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sonal property of such county; or in bonds or promissory notes secured by first mortgages or deeds of trust upon unincumbered real estate situated within this state, worth at least thirty per centum more than the amount of the obligation so secured." Such corporation may make and deliver, and in like manner accept and receive all necessary and proper deeds, conveyances, mortgages, leases, assignments and other con. tracts and writings, obligatory, and have and exercise all necessary rights, franchises, muniments, estate, powers, and privileges necessary to that end; and such corporation is authorized to loan money and funds and secure such loans by mortgage or trust deed, and shall have power to purchase real estate, notes, bonds, mortgages, trust deeds, and other evidences of indebtedness, and to sell, convey and assign such real estate, notes, bonds, mortgages, trust deeds and other evidences of indebtedness and other securities, and to convert them into cash or other securities. Whenever any such corporation shall have so in. vested one quarter of its capital stock required to be paid in, as herein provided, the secretary or president of such corporation shall file with the secretary of state a statement under oath containing a description of the securities purchased under the provisions of this act, and such corporation shall, at the same time, file with the secretary of state its bond, with sureties to be approved by him, in the penal sum of one half of its capital stock, to the state of Wisconsin, conditioned that it will pay all liabilities of such corporation and will deliver to the secretary of state and his successors in office, on de. mand, any part or all of said securities, when he shall 'in his judgment require the same for the security of the insured and the creditors of such corporation .or for the purpose of examination, and upon default of any of the conditions of such bond the secretary of state is hereby author. ized to commence suit thereon for the benefit of any or all of the creditors of such corporation. Upon the filing of such statement and bond, the secretary of state shall execute and deliver a certificate, authorizing the said corporation to com mence, carry on and transact business under the provisions of this act. And such corporation may also deposit such securities with the secretary of state, and when it shall so deposit them it shall have the privilege of withdraw. ing them and of replacing them as the necessities of its business may require. And when such securities are so deposited with the secretary of state, he shall authorize, in writing, such corporation to collect the interest, dividend and income of the same. The secretary or president of any such corporation, after the filing of its first statement of securities, shall annually thereafter on the second Tuesday of January, file a like statement under oath with the secretary of state. And if at any time the secretary of state shall not be satisfied with such statement he may require the production of such securities before him for examination, if they have not already been deposited with him. In lieu of filing such statements and filing such bond, such corporation shall deposit such securities with the secretary of state, and he shall there. upon issue the certificate hereinbefore provided for, authorizing such corporation to transact business, and he shall further authorize such corporation to collect the interest, income and dividends of such securities. Such corporations are hereby declared not to be insurance companies within the meaning of chapter 89 of the revised statutes, and the several acts amendatory thereof, except in the provisions relating to taxation; and such corporations shall pay a license fee, the same as fire insurance companies, in the manner now provided by law, in lieu of all taxes.

SECTION 2. All acts or parts of acts contravening the provisions of this act are hereby repealed.

SECTION 3. This act shall take effect and be in force from and after its passage and publication.

Approved April 17, 1891.

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No. 443, A.]

[Published April 30, 1891.

CHAPTER 275.

AN ACT to extend the limits of the city of Man.

itowoc, by annexation of adjacent territory.

The people of the state of Wisconsin, represented

in senate and assembly, do enact as follows:

CITY BOUNDARIES.

SECTION 1. All that section of country included Boundary. in the following described boundary, to wit: Commencing at a point on Lake Michigan where the south line of the northwest fractional one. fourth of west fractional one half of section thirty-two intersects said lake; thence west along said line to the sixteenth post in the east line of section thirty-one; thence west on the south line of the north one-half of the northeast one-fourth and south line of north one-half of the northwest one-fourth to the sixteenth post in the west line of said section thirty-one; thence north along the west line of sections thirty-one, thirty and nineteen, to a point two hundred and eighty.four feet north of the north sixteenth post in section nineteen; thence east and parallel with the north sixteenth line, to the west line of section twenty; thence south eightyeight feet; thence east and parallel with the sixteenth line to a point where the center of Seventh street, when extended, would intersect; thence south along the imaginary center of Seventh street seven hundred and sixty-six feet, to a point where the center line of New York avenue, when extended, would intersect; thence east and parallel with the sixteenth line to the east meandered shore line of the Little Manitowoc river; thence following the east meapdered shore line of said river southeasterly, to the shore of Lake Michigan; thence along said shore in a southerly direction, to the place of commencement, all in township nineteen north, of range twenty-four east of the fourth principal meridian, in the county of Manitowoc, in the

Surveys.

