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State treasurer


Rate of interest SECTION 3. The board of deposits shall, from to be fixed by board of de- time to time, fix the rate of interest to be paid by posits.

the state depositories upon state moneys deposited with them, and cause notice thereof to be pub. lished in the official state paper. The rate of interest, until changed by the board of deposits, shall be two and one half per centum per an. pum.

SECTION 4. The state treasurer may deposit public honeys, with any such state depository which has fully when.

complied with all requirements of law, any public moneys in his hands or under his official control, not exceeding the limit prescribed by section 5, of this act; and any sums so on deposit shall be deemed to be in the state treasury; and the state treasurer shall not be liable for any loss thereof, resulting from failure or default of any such depository and without fault or neglect on the part of said treasurer, his assistants or em

ployes. Limit of depos- SECTION 5. The amount at any time on deposit

with any state depository shall not exceed the actual paid up capital of such depository, por one half of the penalty of the bond filed by it in accordance with section 2, nor shall it exceed the amount prescribed by the board of deposits, if

any be prescribed. Approval of ŠECTION 6. The board of deposit shall not ap

prove the bond of any such corporation, until the members of said board shall be fully satisfied, both that said bond is good and sufficient, and that such corporation is prosperous and financially sound, and has, unimpaired, the paid up capital claimed by it. And the board of deposits may at any time require any state depository to furnish new, or additional bond, and may at any time revoke their designation and approval of any state depository; and immediately upon such revocation such corporation shall cease to be a state depository, and the treasurer shall immediately withdraw all public moneys therefrom.

SECTION 7. Every state depository shall, on the filed with suc first day of each month, and oftener, when re

quired, file with the secretary of state a sworn statement of the amount of public moneys deposited with it. Each state depository shall, also quarterly, within ten days after the first

bond, additional sureties.

Sworn state. ments to be

retary of state, when,


day of January, April, July and October, of each year, make full statement of all deposits and payments of public moneys during the preceding quarter, together with a computation and statement of the interest earned thereon, computed upon the daily balance on deposit, which interest shall thereupon be added to, and become part of the deposit balance; such statement shall be accompanied by an affidavit of the president and cashier of such depository, to the effect that such statement is in all respects true and correct, and that, except for the interest therein credited, neither said depository, nor any officer, agent or employe thereof, nor any person in its behalf, has in any way whatsoever given, paid or ren. dered or promised to give, pay or render, to the state treasurer or to any other person, any money, credit, service or benefit whatsoever, by reason of, or in consideration of, the deposit with it of any portion of the public moneys. Any person who shall make any false statement in any affidavit required by this act, shall be guilty of the crime of perjury. The total interest paid by all state depositories shall be apportioned by the state treasurer among, and added to and become a part of the following funds, to wit: The general fund, the school fund, the school income fund, the university fund, the university income fund, the normal school fund, the normal school income: fund, the agricultural coilege fund, the agricultural income fund; according to the average amount of each such fund on hand the first day of each month.

SECTION 8. Any person who shall give, pay or Penalty for atrender, or promise or off er to give, pay or render tempting to into any state treasurer or to any other person urer unlaw

fully. any money, credit, service, or benefit whatsoever, except as expressly authorized by law, by reason of, or in consideration of the deposit, loan, or forbearance of any public moneys or funds, shall be guilty of the crime of bribery, and shall be punished by, imprisonment in the state prison not more than five years nor less than one year, or by fine not exceeding one thousand dollars ($1,000) nor less than two hundred dollars ($200). And in any prosecution under this section, no witness shall be excused from answering any question, on the ground that his an

Amends subdi.


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swer may tend to criminate himself, or expose him to prosecution for any crime, misdemeanor or forfeiture; but no testimony so given shall be in any manner used against the person so testifying in any other criminal prosecution except a prosecution for purjury committed in giving such testimony.

