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Board of directors.

deposit being made, the state treasurer shall issue to the said corporation a certificate of such fact, and an amount equal to that stated in such certifi. cate, shall remain with the state treasurer in manner provided above.

SECTION 4. The stock, property aud affairs of such corporation shall be managed by not less than five directors, each of whom shall own and hold in his own name not less than ten shares of the capital stock of the company, to be elected after the first election on the second Tuesday of January of each year, in such manner as the bylaws of said corporation shall determine, and shall hold their offices for the period of one year, and until their successors shall be duly chosen and qualified; said directors shall have power to make all by-laws that may be proper and necessary for them to make, not inconsistent with law, for the general regulation and management of the business of the company, and the administration of its affairs; and shall choose one of their number president, and a majority of them convened, according to the by-laws, shall constitute a quorum for the transaction of business; said directors shall have the power to fill any vacancy which may happen in their board by death, resignation or otherwise, for the current year.

SECTION 5. All other officers necessary for the transaction of the business of such corporation shall be chosen in such manner as the by-laws

thereof shall prescribe. Powers of such SECTION 6. Any corporation organized under corporations.

this act shall have power in and by its corporate name to take, receive and hold, and repay, reconvey and dispose of any effects and property, both real and personal, which may be granted, committed, transferred or conveyed to it, with its consent upon any terms, or upon any trust or trusts, at any time or times, by any person or persons, including married women and minors, body or bodies corporate, or by any court, including the federal courts; and when any money or other property, is so entrusted to such corporation by or in the name of any minor or married woman, the same may be held in the same manner, and the receipt of such minor or married woman shall have the same effect as provided in and by section 2020, of the revised statutes of Wisconsin;

Other officers.

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and to administer, fulfill and discharge the duties of such trust or trusts for such remuneration as may be agreed on; and any such corporation shall have power to act generally as agent or attorney for the transaction of business, the management of estates, the collection of rents, interest dividende, mortgages, bonds, bills, notes and securities for moneys; and also to act as agent for the purpose of issuing, negotiating, registering, transferring or countersigning the certificates of stock, bonds or other obligations of any corporation, association or municipality, and to manage any sinking fund therefor, on such terms as may be agreed upon. And any company organized under the provisions of this act shall have power to accept and to execute the offices of executor, administrator, trustee, receiver or assignee, or guardian of any minor or insane or incompetent person, lunatic or any person subject to guardianship; and in all cases when application shall be made to any court in this state for the appointment of any trustee, receiver, guardian or administrator, or guardian of any minor, incompetent person, insane person, lunatic or any other person subject to guardianship, it shall be lawful for any such court to appoint such company, with its consent, to hold such office or offices; and the accounts of said company as such trustee, receiver, assignee, executor, administrator or guardian, shall be regularly settled and adjusted by the proper officers or tribunals; and all proper, legal, usual and customary charges, costs and expenses shall be allowed to such company, for the care and management of the estate so committed to it. In case of such appointment by any court, such company shall not be required to make and file any oath or give any bond or security except in the discretion of the court, other than as provided in this act for deposit with the state treasurer. Such corporation shall have power to loan money upon real estate and collateral security, and execute and issue its notes and debentures, payable at a future date, and to pledge its mortgages on real estate and other securities as security therefor. But nothing herein contained shall be construed as giving the right to issue bills to circulate as money, or buy or sell bank exchange or do a banking

or

business. And any such company shall have power to take and receive from any individual or corporation, on deposit for safe keeping and storage, gold and silver plate, jewelry, money, stocks, securities and other valuables personal property, and to rent out the use of safes or other receptacles upon its premises, upon such terms and for such compensation as may be agreed upon; and also to become sureties for administrators, guardians or other trustees or persons in cases where, by law or other. wise, one or more sureties are required. Such corporation shall have a lien on any gold or silver plate, jewelry, money, stocks, securities and other valuables and personal property taken or received on deposit by it for safe keeping, as provided in this act; and in case such lien shall not be paid within two years from the date such lien shall accrue, 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 assigns, within two years from the date of the accruing of any lien upon the same, then such corporation may sell such property at public auction, upon like notices as is required by law for sales on execution, and after retaining from the proceeds of such sale all the liens and charges due and owing at the time of such sale, and the reasonable expenses of the same, shall pay the bal. ance thereof to the person or persons so depositing such property, or his or their legal represen.

