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Who entitled to vote.

Election of officers.

Business-by

and until their successors are elected. No person shall be a director unless he is also a bona fide stockholder.

SECTION 5. No subscriber to the stock of this corpor ation shall have a right to vote at the first election of directors, unless he shall have paid in twenty per cent. of the stock subscribed by him; nor shall any subscriber or stockholder at any time have the right to vote at any election, held by virtue of this act, who shall be in default to the corporation for any payments either on stock or otherwise. Each share shall be entitled to one vote in person or by proxy.

SECTION 6. The directors shall, as soon as practicable after their election, meet and organize by elect ing one of their number president and another vicepresident; they shall also elect a cashier. The directors shall have power to fill any vacancy in their own number; they shall appoint such other officers, agents and employees as may be necessary in the performance of the business of the corporation.

SECTION 7. The business of this corporation shall whom conduct be conducted by the directors, three of whom, includ ing the president or vice president, shall be a quorum.

ed.

May receive deposits.

May execute trusts.

SECTION 8. The said corporation is authorized to receive money from any person who may wish to deposit the same. Married women and minors may deposit money with this corporation and receive certificates of deposit in their own name, which deposits shall be subject to their orders only.

SECTION 9. The said corporation may accept and 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.

how invested.

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SECTION 10. It shall be lawful to invest the capital Capital stockstock of the said corporation, and all moneys received on deposit 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 of any chartered or incorporated bank, or in the stock or loan of any chartered or incorporated company, that now is or may hereafter be incorporated, 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. SECTION 11. The said corporation shall have power May hold real and personal to purchase and hold all such real and personal 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 thereof, at such price and under such conditions as the directors or officers may think proper.

estate.

SECTION 12. Said corporation may have a corporate May execute seal, which they may change or renew at pleasure, and contracts, etc. 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.

to vitiate con.

SECTION 13. A misnomer of said corporation in Misnomer not any deed, gift or grant, or other instrument, contract or tract. conveyance, shall not vitiate the same, if the corpora

Annual meeting.

May forfeit unpaid stock.

Individual liability.

Names of de

tion 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 village of Whitewater 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 daily papers of said city [village.] 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 said 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 liabilities 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 secu rities as they judge proper, a surplus fund, not exceeding ten per cent. of the amount of deposits.

SECTION 17. All persons making deposits of sav Bigned in book. ings, shall be required at the time of making the first 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.

tion.

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 inspecinspection 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 Powers of dipower to define and regulate by by-laws not inconsist. rectors. ent 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 déclare 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.

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

of people.

SECTION 21. At the general election to be held in No- Act to be subvember in the year 1868, at the usual places of holding mitted to vote 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.

SECTION 22. The votes cast on the subject speci- Form of ballot,

etc.

fied in the last preceding section, shall be by separate ballot, and shall have written or printed, or partly written and partly printed, on each of them, the words "for the act to incorporate the savings bank of Whitewater," or "against the act to incorporate the savings bank of Whitewater," 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 offi. cers are required by law to be canvassed, and the secretary of state shall, immediately on the comple tion 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.

SECTION 23. This act shall take effect and be in force from and after its passsage. Approved March 6, 1868.

CHAPTER 423.

[Published April 2, 1868.]

May vote to raise tax.

AN ACT to authorize the town of Wiota to levy and collect a tax to pay to volunteers who have not received any town bounty.

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

SECTION 1. The town of Wiota, in the county of La Fayette, is hereby authorized at the next annual town meeting to vote to raise a tax not to exceed two hundred dollars to each person, citizen of said town who volunteered or was drafted into the military ser vice of the United States under any of the calls heretofore made, and were created [credited] to said town and were honorably discharged from such service, and who heretofore receive 1 no town bounty from said town.

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