall not be in the similitude of bank notes or other evidence of debt, designed to circulate as money. The said corporation shall have all such incidental powers as shall be necessary to carry on the business of banking by discounting and negotiating promissory notes, drafts, bills of exchange, and other evidences of debt; by receiving deposits and paying interest therefor; by buying and selling exchange, coin and bullion; by loaning money at any rate of interest not exceeding ten per cent per annum; and in the computation of time, thirty days shall be a month, and twelve months

a year.

ed.

SECTION 10. It shall be lawful to invest the capital Capital stock stock of said corporation, and all moneys received on may be investdeposit or in trust, or for any other transaction authorized by this act, in the funded debt of the United States, or of any one of the United States, or to loan. on bond secured by mortgage on unincumbered real estate, situated in this state, the estimated value of which shall be double the amount of the loan secured thereon, or on good and sufficient personal security.

sonal and real

SECTION 11. The said corporation shall have power May hold perto purchase and hold all such real and personal estate estate. as may be convenient for the transaction of its business, to take and hold any real estate as security for and in payment of loans and debts due or to become due to said corporation, and to purchase any real or personal estate at any sale, to enforce its securities or the payment of debts due, made by virtue of any process, mortgage or deed of trust and so hold said property, or to sell and convey the same, or any part

Further powers

Misnomer not to vitiate instrument.

Annual meeting.

Forfeiture of stock.

Individually responsible.

thereof, at such price and under such conditions as the directors or officers may think proper.

SECTION 12. Said corporation may have a corporate seal, which they may change or renew at pleasure, and all deeds, conveyances or grants, covenants and agreements, made by their president, cashier, or any other person, by their authority and direction, according to their instruction, shall be good and valid, with or without the seal thereof; and said corporation shall at all times have power to make contracts, sue and be sued, complain and defend in any court of law and equity, as fully as natural persons, by the name designated in this act.

SECTION 13. A misnomer of said corporation in any deed, gift or grant, or other instrument, contract or conveyance, shall not vitiate the same, if the corporation shall be sufficiently described therein to declare the intention of the parties.

SECTION 14. The annual meeting of stockholders for the election of directors, shall be held at such time and place in the city of Oshkosh as the board of directors for the time being may designate, of which meeting due notice shall be given in one or more of the papers of said city. Said directors shall be chosen by ballot and shall hold their office for one year and until their successors are elected and have signed their acceptance. In case it should happen, at any time, that an election of directors should not be made on the day appointed, the corporation hereby created shall not thereby, and for this cause, be dissolved, but it shall be lawful on any other day to make and hold an election of directors in such manner as shall be regulated by the by-laws of such corporation.

SECTION 15. In case any stockholder shall fail to pay any installment for thirty days after a call therefor, the directors may declare the stock forfeited to the corporation. The stock of this corporation shall be considered personal property and shall be assignable and transferable according to such rules and restrictions as the board of directors shall establish; and every person becoming a stockholder by such transfer, shall, in proportion to his stock, succeed to all the rights and liabil ities of the prior holder of such stock.

SECTION 16. The stockholders of the corporation formed under the provisions of this act, shall be held

individually responsible, equably and ratably, and not one for another, for all contracts, debts and engagements of the corporation to the extent of the amount of their stock therein, at the par value thereof, in addition to the amount invested in such stock; and as additional security to depositors, the board of directors may, at their discretion, out of the income and profits, accumulate gradually, and hold invested in such securities as they judge proper, a surplus fund, not exceeding ten per cent. of the amount of deposits.

signed in book.

SECTION 17. All persons making deposits of sav. Names of deings, shall be required at the time of making the first positors to be deposit, to place their names upon the signature book, to be kept for that purpose. Such book shall contain a copy of all by-laws, and regulations of this institution which have reference to savings, deposits or depositors, and every person signing said book shall be deemed to have assented thereto.

tfon.