tatives or assigns. May hold

SECTION 7. It shall be lawful for any such corporation to lease, purchase, hold and convey any and all land as may be necessary to carry on its business, and that of any trust committed to it, as well as such real or personal estate as it may deem necessary to acquire in the enforcement or settlement of any claims or demands arising out of its business transactions, and to execute and issue in the transaction of its business all necessary re. ceipts, certificates and contracts which shall be signed by such person or persons as may be des.

ignated by the by-laws of such corporation. powers usually SECTION 8. Corporations created under this act vested in sucli shall have and exercise any and all such powers

necessary real estate.

Shall have

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as are usually had and exercised by trust com. panies.

SECTION 9. The directors of any such corpora Capital, how. tion shall invest so much of the capital as is here. invested. in directed to be deposited in the state treasury, provided that they shall not make such deposit in cash, in bonds secured by mortgages, or notes and mortgages on unincumbered real estate, within the state of Wisconsin, worth double the amount secured thereby, or in public stocks and bonds of the United States, or any state of the United States that has not defaulted on its principal or interest within ten years, or of any organized county or township, or incorporated city in this state. And such board of directors may invest or loan the balance of its capital and other moneys received by such corporation in trust, in bonds secured by mortgages or notes and mortgages on unincumbered real estate within the state of Wisconsin, worth double the amount secured thereby, or in public stocks and bonds of the United States, or any state of the United States that has not defaulted on its principal or interest within ten years, or of any organized county or township, or incorporated city in this state, or in any other such state, duly authorized to be issued, or in such real or personal securities as they may deem proper.

SECTION 10. Every corporation organized un. License fee. der this act shall, on or before the first day of March in each year, pay to the state treasurer, as an annual license fee for transacting such business, the sum of three hundred dollars; and in addition, each such company, organized under this act, shall pay two per centum of its net income during the calendar year preceding. The payment of such license and percentage shall be in lieu of all taxes for any purpose authorized by the laws of this state, except taxes on such real estate as may be owned by such corporation.

SECTION 11. Every company organized under Reports. the provisions of this act, snall report its condi. tion and operation by the first Monday of January in each year, to the secretary of state; and the supreme court may at any time, on application made, authorize any person or persons, un der such directions as the court may prescribe, to examine the books and accounts of the said com:

pany, and inquire into and report upon its man

agement and affairs. Acts of, apply to existing cor

SECTION 12. The provisions of this act shall atporations. tach, apply to, and govern all corporations now

existing and organized under chapter 158 of the laws of 1887, or the amendments thereof, except that any such corporation may continue to do business with the amount of capital provided in said last named act, and all such corporations shall, on or before the first day of January next following the time when this act becomes operative, make the deposit required under section 3 of this act with the state treasurer; and upon making such deposit any such corporation shall have the same powers and privileges and be subject to the same liabilities as if organized under

this act. Repeals SECTION 13. Chapter 291, of the laws of 1883, certain laws.

entitled “An act to provide for the organization of trust companies,” chapter 53, of the laws of 1885, entitled * An act to amend chapter 294 of the laws of 1883," and chapter 158 of the laws of 1887, entitled “An act to amend chapter 33 of the laws of 1885," are hereby repealed.

SECTION 14. This act shall be in force from and after its passage and publication.

Approved April 17, 1891.

No. 52, A.]

[Published April 24, 1891.

CHAPTER 264.

AN ACT to repeal chapter 455, of the laws of

1889, and to prevent deception in the sale of cheese.

The people of the state of Wisconsin, represented

in senate and assembly, do enact as follows:

Repeals chapter 455, laws of 1889.

SECTION 1. Chapter 455, of the laws of 1889, is hereby repealed.

SECTION 2. Every person who shall, at any cheese factory in the state, manufacture cheese, shall distinctly and durably stamp upon each and

Cheese to be graded and stamped.

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