Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-08-25

aggregate ct IL capital. surplus and deposits.
and provide, that banks doing business In
villages or cities having less than six thousand
inhabitants, under the last official census. may
loan SHIN not TO exceed thirty three and one
rhlri per cent. of ;ile aggregate of its capital
surplus and deposits. upon real estate security.
The limitation in this section shall not preclude
any bank from taking real estate security, upon
any Indebtedness previously contracted IN good
faith upon personal security: and provided, fur
Their, that any bank having taken real estate Sc
curIty t0T Such debts so previously contracted,
which shall have carried its percentage of loans
IN real estate above the amount hereinbefore
limited. such bank shall, within six months
thereafter either by sale or collection, reduce
ITS real estate loans to the amount hereinbefore
limited.
SECTION 30. No bank shall demand Or receive
for loans or discounts rate OF interest exceed
ing that allowed by law TO be taken and received
by individuals, excepting that it shall be lawful
fJr any bank to receive interest in advance ac-
cOriinG to the ordinary usaGes of banking insti-
buttons. and TO charge for collecting foreign or
domestic bills or other evidences of debt the
usual current rate of exchange; In the compu-
tation of time, thirty days shall be considered a
month and twelve months a year.
SECTION 81. All debts due to any bank, on
whlch Interest is past due and unpaid for a
period of twelve months, unless the same are
we'll secured and in process of collection, shall
be considered bad debts. and shall be charged off
to the profit and loss account at the expiration
| Of one year.
| SECTION %. The board of directors of bank
max declare Il dividend from so much of its net
profits, after providing for all expenses losses
]
| bank. as they shall deem expedient; but before
! any such dividend IS declared, not less than one
tenth OF the net profits of the bank for the pre-
Ceding half year, for such period as is covered
| by the dividend. shall be carried to surplus
! fund, until such surplus fund shall amount to
| twenty per cent. of the capital stock. No divi-
| dend shall 6e declared before the capital stock
| is fully paid.
| SECTIoN 33. Every president, director, cash
| Ter, officer tel Ter, clerk or agent of any bank
| savings association who embezzles, abstracts or
wllfuIly mlsRpplies, any Of the moneys, funds,
credits. or property 1.-THE bark or savings asso-
citation, whether owned by it or held in trust, or
! who, without authority of the directors, issues
| Or puts forth any certificate of deposit draws
any order or bill of exchange. makes any accept
ance, assigns any note, bond. draft, bill of ex-
| change, mortgage, judgment or decree; or who
makes any false entry in any book, report or
! statement of the bank, with intent in either
case to lnJur6 or dafFaud the bank or savings as
! ISOLATION, or any person or corporation, or to
| deceive any officer of the bank o savings associ-
alton, or any agent appointed TO examine the
| affairs of such bank savings association; or
! any person who, with like intent, aids. or abets
any officer, clerk agent IN the violation of this
section, upon conviction thereof, shall be I'M
prisoned IN the state prison not to exceed twenty
! years:
! SECTION 81. If the board of directors. or
! quorum thereof. of any bank shall knowingly
violate, or knowingly permit any of the officers,
agents or employees of the bank, to violate any
of the provisions of this act and after warning
from the bank commissioner shall fail to make
good any loss or damage resulting from such
acts, or continue such conduct. it shall cOnsti-
Cutc ground for tha forfeiture of tina charter of
| such bank. 1t shall be the duty of the bank com
missioner, with the consent of the attorney gen
erai, to institute proceedings, to enforce such
| forfeiture, and to secure dissolution and 4
winding up of the affairs of such bank.
SECTION 35. The stockholders of every bank
shall be individually BILE, equally and ratably.
not one for another, for the benefit Of the depos-
itors In said bank, 10 the amoGpt Of their stock
at the par value thereof, in addition to tho
amount invested in said stock. But persons
tnr
guardians or trustees, and persons holding stock
as collateral security, shall not be personally
liable as stockholders but the assets or funds in
their hands constituting the trust shall be liable
| 10 tbs same extent as the testatOr, intaStatc,
ward OF person iAterastad TT such fhp5f fund
would be il living, GGmpateHf to act. and the
person pledging such stock shah be deemed tho
Rtockholder and liable under this section. Such
liability shall continue for sixty days after any
transfer of stock.