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state of Wisconsin, shall hereinafter be known and distinguished by the name of the "City of Manitowoc," and the inhabitants residing or who may hereafter reside within said limits, are hereby created and constituted a body corporate and politic, by the name and style of the "City of Manitowoc," and by that name may have perpetual succession, and shall be capable of contracting and being contracted with, of suing and being sued, pleading and being impleaded, an. swering and being answered unto, in all courts and places, and in all matters whatsoever, with power of purchasing, receiving, holding, occupy, ing and conveying real and personal estate, and shall have a common seal, and may change the same at pleasure, and shall have generally the powers possessed by municipal corporations at common law, and in addition thereto shall possess the powers hereinafter specifically granted.

SECTION 2. The new survey and plat of the village of Manitowoc, recorded in the registry of deeds of Manitowoc county, in " Book of Maps," on pages five and six; the survey and plat referred to in the judgment for final partition of the west half of section thirty, described in the last preceding section, recorded in said registry of deeds in volume “P” of deeds, on the pages from four hundred thirty-five to five hundred forty-four inclusive; A. W. Buel's survey and plat of subdivisions, recorded in said registry of deeds in volume "R" of deeds, on pages sixty and sixty-one; and Jacob Luep's and O. H. Platt's survey and plat of subdivisions, recorded in said registry of deeds in volume "R" of deeds, on pages sixty-eight and sixty-nine; so far as the said plats or any of thein include the territory described in the preceding section, or any part thereof, are hereby made and declared to be the legal survey and plat of said city of Manitowoc, for all purposes whatsoever.

SECTION 3. The corporate territory of said city. described in the first section of this act, shall be divided into six wards in the manner following, to-wit: All that part of said territory which lies south of the center of the Manitowoc river and east of a line running along the center of Main street to the south city limits, shall be the First ward; all that part which lies west of the line last named and east of a line running along the center of Fifteenth street and from the center of said river to the south city limits, shall be the Third ward; all that part which lies west of said Fifteenth street line and south of the center of said river shall be the Fifth ward; all that part which lies north of the center of said river and east of a line running along the center of Seventh street and to north city limits, shall be the Second ward; and all that part which lies within the limits described as follows: Como mencing at a point in the center of Manitowoc river where Seventh street crosses the same, and running north along the center of said street to the north boundary lipe of said city, thence west along the northern boundary of said city to a point in said line where the center line of Tenth street crosses said boundary Jine, thence south along the center line of said Tenth street to a point where said center line crosses the center line of Park street, thence west along the center of Park street to the center of the channel of the Manitowoc river, thence down the center of said channel to the place of beginning, shall be known as the Fourth ward; and all of that part of the city which lies north of the Manitowoc river and west of the center line of Tenth street, and north of that part of Park street which forms the northern boundary line of the Fourth ward, shall be known as the Sixth ward.

Wards, and their

surveys.

SECTION 4.' It is hereby provided and expressly declared, that all the territory within said corporation and the general management and control thereof, for said corporate purposes, shall be exclusive, separate and distinct from the town of Manitowoc, in all cases whatsoever.

RIGHTS AND POWERS OF THE CORPORATION.

SECTION 5. The people now inhabiting and shall have corthose who shall hereafter inhabit the district of porate powers. country described in this act, shall be a corporation of the name of the “ City of Manitowoc," and shall have the general powers possessed by munic. ipal corporations at common and statute law; and in addition thereto, shall possess the rights and privileges hereinafter specially granted.

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