SECTION 9. Subdivision 2, of section 157, of the tion 157, revised revised statutes of 1878, is hereby amended by statutes 1878. inserting after the word "treasury," in the fifth

' and sixth lines thereof the words," or state de

positories," so that said subdivision, when so Duties of treas amended, shall read as follows: 2. “To pay out

of the state treasury, on demand, upon the warrants of the secretary of state, all sums authorized by law to be so paid, if there be appropriate funds in the treasury to pay the same, and when any such sum is required to be paid out of a particular fund, it shall be paid out of such fund only. He shall pay no money out of the treasury or state depositories, except in pursuance of a law authorizing the payment thereof, and he shall in no case pay any money from the treasury, or have credit for any money paid out of the treasury, except upon such warrar t of the secretary of state, as hereinbefore provided for; and upon each such warrant he shall take the receipt, endorsed on or annexed to such warrant, of the payee therein named, or his author

ized agent." Amends subdi. SECTION 10. Subdivision 7, of section 157, of tion 154, revised the revised etatutes of 1878, is hereby amended

by inserting after the word, “fund,” in the fourth line of said subdivision the words, "and also what amounts are in each of the state depositories, together with the interest earned thereon,"

so that said subdivision, when so amended, shall Duties of treas. read as follows: 7. “To report to the

governor quarterly, or oftener 'if required, the total amount of

amount of funds in the treasury, specifying in what kind of currency they consist, the amount of each kind, and the amount belonging to each separate fund, and also what amounts are in each of the state depositories, together with the interest earned thereon, and also all defalcations and neglect of duty of any disbursing or collecting officer or agent of the state, and any information pertaining to the

of .

statutes 1878.



tion 157, revised statutes 1878.


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duties of his office he may think proper, or the governor shall require."

SECTION 11. Section 157, of the revised statutes Amends secof 1878, is hereby amended by adding thereto an additional subdivision, as follows: 12. "To pay into the treasury, and account for, all sums Additional dudirectly or indirectly received by him by virtue urer. of his office, or as interest or compensation for the use, deposit or forbearance of any public moneys in his hands or under his control.”

SECTION 12. Section 159, of the revised statutes Amends secof 1878, is hereby amended by inserting after the statutes 1878.

tion 159, revised word "treasury," in the fifth line thereof, the words" or in the several state depositories,” eo that said section, when amended, shall read as follows: Section 159. "The governor and at. Examination torney general shall, at least once in each quarter year, and at such other times as the governor may elect, examine and see that all the money appearing by the books of the secretary of state and state treasurer as belonging to the several funds, is in the vaults of the treasury or in the sev. eral state depositories; and, in case of a deficiency

a shall require the treasurer to make up such deficiency immediately, and if such treasurer sball refuse or neglect for ten days thereafter to have the full sum belonging to said funds in the treasury, the attorney general shall institute proceed. ings to recover the same."

SECTION 13. This act shall take effect and be in State treasurer force from and after its passage and publication; to fides new provided, this act shall not authorize any acts on the part of the present state treasurer not authorized by existing laws until he shall file with the governor a new official bond in compliance with the requirements of law, or the written consent of all the sureties to the present bond of said treasurer, that their liabilities shall not be discharged by any act done by such trea urer under the provisions of this act.

Approved April 17, 1891.

No. 6, A.]

[Published April 20, 1891.


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AN ACT to amend chapter 352, of the general

laws of 1887, entitled, “An act to amend section 1771 of chapter 86, of the revised statutes of 1878,"mentitled,"Of the organization of corpora:



uWs of 1887

Real estate title insurance

be organized, stock how in vested.

The people of the state of Wisconsin, represented

in señate and assembly, do enact as follows:

SECTION 1. Section 1, of chapter 352, of the general laws of 1887, is hereby amended so as to read as follows: Section 1. Section 1771, of chap. ter 86, of the revised statutes, is hereby amended

by adding thereto the following: "And also for companies may the purpose of insuring or guaranteeing owners

of real estate and owners of real estate mortgages and others interested in real estate from loss by reason of defective titles, liens and incumbrances, but no such corporation shall be authorized to transact any business or exercise any powers as such, with a capital stock of less than two hundred thousand dollars, the whole of which shall have been duly subscribed, and onequarter thereof shall have been actually paid in, in money, and invested as hereinafter provided; said one quarter of the amount of stock so paid in shall be invested in bonds of the United States or of the state of Wisconsin, or in the bonds and obligations of any incorporated city of this state, containing a population of not less than ten thou: sand souls, which bonds shall not have been issued as a bonus for, or purchase of, or subscription to, any railroad or other private enterprise, and whose total bonded indebtedness does not exceed five per centum of the then assessed valuation of the real and personal property of said city; or in the bonds of any organized county in this state containing a popula. tion of not less than ten thousand souls, which bonds shall not have been issued for any of the purposes aforesaid, and whose total bonded indebtedness does not exceed five per centum of the then assessed valuation of the real and per

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