SECTION 18. The books of this corporation shall at Books to be all times, during the hours of business, be open to the open for inspec inspection and examination of the bank comptroller of this state, or of such person as he may designate or of such person as the legislature of this state may, from time to time, or at any time appoint; and the corporation shall make a report to the said comptroller or to such person as the legislature may designate, on the first Monday in January and July of each year, of the state of its funds and investments.

SECTION 19. The board of directors shall also have By-laws. power to define and regulate by by-laws not inconsistent with the provisions of this act, in what manner the business of the corporation shall be conducted, and all the privileges granted by this act, exercised and enjoyed; they shall fix the rate of interest to be allowed on deposits, and the time and mode of paying the same, and the principal of such deposits shall be withdrawn only at such time and in such manner as said by-laws may direct and prescribe. They shall have power to declare and make dividends of the profits arising out of the business of the institution, and fix, allow and pay out of the funds of said corporation, such wages, salaries and compensation as they may deem proper and reasonable. No by-law of this corporation shall be made, altered or amended, without the consent of the majority of the directors.

Security.

Act to be sub

of people.

SECTION 20. The subordinate officers of said corpor ation shall respectively give such security for their fi delity and good conduct as the board of directors may, from time to time, require.

SECTION 21. At the general election to be held on mitted to vote the Tuesday next succeeding the first Monday of November in the year 1868, at the usual places of holding elections in this state, for the election of all officers required by law to be elected, the question whether this act shall go into effect, or in any manner be in force, shall be submitted to the people, and if the same shall be approved by a majority of all votes cast on that subject, it shall go into effect and be in force from and after the date of said election, otherwise it shall not go into effect or in any manner be in force.

Form of ballot.

SECTION 22. The votes cast on the subject specified in the last preceding section, shall be by separate ballot, and shall have written or printed, or partly written or partly printed, on each of them, the words "for the act to incorporate the Winnebago county savings bank of Oshkosh," or "against the act to incorporate the Winnebago county savings bank of Oshkosh," which words shall indicate the vote of the elector, for or against the approval of this act, and the ballots so cast shall be canvassed and returned in the same manner as the votes cast for state officers are required by law to be canvassed, and the secretary of state shall, immediately on the completion of said canvass, publish a statement of the result thereof, in some newspaper printed at the seat of government, and shall communicate the same to the next legislature, at the commencement of its session, and he shall also deliver to the state treasurer a certified copy of this act, if the same shall have been approved, and a statement of the result of the canvass of votes upon this subject, immediately after the completion of said canvass.

Approved March 6, 1868.

CHAPTER 398.

AN ACT to amend chapter 170 of the private laws of 1857, entitled an act to incorporate the Yellow river improvement company," approved March 2d, 1857.

The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:

their election.

SECTION 1. Chapter 170 of the private laws of Amended. 1857, entitled, "an act to incorporate the Yellow river improvement company," is hereby amended by adding the following sections after section six of said act: SECTION 2. The said company is also hereby author- Officers and ized and empowered to take charge and control of all general drives of logs on Yellow river at any future time. And for such purpose the board of directors of said company may annually appoint a foreman and assistant foreman, and one person to act as treasurer and clerk, and said foreman, assistant foreman, treasurer and clerk shall at such time and place as the board of directors may from time to time direct, take the charge and management of all drives of logs for said company, and the said company shall, by its bylaws, provide for scaling or estimating the amount of lumber in such drive, belonging to the different persons or companies owning or having charge of said logs and lumber, and shall drive and deliver said logs to the owners thereof, with all convenient dispatch, and shall determine the manner in which said logs shall be delivered to said owner or owners thereof, at their respective boom or booms or other places of delivery, and shall as far as possible, deliver to each owner all the logs and timber marked by him or them, and said directors shall determine the amount to be paid by the respective owner or owners of said logs and timber for driving and delivering the same as aforesaid, which shall be the equitable amount of the cost thereof: provided, that each person or company owning or having charge of any logs or timber in such drives of logs, shall be credited by said company for all men, supplies, tools and other articles furnished by him or them and used upon said log-drive, which amount of credits shall be deducted from the amount