| SECTION 36. Whenever any deposit shall be
made in any bank by and in the name of any
minor or female being or thereafter becoming a
married woman, the same shall be held for the
GXclqgiya right and benefit of such m NOR or fe-
male ana Tree fQn thG eohtrgi 9t lia4 OF al per
sons tatsoeVaf, eKcepF GrelttorS and shan be
paid, with any interest due thereon, to the per-
son in whose name the deposit shall have been
made, and the receipt of such minor or female
shall be sufficient release discharge for such
deposit to the bank. Whenever any deposit shall
be made by any person i'll trust for another, and
no other or further notice of the existence and
terms of legal and valid trust shall have been
given IL writing - sEGh bank in the egant Of Che
deati. Of tie trust3e The 54I4d Or ally part there
Of, and any interest one thereon, may be paid ia
the person Cor Whom the said deposit was wade,
SECTION 81. All real estate owrnA l.
"hnli ha taxed th~ ma ~ 4r, - oils odi!h
the town, village or city where such real estate
Is situated. The capital, surplus and undivided
profits OF bank shall not be taxed, but the
shares Of capital stock shall be taxed to the
FharebOlders Of such stock where the bank is
located. The value OF the shares to be deter
mined the same proportlonally as that of other
! property, after deuUctIng theTafrOm the real
estate owned by the bank. The tax of any share
holder not residing in the taxing district of the
bank, II unpaid at the time for returning tho
unpaid tax list TO tie county. may be paid by
the bank, and such payment shall constitute a
| first lion upon the shares so taxed. Any banl:
may pay the taxes upon all Of the shares of its
Shareholders, and deduct such tax from its
SGCTIoN IS. Legal process against any bank
may be served upon any officer OF said bank in
| the county where It's business Office is located
! SECTION 80. In the event that the congress of
the DATED States shall hereafter provide for the
estaoilshment OF c circulation by banks organized
under state laws, any bank organized doing
| business under tins act snail have the power to
| Issue circulating notes or currency, in accord
ance with any such act Of congress- aud shall
nave the power to avail Itself OF the provisions
! OF any such act OF congress. The provisions of
| this section shall not b. construed to permit
| any savings assoc .arion. o. private bank or
banker or any loan or trust company, any
| other corporation. to issue circulating notes.
SECTION 40: The provisions of this act shall
! p,
! now existing within this state. and the powers.
privileges, duties and restrictions conferred and
| Imposed upon any bank existing and doing
business under the laws of this state, are hereby
| abridged. enlarged, or modified as each partic-
uiar case may require, to conform to the pro-
| visions Of this act. Nothing in this act shall
be construed to Affect the legality of invest
| mentS heretofore made, o. TO transactions here
tot0re had, pursuant TO any provisions of law
| IL force when such lrres1Ncnts were made or
transaction had. Al banks now existing and
DOING business Wishin II is state shah. on or
| before the ir, t day OF July next following the
time when this act becomes operative, alter or
amend its articles OF OrgaEiZa ton, if necessary
! To comply with tue provisions of this act. and
shall by said time make its business conform III
| all respects to the requirements of this act. ex
ceptWiicre suchreq"lrementi is expressly waived
herein.
CHAPTER Ill
PRIVATE BANKS.
SECTION 1. Every person, co-partnership or
corporation doinE7 business in this state or that
| may hereafter be doing business III this state,
| which snail advertise as a bank doing
banking business, either by signs, circulars
letter heads, printed matter of any descrip-
ton: o" any such person. co-partnerShip or cor
! pOratlon, who shall receive money or funds for
! deposit or safe keeping as regular business or
| who shall buy rsell exchange as regular bust
| ness, shall be deemed to be doing a banking
| and as such shall be subject to the provisions
| OF this act So far as the same shall be apple
| able. And every such person, cO-partnerShip or
| corporation shall make reports and be subject
to examination, the same as banks under this
! act. And every such person, cO-partnerShip or
| corporation shall maintain the reserve required
| of any bank under similar condition, and shall
keep Il separate set o. books CT account rel ting
| to such banking business, and no entries shall
| be made upon said books relating to any other
! class of business. Such set Of books shall be
subject at all times to examination by the bank
| commissioner, his deputy, person appointed
By him. Upon the refusal of any such person,
! co-partnerShip Or corporation TO keep the re-
! serve required under this act, or upon the re-
| fusal to keep the separate books of account as
| required hereunder, or upon the refusal to